Singapore is one of the centers of entrepreneurship in the world. Entrepreneurs account for 1 percent of the population — driving economic growth and employment numbers. Businesses are the fastest way to earn big money — and you can start your own easily.
Your Own Practice
If you have a degree in medicine, law, accounting, or a skill that’s in demand — you can break away from the corporations and go on your own. Private medical practitioners in Singapore are largely successful — especially those in dentistry, ophthalmology, child care, senior care, and cosmetic surgery. Lawyers can similarly set up their own practices, as long as they have a wide network of contacts and a good track record. A private practice allows you to work as much or as little as you want to — while retaining most of your earnings. You can set up an office in your own home or rent a property for more visibility.
Starting a Business
Breaking away from corporate life to start a business is a big step. Successful businesses require a bit of research and knowledge on prevailing market forces. You can start small and stick to online sales while working — to limit your risks and get to know the market.
Decide if you want to target a specific niche or the general populace. Whether you are offering products or services, make sure they are up to par or better than most of the competition. Offer your products to friends and family to get feedback as well as ideas on how to improve upon it.
Funds and Legalities
Once you decide to go forward with your business venture, you’ll need the necessary funding and legal requirements. Singapore has a multitude of financing options for small and medium-sized enterprises (SMEs) or you can use your own money if you have enough saved.
Opting for a loan can provide you with enough capital to start your business as well as cushioning for slow starts and missteps along the way. Registering your business is easy — and the most trouble you’ll probably have is choosing a name for it. Government requirements are clear and not restrictive. Small businesses are rarely covered by harsh regulations and the whole process shouldn’t cost more than S$500. Registration should take less than a day, although there could be follow-ups depending on the type of business you are applying for.
What to Expect
Birthing pains are common in most businesses. Unless you’re extremely lucky, your business venture will probably have a slow start. Use most of your money to weather those first few months — and try to be fully involved (or at least updated) on every aspect of running your business. Run an ad campaign both in traditional and online media. You want to make a mark as soon as possible, so you can stay out of the red.
Singapore makes it easy to start a business — however, it takes a lot of research, planning, and finances to ensure your business rakes in big money in just a year or two.