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Debunking The 4 Myths About Small Business

Myths about small businesses are overflowing. Some people let the myths slide, while others adapt them perpetually to their lives. Doing so may hinder the attainment of success and full potential!

MYTH #1: SINGAPORE IS A TINY MARKET WHERE BUDDING BUSINESSES WILL NOT THRIVE.

Singapore is a relatively small market with a population of a little over 5 million people, when we speak in geographical terms. What others do not know is that private wealth concentration in the country is elevating by the day. Thriving local businesses were able to scale themselves to the neighboring Asian markets. Yes! You can scale a firm to the point where it becomes attractive to regional and global platforms.

Singapore offers one of the best business environments as its government give different grants to help Start-ups and SMEs (Small and Medium Enterprises). These grants aid in developing several dimensions of the firm’s growth such as human capital development and technology implementation. Some examples are the Productivity & Innovation Credit (PIC), Enhanced Training Support Scheme, and Market Readiness Assistance Grant (MRA). MRA is the specific grant designed for helping Singapore SMEs to accelerate their expansion overseas.

MYTH #2: INVESTING IN A SMALL BUSINESS IS PRIMARILY GAMBLING.

When you gamble, the house almost always wins. This is not the same with investment! As Wall Street investor Peter Lynch once highlighted: “An investment is simply a gamble in which you have managed to tilt the odds in your favour”.

The odds can turn to your advantage if you run the business in a “right” way. This entails the out pour of skills, talent, and hard work. Running a successful small business requires long periods of research, which continues after you have invested your money in it.

So, investing in a small business is not entirely gambling as various factors are controllable.

MYTH #3: YOU DO NOT NEED A WRITTEN BUSINESS PLAN.

To enter the workplace in an orderly fashion, the business owner must devise a detailed business plan. This said plan shall include the study on the target market, funding, organization dynamics, and revenue projections. A realistic and robust business plan is mandatory if you are seeking creditors or investors. Furthermore, a business plan helps to anticipate critical items such as revenue and cash flow.

Some ideas that seem great as a concept may not be great when you put it down on paper.

MYTH #4: YOU HAVE TO HIRE A FULL-TIME STAFF.

Employees are essential to get the ball rolling, but maintaining them is costly.

From wages to office space, having full-time employees can take a massive chunk of your small business’ budget. This is why you must consider the alternative options such as hiring interns or outsourcing from independent contractors. Do your research!

Image Credits: pixabay.com

Now that you know the difference between reality and fiction, you are ready to begin your journey. Keep on moving to the right track!

Sources: 1, 2, & 3

Opening A Small Business Soon? Here Are 5 Ideas That Are Worth Hearing!

If you are looking for a fresh entrepreneurial opportunity, you came to the right place! Here are 5 small business ideas that are worth your time:

1. SELLING ITEMS ONLINE

You do not have to be a digerati to open up your very own online shop. If you are skilled at knitting or crocheting, you can try selling the popular “mermaid blankets” among others. Homemade jewelry is another option for innately creative and patient individuals.

With products or services in mind, you can open a shop on Tictail.com or Carousell.com. Tictail allows its users to run a nice virtual store in minutes. While, Carousell allows its users to sell globally through its mobile App. Both are definitely free and easy to use!

2. STARTING A COMMUNITY

Consider operating a business that brings a Singapore’s personal trainers together. You can either employ several personal trainers and market their services or, you can start a website that creates a community of personal trainers.

A personal trainer is someone with a knack for fitness, sufficient expert knowledge, and good interpersonal skills. He or she works directly with the clients to make fitness assessments, set goals, demonstrate exercises, and provide constant feedback to improve the client’s physique.

3. FLYING A DRONE

Many establishments utilize 360° Panoramic Virtual Tours to show everyone what they have to offer. This enables the potential clients to view the brand in a broader and more holistic perspective. Level up the traditional photography business by offering aerial services.

Aerial photography starts by mounting cameras to R/C helicopters. R/C helicopters shoot precise panoramic images and videos. However, professionals suggest to invest on quadcopters or drones.

