Singapore’s economic growth has been so impressive that it is globally referenced. Presently, Singapore is the most attractive destination for businesses in Asia. It has a brilliant future ahead of it, and local businesses stand to reap a lot.

This is the time to start a business in Singapore. This, however, is easier said than done. Setting up a startup business takes money, and money is not always easy to come around. So, how can you get around the financial hurdle and raise enough capital for your startup?

Here are tested and proven tips from the experts.

Everyone has an idea of the perfect business plan. However, few people would put their money in basic ideas. Only you can – and should – bring your business idea to life. You should be the first person to invest into your startup. You should invest everything needed to get it off the ground: money, time, and effort.

• Invest Time and Effort

Besides money, you will also need to invest time and other resources in the startup. You should spend as much time and effort as necessary in understanding your startup, the industry, and the market. If you don’t understand all factors associated with your startup, you will essentially be going in blind.

Start by drafting a good business plan that is feasible and not overly ambitious. Be thorough in your research and look as far into your business’ probable future as possible. You will also need to research your competition as they will be looking into you; and they will not hesitate to exploit your weakness.

You should also have a keen understanding of the market. Understand what your future clients need, and come up with a way to offer it to them better than your competition does. You should never take your eyes off the markets lest you get caught off guard. The startup’s success will be hinged on its customer base, so get everything right.

• Invest Money

Start by tapping into your personal savings to establish your startup. Use your money wisely, however, since you should never risk too much than you can afford to lose. You should also consider asking close friends and family members for some help.

• Set Down Roots

The time, effort, and money should give rise to your startup. Once all the preparations are ready, take the initiative and register your startup.

You will need to go through all the proper channels to ensure that your startup has a smooth beginning. You will also need to lay a strong foundation. This includes putting together a strong workforce and developing a good network with other entities that will help your business grow and succeed. A strong foundation will give your business something to stand on. It will also be instrumental in getting investors to get on board when the time comes to raise more money.

Your company should be self-sustaining. In fact, your company should provide most of the funds it needs to grow and thrive. This will be difficult when the business is still new, so you should make thorough preparations.

The most essential thing is meeting your customers’ needs. Offer them a product or service that is better than what the competition has to offer. Additionally, be innovative and offer other value-added services that will catch your potential customers’ attention.

Next: get the customers to come to you. Your startup will not get anywhere without customers to sustain it. A good marketing campaign will be necessary to attract your first customers. Keep in mind that marketing has evolved and is changing every day, so get the best campaign solution. Meet the customers where they are and find a common ground that they can identify you with.

Your startup will likely incur a loss or break even at first, and this is normal and expected. However, always strive for more. Account for every dollar and put some of the profits back into the company to help it grow and expand.

Soliciting funds from investors has a positive and negative side. The positive side is that you will get quick money to get your business up and running. You may also reap indirect benefits such as getting professional and moral guidance from investors who also have vast experience in business. The negative side, however, is that you will forfeit a portion of your company. This, however, shouldn’t discourage you as it is a small price to pay if your investors will propel your startup to success as the pie will be enough for everyone.

TV shows such as Shark Tank have made it appear easy to secure funding from investors. However, investors are smart and cautious, and no one will trust you with their money if they are not confident that you can pay it back with interest. This is why it is important to do all the groundwork and lay a strong foundation before approaching the investors.

You investors will need to be assured of your commitment to the company. As such, show them that the startup has a bright future ahead. The first thing they will consider is the company’s current financial turnover. They will also gauge its long-term plan. Other factors that may come under the lens include the competition and conditions in the market.

Be cautious who you approach for funding. Every investor will want something in return. Negotiate the best deal you can; solicit the services of a lawyer if necessary. Additionally, leave enough room so that you can navigate easily in the future when the startup finally takes off without being obligated to the investor.

Are you really ready to start your business?

Read our tips and guidelines to confirm so!

The biggest corporations today started off as small startups and grew to the giants they are. Most have grueling stories of their beginnings. Your startup will also face many obstacles, and the first is securing enough funding to get off the ground. It will not be easy, but it is possible under the right strategy. This guide has helped many entrepreneurs, and it will work for you too.

Timcole is one of the leading company incorporation and accounting firm based in Singapore. Our wide range of professional services serve as a one-stop solution for your business, offering you the most affordable price for services conducted with the highest level of excellency.

Contact us to find out more on how we can help you with your company today.