Everyone talks about starting a business but not everybody knows how to do it. While there is no perfect recipe for starting a successful business, here are a few tips we’ve compiled to give your new business an edge over your competitors when starting out!
Tips for Starting Your First Business
1. Identify your target audience
Source: Envato – Target Audience
No matter how much effort or time you put into your business, if you do not focus on the right audience, it most likely won’t succeed. When starting a business, it is imperative to understand the niche your product or service serves and who are your target customers. Think about the specific needs your product or service fulfils, and identify who would benefit from it the most. For example, if your company sells home gym equipment, then you should find out who prefers to work out at home instead of going to the gym.
2. Do Your Research
Source: Envato – Research
Research is a critical step in starting your first business. This includes both primary research and secondary research, where you can uncover valuable insights about your competitors, the market demand, potential customers, upcoming trends and more. Additionally, you can also use SWOT Analysis when doing your research to evaluate your business’s competitive position and use it to develop your business’s strategic direction.
3. Keep it simple
Keep it simple, stupid or the K.I.S.S principle states that systems and processes should be kept simple to work efficiently. Similarly, new business owners should also focus on a simple and quality product/service when starting out rather than overcomplicating it with multiple features and offerings. As a new business owner, you should always start small and focus on a niche. As your business grows, you can then scale up your offerings accordingly.
4. Build the right team
Successful businesses are built on teamwork and that’s why it is important to build the right team when starting a business. Besides providing higher quality work, increasing efficiency, and fostering creativity and innovation, the right team also complements each other’s weaknesses and strengths. Having the right people in your team can make a world of difference especially when starting a business.
5. Ask For helP
Starting a new business can be overwhelming and you don’t have to do it alone. If you are met with problems that are outside your expertise, you should consult a professional or expert instead of wasting time trying to solve them yourself. Additionally, you can seek out advice from other business owners or mentors in your industry, or even a family member or close friend to listen to your concerns.
6. Get the legality right
Source: Envato – Legal
In spite of Singapore’s reputation as one of the most business-friendly nations, starting a business here isn’t exactly a walk in the park. For instance, you would need to register your business with ACRA, acquire relevant licences and permits, as well as abiding by Singapore’s employment act if you are an employer. Taking care of all the necessary processes and requirements helps ensure your new business doesn’t run into legality problems or penalties unnecessarily. For a complete guide, you can check out ACRA’s website here!
7. MARKET YOUR BUSINESS
Don’t forget to market your business! Marketing is arguably one of the most important steps in any business so it’s important to set aside a budget for marketing purposes so that your customers are aware of your products and services. This can include creating a website, creating quality digital content and developing a social media strategy.
Starting your own business is no easy feat, but if you are willing to invest the time, energy and money into it, you’ll want to make sure that it is successful. When setting up your business, it’s normal to face challenges, but we hope these tips can serve as a guide and give you a direction to follow.
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• Written by Chu Ka Ying