Opening a small business is an investment of your finances, and more importantly, your time. You will be sacrificing long hours of your personal time in order to get your setup company off the ground, so you need to be sure you have systems in place to prevent the feeling of becoming overwhelmed- especially in the early stages of development. As funds start coming in, it will be easier to justify the time and investment you are making, but early on it is important to stay closely tied to your dreams for the setup company, and the reason why you were motivated to begin the project in the first place. Setting up a company in Singapore is worthwhile and can be quite lucrative, so long as you are prepared for the ups and downs of starting your business from the ground level.
- Remain Close to Your Initial Vision
It is important to document your business from its humble beginnings. Keep record in the early stages of the vision you have for your business. Document both the small-scale successes and large-scale achievements you would like to make with your business. This is different from creating a 1-year, 2-year, 5-year plan. Instead, this is how you view the success of the business as a whole, and how you hope the business will look and feel as it matures. Recording this vision, and checking in with it as you progress, will help to keep your business aligned with your original dreams for the project. These initial hopes will be the best baseline for which to judge the progress of your business, and the direction it is heading.
2. Create a Flexible Plan
The importance of creating a business plan goes without saying, but what is more easily forgotten is that flexibility can often get you farther than sticking to a rigidly formed plan. Circumstances are constantly changing. By the time you bring your business or product to market, you will likely already need to make adjustments to your initial plans. Stay flexible- it will be to your advantage.
3. Leverage Your Interpersonal Relationships
In the early stages of the company, finances may be tight, and this is a great time to leverage interpersonal relationships. Reach out to your network and find people who have expertise in areas with which you need assistance. If your business plan is sound, and you have an original idea, those in your interpersonal network will likely be happy to jump on board with you and help out. It helps if you have something to offer in return, such as a trade of services. It may be too early to offer stock or share in the company, but be resourceful, and you will find that sharing knowledge within your network will help you further your company more quickly than if you constantly forego help and charge ahead alone.
If you use these tips when setting up your business in Singapore, you will be further ahead than many others who have begun a project and failed to follow through. Staying motivated through the initial stages of the register company in Singapore is one of the most important things you can do. With focused energy, you can succeed with your vision and build a prosperous small business.