5 Things to Consider When Launching Your Business

Starting a new business venture can be an exciting prospect. However, there can be several challenges along this journey that most of us may not be able to anticipate. Understanding the foremost requirement to start a business can provide you a sense of clarity in preparation of what’s ahead.

To help you get started, we have done the research so you won’t have to. Here is the list of things needed to start a business:

Every business begins with an idea. Ideally, a business idea should be able to stand out and be something that is not already available in the market. In our opinion, although a good idea is important, we believe that execution is what makes you stand out as a business.

The challenge here is that most ideas have already been used up. Therefore, you should aim to address the following basics as the requirements to start a business:

You can also turn to a startups advisors to go through your business plan to maximise your chances of success.

Getting a business idea off the ground takes ample knowledge and expertise. You may already be acquainted with the nature of your prospective business and can choose to do everything on your own. You could also look towards extensive research and planning.

But what makes this point a valid requirement to start a business is due to potential risks that may be involved. Starting a business can present a different set of challenges altogether, and when overlooked, can be very costly. There are various areas that you need to take care of as an entrepreneur that you might not have done before:

This is why some businesses choose to engage professional corporate service providers to assist with business planning, accounting and financial analysis to better understand the business and suggestions on digitalisation tools to improve operational workflow and efficiency. By outsourcing functions where you do not have sufficient expertise or time, it can help to put you and the company in good stead from the get-go and allows you to focus on the most important aspect of your business – getting it off the ground and scaling it.

Without money or cash, any business would cease to exist – which is why this point makes it into our list of things needed to start a business. Depending on the nature of your business, you can begin by drawing up the costs to get it started. These costs can cover areas such as capital, operational and miscellaneous expenses. Below is a table that we had found very useful.

From here, you will need to decide how much of your savings should be channelled into launching your business. There are also short-term and long-term loans that you can consider when discussing with a professional corporate service provider who has intimate knowledge on government grants and business financing options available to you and your business (including the qualifying criteria).

If your business idea is something already available to the public, the goal is to gain as much market share as possible. This can be achieved by going into the market as a strong player.

Competition analysis allows you to understand current demands and gaps that your business may be able to leverage. Based on insights into how the competition is performing, you can adapt better to a competitive business environment. Once you understand how your competitors are performing, you should look into your brand positioning to ensure that the business forms a connection with your customers. Sometimes, you just need to deliver a better and clearer way of positioning your products or services than your competitors. This is why this factor is considered an important requirement to start a business.

Former president Dwight D. Eisenhower, when he was overall Commander of Allied Forces in WWII, famously said, “In preparing for battle I have always found that plans are useless but planning is indispensable.” A good business plan will make all the difference to your business idea. It is a roadmap for your business and will reveal your long-term plans to ensure longevity. It is a reflection of your thought process and allows people around you (advisors and investors) to understand what you are trying to do and achieve. It is also a medium for advisors and investors to provide you with insights or questions that you might not have thought of or to validate your business plan.

A well-thought-out business plan should include details on business activities, go-to market strategies, financial forecast and budgets, objectives, and goals.
You can consider certain useful management planning tools like PEST analysis to assist in the planning process.

Once you’ve covered each requirement to start a business, you can proceed to reserve your business name. Be sure to select a name that is unique for commercial and marketing purposes.

From here, you can register your venture. In Singapore, those who wish to carry out any activity for profit on an ongoing basis are required to register with the Accounting and Corporate Regulatory Authority (ACRA). This rule is an exception for those who use their own or partner’s full name, as per their NRIC, as the business name.

If you plan to manage your business’ digital transactions with the Singapore government, you can set up a Corppass Administrator account to make the experience seamless.

Finally, set up your corporate bank account to streamline monthly accounting matters related to your business venture.

Are you ready to take your business off the ground? Get in touch with a professional corporate service provider today to meet your corporate compliance requirement and business growth.