I bet you can’t even guess how many “entrepreneurs” are out there right now.
I’m sure you’ve seen countless annoying, scammy, and make-you-want-to-skip ads all over social media on how to become an entrepreneur and make bank.
Luckily for most of us, are astute enough to think twice before buying into their one-time offer for an online course.
Starting a business in Singapore is easy because registering it in ACRA is very binary and well-guided.
The tough part will fall under the processes of running a business and leading a team.
You don’t need a lot to start
I’m Jamie Cheng and I’m 22 years old this year, and I run a digital marketing agency in Singapore.
The business started without much in the bank. It was simply funded through the times when I did part-time. Thus, if you don’t have a lot of capital, to begin with, it shouldn’t be the reason why you’re not starting your business.
You can start a business in Singapore on a budget as a millennial. I did it, and you can too.
Here are 3 things that you should at least have to get your business up and running. I’ve included the estimated prices as well.
The 3 things you need to start a business in Singapore
1) Register your business
Don’t get in trouble with the law and taxes. Make sure that you do your research on what business type/business structure is necessary for your enterprise.
Here are 4 main types of business structures in Singapore and the prices:
- Sole proprietorship (one owner) or Partnership (two or more owners) – SGD$205
- Limited Partnership (LP) – SGD$205
- Limited Liability Partnership (LLP) – SGD$205
- Company – SGD$1,135
For more in-depth information, you are advised to read from ACRA.
A business thrives when the owner(s) can make the right choices for such high-quality decisions, like this. To do so, you’ll need to assess the field and consider a few factors.
- How much capital can you/are you willing to invest?
- How many owners will be involved in this business?
- What liabilities and responsibilities are you ready to take on?
- What calculated risks are you willing to take?
- What are the pros and cons of each business structure?
- Worst case scenario: Would the business entity be easy to shut down?
2) User-friendly and professional website
Your website is like an online business card or even an online store, depending on how your business functions.
A good website would contain the following:
- Contact page
- About page
- Service/Product pages
For service businesses, like mine, you don’t need eCommerce check-out pages. Most of the lead nurturing and to-and-fro happens behind the scene.
Whereas for product-based businesses, whether you’re B2B or B2C, having a smooth and secure check-out process is undoubtedly one of the most important elements of your business.
In the past, you’d have to hire a web developer and fork out thousands of dollars. Plus, set aside the time he/she needs to code everything to life.
Nowadays, we don’t have to do that anymore. With eCommerce website hosting and building software like the Singaporean Shopify, you can build a user-friendly and professional eCommerce business website in a day.
3) A small team of competent individuals
Here’s the thing. We have the impression that businesses equal to tall corporate buildings at Raffles Place and more than 50 employees. But that’s not true.
You only need a small team of competent individuals. These people don’t have to be in Singapore or work for you full time. Hiring a full-time employee means increasing expenses and risk; you’ll need to calculate out whether you’re ready for it at this time.
What I do is to hire contractors who work remotely.
Firstly, they are good at what they do.
Secondly, their cost of living is much lower than Singapore (if you don’t hire from the US) and you don’t have to pay for expensive overheads. For example, the rent, electricity bills, and even the water cooler.
Thirdly, they are probably more hardworking than the guy/girl in the next office cubicle in Singapore.
There are many platforms for you to grow your team – Upwork, FreeeUp, Freelancer, Fiverr – just to name a few.
My final words to you
There’s a lot of information you’re absorbing right now from all sorts of platforms. This is probably one of them. To get things going is to just do it.
Actions are what will make your business start and grow in Singapore, even on a budget and even if you’re just a young millennial, like me.