Image Credits: pixabay.com

4. CUSTOMIZING THE KICKS

As you may have notice, the sneaker culture is at its all-time high! One cannot deny the international popularity of adidas Stan Smith or the NikeLab Air Max 1 Royal. You may start a small business that personalizes sneakers while the industry is prosperous. People who bought the same kicks as the rest can still stand out from the crowd by purchasing your work of art.

This business purely relies on your talent. You can look up the works of the project-based artist Glenn Ng or the renowned sneaker artist Mark Ong (SBTG) for more inspiration.

Image Credits: facebook.com/voidng

5. RUNNING A WEBSITE

With the modern technology, you can run a website dedicated to the topic or theme that you are interested in. Start by sharing your own wisdom and genuine passion to educate or entertain your readers. After which, only promote the products and brands that you really believe in.

By constantly writing or blogging about a certain topic, you become sort of expert on that topic. The most feasible ways to earn money from your blog are paid advertisements, paid articles, offering courses, and selling books.

Sources: 1 & 2

How To Look For The Best Local Suppliers For Your Biz

A party that supplies you with goods or services is called a vendor. Most people refer to the vendor as the supplier. Suppliers are distinguishable from contractors as the latter allow specialized input before handing the final outcomes.

Finding the most suitable suppliers for your business is as important as running it. You can either attract the suppliers or you can search for them. So where do you look for the Singaporean suppliers, exactly?

QUICKEST METHOD

Do you still recall those heavy books which included all the landline handles of your chums? It brings nostalgic memories of my childhood wherein my siblings and I will put the bulky publications on top of each other to build a tower. It sounds silly now but, we had so much fun back in the day!

These said publications are called classified directories or telephone directories. One of its well-known brands is Yellow Pages. Just when you thought that it is long gone, it stays potent since 1967. Yellow Pages is a “comprehensive classified directory that not only helps consumers make informed purchases but also serves the social, commercial and industrial needs of business users”. It is printed in both English and Chinese editions.

You can visit their website at yps.com.sg to supplement your search. For instance, you can contact this supplier if you need someone to customize uniforms for your office:

Muxette Pte Ltd

998 Toa Payoh North #02-25, Singapore 318993
65098051
[email protected]

Yellow Pages and its counterparts is probably the quickest method to get a supplier. The only downside is the fact that you cannot compare prices by merely browsing a single source. However, it provides you with the fundamental information such as the supplier’s address and contact number.

COMPREHENSIVE METHOD

If suppliers seem to be elusive, consider approaching them directly by attending several trade shows, exhibits, and bazaars. It is the perfect chance to expand your network and to grasp how huge your industry is.

Say you are building an events firm that offers wedding planning services. You can check out the “Her World Brides & Resorts World Sentosa Wedding Carnival” to get a comprehensive list of wedding vendors and speak to a team of wedding experts.

Image Credits: herworldplus.com/weddings/events-promos/her-world-brides-resorts-world-sentosa-wedding-carnival

Get the latest schedule of trade shows in Singapore by visiting 10times.com.

MOST CONVENIENT METHOD

One of the most convenient sources of information is the search engine. The Internet has a vast influx of data on local suppliers, manufacturers, and contractors. Use the attached contact information along with the uploaded pictures and videos to your advantage. Start with a minimalist website that gives you the basic details in a form of a classified directory – the STDIRECTORY.

For your safety, refrain from processing everything online. A better approach is to set meetings with the suppliers using the details found on their websites.

Image Credits: pixabay.com

May this post help you to invest time and effort in finding the best supplier who can provide you with quality outcomes at budget-friendly prices.

Sources: 1 & 2

5 Genius Ways To Save Money As A Start-Up

As a budding entrepreneur, your new business is tied with cash. With hundreds of things on your plate, you are either looking for more ways to boost your profits or more ways to save money.

Look no further as this list will explore smart ways where your small business can save money in its early phases…

1. SAY “YES” TO FREE AND CHEAP ADVERTISING

You do not need the fanciest commercials or the flashiest banners to bring in more customers. For now, all you need are free websites to post your ads.

