Small Business Opportunities In Singapore: 9 Helpful Tips For Starting One

Always dreamed of being the boss of your own business? Before exploring the different small business opportunities in Singapore and taking on the risks of starting one, overcome foreseeable challenges by planning and preparing ahead. 

Here are 9 tips that you should consider before getting your small business off the ground in Singapore. 

Infographic on tips to start a small business in Singapore
Focusing on providing solutions helps to get your business off the ground.

1. Don’t Leave Your Day Job Too Early

Go ahead and plan for your business, but don’t quit your day job just yet. By maintaining a safety net of income and stability as long as possible, you will be able to accumulate a larger pool of savings to fall back on should things not go according to plan. Even if your side business fails, you would have gained valuable career-enhancing skills. 

In fact, building up your savings as much as possible is a good idea for future business headwinds. More importantly, you will have more time to validate your business idea, and spend more time researching and figuring out if your business will be viable. 

2. Conduct Research To Find Out If Your Business Concept Is Viable

Look beyond your ideals to assess the viability of your business idea. Entrepreneurs often get so excited about small business opportunities in Singapore that they forget to find out if their ideas are viable. 

Short of commissioning a full market research, find out what the competition is like. Will your idea provide a solution that caters to an unmet need? How will you differentiate your products or services from those in the market? 

Rather than ploughing ahead with execution, take time to thoroughly plan and research to determine the potential of your idea. 

Minimally, your research should cover the following: 

  • How big is your target market? 
  • What are the types and quality of services provided by competitors in your target market? 
  • What are the channels of communication used by your competitors? 
  • What gives your company an edge over the competition? In what areas would your company be at a disadvantage? 
  • Is there a paying customer? What are their buying habits or purchasing decisions? How much do they earn and how often will they buy your products or services? 
  • What would be a fair price for your products or services? 

Starting your business in Singapore soon? Find out what else you will need to do to get it off the ground. 

3. Create A Detailed Business Plan Backed By Market Research

You do not have to write an elaborate business plan spanning hundreds of pages. However, your business plan should minimally analyse the demand for your product or service, lay down the amount of resources required to launch your business, and identify what differentiates you from your competitors. 

Here is a simple outline for a business plan: 

SectionQuestions
Business opportunityWhat is the problem that your business aims to solve?
What do your customers need? 
Market analysisWhat are the critical success factors for your business?
Who are your main competitors and what differentiates your business? 
Target marketWho will your customers be?
Where do they live, what do they do for a living, and what are their likes and dislikes? 
Company informationWhat are your company’s mission statement and core strengths?
Who are in your company’s main leadership team?
Implementation TimelineWhat are the key milestones over the next 6 months?
How will you measure progress and success? 

If you have the answers to all of these questions, you should be ready to move on to the next step. 

4. Focus On Providing Solutions

Besides seizing small business opportunities in Singapore, the most successful local start-ups put their customers first. 

As much as you want to focus on your business operations and the products and services you are offering, you should also focus on delivering solutions for people’s problems. 

Engage your customers, listen well, and take what your customers need and say to heart. Ultimately, it is their feedback, interest, and needs that will be driving your sales. 

Make decisions based on how much value you will be giving your customers and get familiar with the problems your prospective customers will face. 

5. Decide If You Will Be Working With Another Partner

The strongest businesses achieve growth by creating strategic partnerships. By partnering with another firm, you will benefit from their skill sets and perspectives. 

However, working in a partnership has its drawbacks. It can potentially slow the decision-making process, cause disagreements, or lead you to have a smaller share of your business. 

Nonetheless, partnerships are a good way to pool resources and create win-win scenarios for all parties involved. 

For instance, if you offer graphic design services, consider entering into a strategic partnership with a web developer to build the graphics on the website, or a print shop to have them printed. 

6. Keep Things Simple

Start your business by keeping your product and service offerings narrow and focused. Instead of offering various products and services to tap on various small business opportunities in Singapore, focus on being the best at one thing first. 

Offering focused packages helps you to deliver services that you do well in, helping you build your own niche customer base. 

