Don’t Kill, Win Your Competitors Over with Your Business Acumen
The incorporation of a company in Singapore gives the start-up entrepreneur an edge. Singapore’s low taxes, various schemes to help start-ups, pro-entrepreneur attitude and an infrastructure capable of sustaining businesses with global reach are sought-after qualities.
For a start-up entrepreneur or a small business owner, it is important to be able to take on the competition. However, it is not a split-second act that we see in the cowboy movies. It is a well thought-out and thoroughly executed campaign that is totally focused on carving a market share. The following are a few pointers.
The giants like Microsoft, Intel, etc., which are established brands spend money on creating marketing campaigns. They understand the importance of creating and maintaining their presence in the mind-space of consumers.
Publish Your Findings
A new Singapore company formation may not have the budget matching that of these giants’, but, they also need to put an effort to catch the attention of their customers. They need to be creative and innovative enough to use available resources. They must come up with something catchy or useful to their customers or the general public.
Publish a useful report on a hot topic related to your industry or the findings of a market research survey. Make it really useful so that the readers, especially the bigwigs from your domain, start looking at as a thought leader. It will help you, as a start-up entrepreneur, in building your image as belonging to a certain field.
The consumers, investors, manufacturers and suppliers are curious about various things going in a particular field. If you can satisfy their demand for the useful knowledge, you will be able to score one over your competitors. It will, in one or the other form, give a boost to your business.
Put Your Creativity in Top Gear and Let the Ideas Flow
Innovate something new! The owner of a new Singapore company setup should rely on the power of creative ideas. Remember? How an imaginative inventor replaced the metal handcuffs with the plastic handcuffs/restrainers. The Hollywood movies took it up and used it in multitudes of scenes depicting arresting of criminals.
Know what your consumers are craving for. Take into account the advances in the technologies. Do a thorough survey of the market and zero-in on a market segment that is not being served properly. Make it your niche and revenue earners.
Your findings may also tell you that the products are good, but, there is a scope to get an edge over the competition by improving the services, delivery, pricing, distribution, or some other facet associated with your products. Ever thought about getting in the E-commerce business?
Look for a Business Partner
If you are foreigner looking to set up a company in Singapore, it will be a good idea to invest your time in finding a good local business partner. Having a well-entrenched network in place is the key to having a successful business.
Your business can draw strength from the already established business contacts. It will help in getting your face know to the key players in your field. Your business partner will help you get familiar with the local color, which will decrease your warm-up time drastically. It will naturally help in seeing faster returns on investment.
The business owners opting to open a company in Singapore should never forget that they are there for selling not to make a killing. Be generous to your customers. Make them realize that you are their trusted partner. Then they will start publicizing your business, which definitely would not hurt you.
A business person should even think of being generous to the competitors. If you cannot service someone, point him in your competitor’s way. That will take the bile out of his mouth and will also take the sting out of your business rivalry. Remember, he is also there to make a living.