Before you decide incorporating a company and plunge into entrepreneurship, you already must be aware that a successful entrepreneur MUST have a knack for innovation, business planning, and mostly, risk-taking. Although there will be LOT of work on your plate, however, there are also PLENTY of benefits you can receive from being your own boss.
Here are few reasons why you must consider entrepreneurship:
1. You get to use your own ideas – Part of being your own boss gives you the freedom/ advantage to utilize your own business ideas. As the head of your own business, you will be spending most of your time creatively as you put your business ideas into action in order to work for you and the growth of your business.
2. Choose the Industry that is “right” for you – The type of business you choose must also reflect your interest, knowledge, and experience. So, before you spend too much of time and effort writing a business plan, ensure that whatever industry you enter, it is the “right” one for you. For example, consider your hobbies, interests, and set of skills you have that you can apply to your new venture.
3. Make “Informed” Decisions – Being your own boss of your business is a risky business; you need have the desire, persistence, and the ability to think outside of the box as these attributes can work in your favor. In other words, you need to believe in yourself as well as base your decisions on personal experience and knowledge to successfully lead your business. In addition, you also need to be aware of your own limitations, and not shy away from asking for help whenever you need it from others so that you make informed decisions. Likewise, you also get to establish your own set of policies for your business as well as set the tone for its culture too. For example, you can create a business whose values and ambition meshes well with your own personal visions. It’s better than working for others whose values and policies differ from yours.
4. Find a location for your business – Before you start a business in Singapore, it always pays to find a location that suits your requirements – if that means whether you will work from home, or choose to work closer to home, or commute to a place far from your home. You may also choose a location where your customers travel frequently. If you don’t want to commute a long route, or avoid traffic, you may also choose to find a place outside the busy city. While there are lots of options available for you to choose a location, however, consider if you are able to easily connect with your customers, as well as your employees and suppliers.
5. Have the potential to earn more – As your own boss, you have the freedom to work on your own terms and also stretch your earning potential too. Well, this type of success often comes after long hours of work as well as real hard work, however, if your business goes platinum, you will likely make MORE money than you would by working for others as an employee. But the disadvantage of being your own boss is that there isn’t a guarantee for a regular pay cheque, not to mention your work can sometimes cut into your personal, social, or family times too.
6. Work less – While there are many people who start business to make MORE money, there are still others who start a business in Singapore in order to “work less.” If you wish, you totally have the flexibility to decide how many hours a day you will work, or how much vacation time you want, or entrust less important responsibility to others and continue to work part-time too. That also means you already make enough money to support yourself. During the initial phase of your business, there may be times when you will have to spend MORE time, work long hours. However, when you’re self-employed, it gives you more flexibility as well as the freedom to set your own schedule.
7. See Your Business Grow from the Ground Up – Being an entrepreneur offers you a tremendous source of pride and satisfaction. You will be the one who will be getting to see it grow from its infancy stage. But with every sense of pride, comes responsibility. During the initial stage of starting your business, you will be responsible for providing capital and all the other costs related with the daily operations of your business. Similarly, there will be some basic business operation that you may not be familiar with, such as accounting, purchasing, keeping inventory. In this case, it never hurts to ask for a professional help. If you cannot find time, or simply don’t have the knowledge of running a business in Singapore as well as follow the nation’s legal entities, you can always contact Paul Hype Page & Co – an ACRA-certified business incorporation firm. You can let us help you registration/ incorporating a company in Singapore, give you professional advice on finances, accounting, and tax advisory. Not to mention legal counseling at affordable price. This way, you can focus MORE on areas you can offer the most value.
8. Bonus: Turn the business into a family asset – Lastly, being your own boss and running your own business also means that you can provide your siblings, children, and other family members a place for work as well as a way to finance their future too. In addition, you also have an opportunity to teach your children some valuable business skills as well as find an excuse to spend MORE time together. When you’re about to retire, you may even pass your business to your children if they desire.
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Categories: Setting Up Business in Singapore