Survival Tips for Singapore Company Setup Owners
Singapore company registration helps you in protecting your business ideas. So, if you are already conducting business activities and reaping monetary gains, incorporate a business in Singapore.
You can incorporate a private limited company or register a business firm to further your business activities. Before you do it, it is really important to know the difference between these business entities and how they will be beneficial to you.
So finally, after doing a lot of thinking, you contracted the best among Singapore incorporation services to do the deed. Great! Here are some tips that will be of use to you.
Manage Your Business
The King of the Neighborhood
It may be that you are running your business from your home. Some might take it that you are a non-working member of the society, but let them know that you are a brand new startup owner. Increase your circle of acquaintances and of influence. If you can cater to the market where you are located, be the king of the local market.
In executing your business plan, rely more on scientific facts and reduce your dependence on the rule of thumb. If this is your first business venture, start collecting facts like business statistics from internet and experts.
It will give you a fair idea about market space that you can cater to. Talk to a friendly supplier who is sure to know more about the demand and the business contacts. It will give you an initial push.
Focus on the Survival
Focus on the activities that will generate profit or new orders for your business. Go easy on activities that are not directly connected to your business. Focus on the survival. What you do in the initial 2 – 3 years, will determine whether you make it or break it.
Brute Force or Targeted Approach
It is highly important to decide on the approach that you are going to use in business life.
You may like to use the Brute Force approach. It means high call volume and low conversion rate. The approach most preferred by the loan and credit card companies. See if it is suitable for you.
On the other hand, you may choose to adopt Targeted Approach. It means you are conducting some market research and then focusing your efforts to win certain types of customers. It involves low call volume and high conversion rate.
Marketing your business on the internet is important because, in addition to the customers, it can also bring you suppliers, advisors, business partners, and financiers. It will increase the reach of your network exponentially and create big opportunities. Spend some money on internet advertisement.
Use of Social Media
On every occasion, remind the locals that you can fulfill their demands. Above all, give first class service and then, they will start spreading the word by mouth publicity. A high majority of youngsters use the internet to locate services and products. Use social media to get to them and to deepen your reach. The goal is to, “Catch them, Young.”
Schedule the Execution
Have a to-do-list ready and start following it diligently even when the activities are not profit-oriented. Get in the grove. A large diary or calendar and colored markers can help you in planning the days, weeks, and the months ahead. Prepare a not-to-do list and follow it strictly.
If you are planning to hire employees soon, know more about the time and motion studies. It will give you a fair idea about how much time is required to successfully complete the various activities.
The man is a competitive animal, so do not hesitate to delegate the tasks and responsibilities to your employees. They also want to succeed.
Are you a Proprietor?
A Singapore company incorporation can bring the best or the worst out of you. If you are a one-man-show business, use your time sparingly. It will help you to incorporate as much technology as is possible in your work.
Use the web-based or cloud-based tools that you can access using a tablet or mobile. It is necessary to plan your rest periods and prevent the burnout. Strike the balance between your personal and business life.