7 Essential Tips for Launching Your Own Business

Starting a business is an exciting but challenging journey. My father and I are experiencing this firsthand as he focuses on sporting goods, while I’m building a wellness brand with balms, oils, and perfumes. The learning curve has been steep but rewarding, and strategies like connecting with customers and promoting products online have already proven effective. Within the first week, I saw a promising return on investment and even expanded my inventory to include collectible POP MART items.

If you’re thinking of starting a business, here are some practical tips that can help guide you through this journey.

#1:  EMBRACE YOUR STRENGTHS AND WEAKNESSES

Understanding where you excel and where you could use some help can make a big difference. As a new business owner, you’ll often need to juggle many tasks, from product development to customer service. Recognize your strengths, but don’t hesitate to seek help or learn new skills for areas where you may lack expertise.

#2: BEGIN WITH A SIMPLE BUSINESS PLAN

A clear, concise business plan is crucial for laying out your vision and keeping yourself on track. Begin with a one-page plan outlining your goals, target customers, and products or services. As your business grows, you can expand this plan to cover additional aspects, such as marketing and financial projections. A straightforward plan will keep you focused on your priorities without overwhelming you.

#3: EXPLORE FUNDING OPTIONS

Funding is often a major consideration for new businesses. Whether you use personal savings, take out a loan, bring in investors, or apply for grants, make sure you have a plan in place. Break down costs into one-time startup expenses, like equipment, and recurring costs, such as rent and utilities. Planning for these expenses will help you maintain cash flow as you grow.

#4: UNDERSTAND YOUR TAX OBLIGATIONS

Tax requirements in Singapore vary depending on the business structure and revenue. Sole proprietors report business income as part of their personal taxes, while corporations have different rates and reporting obligations. For income over specific thresholds, such as SGD 200,000, reporting becomes more detailed. Singapore’s Inland Revenue Authority (IRAS) offers guidance and resources to simplify tax compliance, and consulting a tax professional can ensure you stay on track.

#5: REGISTER WITH CPF

If you plan to hire employees in Singapore, you’ll need to register with the Central Provident Fund (CPF) Board to manage mandatory contributions. Singapore’s Employment Act also sets guidelines on wages, hours, and leave entitlements for various types of employees, so it’s essential to stay updated on these requirements to ensure compliance.

#6: CHOOSE YOUR INDUSTRY CODE (SSIC) ACCURATELY)

Singapore requires new businesses to register under a specific industry code, known as the Singapore Standard Industrial Classification (SSIC) code. This code defines your business category and helps the government manage industry regulations. When registering with the Accounting and Corporate Regulatory Authority (ACRA), use an SSIC code finder tool to identify the right classification.

#7: RUN YOUR BUSINESS WITH PASSION

Running a business you’re passionate about can make the challenging moments more manageable. While passion alone isn’t everything, it does provide motivation and resilience, especially in the face of setbacks. Aligning your business with your interests can keep you engaged and focused on long-term success. Your customers can easily feel when you love what you are doing, and that energy can radiate.

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Starting a business requires planning, adaptability, and dedication. With a clear vision and the right strategies, you’ll be well-equipped to turn your business idea into a thriving venture.

Sources:1,2, & 3

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What to Do If You’re Stuck in a Job You Hate

We’ve all been there—stuck in a job that feels like a never-ending grind. A friend of mine has been thinking about quitting for ages but hesitates due to the high cost of living and family commitments. It’s tough to stay in a job you dislike just to stay afloat financially. I’ve been in that position too.

But you do have options. Here are some tips to handle it:

#1: IDENTIFY WHAT YOU CAN AND CAN’T DO

Take a step back and list what aspects of your job you can control versus what you cannot. This might include seeking help from your co-worker or making the most of your downtime. Knowing your limits can help you make better decisions.

#2: MAXIMIZE YOUR DOWNTIME

Remember, your job is just one part of your life. Engaging in hobbies, spending time with friends, or volunteering can offer fulfillment and lessen the pressure on your job to provide all your emotional needs. Many find that pursuing outside interests brings a renewed sense of purpose. Try pickleball or visit local museums!

#3: WEIGH YOUR OPTIONS

Assess both the positive and negative aspects of your job. While the drawbacks might be obvious, do not forget to consider the benefits—such as a steady paycheck, a structured day, workplace friendships, or a sense of contribution. For the negatives, think about possible solutions, either on your own or with your company’s help.

#4: EXPLORE NEW OPPORTUNITIES

Say that you’ve weighed your options and things in your current company are still grim. Sometimes, a change of environment can refresh your outlook. Be open to exploring new professional fields or industries. Even if you’re not ready to leave your current job, learning about different settings can help you understand what you truly want.

#5: CONSIDER FINANCIAL IMPLICATIONS

Worrying about a potential pay cut when changing jobs is common. However, a new role might offer better compensation or benefits. Salary can depend on various factors like industry, location, and your skills. If increasing your income is a priority, it’s often achievable with the right strategy.

