Expensive Mistakes Your Singapore Startup Must Avoidby Sneha Patil Top Singapore Company Registration Company
The success of your new Singapore company registration depends on a number of things. You need to have a strong business idea & plan that is well supported by market research. You should aim at selling your products & services to your direct customers.
Are you gearing up to take the plunge into Singapore company registration? Well, it could be the best decision that you have ever taken as long as you take the moves carefully. The route to success is tricky, winding and full of potholes. Just like life, there are dos and don’ts in business as well. Be sure to avoid the mistakes which may cost you exorbitantly. You being a newbie in the field, has to thrive on startup learning curve.
It is inspiring to see the journey of some successful startups such as Uber, Airbnb, Xioami, Snapchat, Cloudera, Pinterest, Spotify, etc. How they made the business that big from scratch? Their stories act as a catalyst to drive the startup revolution among the aspirants.
But sadly enough, more than 50% of startups cease their operation within initial years of their Company incorporation. Despite having a prominent startup ecosystem, even Singapore has also failed to see 100% success in budding businesses. However, if the startup owners take certain measures and cautious steps, it would not be difficult to raise the success ratio.
It makes sense that owners of new Singapore company incorporation get very little time for themselves as they keep running from one task to another during the teething days. But, in a hurry, they end up making some crucial mistake which could be detrimental to the fate of their business.
Not doing Enough Market Research
Lack of in-depth market research can hurt your new Singapore company incorporation. You cannot get a strong foothold in your areas unless you have done tons of market research. It enables you to find a niche, determine target audience and figure out the viability of the market. If you skip this vital step, you will end up accepting everyone as your potential clients. Further, you would have no clue who to market your services to.
There is a stiff competition in the Singapore market. You must use a yardstick to measure the competition by doing plenty of market research. You can even foresee the potential challenges you may come across in the journey.
Not Having a Solid Business Plan:
A solid business plan is a blueprint for success. Do not ever give a miss to this vital step when doing initial tasks of starting a business. It will guide you in the right direction by giving answers to a few critical questions. A well-drafted business plan will let you know the answers to questions like: What is the objective of your business? Who is the target audience? What are the values and missions? Who are the competitors? How to measure the success in business?
Whenever your business is stuck, you just refer to the business plan. You will find the best way to overcome the problems. Above all, it will help you determine the direction of your company in the long run.
Not Having Online Presence
Just having the best product & service, robust marketing plans, a breakthrough business idea is not enough for a startup business. You must have a prominent presence in the digital world. Or else, your all efforts to attract and retain potential customers will be in vain. You must create an attractive and responsive website of your business before launching it in a big manner.
Make sure to develop the website as user-friendly, attractive in design and easy to navigate. It must disseminate all the information related to your website. Also, do not forget to add the contact details of your company as this feature is instrumental in building trust factor in the minds of the potential customers.
Not Having Any Budget Plan
Money is a big deal in business, especially for the start-ups. It must be handled properly to avoid any setbacks. The best way to control your startup money is creating a well-thought budget in initial days of your bootstrapping. It is one of the powerful financial tools that enable you to control the cash flow. But unfortunately, many of the startups do not pay heed to this crucial aspect. They rather chose to run the business with zero budget. It sounds like taking an express ticket to failure. For creating an effective budget, you may also seek guidance or help from an accountant or specialist.
Not Taking Assistance of Expert
This very mistake specifically applies to start-ups owned by foreigners in Singapore jurisdiction. The entrepreneurs from outside Singapore often find challenges in fulfilling the regulations of local authorities such as ACRA, IRAS, MOM, etc. The strict authorities of the Republic are tough nuts to crack.
They do not spare any business if found guilty in term of abiding regulations. Many foreigner-owned businesses end up paying the hefty penalties of fines to the authorities. Sometimes, court summons and legal action can disturb the mental peace of the business owners. It does affect the business operation as well. However, you will benefit by taking advice from the experts, when it comes to any legal matter.
Now that you know how these mistakes can stunt the success of start-ups, you must take tread cautiously. Plan your Singapore company registration, execute it well and make your start-up that big, so that entire world will aspire to follow your footsteps.
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Created on Sep 2nd 2017 02:47. Viewed 430 times.