Survival Tips for Startup Business Owners in Singapore

Register a Company in Singapore for Foreigners

Singapore launched the Home Office Scheme (HOS) in 2001. The NUS Business School & Hong Kong Baptist University studied the scheme to reveal how the workplace flexibility offered by HOS is encouraging owners in starting a small business in Singapore. The scheme has helped many in starting an online business in Singapore, & they tend to become serial entrepreneurs.

 The studies revealed that the number of new Singapore business registrations, under the HOS, grew by 23%. Though a large number of them tend to exit in the first 2 years, some of them have long-term potential. The scheme is successful in establishing an enduring ecosystem & in encouraging the entrepreneurs in setting up a private limited company in Singapore.

Validate the Problem, Not the Solution

Whether you are planning to register a Singapore company under HOS or not, the first question you should ask yourself is, “What problem needs to be solved? How does my solution, if you have any, differs from that of other players in the market?” Find out the pain points that your solution will resolve for your customers.

 However, what if your solution is not a significant improvement over the existing ones? It is a situation every startup business owner would like to avoid. You wouldn’t be facing it, if you have started by validating the problem, to see if it exists, rather than starting with a solution. A number of businesses fail simply because they ignored this step.

 Trying to solve a non-existing problem is not the way to success & so it is with trying to push a product only because you have it ready. Even MNC’s, after conducting thorough research & everything, now & then, gets it wrong.

Address the Pain Points

Validate the problem & see, if it is really a pain point that is begging for an effective solution. See, how many customers will queue for it. See if it is a weak problem. They are something the people find ways to circumvent. Go to the drawing board & iterate through the use cases of your idea & pinpoint the one that will appeal to your customers or go after something else.

Who is Your Customer?

Having assumptions about the product, market, & competition is one thing & prioritizing your work based on them is another. Conduct market research & surveys to get the real-life view of your situation.

 Know your actual customers by researching & defining the persona of your customer. Also, know the difference between the value you intend to offer & what they need. You could actually do the trial run by offering existing products, if they are available, to them. Based on the results, decide to build the full-fledged product or not.

Try to Pre-sale Your Idea to Your Customers

I hope you are not trying to come up with an operating system like MS-DOS. In today’s world, it won’t be practical, because, the users have multiple choices in Windows, Unix, Linux, & Android. You may have the knowledge to build it. But the question is, “Whether it is going to solve the pain point for the end users?”

 One of the best ways of validating your product or service is to take it to the end users & try to sell it to them. If they are not interested in it you have your answer. It saves you the time needed to develop the idea, engineer the platform, & market it. This is what is meant by, “Try to be in your customers’ shoes!”

 Going to the market & trying to pre-sale your product gives you an opportunity to collect valuable information about your customers & their needs. You get to identify & locate them & take a sort of commitment from them before the launching of your product. If they are interested, you also come to know the bare minimum viable product that you need to come up with to attract them.

Bootstrap Your Idea

How much funding do you need to lunch your idea as a fully-furnished product or service? Can you bootstrap to do so or you need a VC to back you up? If you go to the market, you will find that many startups that bootstrapped their way to success. One of the common factors among them is that they successfully proved their business model before taking others’ money.

 Bootstrapping your business has its benefits. Though you have less money to play with, you are not bound by any VC’s needs to be profitable. It gives you a degree of control over the shaping of your business. However, that simply doesn’t mean that you should pile-up debt while trying to prove your idea. Try to lower the risk to you.

Enjoy Being an Entrepreneur

A bootstrapping business owner has to multitask to save on resources. But don’t let that take the fun out of your work & life. Commit your energies to the essential tasks but don’t be a machine. Don’t let your ‘to-do-list’ swamp you completely.

 Take time out & step away from your daily work routine to find creative solutions to your startup’s problems. Regularly schedule a time-out to do nothing related to your work. Yes, it is not a wastage of time even if you are doing nothing. Do you know, Bill Gates used to take 1 week out of his busy schedule each semester to just do that.

Monetize Your Business as Early as Possible

Every business needs to make money as soon as it is feasible, especially, when you are bootstrapping it. You need to have an effective monetization strategy in place to ensure its survival. Project all your efforts in getting paying customers.

 Having access to a substantial amount of money does not guarantee success. However, lack of it may make you sell or shut it down before you have realized its full potential. Selling is an inevitable part of the business. The sooner you master it the better it is for the success of your startup.

 Setting a business in Singapore is easy. There are absolutely no difficulties to register company in Singapore even for the foreigners. However, many individuals having creative solutions hesitate to do so even when they can easily afford the Singapore company registration cost.

 Most of them think they will a truckload of money to get their new company incorporation Singapore started. However, it is not so. They have the option of starting small by bootstrapping their business.

 If you are interested in setting up a private limited company in Singapore do so before your idea gets stale or you lose the enthusiasm for it. However, before investing in it, get to its root to see how feasible it is to take it to the end user within the limited budget that you have.