What you need to know when starting your own business
You have a great idea and a plan to bring that idea to life in the form of a new company. Congratulations! You are well on your way to starting your own successful business. Unfortunately, we all know that even the best idea is not enough. What comes after an idea is extensive planning, decision making, networking, and more. So what exactly do you need to know when starting your own business? These tips below are here to help!
1. Start strong
The best thing you can do to help your business is to create a strong foundation. If you haven’t dedicated a big chunk of time to doing market research relevant to your company, do so immediately. Find out what’s going on in your industry. Try asking yourself these basic questions – is my product or service needed? Where? Who needs it? Are there any existing alternatives? Consider using a popular analysis template, such as the SWOT method. SWOT essentially comes down to examining one’s strengths, weaknesses, opportunities, and threats. It forces business owners to take a long, hard look at the potential for their company. This template is great for people who are trying to reach a deeper understanding of their business needs. So find a cozy spot, get ready to take some notes, and get started on this essential preparation step.
2. Choose your business structure
There are a lot of options available to you in Singapore when deciding on a specific business structure. This step is key because your decision could have major impacts on your company down the line. Have you thought about whether or not you want to be personally financially responsible for the success or failure of your company? How much money will you need to borrow to get started? Do you want to expand your business? You might find yourself overwhelmed given the amount of information that exists online. If you feel like you are unsure about which structure is right for you, you’re not alone. Luckily, there are a lot of resources out there to help you make your decision. Try reading our article that compares the three most common business structures in Singapore. Tired of reading? Watch this short video to learn more. Either way, refill that coffee cup and spend a while thinking about which structure would best help you achieve your long term goals.
3. Find a community
Entrepreneurs are (spoiler alert) self starters, characterised by passion, drive, and commitment. As a result, a lot of up and coming business owners are content with relying solely on themselves to begin their company. You’ve come this far, right? Wrong. You can learn so much and save yourself from a lot of headaches by reaching out to members of a community who have been through similar journeys (or are currently on that journey!). Learning from experience is difficult when, say, you haven’t exactly had experience yet. But there are so many out there who have that knowledge because they have been where you are right now. There are like minded people out there who have learned a thing or two and who want to pass that information on. Interested? Look at a couple of the groups available in Singapore here and find one that is right for you. The point here being: go find another start up owner to share lunch with and see what you can learn!
4. Do the dirty work
The “dirty work” here being: choosing a unique business name, registering an address, acquiring the necessary business licenses and visas, and more. A lot goes into creating your own company that you may not be aware of. Creating an official business is hard work, and it takes a massive amount of effort. Well, historically, anyway. Today’s rapidly evolving digital world means that it is easier than ever to incorporate your company and take care of that dirty work. Heck, companies exist solely for this reason. InCorporate.sg has a couple of bundle packages available to budding entrepreneurs that can complete all the necessary requirements for you online – either option is fast, easy, and cheap. Not looking for a bundle package? There are plenty of service providers who address specific needs. Now again, that can quickly become overwhelming – how do you know which one is right for you? Try reading reviews from entrepreneurs like yourself who have evaluated hundreds of service providers.
5. Revisit your plans often
We all know that the daily operations of an entrepreneur are demanding. That being said, make sure you spend some time taking note of the things you are doing to maintain longevity of your business. Your day to day investments need to be aligned with your long term goals. You’ll want to make sure you are investing in the future state of your company in addition to everything else. This simple trick can improve the overall health of your business and lead to hefty rewards down the line.
What now?
These five simple tips will help you immensely in your entrepreneurial endeavors. That being said, there’s plenty more advice out there for up and coming business owners. Try reading another one of our blog posts for more helpful tips and tricks. If you’re ready to take your business to the next level (but aren’t sure where to start), let us help! We can match you with the best service providers out there, reviewed and rated by other entrepreneurs. Start your journey here.
If you want to learn more, stay tuned to our blog or consider joining our private forum. Good luck out there!
