Friendly tax policies and first class infrastructure are some of the primary factors that make Singapore one of the best places to start a company. The government has made it easy for both local and foreign entrepreneurs to set foot in the country and start successful businesses by streamlining the company registration and incorporation process. Today, we look at costly mistakes that you should avoid when .
Launching Too Later or Too Early
When starting a business not only in Singapore but also in other parts of the world, timing is of paramount importance. If you spot a demand for a product or a gap in the market that you can take advantage of to start a business, jump on it. Waiting will give other people who may have spotted it an opportunity to speed past you.
Location will have a direct impact on the growth and success that your business will achieve. Therefore, it is recommended to spend time looking at the various sites that you can set up your office to avoid challenges down the road. If possible, choose an area in or close to a business district to give clients and trading partners’ easy access to your office. This kind of location will also paint a positive image of your company to the customers.
Spending Too Much at Infancy Stages
After the company is fully registered and licensed, you need to watch how you spend your capital to avoid plunging the business into financial turmoil. Have an overall budget to guide you through the infancy stages. If you do not have any capital to support your operations, you can contact equity investors for funding. However, make sure that you do not give up too much equity. The trick is to protect your interests and strive to have significant control over the company.
Scaling Too Fast
Well, it is every entrepreneur goal to expand the business, but you need to be cautious of the speed that you do so to avoid making costly mistakes along the way. Richard Branson, one of the most successful entrepreneurs in the world, advice start-up to first achieve a product-market fit and resolve teetering problems before scaling up. Concisely, the process of scaling up should be iterative.
These are the four common mistakes that most newly incorporate start-up in Singapore make during the initial stages. Avoid them to safeguard the growth and success of your brand.