#6: PLAN YOUR NEXT STEPS

If your job is negatively impacting your health or happiness, it may be time to plan a transition. Start networking, update your resume, and think about your next career move. Even if you do not land a new job immediately, laying the groundwork can set you up for success. In the meantime, focus on your well-being and stay connected with friends.

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Being stuck in a job you hate does not have to be your only option. By understanding your situation, weighing your choices, and taking proactive steps, you can move towards a more fulfilling career. Remember, you have the power to create a path that aligns with your needs, goals, and well-being.

Sources: 1 & 2

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Sneaky Tricks Restaurants Use to Increase Your Bill

Dining out in Singapore is an experience that blends a diverse culinary scene with sophisticated ambiance. However, have you ever wondered why you sometimes end up spending more than you planned? Well, restaurants are masters of subtle psychological and environmental techniques designed to encourage you to indulge.

Here are some clever tricks they use to make you open your wallet wider.

MENU MANIPULATION

Menus in Singaporean restaurants are often carefully crafted to guide your choices and increase spending. High-margin items are highlighted with pictures, bold fonts, or boxes around them to grab your attention. Expensive items are strategically placed next to moderately priced ones to make the latter seem more reasonable.

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Fewer choices can actually increase your likelihood of ordering high-profit items. When overwhelmed with too many options, diners tend to choose the familiar or highlighted options.

ENVIRONMENTAL INFLUENCE

The environment in which you dine significantly impacts how much you spend. Soft lighting and mellow music create a relaxing atmosphere, making diners more likely to order additional courses or drinks. Larger tables and comfortable seating can encourage longer stays and more orders. Conversely, smaller tables can make you feel cramped, potentially leading you to leave sooner and spend less.

PORTION CONTROL TACTICS

Restaurants often employ portion control tricks to maximize profit. Waitstaff are trained to suggest larger portions or additional sides, often making these suggestions sound like deals you can’t refuse. Smaller portions on larger plates can make the dish seem more luxurious and justify a higher price.

PRICING STRATEGIES

Prices are rarely rounded off, and there’s a reason for that! A dish priced at S$9.99 instead of S$10.00 makes it appear cheaper, even though the difference is negligible. This tactic, known as charm pricing, is widely used because it effectively tricks your brain into perceiving a better deal.

STRATEGIC SEATING ARRANGEMENTS

Where you sit can also influence your spending. Window seats and central locations are prime spots often reserved for larger groups or those ordering more, subtly encouraging you to spend more to “earn” the better view. Positioning the bar where it’s highly visible and accessible encourages diners to start with drinks, increasing the overall bill.

PROMOTIONAL PRESSURE

Creating a sense of urgency can drive spending. Limited-time offers and seasonal dishes create a FOMO, prompting you to order these items before they disappear. Moreover, bundling items together at a slight discount encourages you to spend more than you might have planned. Not to mention, happy hour specials and exclusive deals also contribute significantly to this effect.

SOCIAL INFLUENCE

The power of suggestion is another subtle but effective strategy. Highlighting “chef’s specials” or “most popular” dishes can guide your choices, leading you to order higher-margin items. Personal recommendations from friendly waitstaff can be hard to resist, especially if they are trained to suggest higher-profit items.

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Understanding how restaurants influence your spending can help you make more mindful choices while still enjoying the rich culinary experiences the country has to offer. Remember, being aware of these tricks doesn’t mean you can’t indulge; it just means you’re doing so on your own terms!

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How to Profit with Friends in Singapore: Connections to Cash

In Singapore, opportunities to earn money are abundant. One often overlooked avenue is leveraging your network of friends. Turning friendships into financial opportunities can be both rewarding and fun, as long as you approach it with integrity and creativity. Here’s how you can start earning money through your friends in Singapore.

IDENTIFY YOUR STRENGTHS AND INTERESTS

The first step is to identify your strengths and interests. What are you good at? What do you enjoy doing? Whether it’s baking, tutoring, photography, or digital marketing, knowing your skills will help you determine the services or products you can offer. For instance, if you’re a whiz at math, you could offer tutoring services to your friends’ children.

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SHARE YOUR SKILLS

Once you’ve identified your strengths, let your friends know about them. Use social media platforms like Facebook, Instagram, and LinkedIn to share your services. Word of mouth is powerful, especially in a tight-knit community like Singapore. Don’t hesitate to ask your friends to spread the word. A simple post highlighting your skills and how they can benefit others can go a long way.

COLLABORATE ON PROJECTS

Another way to earn money through your friends is by collaborating on projects. If you have a friend who’s great at design and you’re good at writing, why not team up to offer a comprehensive digital marketing service? By combining your skills, you can create a more attractive package for potential clients. This collaborative approach not only enhances your offerings but also strengthens your relationships.

UTILIZE REFERRAL PROGRAMS

Many businesses offer referral programs that reward you for bringing in new customers. Check with companies in Singapore that provide services or products your friends might need. For example, banks, insurance companies, and telecommunications firms often have referral schemes. Share these opportunities with your friends and earn a commission for each successful referral.

