In Singapore, the tides have yet to turn. Growth remains moderate as the economy adapts to massive restructuring. If you’re thinking about incorporating a Singapore company, you must brace yourself for some volatility. To help you cope with this reality and gain traction in uncertain times, Singapore company formation specialist Rikvin shares some basic tips:
Create a Marketing Plan
The first step to translating your business idea into tangible profits is creating a marketing plan. It’s always a colossal mistake to plunge blindly into entrepreneurship without the slightest idea as to how to market your business. Your marketing plan need not be elaborately written. At the barest minimum, you must have at least an outline of your marketing strategies. These strategies can be refined later, but from the start, you need to figure out the direction that you want your business to take.
Get Some Feedback
Even in the early stages of your business, perhaps even before you register your Singapore company, it’s important to talk to people to get some feedback about your planned venture. Talking to potential customers will give you a better view of what the market needs, and more importantly, what the market wants. From pre-registration to post-launch, customer feedback is indeed an essential tool to gauge areas for improvement or identify growth opportunities within your company.
Nurturing a business takes commitment and perseverance. Your company’s success may take years to achieve, and you need patience and confidence to see it through the challenging startup phase. As most savvy entrepreneurs know by heart, it takes a truly impassioned individual to make a business flourish.
Be Flexible
In today’s economic uncertainty, your best weapon is adaptability. Be alert of shifting trends, keep on the lookout for new variables, and always be prepared to adapt to market changes. To cope with the emergence of a new competitor, for example, you can lower your prices or bundle your products to add more value to your offerings. To meet a sudden surge in demand, you may partner with other suppliers who can help increase your supply. To survive a drop in demand, on the other hand, you may explore other revenue streams. These, plus other similar tactics, will keep your business afloat through challenging times.
Control Expenditure
When forming a Singapore company, you should always make a budget and stick to that budget. Note that the first few years are generally lean years for most startups. As such, you must be strict about controlling your operating expenses. You must control the cash outflow before your company becomes truly profitable.
Related Article: Singapore Budget 2019 overview of tax changes for business
Intellectual Property Registration
When applicable, register your trademark or intellectual property rights. Intellectual property registration (IPR) in Singapore offers a range of benefits for domestic firms, including substantial tax concessions under the PIC scheme. In addition, IPR will also open doors to funding opportunities from both the private and public sectors.
To learn more about Trademark Registration in Singapore, please read Singapore Trademarks, Copyrights and Patent Registration Guide.
Believe in Your Business
Lastly, one of the most important things to remember is that you must be passionate about your business. Nurturing a business takes commitment and perseverance. Your company’s success may take years to achieve, and you need patience and confidence to see it through the challenging startup phase. As most savvy entrepreneurs know by heart, it takes a truly impassioned individual to make a business flourish.
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