As a small country, Singapore is motivated to think about how to continually create jobs and diversify its risks. One of the way is to encourage its people to start their own businesses, making Singapore a good place for entrepreneurship. The government chips in by offering strong support with many initiatives and grants to incentivise and provide financial support for start-ups.
Starting a new business can be an amazing adventure that can be more fulfilling than what a regular 9-to-5 job can offer! Being your own boss may sound like heaven on earth, but you have to know that it’s still a lot of hard work. Although there’s nothing that’s 100 percent certain in life nevertheless one should still make the necessary preparation for a good start on your entrepreneurship journey!
Have a Good Business Plan
Having a good business plan with clear strategy on how to take your idea to the market, your execution plans for targeting customers, setting prices, fulfilling orders, having the IT support and other necessary systems and procedures for accounting for it all, and raking in the profits is a good way to start your business. A good market-tested idea will help you get your investors or that bank loan you require.
Build a Strong Team
Good entrepreneurs focus first on building a strong executive team. A good entrepreneur is able to recognise their own shortfall and find the right people with the right skills to complement their shortfall. This way, the CEO would be able to drive and lead the way forward.
Get Access to Funding
One of the most important factors of starting and running a business is money. Ponder over whether or not you have the financial capacity to support your business. Your business is bound to require a certain amount of money for upfront investment and it’ll take some time before you reach break even. You need to have reserves.
Know your Regulatory Compliances
Whilst it is easy to start a business in Singapore, many entrepreneurs often get so caught up in the day-to-day running of the business that they neglect their regulatory compliances, resulting in heavy penalties and fines or even getting themselves hauled to court. Getting your regulatory compliances done isn’t rocket science and hiring a qualified Corporate Secretary and Accountant can help you resolve these issues.
Every business should prepare itself for success! As a business grows, it will garner interests and attract investments and along with it, new investors and/or shareholders. All these bode well for a fledging business where cash flow is the life blood of every business! But unfortunately, many business owners do not know that these transactions need to be properly recorded and reported. Many also overlooked the monitoring of cash flow when caught in the daily running of their business.
If hiring a full time corporate secretary or accountant isn’t an option, why not consider outsourcing the job to a professional firm such as Singapore Online Accounting Services (SOAS)? Working with an outsourced Corporate Secretary and Accountant has a few intangible benefits.
- They are your best consultants – they know your cashflow situation better than you do and can advise you on your next course of action!
- Avoid regulatory pitfalls – they keep abreast of all the regulatory changes so that you don’t have to.
- Expand your network – you can tap on their extensive network for services you require or link up to potential clients or business partners!
SOAS is keen to work with new business owners and start-ups on their entrepreneurship journey. Let us be the best partner you can find! As a start, we are offering a fuss free regulatory compliance package that includes yearly accounting at the price of less than a headcount for the first year!