A more narrow service or product offering also eliminates unnecessary features in the early phase of your business, which can drive up costs. Begin with a minimal portfolio that you are happy to do while making a sustainable income and build up from there. 

7. Prepare Your Personal Budget And Business Costs

Every business needs a budget. It is a key way of helping you turn your dreams into reality while ensuring you still have enough funds to keep your business afloat. 

Figuring out how much money you have, how much you need to spend, and the amount of business loans you may need in Singapore takes much discipline. 

Factor in every business expense in your budget, including launching and operating costs, as well as a buffer. 

If you are a solopreneur, do not forget to take stock of your minimum personal expenses such as food, mortgage payments, and transport. Update a rolling 12-month budget with actual expenditures and revenues each month so that you know if you are within your means. 

Thinking of taking out a business loan? Find out what are your options here. 

8. Build An Online Presence

An individual designing a website
One way to get your business known is to have a website.

Your business may provide the best product or service in the market, but do people know it exists? Instead of relying on traditional marketing means, start right with a website and social media profiles. 

A digital presence is not enough; you need to be active too! People are unlikely to follow a profile that has not been updated since 2017. Invest the necessary time and effort to build a digital presence. 

9. Plan For The Worst-Case Scenario

Don’t wait for your shipment to be delayed, or for your customer database to be breached. Most business owners are so caught up with their daily operations that they forget to think about and plan for emergencies. 

Owning a business is risky, and there is always a chance you might not earn enough revenue, or suffer heavy losses. 

Identify potential problem areas, make sure your insurance policy is up-to-date, and build a cash savings fund to cover short-term expenses for a few months. This will help you be mentally prepared and help you cope should rough times hit. 

Get Your Business Off The Ground 

Business owners have their own unique ways of financing their businesses, be it invoice financing, taking up business loans, or sourcing capital from family and friends. 

Unlike traditional lending institutions, Capitall does not require your business to have a tenure of at least 2 years. You can get a business loan with Capitall as long as your business is at least 10 months old. 

Ready to tap on small business opportunities in Singapore? Apply for a business loan now with Capitall. 

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Business Loan Getting A Business Loan Doesn’t Have To Be Hard. Read These 4 Tips.

Your business needs that extra funding to allow it to move forward. If you are unsure of which lenders to go to or how to approach them, the process of getting a business loan can be daunting. Borrowers often make the mistake of not doing thorough research on which lenders to approach or the types […]

Business Loan Business loan In Singapore: What Is A Bridging Loan And How Can It Help My Business?

What Is A Bridging Loan? A bridging loan is designed to help companies and individuals tide over a short period of financial challenge.  For companies, this is a type of business loan that can be used to increase working capital while waiting for longer-term financing to come in.  To individuals, a bridging loan usually applies […]

Business Loan 5 Reasons Why Your SME Needs a Working Capital Loan

Utilities, staff salaries, inventory, equipment rental — these are just some aspects that make up day-to-day operational costs. To keep your business running, you first need to have enough capital to get it started. And this is perhaps the greatest challenge of most businesses. Working capital is, fundamentally, a term for having money on hand. […]

Business Loan How Does Getting An Sme Working Capital Loan Help My Business?

Taking a working capital loan in Singapore is common among SMEs. In short, a working capital loan is a specialised type of loan designed to help businesses cover daily operational costs.  Unlike other business loans, working capital loans generally do not need you to state the purpose of borrowing, as these loans are short-term and […]

Business Loan How Much Should You Get For Your SME Working Capital Loan

If you’ve been following this space, you would know that we’ve been discussing what working capital loans are and how they can benefit SME businesses. Working capital loans help SMEs finance day to day operations and provide short term solutions to pressing challenges such as seasonal fluctuations and downturns. Perhaps your business needs to take […]

Business Loan 5 Common Misconceptions On Getting A Business Loan In Singapore

Thinking of striking it out on your own? Do you have big plans and an ambitious vision but don’t have enough capital yet? Getting a business loan in Singapore might just be the first step you need to take! Many business owners hesitate to take a business loan due to a range of reasons. It’s […]

