Business

Tips for Starting a Business in Singapore

posted on Dec. 18, 2020 at 11:12 am

If you’re a Starting Business in Singapore, there’s a lot of things you need to know. You have to learn the basics such as deciding what products and services you want to offer, how to price your products, how to select a location for your business, how to promote your company, how to manage your employees, etc.

The most important trait to have is your eagerness to learn. Just like any other relationship, you need to commit yourself here. You need to give your 100% effort to succeed. What you read from the books and on the internet and all the advice from the experts will build your foundation for learning and executing your business. So shall we start now and let’s give you some tips for  Starting Business in Singapore.

If you’re working, don’t quit your job yet. Starting a business would require a certain amount of money. This can be provided by a good source of income. That will only happen when you have a stable job. What you can do in the meantime is to study whether your intended business is viable. Try to research on google if that particular niche is already saturated. If it’s not yet, then, it’s good.

Develop your Business Plan and conduct a Market Research. The Business Plan is a blueprint to run your business. The format may be different from company to company. However, it must have the essentials parts like the objectives, materials or resources needed, the different processes in order to achieve the objectives and some provisions for evaluation.

While making the Business Plan, you must have some inputs coming from Market Research. This particular research should have the following parts:

1. A comprehensive study about the demand for your intended products or services.
2. A projection on how much you’re going to spend should you launch your business.
3. A description of the business sector and the competition on which your intended business is under.
4. A schedule of your company activities for the next 3-6 months.

Allocate appropriate budget for your intended business. Months or a year before, start budgeting for your business. You can open a separate account for this so you can monitor how much you’re saving from time to time.

It’s also about time to examine your spendings and make a few sacrifices to save some money. If you go often to movie houses or travelling abroad, perhaps you can temporarily abstain from doing so.

If you have done all the sacrifices and your capital isn’t still sufficient, you can always avail of some business loans. If you’re just starting, you can’t expect a big amount of loan. Even if it’s just a little, every single cent matters.

Manage your schedule to establish your business. Little by little, prepare yourself for the opening of your business. If you have work from 8 Am to 5 PM Monday to Friday, you can allot a time slot of 6 PM to 10 PM. Or if you want, you can work on Saturdays and Sundays. It’s your choice.

What is important is that you take time on those necessary things prior to the opening of your business. For example, you were already able to find a place to rent. If this is the case, you can perhaps work on the layout of your store. Then after this, you can do business planning, hiring of employees, constructing a website for your business etc.

Get in touch with your potential customers. Knowing the needs and wants of your potential markets adds to your advantage. Try to join Facebook Groups or any groups on social media to get in touch with your potential customers. Try to ask their needs and wants so you can exactly provide the right products and services for them.

Decide whether you want to go solo or with a partner. Entering into a Sole Proprietorship makes you the boss of your business. Not only that, all the income of the company is yours as well. However, you need to put in all the work and be liable for the risks. If you can’t go solo, you can either do a Partnership Business or invest in a Corporation.

Start your business. Every successful company starts small until they are able to establish themselves. Of course when you start, different problems may arise. Just be optimistic. Enjoy what you’re doing. After all, it’s your chosen business and your passion.

Do you need further Tips for Starting Business in Singapore?

If you need further tips for Starting Business in Singapore, 3E Accounting can help. They are among those known providers that can offer you quality Incorporation Service in Singapore.