If you have been working in a job and desire to start your own business, you are not alone!
Whether you are 25 or 55, starting your own small business is something many working professionals aspire to accomplish – after all, you will get to set your own work schedule, explore your passion in life and gain the potential to earn substantial amounts of money!
But before you quit your job, name your business and go order your name cards, there are 7 vital things you will need to do to ensure you aren’t taking the plunge blind!
Here are 7 tips to take to maximise the chances of launching a successful small business in Singapore.
Tip 1: Don’t Quit Your Job Yet – Ensure Your Business Idea Is Viable
While you might be tempted to immediately quit or throw in your resignation notice the moment a great idea enters your mind – don’t, that might be one of the worst things you can do!
A job gives you stability and income, that is critical cashflow you will need to fund your small business, especially if it is going to be based around a product.
Instead, start finding out if your business idea is viable. The fastest way to do so is online (Google Search) and learn if there are competitors in the market (which is a good thing) or if no one has done it yet (which might not be necessarily good).
Tip 2: Write Out A Business Plan & Conduct Market Research
‘A goal without a plan is just a wish’ and that is so true when it comes to starting your own small business.
By crafting an initial business plan and conducting extensive market research, you will be able to figure out the opportunities and pitfalls of your business idea.
Sure, it doesn’t have to be extensive and super thorough, but it should at least cover:
- An analysis of demand for your service or product
- The amount of resources (manpower and money) needed to launch
- A snapshot of your immediate competition to understand how to stand out
- A timeline of key activities to do for the next 3-6 months
Tip 3: Start Budgeting The Financial Specifics For Your Business
Now that you have a financial plan for your business, it’s budgeting time!
Draw up a list of all your expenses (that includes your Netflix subscription and thrice-daily Starbucks coffee) as well as all of your income from your day job and side-hustle.
Understand how much it would take to launch your business and then it’s time to make some tough decisions.
Will your income be enough to launch your business (and sustain it) without taking on a loan?
What type of luxuries can I cut back to start making my dream a reality?
Tip 4: Start Scheduling Your Time To Handle Your Business Launch
While money is necessary to start your small business, time is also something you will need to carve out of your daily schedule as well.
Take a look at your week, from Monday to Sunday, and determine which will be the best time you can dedicate for the launch and operating your new business.
Have a regular 9-6 pm job? Then work from 9 pm till midnight to get your business off the drawing board.
Are your weekdays too demanding and exhausting? Then work through the weekends to accomplish your goals!
Tip 5: Speak To Your Potential Customers & Learn How To Sell
Businesses require customers to survive and in order to get customers, you will need to be able to understand what they need and how to sell to them.
While it is understandable to be a little uncomfortable with selling, sales is just really a process and it starts with understanding what your customers want and how they feel.
Go to trade conventions, have conversations online or have a coffee with prospects and learn what they need – get out there and start speaking to your customers!
Tip 6: Decide If You Are Going Solo-Hero Or Bringing On A Partner
One of the most critical decisions in your business is to determine if you would be starting this alone or with a friend.
Starting a business alone will allow you to move quickly and make decisions faster while having a partner would mean more resources and different skill sets brought to the table but with the drawbacks of potential disagreements and a lesser share of the business.
If you decide to bring a partner, start sounding out your ideas with family and friends and see if anyone suitable is onboard with you.
If not, don’t waste time and go about it yourself! After all, Jeff Bezos of Amazon started off as a one-man show!
While that doesn’t mean things won’t change down the road, it is useful to get a clear idea of how you would like your business to begin – by yourself or with a partner.
Tip 7: Start Establishing Your Physical & Online Presence
Depending on your business type and resources, you might want to rent a small office (at a co-working space) to start your small business journey.
However many successful small businesses have launched from home as well.
One non-negotiable though is your online presence, every modern business today will require you to create a website to showcase your brand and products/services. So remember to budget that into your financial estimation!
Save Money With iSwitch Today To Help Fund Your Small Business!
If you are thinking of launching a small business, you can make help make it a little easier without much effort when you switch to iSwitch for your electricity supply.
From fixed-price plans to guaranteed savings with our discount-off-tariff plans, you can expect to enjoy savings off your monthly bill!
And that is tangible savings you can put towards your new small business!
Ready to switch?
Check out our residential plans here to enjoy savings off your electricity bill plus attractive rewards.