Tired of working for other people with no control over the business operations? If you are interested in creating and running your own business, why not be an entrepreneur?

Perhaps you are a home-bound mother who is out of touch with corporate life or perhaps this is just a childhood aspiration that you have never had the time to pursue. You could start a F&B outlet or even enter the fashion and design market and start your own online blog shop. Regardless, the options for you are endless. Where do we start?

Choosing which market and industry to enter is not as easy as it sounds. There are many considerations to take note of. How much capital do you have at your disposal, what are you passionate about, what are the gaps in the market that you can fill, is there a demand for your product/service? 

Take a look at this suggested list of business ideas to light the spark for you to be a self-made entrepreneur.  

E-commerce

With the e-commerce market in Singapore projected for exponential growth, it would appear to be an ideal market to enter to capitalise on the presence of rising demand. You will need a domain, hosting and web-design to set up a fully functioning business. Alternatively, you can leverage on existing websites like Amazon or Shopee. If you find starting a business too intimidating, you can start with being a middleman. Start small with buying in bulk at cheap prices and selling. You can use this as a stepping stone to gain insight into the relevant markets you are looking to enter before launching out on your own.

Buying a Franchise 

This is an option for you if you have the necessary finances and resources to purchase a franchise. If you are more risk-averse, instead of having to build up your business from the ground, you can adopt an already established business model which you know has succeeded before. However, it is important to take note of the differences in markets and its demand in your local country when purchasing an overseas franchise licensing.

Micro Jobs

In your free time, perhaps between job transitions, you can use mobile applications to connect you to micro jobs to contribute to your capital pile. Platforms like Fiverr and Amazon Mechanical Turk make it convenient to find ad hoc small jobs on the go.

Start small but start out right

If the fire in you is unstoppable, take your leap and set up a business. However, start small to ensure that it is more manageable until you have a feel of the market’s demand and supply. You can start off by opting to have it as a sole proprietor or partnership, or perhaps, you would like to incorporate your business as a private limited company. If necessary, you can change your business constitution along the way. (link to previous incorporation post). Incorporating a company would confer benefits such as liability protection, additional tax deductions and the ability to raise capital through the sale of company shares. It is important to choose the right business structure and to have proper accounting to start a business as part of the statutory requirements. Additionally, following incorporation, maintenance and follow ups are required to ensure business operations are kept in compliance. This would allow you to avoid incurring additional costs in the form of late fees or fines from a failure to file relevant paperwork or taxes.

To prevent such situations from arising, it is essential to have professional personnel involved in the process.

Feel free to contact us for your incorporation services and learn more about our bookkeeping support! We have a team of experienced and qualified bookkeepers and ensure that professional and effective services will be rendered so that you can concentrate on your sales and streamline your daily operations instead.