This article is mainly directed for newly-starting entrepreneurs with little to no experience in doing business. There are a lot of mistakes newbies make. While of course making mistakes could be a good learning process, it will always be preferable to be able to avoid going through the wrong direction in your business build-up. In this article, we summed up seven most fatal mistakes that start-ups make during company incorporation in Singapore you can read down below.
1. Not thinking over your options and ideas through
When you come up with a business idea, you might think that it’s brilliant. At first glance, it may sound like something groundbreaking that’s fresh and different from others. But most of the time, whatever you come up with must also go through a more serious brainstorming. If your business takes off too soon, it may come crashing back too quick as well. You must think over your ideas. Ask yourself why do you want to set up that specific business and what do you want to achieve with it. Noting this down will help you in the long run, when you reach a dull point in your business, you should remember the reason why you started all this. Another thing that’s important is also considering if this business will do well; will people buy your product or service? Think of the demand in the market and do some research regarding all related information, and consider its viability the year you start and in the future.
2. Unnecessary advertising
While it is very important to advertise your business, you must be able to manage your resources well and make sure that you allocate them in the right amount. If you spend too much on branding and advertising, you may struggle in other business necessity. There are a lot of forms of advertising you can explore. Advertising does not always mean costly. Printing stickers or decals may also bring attention to your business, as well as utilizing free platforms with high engagements such as social media.
3. Blindly jumping on an opportunity
When you see something that seems or sound profitable, you might be tempted to invest big money on it, believing that it will return a large sum of profit for you in the future. However, it is not always the case. This blind trust may lead you to bankruptcy and debts. Do research and study regarding your options and opportunities before jumping on it. It is true that we must seize opportunities, but in business, you can never be too careful because you’re investing money and time.
4. Not planning for business improvement
After getting your business running well and earning steady profits from it, a lot of businessmen feel content too soon and even celebrate too early. A lot of them are not aware the importance of planning the growth of their business and create even more opportunities, also conjuring up plans to survive changes in the market, implementing improvements and innovations to make your stand in the business firmer. You must always take precautions and be ready for looming threats such as taxes, competitors, customers loss, and others that may occur in the future.
5. Doing everything on your own
Certain types of business require specific expertise, such as aesthetic dermatology business, restaurant, designing service, and so on. You cannot rely on your own knowledge in order to start running these types of business, because the knowledge that is required is not something that is easily acquired. It’s better to pay up extra money for experts in the field in order to assure a well-running business. In Singapore, there are a lot of help you can get around to assist you with your business. Even in terms of company incorporation in Singapore, you can use the service of a professional business registration firm that will complete all the work for you. Getting help in your business may mean extra expenditure, but also increase the quality of service and productivity as well, which is more preferable.
6. Not incorporating your business
Singapore has very strict laws about business. At the same time, they are very easy to comply to. Remember to run a legal business by registering your company with the authorities before running it.
7. Not complying with regulations
After getting your company registered, there will always be rules and regulations by the law that you must abide, such as compliances and acquiring licenses and permits, annual tax to be paid, and such. You cannot run your business without complying with the regulatory policies of the Accounting and Corporate Regulatory Authority (ACRA). So make sure to understand well and adhere to the existing rules to avoid getting your business in trouble in the future. You can find more about the process by visiting this site, https://www.companyregistrationinsingapore.com.sg/