A quick scroll through your social media feed or messenger chats might bring up stories of how a secondary school dropout turned his life around by developing a ground breaking mobile application. Or how a single mum with two children in tow successfully started her own business.
Undoubtedly, there are many benefits associated with starting your own business. You get to be your own boss. You get to design a business that has the flexibility to grow together with you and more importantly, invest in yourself.
However, not every startup in Singapore will make it in the long run. There are some that will run into problems within the first few months and have to throw in the towel subsequently.
Coming up with a business idea is a crucial starting point but dedication is necessary for turning the idea into a viable business.
Anyone who is ready to work hard towards building a business should be familiar with the steps that will enable them to reach their goals.
Aside from tasks such as creating a logo and naming a business, there are many other less well-known but equally important activities that should be considered.
From creating a comprehensive marketing strategy to determining the business structure, the work can pile up rapidly.
Instead of guessing where to begin and groping in the dark, a checklist should be crafted to kick start the process of transforming a business from a concept into an actual entity.
If you’re considering a startup in Singapore, you’ll most likely have an idea of the market you are entering or what you wish to sell.
If you don’t, you should probably take a step back to do proper market research and re-evaluate your business plan.
It is important to carry out research regarding existing companies within the industry. This makes it possible to learn more about what current market leaders are doing. Also, you can determine how it can be done better.
With a solid idea in place, the next step is to answer some crucial questions. These include the purpose of the business, how to finance startup costs, who the service or product will be sold to and defining your business goals.
These are some of the questions that can be addressed in a detailed business plan:
All startups in Singapore have a price and determining how the costs will be covered is a priority for any business owner.
Key considerations include whether you are capable of funding your startup or if you’ll require additional funding from family, friends or even taking up a business loan.
If you’re planning to leave your current job and start your own business, you’ll need to ensure that you have adequate funds to support yourself and the business till it becomes profitable.
Prior to registering a your startup in Singapore, the type of entity should be determined. A business structure has a legal effect on everything from personal liability to how taxes are filed.
Investing in the right insurance for your business is a vital step that should be considered before launching the business officially. Handling incidents such as lawsuits, theft or property damage can be costly. Therefore, it’s important for businesses to ensure that they are properly protected.
A great team should be hired to move the company to the next level. Entrepreneurs are advised to pay equal attention to human resource and their products. People develop products and identifying the right team is important. Creating an effective startup team involves elements like how the team works together, defining responsibilities and roles, giving feedback and division of labour.
Before selling a service or product, a business brand should be developed along with a solid following of people who will be responsive when the business doors open eventually. Logos should be easy to identify and to associate it with the brand. Social media is a great platform that can be utilised to spread the word about the business.
Marketing plans should go beyond launching a startup to build up the customer base and continually spread awareness about the business. In the beginning, this process is as important as offering quality services or products.
The startup launch, and initial sales are just the beginning for you as a business owner. Making a profit and surviving in the business world requires the business to keep growing. One of the ways to achieve growth is by working closely with established brands within the industry.
Running a successful business also requires flexibility, a stable source of business capital and the ability to adapt to dynamic situations.
As your business starts to come together and gain traction, do not rest on your laurels just yet. As they say, you may have the best business plan out there but things will inevitably change. Thus, it pays to be ready and be able to adapt to these changes. Ultimately, if you have the passion and are determined to ensure that your business succeeds, it’s already half the battle won.
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