Online classifieds are a good choice as these are cost-effective, convenient to relay contact, visible to a large-scale of consumers, and the you are able to edit a listing anytime. Browse a list of premier advertising websites here.

2. ONLY HIRE PEOPLE WHEN YOU NEED THEM

As a start-up, you are testing every aspect of your business including the amount of labor necessary. Do really a marketing team or can you handle the marketing aspect by yourself?

Instead of hiring professionals to do the job for you, you can commit several hours in developing skills. This is why it is not a good idea to hire a huge team of workers and waste a hefty amount on wages earlier on.

And when you decide to hire help, good sources of quality yet low-cost labor are university or polytechnic interns. If you are willing to supervise and devote your time to training, both of you can benefit from the experience. Think about it! You are giving a worthwhile experience and good recommendation for the intern while the business is receiving low-cost (and sometimes free) services.

3. USE A BUDGETING SOFTWARE

If you have zero knowledge on accounting or you need more help in your budget planning, then you must consider accounting software.

Aside from using an Excel spreadsheet, you may budget like a pro by using accounting software called inDinero. inDinero helps you run the small business better as it safeguards your transactions, your cash flow, and your expenses. It connects the bank accounts so you can visualize where your money goes. Furthermore, it helps you with your payrolls and taxes.

4. ARRANGE ONLINE MEETINGS

Globalization paved way for international affairs to be easily accessible. So if you have clients or workers who are overseas, what better way to hold meetings than by using inexpensive online tools such as Skype video conferencing or Facebook video chat?

To save even more, invest in laptops instead of desktop computers, as these laptops are not only less expensive but also consume less energy. Whenever possible, use these laptops and Internet tools to communicate effectively.

5. SAVE ON YOUR WORKSPACE

Office spaces in Singapore can get very expensive! Instead of forking out your wealth, you can consider sharing your space and splitting the rent with another small business. In fact, you can rent a flexible space for as low as S$450 a month with Regus.

Regus is a global company that has been around for more than two decades. With over 25 building locations islandwide, you will be able to find a space that suits you best! 🙂

Image Credits: pixabay.com (License: CC0 Public Domain)

Sources: 1, 2, & 3

Know These 4 Usual Start-up Mistakes To Save More Money

Although you are eager to venture on the business scene in Singapore, you must first be aware of your chances. In 2012, a research showed that 3 out of 4 start-up businesses fail.This is why it helps to know and learn from the usual mistakes that previous business owners have made.

These are just four of them:

1. GETTING OFF ON THE WRONG FOOT

It is paramount to choose the right partners, team, co-founders, or investors to start the company with. Not only does your skills have to balance but also your values must be aligned too. What is even more difficult than having unsuitable partners is having a lone founder. Well, your chance of succeeding is slimmer when you do it alone because of limited access to resources and funding.

2. HAVING TOO MUCH OR TOO LITTLE MONEY

Raising bountiful amounts of money can make you appear more successful but it shifts away the real focus of the business – the clients. You must give more time and energy into making your product appear impressive for all the consumers to patronize.

On the other hand, having scarce funding because of underestimating the start-up costs can lead you to using your own savings just to meet the business’ monetary needs. You can either use your retirement savings or borrow money from friends and family. This is not always a good idea! Furthermore, you will not be able to optimize your product to its full potential.

3. MISTAKE IN TIME

Jonathan Wegener, the founder of ExitStrategy and Timehop, told Mashable that a common mistake that companies make is wasting one of the most valuable currency on Earth – time.

He then said this: “The biggest mistake I see is companies waiting too long to release the product. It’s easy to let the scope of what you’re building get out of hand. But equally importantly most startups build much more than they truly need to, but this is often only realized in hindsight”.

4. PAYING NO ATTENTION TO THE PRESENT OR FUTURE CONSUMERS

Engaging in activities that enable you to reach out to your potential clients earlier on can help you reach success. Get feedback from the present consumers to examine the demand for your product and the uniqueness of your brand. Then, target your future consumers by using social media.

Image Credits: Clément Petit via Flickr with Creative Commons

Sources: 1 & 2

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