Quite a number of entrepreneurs are opting to start their businesses in Singapore. This is quite understandable because the country plays a pivotal role in today’s global economy. It is Asia’s business epicenter, featuring open business policies, political stability, as well as a skilled workforce.
Aside from establishing that it is a pro-business environment, you also have to know how to register a company in Singapore. Even though Singapore is an ideal choice to start a company, impulse is not enough to drive you to success.
Remember, to start a new business, you will have to invest a considerable amount of money. This is a huge commitment that comes with responsibilities. So as you itch for company incorporation Singapore, ensure that you adequately prepare before taking the leap of faith.
When you start a career in Singapore, the possibilities are endless because it is the most competitive Asian country. Even as a newbie entrepreneur setting up a startup, this is a big step as the business location allows you to tap into Asia’s emerging markets.
If you do this right, you could very well free yourself from the 9-5 bondage and become your own boss.
Here are vital tips to help you succeed as a new entrepreneur in the Singapore market.
Build your Personal Brand
Personal branding is everything regardless of the industry you’re in. Before you resign from your current job, make sure that your brand is recognizable in your respective industry.
Let the world know that you’re an expert in your field. Before your Singapore company registration, you’re the most valuable resource for your business. Your target market needs to believe that you bring value to the market.
Make sure you use every opportunity to highlight your skills and capabilities. Give your resume depth by including your experience, knowledge and inventiveness. Follow this up by placing your resume where potential investors, creditors, employees and suppliers are likely to see it.
Establish your Financial Resources
As you actively build your personal brand, ensure you secure your financial resources as well. It takes a lot of money to get a business off the ground, especially in a foreign market.
Will you be bootstrapping your business? If that is the case, how long do you think your finances will last?
The initial barren phase requires you to have fund infusion from other ventures. Your business needs to keep running even when you’ve not making any profits yet. As you prepare your budget, ensure you account for this period because it will make or break your startup.
Understand the Market
Starting a startup in a highly competitive market is like entering a war zone. As you look for professional company incorporation services Singapore, ensure you’re also taking time to research as much as you can about the market.
You want to work with an expert company registration to benefit from their guidance. This way, you can successfully register your new company so nothing comes back to bite you in the future. You need expert knowledge regarding the licenses and permits you need to acquire before your business starts running.
Conduct market surveys so you understand your intended customers and how to fulfill their needs. This also gives you insights on how to tune your products and services to ensure what you offer adds value.
Write down a Business Plan
A business plan is a must-have as you prepare to register your business in Singapore. It is a handy document because it outlines the milestones you expected your proposed business will achieve.
Be detailed and include each of the following;
- A description of the business
- Your market strategies
- A competitive analysis
- The business’ design and development
- An operations and management plan
- Financial management
Find a Suitable Mentor
Before designing your products and your service delivery, you first have to know who your customer is. Many entrepreneurs make the mistake of coming up with the product even before they interact with their client-base.
This is where the role of a suitable mentor comes in. Your mentor should be an individual who ensures you don’t place the cart before the horse. Beginner entrepreneurs require timely advice, as well as emotional support from a person who has been in their shoes before.
Your mentor also plays the role of a business coach as they use their experience to ensure you avoid falling into unnecessary pitfalls. Having a mentor saves you the time of learning from your mistakes.
Register your Company
Now that you’ve laid the foundation, you can now proceed with Singapore company registration. Remember not to quit your job just yet because you’ll need capital as you consolidate your position as a company owner.
Be sure to open a corporate bank account for the business to keep personal and business monies separate.
You will know when it is safe to quit your current job and give your budding company full attention. In case you don’t feel like quitting your job just yet, find employees you can trust to help you run the business.
Nurturing a new business requires patience and attention to details. Singapore is the excellent place to start a new business because it gives you access to a large market. Ensure you set your goals early and be ready for the responsibilities of being a company owner. If you need help incorporating a new company in Singapore, Finova is able to help you.