If you are planning to launch a new business enterprise in 2022, there is a lot to organise and with digital tech in full swing, you can do many things online. The World Wide Web has changed our lives forever, empowering the global entrepreneur and you might not know some of these great tips to help you set up your own business.
- Online company registration – Whether Singapore or Malaysia, company registration can be handled by a local law firm; start with a Google search to locate a law practice that handles business registration in the destination country and the legal expert would be happy to give you a free initial online Zoom call to help identify your needs. The registration can be completed in 4-6 weeks, then you are ready to trade.
- Extra funding – When crunching the numbers, make sure to add at least 20% to the amount you need to launch your business. This will protect you, should there be some unexpected expenses further down the road and there usually is. It is always wise to overestimate when calculating a start-up budget, otherwise you might be stretched to the limit. If you have a very tight budget, it only takes a couple of unexpected bills to put you in the red.
- Spend time on the business plan – Your business plan should be your guide and because of that, you should cover every aspect of the venture; start-up and running costs, marketing, organisation flow chart and a general overview should all be included. The average length for a business plan is 15-30 pages and when you think it is finished, ask a business guru to take a look; if they give you the green light, you know the plan covers all the angles.
- Social media marketing – Facebook offers tremendous marketing potential and if you engage the services of a digital marketing agency, their social media marketing team can really make a difference. Aside from regular posting of quality content, the team will also respond to all comments, helping you to gain a large social media following. You might also need search engine optimization, which drives organic traffic to your landing page. Click here for a guide to the various types of web chart.
- Take out suitable business insurance – Whatever your chosen industry, you will need general liability insurance and employer’s liability insurance covers you for many things, such as personal injury compensation claims and other costs. All stock should be insured, along with all business vehicles, equipment and even your business premises. You can even take out insurance to cover professional errors.
Once you have finished your business plan and you are happy with it, the next step is implementation and with careful planning and a lot of hard work, there’s every reason to expect your new enterprise to be successful. If you are looking to set up your business in Singapore, here is some useful information to help prepare for the registration process.