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There are over 10 million SMEs in the world, covering over 80% of jobs across the various industries. However, about 50% of all small businesses fail in their first five years. There is strict competition and there will always be monopolies. That said, a combination of hard work and working smart might just be the ingredients for success.
Lucky for budding entrepreneurs like you in Singapore, there are a variety of resources available such as the government grants. All you have to do is to do your proper research, find the grant best suited for you and utilise it to the fullest!
Here are some practical tips for entrepreneurs running a small business in Singapore to help you succeed.
Over 4 billion people use the internet. You might be targeting a local audience right now, but you can reach out to people on the other corner of the world without leaving your bedroom. It doesn’t require a lot of investment and gives you an opportunity to access SME grants. Create an e-commerce store to sell your products online.
Technology is fast, easily accessible, and cheap in the twenty-first century. You can get a website running within a few hours and build an online presence through digital marketing. When SMEs go digital, they also become eligible for the PSG grant. You can see this resource at Shopify to learn more about how you can use the Productivity Solutions Grant. The funds can be used for further developing your online business.
We have heard many people say that they couldn’t start or expand a business because they lacked resources. Here’s a tip: resources are overrated. All you need is the right mindset and you’ll start to see opportunities like IMDA grants and many other government grants in Singapore. Here is an example of an assignment given to students in an Indian business school that I read on Business Insider.
They were given one thousand rupees and asked to double it in two hours and then give a ten-minute presentation. Most students created a stall and started selling some product or service, but none of them could fully succeed. The winning team contacted an outside company and advertised them in the ten-minute presentation. They considered one thousand rupees, their resource, a distraction and got the job done without it.
Most small businesses operate as owners of the company. It may save you some money for the time being, but it’s not a good idea if you plan to expand in future. Besides, it’s not like you’ll get any particular PSG grant from the government of Singapore for this business structure.
Register your company as an LLC or corporation and treat it as a separate entity. Make sure you also keep bank accounts and other finances separate from your personal finances. In case the company ever goes bankrupt, you or your personal finances won’t be held liable. You can always start a new company as long as your own resources are safe. Otherwise, your house and cars might be sold to pay off debt to investors.
So, take advantage of the opportunities presented by online platforms, don’t get discouraged by a lack of resources and properly organize your finances. These are three pieces of advice to take to heart and help make your next venture a successful one.
