Even today, bosses think employees have ‘nothing better to do’ than be over the phone 24/7, and overseas vacations are still off the cards. As a result, this might lead to employees working even longer hours than before. So, it’s not your fault for thinking of opening a business and waving goodbye the corporate life forever. The good news is that if you’re living in Singapore, starting a Business in Singapore is already effortless, speaking administratively at least.
Whether you have always dreamed of opening a business or came into entrepreneurship accidentally, Singapore is one of the best places to open a business. But why is that? Strong investment and trade opportunities make Singapore a competitive country and one of the most accessible places to do business. Not just that, its stable economy and strong talent pool offer ventures the ideal landscape to invest money with confidence.
So, how can you start a business successfully in Singapore? To find out how to set your venture here, continue reading below.
Table of Contents
Set up your office
When deciding to open a business, you need to have an office address at which you’ll receive mails. Whether setting your office in your home or renting a location, having an office address is vital. But how do you decide whether you need a home office or a separate one? Well, if you’re opening your business on a larger scale, it might be better to have an office space. Besides renting or buying office space, you can also rent a space in coworking space that provides business addresses.
However, if your business is starting as a small one or it’s an eCommerce business, you can ‘rent’ a virtual office address in Singapore instead of renting an office. Moreover, if you wish to prefer working from home to save resources like money, check whether you qualify for the Home Office Permit to use your home as your office.
Raise capital
Once you’ve gotten a great business idea and mapped out your fail-proof tactics, it’s time for you to raise some money to turn your dreams into reality. Start by estimating how much capital you need. This might depend on your business’s size, type, and scale. A small or bootstrapped company might only need a little capital to start. For example, if you’re setting up a business to promote your services as a tutor, illustrator, or web developer, you might be able to rely on your savings.
Whereas businesses such as brick-and-mortar stores can be capital-intensive, making it essential for you to raise capital. So, how can you raise a large amount of money? Consider taking help from crowdfunding platforms which allow you to get funding from the public and reviews about what they think of your business.
You can contact various investors and firms to see whether they’re interested in investing in your venture. Moreover, if you have a good credit score, try getting a bank loan or ask your friends and family if they’re interested in investing.
Create a business plan
You might already have a creative and unique idea to open a business in Singapore. But you need to understand that you can’t survive on a great business idea only. To transform your vision into execution, you must formulate a proper action plan, an effective business plan. In fact, various findings show that a business plan creates 30% greater chances for businesses in Singapore to grow. A well-structured business plan provides a complete roadmap of how you can set up your business and run it successfully.
Your business plan can help you get the attention of potential investors and lenders, helping you raise money. Moreover, having a business plan allows you to identify possible pitfalls in your idea. Having a business plan can contribute to defining and focusing on your business strategies, enabling you to make smarter decisions.
The good news is that a business doesn’t have to be lengthy at the start; you can simply place the basics of the plan. As time passes, you can keep on adding to it as your business grows. However, make sure your business plan states the primary goals of your venture. Not just that, an effective business plan must consist of details of your marketing strategies, financial requirement, and reasons why they can be achievable.
Hire the right team
Opening a business means not only being your boss but being other people’s boss as well. The team you hire has a significant impact on the growth of your new venture. Hence, remember to hire focused and hardworking employees. You must hire employees who aren’t only skilled and well-qualified but also motivated to work towards your business’s goals, helping you accomplish your achievements. The right team will happily invest their effort and time into your business.
Moreover, the suitable employees would be loyal to your business, meaning they won’t run away as soon as they get another great opportunity. Hiring the right team offers you time to focus on other business tasks instead of constantly checking whether the employees are doing their jobs.
Register your business
One of the crucial steps in starting your business is to get it registered. So, how can you register your business in Singapore? Start by reserving your business’s name. Remember, your venture’s name must be approved; it shouldn’t be already taken or contain vulgarities. Once that’s done, you can then incorporate your business entity.
However, you’ll have to decide which type of business entity you want to incorporate; the most common ones include:
Sole proprietor: if you wish to be a one-man-show, this type of business entity is the most hassle-free option. But it also means you’re responsible for any debts and liabilities your business faces.
Company: this type of business entity lets you build a business that is separate from its owners. Hence, any liabilities and debts incurred by the business are unrelated to the owners.
Partnership: this structure is for two or more people wishing to set up a business together. Hence, a partnership can be more suitable than a company if your business is simple and small-scale without many overheads.
Open a business bank account
Deciding to start a business means it’s time to maintain separate business and personal bank accounts. While it only requires minor adjustments, having a different business bank account can help you easily track your business transactions. As a result, this allows you to quickly catch up on your year-end bookkeeping and keep it accurate.
In addition, opening a business bank account makes it easier to manage and react to your existing cash flow situation. For instance, if you notice that your balance is running low, you can quickly inject some cash. Whereas if you see there’s too much cash in your account, you can use it to better use, such as in marketing your business.
Final thoughts
Starting a business can seem like a daunting task. You might not know where to start or what to do first. However, the ways and tips to start a business in Singapore mentioned above can make it easier for you to turn your dream business idea into reality.
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