The decision to form a Singapore company can be quite daunting. As you transition from employee to entrepreneur, you need to step out of your comfort zone and face the uncertainty of starting your own business.
To help ease your transition, Singapore incorporation specialist Rikvin has compiled a few fundamental tips:
1) Plan Accordingly
Plot your schedule and set a date for when you want to run your business full-time. Setting milestones will help you focus on specific goals, and in the long run, enable you to accomplish your business targets more effectively.
2) Set Your Finances in Order
Before resigning from your full-time job and opting for Singapore company registration, make sure that your savings are sufficient to cover your personal and business expenses for at least 12 to 18 months. Consider the possibility that your startup may not be profitable during its infancy years, so prepare your finances accordingly.
4) Be Debt Free
Assess your credit standing and try to eliminate your personal debts, if any. Remember that at some point in your business cycle, you may need to apply for credit to finance your operations. Eliminating outstanding debt is therefore imperative.
5) Explore Credit Sources
Prepare a back-up credit plan in the event that you need to infuse additional funds into your business. Keep your options open and consider various loan offers from different banks. Pre-approved credit lines may prove useful when you need immediate funds for unforeseen business expenditures.
6) Get Public Startup Funding
To secure adequate funding for your startup, consider applying for any of the available Singapore government funding and assistance schemes. The government offers numerous funding options for qualified startups – e.g. equity financing schemes, cash grants, and business incubation schemes, among others.
7) Find Your Passion
When you decide to start a Singapore company, find a business solution or product that you are passionate about. Passion fuels success, so it’s important that you are wholeheartedly passionate about your business. You must believe in the concept; and more importantly, you must believe in your ability to make your business succeed.
8) Discuss with family
During this challenging time of uncertainty, your family is an important support group. Open up to them about your plans, seek their feedback, discuss ideas, and don’t hesitate to accept their help if any issues arise.
9) Expand Your Network
As a full-time entrepreneur, you will be spending a lot of time alone. However, remember to connect with other business owners by joining support groups within and beyond your industry. You can find a number of organizations and affiliations on and offline. Networking will allow you to build relationships, share industry knowledge, and more importantly, generate professional prospects.
10) Commit to the Plan
Taking the leap into full-time entrepreneurship will take a great deal of determination and motivation. Once you make the decision to become an entrepreneur, you must fully commit to the business. Regardless of initial disappointments and potential pitfalls along the way, you must continue to focus on the end goal — i.e. to make your startup succeed.