There could be many reasons behind your decision of setting up a company in Singapore. You may have gotten laid off, have an innovative idea, found a way to add value to an existing product or it is time for you to become the Boss, or have found affordable Singapore incorporation services fees, or just got yourself bitten by the startup bug.
The list could go on endlessly but have you considered the most vital question. “Are you ready for it?” As there is no point in doing an half-hearted pass at it. You must put in some hard work to prepare for it and ensure the success of your newly setup company in Singapore.
Get a Fix on Your Targeted Market
Even if you have experience of the market, it is important for you to spend some time to research the market. The passing of time brings changes to the consumer’s idea about what they want. That is why what worked for you in the past may not be useful after setting up a company in Singapore.
Challenge your existing ideas and perceptions. Conduct market surveys and research activities using various means and collect what your targeted customers really want. Meet new people, attend events where you can learn new things and try to connect with people having information.
Update Your Knowledge
Take a review of the skills that you will need to know to make your company a successful enterprise. If you need, it will be a good idea to invest in taking relevant education. You may even have to update your language skills so as to connect with the new customers.
If you are new to Singapore, hiring a coach to know more about Singaporean customs and the way locals do business can be important. After all, you got to know how to deal with your customers. As you know, “The opportunity knocks only once on the door.” If it comes your way, you should be prepared to capitalize on it. Be ready!
Have a Sufficient Budget
It is easy to incorporate a company in Singapore. The process is a simple and online. All you need to do is hire one of the Singapore incorporation services, pay for its services, and supply it with the necessary documents to successfully incorporate a company in Singapore. The real test of mettle comes later on in acquiring initial customers and convincing them to buy your services or the products. It takes time.
Only a ground-breaking product or service will be able to generate immediate demand from the customers. Take stock of the situation and consider the advantages your product has over the offerings of your competitors. Try to decide how much time you will need to get the initial customers. It is important as it will give you a time-frame and the budget you must have to survive for that long. Your businesses may take a year to get settle down after setting up a company in Singapore.
Convert Strategy into a Business Plan
Your newly setup company in Singapore will give you an outlet to express yourself as an entrepreneur. It also means that you must have a fair idea about what you want to achieve and the benefits your products and services will bring to your customers. Make a list of business, financial and personal goals.
Plan the details of execution. Describe how you are going to achieve your goals. Set a deadline to each item on the list. Find a mentor, if it is needed hire one, and let him or her go over your plan and make suggestions. Revise your strategy and plan to accommodate mentor’s practical suggestions.
Be Ready with Your Pitch
The new business owners often have to answer to a question, “What do you do?” It is not something that should irritate you, rather, you should take the opportunity and expound on what your company is all about. Have a pitch ready for its vision, products and services and how they add value to the lives of your customers.
You can even take this idea further and can invest some time in preparing an elevator pitch that can help you in getting your message across in a very short time. If you have problems with the idea, then you will have to find ways to overcome them. For an entrepreneur, it won’t do to be a shy person. He or she has to sell the company, or the survival will become a real daunting task. There would be no point to incorporate company in Singapore.
Why opt for setting up a company in Singapore? The question is easy to answer. It is one of the most supportive places for the startup companies. The country offers them an opportunity earn tax-free income during their first three years. Their taxable net income of up to S$100,000 is tax-free, next S$200,000 is charged at 8.5%. If their taxable net income crosses S$300,000 mark, then only they have to pay headline tax of 17%. The existing companies, too, get tax benefits through schemes like partial tax exemption.