Tips On Being An Entrepreneur in Singapore
Starting a business may be intimidating for many young entrepreneurs in Singapore. The risky journey ensued in the process of becoming a fully independent entrepreneur is what intimidates possible aspirants.
The road for an entrepreneur can be extremely volatile and statistics shows that there are more who sink than swim. Perhaps that’s because entrepreneurs are ill-equipped to overcome the inevitable roadblocks. If you’re feeling overwhelmed, it’s important for you to recognize you aren’t alone in your struggles.
The passion that drives an entrepreneur to start the business can also be the downfall of one. As entrepreneurs, we tend to devote our time, money, passion, energy on our ventures. We tend to be fully occupied and think about the business as long we are awake, 7 days a week. We run the risk of being consumed if we stay plugged in all the time. We need time to disconnect.
Though it might not be realistic for you to completely check out of your business, you may need to designate time periods for business and personal time.
Sometime, a step away gives you a bird eye view of your business and time to re-consider your strategies!
Start Saving For Your Business Capital
Saving can be difficult in many cases since it is not a culture that is in-born. However, it is one of the most effective means of acquiring business capital. If you are not savings savvy, come up with a paid-up capital planning process. Paid up capital translates to no loans from credit companies or banks. Loans can easily cripple your business even before it starts.
You still need to have the right amount of money to start your business. To start you off on your start-up capital, list down your expenses over the next 6-12 months of starting your business. This will provide an understanding of how the situation will be. Seek possible sources of paid-up capital. This can range from parents, friends and personal savings. Develop a full budget in regards to business needs. You can list down the major money reliant items you need for your business to take off.
Its really important to note that most businesses actually spends more money than what they had budgeted for! There are always plenty of intangible and hidden costs in business.
Develop Your Own Business Brand Identity
Businesses nowadays are sold even before they take off. In Singapore, having your own brand is the simplest means to access the market. To do this, first you need to fully understand what you will be selling. This means that you have to create a brand identity into something that impresses and easily understandable. Branding greatly impacts on your business prospects and especially what potential customers think of you.
It is important to create a brand identity for your business as it sets the first impression. The power of the first impression is remarkable, and having a good branding sets you apart from your competitors!
Research and More Research
Coming up with an idea is the first step towards building a workable business startup. However, it is important to know that the idea won’t take off on its own. Therefore, you should conduct more research especially in regards to your competitors. Find out who they are, how they operate their businesses, how deeply rooted they are in the market, how they categorize their customer packages, marketing trends and strategies they employ among other details. Research on how the demand for your business startup products is. Revisit and review your competitors’ pricing models and product or service presentation. This is fundamental in identifying their weaknesses and making them your strengths
Log in to social media such as Instagram, LinkedIn and follow those hashtags. It will enable you to identify what your customers currently need and how they respond to new and emerging business trends. Furthermore, you will be able to identify a business gap while at it and by filling it, you get to differentiate your business services or products from theirs’.
Create a Marketing Plan
Most of the time, we just think of a business and directly dive into starting it. The success of any startup is highly dependent on a successful marketing plan. Different businesses utilize different business marketing strategies. However, the most effective form of marketing today is lead generation.
One of the most common strategies is to create a business centered website that is SEO conscious and generating possible strategies for use in social media marketing.
Every lead generation marketing strategy has its ups and down. Consider how much it will cost your business to venture into any and the possible success it can offer you. Consider having your own lead up actions on your site, create landing pages, utilize lead magnets that capture customer information with a single visit to your and develop your lead scoring identity. This will build your business and help in identifying readily to buy customers.
IGNORING marketing is like opening a business but not TELLING ANYONE!
Being an entrepreneur is not easy, but we need to constantly optimize our plans month by month to have a progressive improvement of ROI. Plans may be changing from month to month, but a business strategy and framework is required prior to the start of any business. Remember, the success of your entrepreneurial venture depends on how well you plan and implement your business idea.
Mark Zuckerberg said this during the commencement address at Harvard, “Ideas don’t come out fully formed. They only become clear as you work on them. You just have to get started.”
Get your ideas going and learn to adapt your ideas as you move forward in the path of entrepreneurship!
Along your entrepreneurship journey, you will inevitably encounter difficulties. Instead of drowning alone in your problems, try reaching out for help! At Enterprise Assurance PAC, our teams of expert accountants will gladly extend a helping hand. We have the knowledge and experience in accounting, auditing, company incorporation and many more. Focus on what matters to your business and let us handle your problems. Drop us an email today!