The would-be entrepreneurs, especially those who are holding a job and egging themselves on for a new company incorporation Singapore, find themselves in a tight corner. For them, “How to register a company in Singapore?” is not an issue because of the availability of support from the Singapore incorporation services. However, they fear, “Will they be able to strike a balance between their job and business?”
What Hold EPS Back from a Company Incorporation Singapore
Such a situation is not an isolated one. There is no dearth of the professionals, working in Singapore, who have stumbled upon a business idea. The Employment Pass holders often get stuck with this problem. The privileges of the pass allow them to negotiate with their employers and go for a Singapore company registration. However, on the other hand, they find it hard to strike a balance between their responsibilities towards their present job and that demanded by the new business.
The individuals in such a situation should realize the time constraints they are under. There are only a few hours available to them to manage both the tasks and this is one of the reasons why only a few of them take the ultimate step of committing to a company incorporation Singapore.
When they take a reality check, they find that they are in no position to leave their jobs as they need money. It is also true that a start-up, during its initial days, may not be able to make a substantial amount of money. Their fear about financial security makes them hesitant about a new company registration Singapore.
Some of these individuals also fear about whether it will be possible for them to make a comeback and get a job if their start-up fails. However illogical it seems, the thought preys on their mind. This a very strong deterring factor preventing them from a Singapore company incorporation.
Let us face the fact that an individual having a creative business idea is unsure about its success. However experienced or knowledgeable he or she is, there is always doubt about a new venture, especially if it is based on an untried business idea. It is a great hurdle for a budding entrepreneur to overcome before totally committing for a company incorporation Singapore.
Preferring Your Job and Doing Justice to Your Singapore Business
It is important for these aspiring entrepreneurs/ employment pass holders to do some self-exploration as well as take a reality check about their intentions. They need to,
Take a Rain Check: They need to be realistic about what they cannot and can do in the time available to them. They need to invest in minimal infrastructure and spare as much time as they can to their business.
Work the Idea to Its Bones: They need to explore the idea to its core and find all its applications. It is an important step in the development of your idea to weed out imperfections and make it acceptable to the market. The right time to do it is when you are still holding your job and not facing a deadline and its implications.
Build a Network: If you want to get ahead in your business, it is important to have connections. Before you get into the business, you should have a sphere of your influence that will support your business in its early days of existence. A network of suppliers, retailers, financiers, as well a pocket of customers to whom you will be able to pitch your idea is a necessity of your start-up.
It is not easy to commit to a company incorporation Singapore especially when you are working for your employer. You need to be careful about your capability. In the beginning, you may be able to do a spot-on job but as the fever of new creation ebbs and it becomes a routine, you must watch out for the laxness. It is also the most dangerous time as it signifies that your start-up has exhausted its initiative, and you need to do something extra and come out of your comfort zone and start a fight for its survival.
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.