Factors You Must Consider Before Setting Up a Singapore Company

FACTORS YOU MUST CONSIDER BEFORE SETTING UPA SINGAPORE COMPANY a Rikvin Infographic | www.rikvin.com Industry Knowledge & Skills "What do I know about this industry of and what are the skills I should have?" Always be equipped with sufficient knowledge about the type of business or industry you intend to embark on. Survey the top business trends in that industry and be ready to have the requisite skills to carry out the business. Level of Competition "How competitive will my startup be?" Evaluate the level of business competition in your market to assess the opportunities and threats your competition presents. Identify your competitors and work out strategies to stay in the game. Risk Level "What are the risks involved in starting my new business?" Study and evaluate the risks involved in the type of business you are interested in. Once you have identified the potential risks, create strategies to counteract them. Capital Requirement "How much capital do I need?" Before the formation of a business, one should consider the amount of capital needed for it. A minimum capital required to create a business, to make absolute sure you are able to afford the start up. However, leaning towards the minimum capital requirement is unsafe as there is a risk of falling below the minimum, which would diminish your business. Profitability "Will my startup generate good revenue?" The primary goal of all businesses is to generate revenue, thus it is a must to consider the level of profit before embarking on a new business venture. Analyse projected income and expenses to help you assess the financial health the company you're setting up. Without profitability, your business is doomed to fail in the long run. %24 %24 Target Market "Who are my potential customers/clients?" Businesses flourish because of loyal customers. Without customers, a business is at risk of collapsing. Identify your potential customers and always keep them interested in your business. Keep finding strategies to improve your product or services to meet the high demands. Location "Where is the best place to put up my new business"? Consider the location of your business with the location of where your potential customers congregate. Check your demographics, traffic pattern information, lifestyle data and competitive analyses. Channels of Distributions "How do I reach out to my potential customers / clients?" Consider an effective platform of distribution for your business, to make sure the products reach your consumers. TAKES Government Policies TAXES "How does my business comply with the government policy?" THIE Study the government policy concerning with the business before you embark on it. Follov the policies or you might face a fine, with your business plummeting. the rules and regulations Future Prospects "How will my business succeed in future?" Avoid the collapse or closing down of your business by planning for the future prospects of the business, and where you will see it flourish in the following years. READY TO START YOUR OWN COMPANY? Our incorporation specialists can help you. Call us at +65 6320 1888 for a free consultation. RIKVIN RIKVIN PTE LTD | 30 Cecil Street, #19-08 Prudential Tower, Singapore 049712 Phone: (+65) 6320 1888 | Fax: (+65) 6438 2436 | [email protected] | www.rikvin.com DD %24 D: