The Big Idea and your Entrepreneurial Success

The Big Idea and your Entrepreneurial Success

Have you identified a lucrative opportunity or cannot wait to realise a business idea? Time is not only a precious commodity for business owners, but it is also a determinant resource for your commercial strategy. The more time you can afford for brainstorming how to disrupt the industry with your service offerings, the higher your success rate.

Before you get carried away by your excitement to hustle and drive your business forward, there are essential building blocks you would need to look into to set a strong foundation. This article attempts to set you in the right direction.

1. Work out your finances

Identify the types of costs to a business to provide a more realistic cashflow projection at least for the first 90 days. These can be categorised to

  1. start-up costs such as company registration for your Singapore business structure;
  2. running costs such as office rental and business support services;
  3. cash flow forecasts considering how different costs are actually interrelated such as marketing publicity vs sales; and
  4. sources of finance such as owner’s capital and trade credit.

2. Hire manpower and appoint regulatory staff

Human capital is the driving force for business growth, ever more important in this knowledge-based economy. Not only do you have to focus on hiring the right talents, it takes much planning to mobilise and properly utilise your staff in order to develop and retain them.

As a Singapore regulatory requirement, all Singapore companies need to have a registered filing agent (company secretary) to ensure timely submission of company documents such as filing of annual returns and financial statements in the eXtensible Business Reporting Language (XBRL) format. In hiring a foreigner, you would also have to look into applying for employment passes with the Ministry of Manpower.

3. Managing business

There are many facets to building a reputable and trustworthy relatable brand that is sustainable and scalable. From partnerships, client engagement strategies, supplier management to internal business processes and navigating potential roadblocks, it is no surprise that time scarcity is every business owner’s biggest challenge.

The success of a business often hinges on it’s business owners’ ability in knowing his or her/ their individual strengths and where to effectively contribute to the bottom line. You should also always outsource tasks/ components that others are much better at doing to lower your overall cost and increase sales. Key areas entrepreneurs should consider outsourcing are payroll services, software and company secretary.

4. Evaluate risks

As you build up your company’s capabilities and revenue stream, you must be prepared that it will encounter many hurdles. It would be a necessity to step back now and then to look at the roadmap and carefully evaluate the ensuing risks. Consider how you can find a path forward or stay on course in the face of roadblocks, be it by stakeholders, customers or company processes. It is hence wise to outsource corporate matters as one of the ways to defray business expenses.

As your company matures, how you grow your customer base and brand name would be important strategies too. Giving it a fitting brand association such as a prestigious office address and communicating your mission and value would also make a difference.

5. Timing for scaling your business

In the world of business, timing is everything. It is the recurring question throughout the entrepreneurial life- when is the right time to grow, when do you need partners, when is the right time to make the big hire, when is the market not ready. There are no ready answers on how you judge timing issues, but it is important to learn from fellow entrepreneurs on their well-timed decisions.

Don’t jump the gun. Be sure your business and people are truly ready to make the step forward. How do you constantly innovate to successfully exploit an idea, how do you automate the marketing and operational processes in the name of efficiency, how do you harness the power of people and technology to bring down cost and drive up earnings?

Once you have looked into your company’s big idea and roadmap and can confidently answer to your stakeholders, your business is ready to move onward and forward. If you so desire, your Singapore company could be the next unicorn!

Some Business Support services offered by Lexico Business Solutions:

  • Singapore company name registration
  • Singapore company incorporation
  • Singapore company secretary support services
  • Singapore employment pass application
  • Registered office address in the prestigious Central Business District (CBD)
  • Lodgment of Annual Returns with Singapore Government
  • Conversion of a company from Sole Proprietor to Company
  • Strike off Singapore company

We provide advisory services and administer structures and international business companies incorporated in more than 20 jurisdictions. Our reputation for expert knowledge and excellence is founded on more than 10 years of “succession and trusts in wealth management” [Lee, C. (2017) The Rockwills Guide to Succession and Trusts in Wealth Management (3rd ed.). Singapore: Rockwills Institute Pte Ltd.

Talk to us for a free confidential consultation.