The Simple Checklist For Starting A New Business In Singapore
Starting a new business in Singapore's competitive landscape is no doubt a daunting task. Far from just having a solid business idea in mind, starting a new business has an exceptionally lengthy checklist to fulfill if you wish for your business to succeed!
This involves validating your business proposition, predicting and forecasting financial performance and key decisions, completing a plethora of legal necessities and setting up the basics of running your business before even selling a single product!
If that sounds overwhelming to you, don't worry - this article will be your guide on starting a new online business, with its very own entrepreneur checklist that will ensure you take care of the most vital steps on how to launch your business!
Are your finances up to par?
Believe it or not, running out of money is the most common reason for the failure of many businesses. In order to avoid falling into one of the many failed business enterprises, you'll need to detail a solid business plan that includes financial forecasts and safety nets.
This is because you can expect your business to run at a loss in the beginning of your business, so you will need to factor that in if you want to see it through and start seeing profits, achieve a breakeven and sustain your business for the long term.
Incorporate your business with confidence
It may sound like an obvious point, but establishing your business's form at the start will determine the future trajectory of your business.
For example, incorporating your business will have many different legal, tax and many more implications versus establishing a Limited Liability Company (LLC) or as a Limited Liability Partnership (LLP). As such, it is highly recommended that you compare and know the differences among the business structures.
You may even want to seek free professional advice by consulting corporate service providers such as us at Sprout Asia to discuss if having an incorporated company is the best one for your business and to ensure every detail and decision you make is legally sound!
Ensure complete accuracy in bookkeeping
Although often deemed as pesky and troublesome, top-par bookkeeping and accounting is the backbone of every single successful business out there.
At its simplest form, bookkeeping and accounting keeps track of every dollar in revenue and the opposite expenditure while keeping track of your assets. It involves meticulously organizing and recording business receipts, invoices, payments and more.
While it might be costly and not financially sustainable for a new business to hire a full-time internal accountant, aspiring entrepreneurs and business owners can now outsource their bookkeeping and accounting needs to consultants like Sprout Asia to keep their costs in check!
Lastly, obtain your required trademarks, licenses or patents
Are you developing a brand new concept or technology? Be sure to speak to an attorney who specialises in protecting your intellectual property against competitors with trademarks or patents if you are. You should also be prepared with licenses or permits that are required in your line of business!
This step is often overlooked by business owners, it can be a costly mistake in the long run when it comes to your business’s growth. For instance, new business owners may utilise specific names or ideas for their business in the market without protecting it from imitators.
Eventually, when their business has grown to a size where trademark protection is needed, they’ll find that their name or phrase is already being used by a third party or is similar to the trademark of that third party. In such circumstances, it will be harder, costly and legally complex to obtain the trademark!
Having your trademark registered gives you the exclusive right to use your trademark in the country where it has been granted. It also gives you the right to take legal action if your trademark is being used for similar goods or services by third parties without your prior authorization, thus protecting your business.
Make starting your new business easier with Sprout Asia
Starting a new business and first-time entrepreneurship is often overwhelming with a long checklist, but it can be much less so. With Sprout Asia, you can outsource your accounting, bookkeeping and company incorporation needs.
We ensure your needs are met with exceptional quality and accuracy at affordable prices. We implement the latest accounting technology that reduces data-entry & paperwork to focus on providing solid insights to support your business in making major business decisions.
Arrange for a complimentary consultation now if you’re interested in learning more about the incorporation process or Sprout’s approach to top-tier accounting and bookkeeping service!
Schedule a call with Sprout for a complementary consultation. We can provide insights on how we can add value by providing more insight into your business' financial performance and cash flow, allowing you to make better decisions.
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