Asia, Small Business

Things Every New Entrepreneur Should Do in the First Year of Business

Having a successful business is a dream come true for anyone who wants to be their own boss. Starting one is easier said than done, though, but once you’ve set up the business you have in mind properly, that is at least a tick off from a long list of what needs to be done particularly during the first year of running the business. Things like having a good business plan or company incorporation are just some of the important tasks you have to do in the first 12 months in order for your business to take flight.

This holds true especially if you’re starting a company in a bustling business environment like Singapore. The Lion City takes pride in being one of the world’s top business hubs, which means competition is strong but the perks and financial rewards are worth the risk. That is if you know how to play by its rules and possess the business acumen necessary to face any challenges that come your way.

Such a competitive landscape deserves a sharp focus and discipline from your end, especially in the crucial 12 months. As a new business owner, it is best to arm yourself with the right information on the tasks you need to do to ensure that your business stays afloat in the years to come.

Here are just a few of the things new business owners should keep in mind in the first year of running a Singapore business.

Think Long Term

The thrill of starting a business can easily sidetrack any entrepreneur. Without any solid long-term plan, one can get lost in the different directions the business is going. Appearing as a business without a clear sight of what it wants to be or how it wants to get there is definitely not the image you want to portray in the first 12 months. Having a solid business plan is a good sign that you have in place a strategic approach that will ensure its profitability in the coming years.

During the first year, make sure you are armed with a comprehensive and well-thought-out long-term plan that will see you through in the next couple of years. This is to ensure that your time, effort, and resources are allotted to where they matter most. If possible, break your business plan into smaller ones that you can easily follow and concentrate on.

However, you should be flexible enough to change your plan along the way if there’s a need for it. Situations like a change in your target market’s needs should be heeded in order for your business to survive in the years to come.

Be Wise About Your Assets

When setting up a business in Singapore, company incorporation is required for any new business venture. This is mandatory to ensure that all businesses are properly registered and that business owners are following all their obligations and commitments as stipulated by law.

Incorporating your company is not only for building a good foundation for your business but also to protect your personal assets. Even if yours is just a small business with fewer employees and hasn’t been really taking off financially, your personal assets may be at risk if you don’t set the right business structure for your business.

Identifying the right legal entity for your business not only provides protection for your personal possessions but also helps you know the obligations and incentives that are intended for the kind of business you are running.

Most new entrepreneurs consult experts who are knowledgeable in Singapore company incorporation to get the best advice on how they can choose the right business structure for their company and enable fast and efficient company formation. Having a competent Singapore company incorporation services as your partner is the first step towards ensuring long-term business success in the Lion City.

Don’t Overspend

The first 12 months can get very overwhelming for any new business owner and in the process, funds may not be monitored properly. Hence, it is important for new entrepreneurs to keep their expenses low, making sure that funds are evenly distributed to business activities that matter most. These may include hiring only key people to your team or choosing a more affordable office space until you really start generating income.

Never Stop Learning

Forming a company doesn’t stop with a successful business registration in Singapore. As a new business owner, it is your responsibility to know everything there is to know about the company you’re starting and how you can take advantage of the opportunities available to you when you set up shop in the Lion City. This means perpetually researching your target market and your competitors.

Before setting up a business in Singapore, you have, of course, made the necessary research about your target customers as well as the competition you are up against. The process never stops, though, as, along the way, you will come to know more about what your customers need and how your competitors are positioning themselves. This information is important as you build your brand and think of better strategies to win your target market and get ahead of your competition.

Delegate – But Only to the Right People

When starting a company in Singapore, you can’t help but oversee everything and even taking on most of the tasks. Whilst this is not essentially a bad thing, it can be counterproductive as some aspects of your business, like the financial side, may be compromised without the right people running it.

It is best to hire competent accountants and bookkeepers who are experts on the job. You can also take into consideration the benefits of outsourcing to a Singapore company incorporation firm that provides more than just company formation services.

Partnering with a Singapore company-incorporation services firm that offers business financial services like tax, audit,  accounting, and even email marketing is a great idea as it can provide your business with the accuracy it needs for balancing your books and tracking your profits and losses. Hiring one also helps ease your expenses as it does away with hiring in-house employees that may cost you more on monthly salaries and employee packages.

The first year of running a business can be a confusing time but it doesn’t have to be when you arm yourself with the right information on how you can prepare yourself better for any setbacks. Also, it doesn’t hurt if you surround yourself with people who can expertly assist you as you navigate the dynamic business environment of the Lion City. From business registration in Singapore to providing key financial services, partnering with a company formation services firm is a wise move to help you survive the first 12 months of business with ease.

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I'm a tax accountant, a corporate secretary and a general manager. I manage a wide range of accounting, audit and tax clients portfolio.

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