Singapore Company Incorporation with Paul Hype Page
Company Registration at Paul Hype Page Singapore

Before you incorporate your company, you must analyze the business landscape, specific to your business. This requires a keen understanding of your industry and the gap your business will fill. One common way this can be accomplished is by engaging with a professional services firm, who will be able to advise you on the domestic market, how your business can play a part in it, and how you can achieve success. It is important to approach a local firm like Paul Hype Page, where we have more than a decade of experience in helping businesses in Singapore succeed.

SWOT Analysis

One common way to analyze the business landscape is to conduct a SWOT analysis. SWOT stands for

  • Strengths,
  • Weaknesses,
  • Opportunities, and
  • Threats.

Strength

Anything your company can exceptionally perform or the activities that make it stand out among competitors are your strength. Some examples are intangible aftersales services, the brand’s attributes, and activities, or the uniqueness in how the company makes sales on every product line. The other way that a company can show its strengths is how it manages its human resource. The workforce of employees, leadership skills, and the general well-being of employees and other company’s stakeholders. Thus, to identify your strengths, it is essential to identify what makes the company unique or great in its service delivery.

Weaknesses

It is time to be critical to your company. What is holding your company’s projects or progress? Whether they are financially related, organizational challenges, the inadequacy of manpower or skills, etc., they can be some of the major challenges that an organization may face. Still, it can be extremely difficult for business owners to see the weaknesses in their companies, especially if they are heavily invested in the firm financially or emotionally. At this stage, have a trusted third party in the industry, or someone familiar with the local business landscape is vital, so you can properly analyze your weaknesses.

You may also include weaknesses of your competitors in the analysis. Highlight the issue of the absence of USP in the market if any. If the industry you are breaking into is heavily saturated, it can be hard to get consumer’s attention and to stand out as a viable alternative.

Opportunities

Next, Opportunities. A perceived weakness can be an opportunity in hiding. For example, if you are running a restaurant, developing a new menu might help your restaurant to entice new markets. That can be another opportunity. Or if your new restaurant in Singapore is crowded all the time, with multiple periods of long waiting times, it may be time to expand to a secondary location or increase your operating hours. It is important to be creative in recognizing what is an opportunity.

Threats

Lastly, what many would consider the most difficult aspect of the analysis, threats. At this stage, you must accurately predict the threats to your business success and solve them before they become a reality. Businesses that can accurately identify and mitigate threats consistently are the businesses that succeed. It is not an easy process, however, when done correctly, it will reward you and your team greatly. Threats can be anything and everything, from local legislative changes or changes affecting your suppliers’ ability to meet your needs. It is therefore important to keep an ear to the ground at all stages of your business and keep abreast of current affairs.

Thinking of incorporating in Singapore? Let’s get started.

E A S I E R • F A S T E R • B E T T E R

Niche Electronic commerce

Electronic commerce has taken roots in the markets of Singapore putting into use the constant presence of consumers on the internet brought about by advanced internet accessibility. As an upcoming business person, you should figure out the right niche market that suits your business and takes advantage of this business trend to open its doors beyond the physical premises. This means you must do thorough research at the initial stages before commencing your business to identify niche target group needs.

Before choosing this business trend, ensure you have planned thoroughly for it in terms of IT infrastructure, copyright laws, payment methods, competent staff, and catchy websites.

Education and Training Sector

If there is a sector that is more accessible to upcoming Singaporean entrepreneurs, it is the education sector. It offers opportunities for businesses dealing with learning materials, school uniforms, learning aids, and devices. This sector is growing fast with more demands for the training of children in the pre-schooling stage and training of professionals especially for business trends like e-commerce, AI, and digitization.

Artificial Intelligence (AI) and Digitisation

Businesses around the world are adopting new business trends by moving from traditional models of business to AI and digitization. AI solves various marketing problems for businesses and companies like finding customers and enriching their business operations. Digitization brings with it many benefits that enable the creation of new jobs, access to markets, and customization of the goods and services to suit each local market’s needs. In Singapore, digitization is soaring high each moment as seen in the creation of collaborative workspace such as “Carrot Patch” that brings with its freelancer’s desk, and offices for small private businesses among other benefits aimed at simplifying activities in various industries and improving the experience of users.

The workplace is getting better and better as employers are adapting to new technology and businesses are changing their methods of driving productivity by taking advantage of digital space and new technology. Devices can now communicate and update automatically at the workplace.

Digitization and AI have enabled the upcoming of technologies like 3D printing which enables mimicking of things in real life from printing a coffee cup at your desk, construction of buildings to the printing of replaceable body parts like fingers, arms, legs, and heart valves. You can almost print anything anywhere.

Mobile application (Mobile Apps)

The mobile app industry is growing fast each day and smart companies are taking advantage of it to transform their day-to-day business activities. This business trend incorporates aspects of both AI and digitization. Many entrepreneurs are now venturing into the mobile application business and we see the presence of apps that touch almost all parts of a person’s life from automobile, transportation, finance & business sector, agriculture, food industry, speech to the healthcare sector. We see continued use of digital payment methods for banks, grocery stores, and taxis.

Some apps enhance business meetings enabling businesses to communicate with other businesses or businesses to communicate with their customers. The media industry has gone online, and citizens do not have to acquire a physical copy to stay up to date with what is happening around them.

Marketing and Advertising

This business trend is becoming more and more personal and seems to have a lucrative future. Business owners are going online with high-value content aimed at speaking to customers directly according to the various needs of each existing generation. Common methods are in the use of catchy adverts and personalized emails.

To market on social media platforms like Facebook you need to master the social media trend and engage users in real-time. Know their frequent activities and maximize on that. With time social media advertising is going to be costly as many companies and businesses are adapting to this trend.

Summary

Most of these business trends are revolving around technology. As you decide on a business trend, you should also plan on how to secure your data and devices through tight measures to deal with cybersecurity. Besides, how you conduct your business trend analysis will determine if your business succeeds.

How do I conduct business trends analysis in Singapore? FAQs

What are the benefits of digitization?2020-11-09T14:32:28+08:00
  • Greater intelligence collection through data analytics hence high productivity
  • Greater opportunity available to create Better consumer services
  • It enables accelerated market penetration.
  • It provides greater opportunities to customize goods and services for each local market.
What products do well in the electronic commerce sector?2020-11-09T14:31:49+08:00

E-commerce as a business trend has opened doors to many entrepreneurs dealing in books, electronics, computer products, the clothing industry, health products, and music.

How do I know my strengths and weaknesses?2020-11-09T14:31:10+08:00

Your business strength is what makes the company great and unique in the industry while your weakness is what prevents your company from progressing and from getting customer’s attention and act as a viable alternative. 

How do I conduct a business trend analysis?2020-11-09T14:30:49+08:00

You do business trends analysis by finding out your strengths, weaknesses, opportunities, and potential threats to your business

What is it important for me to know a business trend?2020-11-09T14:28:33+08:00

Knowing a business trend gives you options to decide what business to venture into. By conducting research on business trend, you get to know what works for you in terms of motivation and budget, and what does not work. 

2021-01-29T09:35:45+08:00November 9, 2020|0 Comments
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