Many private employees and hopeful first-timers dream of starting their own business. The same is true for entrepreneurs with existing businesses but have never tried to expand beyond their current offering. Singapore is a hotspot for many would-be entrepreneurs thanks to the easy processing and supports the country provides.
If you’re looking to start your own business, you’re not alone. Whether you’re 18 or 81, starting your own business is possible – what’s not to like about setting your work schedule, exploring your passion, and the potential to earn money while you’re at it. If you’re an existing business owner looking to upgrade your facilities or expand your operation, you can still learn a thing or two from this article.
Of course, anything worth aspiring to is worth planning. Before pushing through your new business idea, there are a couple of crucial things you must do to make sure you’re not going in blind!
Don’t rush in blind. It’s tempting to immediately throw in your resignation or take all of your savings the moment an awesome idea crosses your mind – thread lightly as this can be the worst things you can do. Having a job means getting a stable income, which is critical to funding your small business, especially if it’s a physical product.
Start by finding out if the business is viable. The easiest way to do this is online. If there are other competitors in the market (a good thing) or if it’s an entirely new idea (not necessarily good).
Develop a business plan and conduct market research. As someone rightfully said, “a goal without a plan is just a wish” this is true when it comes to starting your own small business. Developing an initial business plan and conducting exhaustive market research lets you figure out the opportunities and pitfalls of your business idea.
This needs to cover the following:
- Analysis of demand for the product or service
- Amount of resources (manpower and/or money) required to launch
- Research your close competition to understand your value
- A timeline of key activities for the next 3-6 months
Start assessing financial specifics
This is the not-so-fun part. Evaluate your expenses and assess how much it would take to launch your business without subsisting to water and crackers. Now it’s time to make some tough decisions.
- Will your income enough to launch your business and sustain it?
- What luxuries aka wants can you cut back to begin your business plan?
Communicate to your target customers and learn to sell
Businesses need customers to thrive and get clients, you must entice them to sell to them. It’s understandable to be uncomfortable with selling, but remember that it’s just understanding what your customers want and how they feel.
Go to trade conventions and converse with people to understand what they need – just get out there and begin talking to your future customers.
Begin establishing your online or physical presence
Based on your chosen business type and available resources, you may either rent a small office, co-working space, home office, or be virtual and fully online like many new service-based businesses today.
One non-negotiable business factor is your online presence. Every modern business today requires a website to showcase brand products/services. Remember to consider this when budgeting!
Seek out a trusted bank for your loan needs
Business and banking go hand in hand. Once your business starts taking off, you’ll most likely need a bank guarantee to help as a partner to help with things like paying your suppliers. This is especially important if you have an ongoing business and are difficulties securing more products to your shelves due to supply constraints. In this case, a banker’s guarantee can help you purchase goods from your supplier, providing the assurance necessary for contract assurances and continue the flow of service.