So you were thinking of starting a brand new business in Singapore, but have you ever thought about its chances of survival?
Every year, tens of thousands of businesses enter as well as exit the marketplace. Keeping track of their births as well as their deaths can be overwhelming.
When you are thinking of starting your own business, you have to put yourself into many “shoes.” You may have tons of GREAT ideas, but how will you handle other small business tasks like administration or other managerial tasks, especially when you don’t have proper expertise?
1. Know Your Expertise
In order to be at the top of your game (run a business successfully), you need to know what your “core strengths” and “weaknesses” are.
Lack of management skills, for example, often leads to business failure. If you require help of an expert, don’t shy away. In fact, go out there and network with other entrepreneurs, or hire employees in order to help you run your business MORE smoothly.
Plus, running a business also means “innovative thinking,” “being persistence,” and “passionate” about what you do to “improve your odds of success.”
Next thing to consider is …
2. What you want to achieve through your business?
What you really want to achieve through your business? More importantly, do you set goals, have determination to excel, or pay attention to small details and inspire others to set higher standards?
These are all the “key components” vital for your business growth.
Bu having the desire and persistence along won’t help you become successful? You need to “stand out” (think outside of the box) from the market.
3. Stand out from the crowd/ Think Different
If you’re interested in cooking, for example, you may notice that millions of people love cooking, and many among them are “talented chefs”, and few among them may already be thinking about starting a restaurant.
As the market is very popular, there are already aware there are plenty of restaurants in the market. Not to mention, the profit margins are thin, and your customers) have MORE choice – visit the next place whenever they feel like.
In this competitive scenario, what are your chances of survival? Instead of copying others, you really have to put effort to offer “something new” to grab people’s attention, make yourself truly unique, fresh, and attractive.
To be successful in your market, you need to ensure that the market is already bigger (popular) for what you plan to provide, and the competition isn’t very competitive/ strong enough for you continue survive in your business.
With that said, let us help offer you more information on how to improve the chances of survival of your business.
5. Company Survival Tips
So, before registration of company in Singapore, consider these survival tips that can prevent you from small business failure:
- Devise a “sound and detailed business and marketing plan” that takes care of your competition, customer requirements, pricing, and various promotional strategies.
- Be knowledgeable about business law – even better, hire a professional lawyer.
- Make an inventory of your existing products, services, and customers.
- Plan every aspect of your business, all the way from “start to finish.”
- Understand business finances like handling credit and cash flow.
- Inspire others, and train your employees.
- Ensure you have sufficient amount of experience, talent, and expertise to run your business
- Be sure to offer products that are slightly different / unique than your competition, and probably at “lower cost” than your competition.
- Never under-estimate your expenses, and NEVER over-estimate your revenue.
- During slow periods, ensure you have sufficient cash reserves, or a line of credit, so that you are “prepared” to continue despite odds against you.
- Understand your market, and define how much of it you will be able to capture.
- Delegate less important work to your employees, while you stay focused on the BIGGER picture.
So, if you live in a foreign country, but are looking for a registration of company in Singapore, then you need to contact a professional business incorporation company.
Contact Paul and Hype Page Co. for a FREE consultation on how you can start to invest in Singapore.
We provide the following services:
- Instant online company registration in Singapore
- International tax planning and advice
- Professional company secretary service at affordable price
Paul Hype Page & Co. is an ACRA-certified business adviser. Our team of seasoned professional can help you set up a company in Singapore very quickly and easily following all legal entities, and offer you sound advice on how to make it successful too.
In addition to business registration, we’ll also guide you how to:
- Write a business plan – Learn how to write a compelling business plan by accessing our sample business plans, or other helpful market research information
- Perform market research – Understand your business market, learn how it can enhance your business growth, and how to properly conduct a market research for your business
- Legal issues for small business – If you are thinking about registration of company in Singapore, then you really need a lawyer. In addition, you will learn why legal counseling is very important part of any business.
- Manage your finances – We’ll offer you FREE resources and information to help you fully understand all financial concepts and teach you how to perform basic accounting tasks like budgeting, bookkeeping, financial analysis, among others.
Call Us at +(65) 6221 4711 or
Get a Free Consultation with Us via Contact Form
Categories: Business Opportunities in Singapore