How Much Money to Start A Business In Singapore?
How much Money do you need in order to start a business in Singapore? This is a commonly asked question for aspiring entrepreneurs and business owners looking to start and establish their first business here in the metropolitan city of Singapore. To start your business in Singapore, the amount of money required will vary greatly, depending on the kind of business you are looking to start and your risk appetite. Let's expand a bit more on this topic..
DECIDE: WHAT KIND OF BUSINESSWhat kind of business are you looking to start here in Singapore? A brick and mortar bakery will require much more capital vs a book-keeping firm, for instance. A car dealership will require much more capital to begin vs a boutique design agency. Depending on the kind of business you are looking to establish, it will greatly vary. When you sit down with a business coach, he will look into this in greater detail, and together you will be able to plan your spending better, once you have a clearer idea of what it entails and what kind of setup is required.
START LEAN OR GET FUNDED?Some business owners can get off the ground just with a little bit of savings, and grow organically. They bootstrap and start lean, and focus on getting their first few clients and customers to start the business moving. Once again, depending on the kind of business, you can start with as little as a few hundred dollars to a few thousand dollars and get your business moving. We live in an age where you can get your logo designed on Fiverr for just five dollars, and get your namecards printed fast and affordably so you can start meeting customers already. Some savvy business owners tap on their existing network to get clients by word of mouth, or even set up a simple booth or table at functions, where they can be seen and introduce their new business to new prospects. A simple pull up stand can have you looking professional and presentable in no time at all! Alternatively, your business might actually require intensive research & development and for a prototype to be created before you can get to market. In this case, you would be looking to raise investment or funds right off the bat. You should be meeting with investors or venture capitalists with your business plan or pitch deck. You need more money up front and bootstrapping will not be in your favour, as it's a mad rush to get to market first, before any potential competitors.
INVEST IN MARKETINGGetting your new business off to a good start requires an effective marketing plan, and you need to invest dollars into your marketing. Be it offline marketing or online marketing, the word needs to get out. Promote the business so it gets attention and reaches the right target market. This is a part of the business that your business coach can help you study and plan for as well. Don't neglect this part of the business! It can very well make or break any new business (or any old business, for that matter!) Marketing matters!
DON'T BE AFRAID TO SPENDDon't be afraid to spend on the business, but be wise about it. Once you are a business owner, you have to think differently about the way you spend your dollar for the business. Spend wisely in areas that will bring greater Return on Investment (ROI) for the business. You are not just spending, you are investing!
Hope that these pointers have helped you with nagging concerns on how much money it will cost to start a business in Singapore. Singapore is a great place to do business, one of the best places in the world actually for business, and we wish you great success in your new enterprise!