Business Loan Why Your Business Loan In Singapore Might Have Been Rejected

There’s nothing more frustrating than to find out that your business loan application has been rejected.  Business owners look to banks and financial institutions to get business loans for a myriad of reasons. Whether it is to expand, innovate, or to cover day to day operations, having access to funds at the right time is […]

Business Loan Business Loan In Singapore: 6 Tips To Increase Your Approval Chances

Does your business need a loan? Have you already tried applying for loans in the past but got rejected?  In Singapore, it’s almost impossible to go about building up your business without getting a business loan. Having your business loan rejected can be extremely troublesome.  If you have been following this space, we have previously […]

Business Loan 6 Reasons Why SMEs Take Business Loans In Singapore

In Singapore, 65% of the economy is made up of SMEs. From e-commerce startups to financial products, there are all sorts of SMEs in the Singapore market. With a high saturation of competitors in different markets, growing your business is extremely challenging in Singapore.  On top of stiff competition, SMEs also face the challenges of […]

Business Loan Avoid These 6 Mistakes When Applying For A Business Loan In Singapore

Starting a company can be a challenging feat. Not only must you have a good business idea, but you must also get enough capital. That’s not even considering all the countless administrative matters to handle. The first part, getting a good idea, is often already established when the company is founded. However, most companies struggle […]

Business Loan SME Working Capital Loan: 6 Types Of Short Term Financing Options To Boost Your Working Capital

Running a business costs money. If you are an experienced business owner, you would know that it is not easy to run a startup in Singapore. From employees’ pay to inventory, or even just turning the lights on, the cost of day to day operations adds up. That is why loans are unavoidable when you […]

Business Loan Working Capital Loan For SMEs: 5 Essential Questions To Ask When Taking One

Have you ever considered taking a business loan to meet the financial needs of your Small and Medium Enterprise (SME)? If yes, you probably have heard of working capital loans for SMEs. In short, working capital is the money companies use for daily operational expenses. Managing your working capital properly can be challenging for an […]

Business Loan Digital Presence and E-Seller loans in Singapore

As the world is moving at a fast pace, the society is converting into a cashless society. People are more likely to be digitally active and doing business. Online selling and buying have become a new business market. The new generation is drawn towards the trend and soon the world will convert into a society […]

Business Loan 7 Ultimate Reasons Why Successful SMEs Get a Business Loan

Small and medium enterprises (SMEs) continue to be one of the biggest players in Singapore’s economy. Based on a survey conducted by SME Magazine, SMEs continue to grow amid economic difficulties. The data also showed that the average revenue increases by about 109% than the previous year. As SMEs increases in numbers, we have observed […]

Personal Finance How to Manage Your Finance?

Managing your finances is a very tedious task especially for the ones who don’t understand accounts and finance at all. Most of us, even the ones who have just stepped adulthood have a job. We may have our own startup, work in an MNC, or maybe a government employee. We are here to let you […]

Media CNA | The Entrepreneur 2019

This series celebrates the achievements of 10 businessmen and women who prove to have what it takes to break boundaries and emerge as winners of Singapore’s Entrepreneur of the Year Awards (EYA).

Media sgsme.sg | 10 Business Leaders Recognised as Entrepreneur of the Year

From training aspiring pilots to lending money, 10 local entrepreneurs received the Entrepreneur of the Year Award (EYA) 2019.

Media MoneyFM89.3 | The Breakfast Huddle

Find out how local firms are helping F&B SMEs scale their businesses.

Media The Business Times | CEO Conversation: Transforming into a Digital Financial Services Provider

Singapore-based Capital C Corporation has come a long way since the inception of its money lending arm in 2011.

Media e27 | The Case for Alternative Lending

In the last decade, we have witnessed rapid growth in the alternative lending space, with the creation of new business models opening up the range of alternative lending products available.

Media APAC CIO Outlook | How Fintech is Driving Innovative Lending

In Singapore, SMEs account for around two-thirds of the workforce and a large chunk of GDP growth.

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