It is tough to leave the security of a salaried income and choose to become an entrepreneur by opting for a company incorporation Singapore. The individuals taking this path also need to take a self-review and measure themselves against the task. They have to test their mettle and take a vote of confidence in themselves about their ability in overcoming the odds and hazards of entrepreneurship.
Being a Start-up Entrepreneurs in Singapore
The main concern of some start-up entrepreneurs before committing to the Singapore company registration is of finding capital for their business. They also must have an answer to how they will sustain themselves and their business in the initial days.
This is a tough time as the business has no identity. It can stymied a business’ chances to attract customers. The frustration can kill the creativity and the entrepreneur’s initiative resulting in the premature demise of the business. Here are a few tips for surviving this period:
Opt for a Company Incorporation then Plan When to do It
You may decide on a company incorporation Singapore on the spur of a moment. However, initiating business activities cannot be that sudden. You will have to get a head start on it by saving enough money for the capital. You may also have to acquire additional skills that may assist you in the course of future business.
Be prepared, and remember that starting a business that can utilize your experience, skills, and business contacts is always beneficial in the long run. Your experience not only comes handy in generating revenue for your business but also in economizing and increasing the efficiency of your resources.
Learn How to be Thrifty and Control Your Finance
Your Singapore company incorporation makes you an independent operator and gives you the chance of being your own boss. It also entrusts you with a responsibility towards your career. You can take on the mantle and start by keeping a firm check on where you spend your money.
This is an important move. You have already spent money on the incorporation of a company in Singapore, marketing material, a business website, office rent, etc. While you are searching for prospective customers, you will also have to provide for additional expenses like transportation, phone bills, presentation, etc.
Be thrifty and make your money support you for at least a year. Doing so will give you a fighting chance of making something of your business.
Look for Schemes for the Start-ups
Singapore authorities have created a very supportive startup ecosystem for the benefit of new entrepreneurs. The following are a couple of schemes that a new business owner should know about.
These individuals can benefit from ACE Startups Grant, which is awarded to the first-time entrepreneurs trying to implement a unique and differentiated business idea.
If you are trying to realize an innovative idea, then, you can try SPRING Startup Enterprise Development Scheme (SPRING SEEDS). You may get investment from SPRING SEEDS Capital (SPRING’s investment arm).
Also, you can try your luck with the private entities, banks, venture capitalists, etc.
Look for a Skilled Partner or a Shareholder
A company incorporation Singapore is a major commitment. It is almost a 24X7 job and most importantly, you do not have to do it alone. Hook up with a qualified and experienced person as a partner.
Look for an individual with the skills complementing your’s, so as to increase the reach of your business. It will also halve your capital in the company. You will also have the opportunity of bouncing your ideas off your partner and getting a second opinion about their viability.
Implement Your Business Idea
Company Registration Singapore gives you an opportunity of trying to work your idea in the real time. If you think the idea can be put into practice, then, do not hesitate. At the most, you will have to accept your losses and quit.
On the other hand, you will have learned a great lesson in entrepreneurship. A setback in making a success of your business is not the end of the world; you can always get a job and keep searching for a new business idea and a place to implement it.
Before you actually go for a company incorporation Singapore, save enough money and plan ahead. You may be eager to score an early strike and hit the jackpot. Well, every entrepreneur wishes to do so. However, it happens t only a few. If it happens to you, well and good. If it does not, then keep the faith alive!
About Us: SBS Consulting is one of the leading corporate services provider in Singapore. It specializes in Company Incorporation, accounting services Singapore, Preparation of director’s report, Taxation, GST, Payroll, XBRL Filing, IT software development and maintenance, etc.