Enterprise Global’s Guide to Starting Your Own Business
Whether we like it or not, starting your own business isn’t as simple as thinking of a brilliant business idea and just having the funds to make it work. Because the truth of the matter is, launching a company whether big or small is much more than that.
But even if we’re aware of how daunting and delicate starting a business can be, that sure didn’t stop all those entrepreneurs from succeeding and chasing their dreams, right? Because actually, there isn’t a specific formula or set of qualifications for you to start your own business. To start with, all you need is a strong will and a leap of faith, and along with a great plan, you’ll be able to see things through.
And so, that’s why we’re here. If you already have that drive and determination to start your own business, especially here in Singapore, we can be of help. Your friends here at Enterprise Global ought to give you a 6-step guide to starting a business.
Read on and get some helpful tips on how you can start on building your empire in Asia’s Financial Hub:
Make an evaluation of yourself.
More often than not, people who are too excited with their new business ideas seem to skip this important step. Ask yourself the most important thing: Why do you want to start your own business? Be completely honest with yourself. Is it just because the money? Or are you simply tired of your 9-5 job?
When having the drive to start your own business, it is so important that you have the perfect set of motives for it. This will enable you to be ready for all the obstacles and challenges that will come your way.
Stick to one great business idea.
We understand that once you’ve decided to put up your own business, you get all excited and giddy about it. Well, who could blame you, right? It sure is fun and adventurous. But once you get that adrenaline rush of planning a startup, more or less, you’ll end up with a whirlwind of business ideas. And let’s face it – they all seem brilliant to you.
So the way to go about it is this: make a list of all the business ideas you have along with their pros and cons. If you can make a SWOT analysis for each one, the better. And in order to help you choose which is the one, filter those that really fit your skills, passion, and tastes. Remember, especially for first-time entrepreneurs, it is essential that you incorporate your passion into the business you’re starting. In that way, no matter what obstacle you’ll face along the way, you would still find the will and strength to keep going because it’s an endeavor that you’re most passionate about.
Know and Comply with all the legal requirements.
Whether you’re starting a business in Singapore, your homeland, or any other country in the world, being familiar with all the legal requirements in starting a business is but a must. Remember, ignorance of the law is never an excuse. So make sure you have a checklist of all the business eligibility requirements and comply with all of them in a righteous and honest way. You don’t want to experience some troubles with the law while you go on in building your very business, right? So if you want to have a smooth-sailing enterprise, never try to dodge or get around the set legal requirements for businesses. Start right to end right.
Ask for additional insight.
Have someone who can mentor you. It’s best if you personally know someone who has actually succeeded in being a successful entrepreneur from scratch. It’s also better if that person has the set of skills and experience needed for the kind of business you’re pursuing. Know his/her take on your chosen business idea. And then you may also want to ask if you are a right fit for that kind of business endeavor.
Know that at this point in time, when you’re just about to start, getting feedback (solicited or not) is of value. So don’t hesitate on asking questions that you might be afraid to hear the answers to. Jot down all those insights and advice and use all of them to your advantage – to get inspiration, draw strength from, and to correct, if there are negatives. These are all helpful to you as someone who’s just starting.
Research and plan well.
Do an extensive research on the market that you’re trying enter or the niche you’re aiming to create with your business. If you’re entering an international market such as Singapore, it is also important that you know by heart all the business customs and traditions. Don’t ever think that what you already know is already enough. Always seek for new and updated information. Widen your sources. Don’t limit yourself to just online resources and your circle of friends and acquaintances. Make sure you exhaust every opportunity to find out the market opportunities and threats for your specific product or service.
After doing a thorough research, a careful planning should also be done with great importance. And apart from finalizing your business plan, you must also plan your legal structure, manpower, and finances well.
One expert reminder: Don’t put all your eggs in one basket. No matter how brilliant you think your business idea is, it’s always advised to have your business funds separated from your personal money. The trick is, in order not to harm your personal account, save more than enough funds for your startup business – because you can’t expect to get ROI during the first 6 months of your operations.
Again, plan everything well.
Get help from business consultants.
The acquired knowledge, skills, and years of experience of professional business advisors can be your ticket, shortcut, or coupon on your mission to successfully start your own company. Apart from helping you during startup business planning, they could also very well help you in conquering unexpected hurdles along the way.
In all honesty, right after you’re done with step number 1, you can immediately go to this step so that these experts could help you breeze through all the other steps. While we know this requires additional funding, hiring a business advisor is one sure way to lessen the stress and reduce the anxieties of forming your company. And in that way, you could focus more on reaching your goals and chasing your dreams.
Setting up your own business for the very first time, especially in a foreign market like Singapore, is far from easy. But you can utilize this 6-step guide if you want to make sure that you are on the right track.
And should you be searching for business advisors whom you could entrust your dreams with, look no further than Enterprise Global. Our team of experts are more than willing to help you out. Click the button below to enquire now.