HOST WORKSHOPS

If you have a skill that others want to learn, consider hosting workshops or classes. This can be done online or in person. For instance, if you’re a fitness enthusiast, you could conduct workout sessions in a local park or via Zoom. Charge a reasonable fee for attendance and encourage your friends to invite their friends. This not only helps you earn money but also expands your network.

OFFER GROUP DISCOUNTS

People love discounts, especially when they come with the added benefit of spending time with friends. If you’re offering a service, provide group discounts to encourage friends to sign up together. For example, if you’re running a language class, offer a discounted rate for groups of three or more. This strategy not only attracts more clients but also ensures that your friends feel they are getting a good deal.

JOIN DIRECT SELLING PROGRAMS

Direct selling programs, also known as multi-level marketing (MLM), can be a way to earn extra income through your friends. Companies like Avon and Tupperware operate in Singapore and offer opportunities to sell products to your network. However, it’s essential to approach this carefully to avoid straining your friendships. Be transparent about your intentions and ensure that the products are genuinely beneficial to your friends.

PROVIDE PERSONAL SERVICES

Personal services such as pet sitting, house cleaning, or grocery shopping can also be monetized. If you have friends who are too busy to handle these tasks, offer your help for a fee. This can be particularly useful in a fast-paced city like Singapore, where many people have demanding schedules. Personal services are often in high demand and can provide a steady stream of income.

BE GENUINE AND RESPECTFUL

The key to successfully earning money through your friends is to be genuine and respectful. Always prioritize your friendships over financial gain. Ensure that your offers are valuable and that you’re not being overly pushy. Transparency and honesty will help maintain trust and ensure that your friends feel comfortable supporting your endeavors.

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IN A NUTSHELL

Earning money through your friends in Singapore can be a win-win situation if done correctly. By leveraging your skills, collaborating on projects, utilizing referral programs, and offering genuine value, you can create financial opportunities while strengthening your relationships. Remember, the goal is to enhance your network and provide mutual benefits, not to exploit your friendships. With the right approach, you can turn your social connections into a source of income and personal growth.

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Rising Career Opportunities in Singapore: In-Demand Industries for 2023

According to LinkedIn, Singapore is experiencing a growing demand for jobs that assist companies in digitizing and expanding during economic volatility. The latest data from LinkedIn’s Jobs on the Rise highlights a significant increase in hiring for growth specialists, technical positions, and healthcare professionals in Asia, indicating that these jobs are expected to continue growing throughout 2023.

It’s important to note that employers and clients have diverse needs, which can influence the demand for different types of jobs. Occupations in high demand offer excellent potential for career growth, better income, and job security compared to less popular jobs. Therefore, staying informed about these in-demand jobs can help you effectively plan your career and develop the necessary skill set to succeed in your desired field.

1. USER EXPERIENCE DESIGNER

Despite the challenging macroeconomic conditions that led to waves of tech layoffs in Southeast Asia last year, such as those experienced by GoTo Group in Indonesia, Sea Group and Carousell in Singapore, the demand for tech workers remains strong. Experts predict that this year will serve as a transitional period for the tech industry, with a potential return to more normal hiring levels. Anchal Chhabria, a representative from LinkedIn, remains optimistic and states that the overall demand for tech workers remains robust, with individuals transitioning to new positions both within and across the industry.

User Experience (UX) Designer

National average salary: $5,194 per month

Primary duties: UX designers focus on improving the usability of systems, which may involve enhancing aesthetics and website navigation. They work in collaboration with UI designers to develop digital products that fulfill user needs while providing a pleasant and engaging experience.

2. CUSTOMER SERVICE REPRESENTATIVE

National average salary: $2,569 per month

Primary duties: Customer service representatives play a crucial role in building and maintaining positive customer relationships. They achieve this by answering inquiries and providing guidance on various aspects of a company’s products or services. Many organizations prioritize hiring customer service representatives as they typically serve as the initial point of contact between the business and the customer. Responsibilities may include generating sales leads, answering phone calls, maintaining records of customer interactions, and adhering to communication guidelines and policies.

3. HUMAN RESOURCES SPECIALIST

National average salary: $3,083 per month

Primary duties: Human resources specialists are experts in managing the human resources functions of a company. They may be responsible for maintaining employee records for performance reviews and can recruit, train, and provide support to employees.

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4. COPYWRITER

National average salary: $3,720 per month

Primary duties: Copywriters are skilled writing professionals who create content for various purposes, such as marketing or educational materials. They collaborate with marketing and public relations departments to develop effective marketing materials, and they meet with clients to understand and convey their brand voice and message to the target audience.

5. DATA SCIENTIST

National average salary: $7,406 per month

Primary duties: Data scientists possess expertise in statistical programming and analytical skills to collect, analyze, and interpret large datasets. They utilize various data visualization techniques to present information and offer suggestions or develop solutions based on data analysis.

By keeping yourself informed about these in-demand industries and their associated jobs, you can strategically plan your career path and cultivate the necessary skills to excel in your chosen field.

Sources: 1 & 2

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