Checklist for Starting Your Small Business in Singapore
January 24, 2020
If you research the history of successful entrepreneurs, you will realize that the majority of them started with small businesses and worked their way up to success. The idea of becoming your own boss is incredible, but one of becoming a successful entrepreneur is even better. That is why entrepreneurship has been on the rise globally.
For a long time, the Singapore government has been committed to helping entrepreneurs realize their dreams. It has done so by passing regulations that facilitate setting up of businesses in Singapore for both locals and foreigners. On top of that, the government provides tax incentives, which is one reason why a lot of startups are registered in Singapore every year.
Becoming a successful entrepreneur is not easy. There are a lot of hurdles and risks that you must navigate through. It is therefore important to prepare in advance before thinking of starting a small business. In this article, we have compiled a checklist of things that you must do before you start your small business in Singapore.
Ask yourself how viable your idea is
This the time that you need to be honest about your business idea. Take your time to carefully look into every aspect. Remember that most entrepreneurs have been successful because they identified a problem and provided a solution, so ask yourself if there is a solution that you will be providing to needy customers. If you are planning to enter an already existing market, come up with unique selling points to help you steer ahead of the competition. If you are a foreigner, do not worry. You can get in touch with One Visa Pte Ltd to help you with the visa application before launching your business.
Design a business plan
You need to come up with a business plan that focuses on the crucial parts like market analysis, competition analysis, and operational plan. Make sure you understand your target market and that you have their profile regarding their demographics and interests. To be successful in your venture, you need to conduct very good market research. This includes knowing your competitors, what customers like about them, and their weak points.
Have a financial plan
Sometimes starting a business is challenging, especially if you have some limitations on the budget. You may find yourself worried due to the fact that you are not sure if you can get your money back from the business and make a profit too. So before setting up your business, prepare your financial plan highlighting your financing sources. It is important to have enough funds to keep you in operation for six months without considering earnings from the business. Remember before your business peaks, you will be incurring both capital and fixed costs. You need to be ready for this.
Choose a business name
A business name should not be picked just because your business needs a name. It should be a name that can create a first good impression. Though you might want your business name to be memorable, it should not contain vulgar or offensive words. Come up with a name that easily relates to the product or service you offer.
Register your business
If you have all of these things, then you are ready to set up your business. First, you will be required to have a registered office address, which makes it easier for customers to personally deliver their packages. You can avoid the hustle of registering the business yourself by seeking the services of a professional. You will have your business registered in just two hours.
Having done the above, you are ready to start your small business in the city state. You should also consider getting an online presence for your business and this can be done through setting up a website and opening social media accounts for the business. Getting a mentor to guide you and offer you invaluable advice is also crucial so that you avoid some pitfalls. You will need to be persevering and dedicated to build your business, and with time, you will be happy that you took that bold step to start a business.