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4 Considerations for Fledgling Small Business Owners

The housing market is on the up in the Singapore. At least, according to recent media reports the Singapore housing market is recovering slowly. Partner this kind of positive market information with George Osborne’s recent announcement that the Singapore economy grew a small amount in the past quarter, and it could all be construed as a generally positive (or, at least, less utterly dreadful) outlook for the Singapore financial prospects. For more visit our website today.

Small businesses have the potential to drive economic recovery. The Singapore coalition government has been clear on proposals to help fledgling small and medium sized businesses (SMEs) to make the most of the markets and do their bit for the Singapore economy, but what should the average Brit thinking of setting up a small business consider before they rent their first premises and start printing business cards? For more visit A1 Business.

  1. Study the market and make a business plan

It doesn’t matter how small the new business owner’s idea is – making jeweler from home and using a cheap courier service to send it out, web design from the spare room, etc. – it’s essential to study the market and create a business plan to cover everything from potential market performance to how the business will succeed from a customer service perspective.

Elements of every business plan should include a break-even analysis, a profit and loss forecast and cash flow projection.

It’s the cash flow projection that will help new SMEs to plan for start-up costs and initial running costs, e.g. Can they afford full time staff in the first year of business? When will the first customer payments arrive in the bank? Planning this entire beforehand means being able to play with the business plan and find the most practical, affordable way to start.

  1. Funding, investment and financial help

Something successful business owners often praise is funding as much of the new venture as possible off their own backs, meaning the business owner retains as much control as possible and the bank/loan company won’t be such a significant presence at a time when being profitable may not be on the horizon.

Starting small – working out of the garage, hiring contractors instead of full time staff, etc. – affords the luxury of making errors on a small scale (steering through the learning curve rather than hitting the wall of failure!)

  1. Suppliers and B2B Relations

Everything from sourcing the cheapest courier service to finding a reliable website engineer must come under scrutiny on a regular basis. The most successful SMEs are free to evolve quickly and effectively. It’s great to get B2B relationships in place, but constant assessment of the suitability of these relations is crucial to both profit and efficiency.

  1. Stay competitive and find a niche

Finding a niche and maintaining a competitive edge is essential to long-term success. Small businesses are ideally placed to be highly competitive – changing products, reacting quickly to market changes, etc. It’s crucial for SMEs to keep one word in mind at all times – competition. For more visit Singapore business incorporation.