At Incredible Planet, we’ve made this guide to help you ensure that your new company gets the best possible start. By reading this it is our hope that you will consider things from a slightly new perspective, hopefully giving you a few valuable pieces of information you can use in practice.
Answer these 10 questions, and you’re well on your way to a successful company.
- Are you planning on working part- or fulltime?
If you plan on earning a significant portion of your overall income from the business, you need to allocate the needed time. Similarly, if you only start this as a hobby company, one that will only get your attention on weekends and such, then you might not need the largest type of company complete with shareholders and directors.
- Do you have a business plan?
Many people consider this a wasted exercise, and we’ve heard “this one piece of paper cannot help me earn money” more than once in our time. The fact of the matter is while yes, the paper physically cannot help you earn money, writing it down will help you think in ways you might not be accustomed to. There are many good business plans out there, most of which are longer than a single page too.
- What are you selling?
At this stage it can be good to figure out just exactly what it is you will be making money from. Now is the time to put a price on each service or product. Consider the competition and cost of purchase to determine the price.
- Do you have the necessary capital?
Once you know what you are selling, you can start to calculate on how much money you would need to actually turn a profit. In this step you should also try to plan some budgets.
- What business type?
Depending on your ambitions and capital, there are different types of businesses out there. Some might suit your needs more than others. Read more about company incorporation Singapore
- Do you have all the basics in place?
Have you decided on a company name, and checked it is clean and not in use already? How about a logo, website, etc?
- What about locations?
Where are you going to store your inventory, are you renting space, where is the legal address for the business entity?
- Considered accounting?
Having the proper help with the books from day one can make a world of difference.
- How about insurance?
If you are renting space or have a physical stock inventory, insurance is a must. What happens if there’s a fire, of theft occurs?
- Register your business!
Finally, once all these other steps have been considered and put into action, it’s time to submit your business and register it! Congratulations!