Month: March 2021

Top 10 books to Read for Entrepreneurs

Table of Content:

1. Introduction:

2. 10 Amazing Books for Entrepreneurs:

   1. The 7 Habits of Highly Effective People by Stephen Covey

   2. Zero to One By Peter Thiel & Blake Masters

   3. Think & Grow Rich By Napoleon Hill

   4. Rework By Jason Fried, David Heinemeier Hansson

   5. The Lean Startup – Eric Ries

   6. The 4-Hour Workweek by Tim Ferriss

   7. Built to Last: Successful Habits of Visionary Companies by James C. Collins, Jerry I. Porras

   8. Lean In: Women, Work, and the Will to Lead by Sheryl Sandberg, Nell Scovell

   9. Thinking, Fast and Slow by Daniel Kahneman

   10. The $100 Startup by Chris Guillebeau

3. Conclusion:

Top 10 books to Read for Entrepreneurs

Introduction:

Successful entrepreneurs usually share similar qualities – self-discipline, decision-making skills, straightforward approach towards the problem, consistency, time management, etc.

It is always not necessary to start the business by possessing all these qualities. However, in a short span, one must learn these to see success in their business. There are many ways to learn the high-end attributes of entrepreneurs. You can gain it via your own experience or from reading the experience of others. It is excellent to read the books, understand and implement them in your business.

If you are a startup business looking for good books to read, then here is the list for you.

10 Amazing Books for Entrepreneurs:

The 7 Habits of Highly Effective People by Stephen Covey: This is a self-help book published long back, in 1989. Yet, the ideas given in the book by Stephen Covey are beneficial for entrepreneurs these days. The seven habits listed are – being proactive, beginning things by knowing its end result in the mind, putting first things in the first place, thinking of win-win strategy, early understanding and later to be understood, synergize, and finally sharpen the saw.

Stephen Richards Covey was not only an author, but he was also a successful businessman and a keynote speaker. Earlier, in 1996, Covey was named one among the “25 Most Influential People” given by Times magazine. Stephen says through this book that there are no shortcuts for success. Only through hard work its possible to achieve success. Adding to this, one cannot worry about things that are happening beyond our control—for example, climate changes or people’s opinion about your business, etc. But you can change the things that lay within your reach – your attitude, habits.

The seven habits listed in the book are significant for any entrepreneur to lead a prosperous business.

Zero to One By Peter Thiel & Blake Masters: “Brilliant thinking is rare, but courage is in even shorter supply than genius.”

“Monopoly is the condition of every successful business.”

These are some famous quotes by Peter Thiel. Zero to One book has handy information for startup businesses. By reading this book, the entrepreneurs can learn about selling strategies in business, marketing your product, and planning techniques to develop your trade. He says that entrepreneurs must have a definite vision to raise their business from zero to one. If you have ideas to start a business, then never miss reading this book.

Think & Grow Rich By Napoleon Hill: Do you know that this book was published long back, 1937. But still, the book is considered a masterpiece for entrepreneurs. Nearly 100 million copies of this book have been sold globally. The outline of the “Think and Grow Rich” is, if you want to achieve anything, then think about it deeply in your mind. As the mind is the master of the entire body, it will never stop you from believing and act to achieve success. Through this book, Napoleon Hill says that thoughts and desires will motivate you towards action. You must have faith in yourself, thinking that you can work for action. Think & Grow Rich is one of the must-read books for entrepreneurs.

Rework By Jason Fried, David Heinemeier Hansson: The book teaches several lessons for businesses. Sometimes, entrepreneurs might have felt that they made a mistake in any part of the business – either it may be in marketing or goal setting. And through this book, they can learn to avoid those mistakes henceforth in business. The author says that planning for a very long time is a mere waste of time. Sudden ups and downs in a business is very normal to happen. One has to anticipate it and take relevant precautions for it. Therefore, entrepreneurs must know to be flexible. And “Rework” says that delaying things will also lead you towards failure. Plan and execute it on time. Undoubtedly, Rework gives high-impact training for entrepreneurs.

The Lean Startup – Eric Ries: The lean startup principle is “Lean startup isn’t about being cheap (but is about) being less wasteful and still doing things that are big.” If you plan to start any business – low-investment, large scale business, or online, prepare a business plan that really works. “Planning for a business” seems to be an old boring formula. But certainly, without it – a business can topple to failure. The lean startup also teaches the value of innovation which brings in a new approach towards target customers. The points given in the book were very lucid and objective. Simply following the ideas of “Lean startup” will bring success for startup businesses.

The 4-Hour Workweek by Tim Ferriss: The three main things that the readers can extract from the book would be,

 – One must be effective in resolving problems rather than being efficient as there is a difference between them.

 – Secondly, entrepreneurs must spend time to validate all their business ideas. The validation will help them to figure out whether it is significant for their business or not.

 – Make your life less complicated to deal with effectively.

Businesses must not think that spending more hours in business will give good results. Instead, the time spent must be more productive. Smart work is always better than hardwork. Everyone would agree that the 4-hour workweek is one of the best books for entrepreneurs.

Built to Last: Successful Habits of Visionary Companies by James C. Collins, Jerry I. Porras: After six years of research, the author gave practical guidance for companies and startups to do an everlasting business. This book clearly illustrates the timeless qualities that entrepreneurs must possess. The explanation is so precise with real-time examples for better understanding the current business trend. This is one of the business books that entrepreneurs must read from cover to cover. Jerry I.Porras is a professor and well known for writing many other books. The book’s objective is to make the company overcome the competition and last for a long time in the industry.

Lean In: Women, Work, and the Will to Lead by Sheryl Sandberg, Nell Scovell: The book brings revolution among women entrepreneurs. Many highly skilled and talented women leave their job or business and opt to be a homemaker. Every entrepreneur may face failures due to mistakes that happen in business. However, learning from those mistakes is a must. Even if you are not prepared, you must be ready to take up the opportunities when they come your way. Later develop the skills and gain the confidence to do that work successfully. The author explains the success and the likeability.

Thinking, Fast and Slow by Daniel Kahneman: Surely, there are many things to learn from the book. This is a book of decision-making. Here I like to list some of the key points from the book. There are two ways of thinking – gut reaction and critical thinking. People usually spend their time in the first one. As many people are really not interested in statistics, they blindly conclude. The other things that you can learn are over-confidence and over-optimism.

The $100 Startup by Chris Guillebeau: Leading a good life is seeking adventure and trying to solve the purpose of living. The author, at his young age, has travelled to lots of countries. Sometimes, people rewrite the operating rules according to their comfort level. And this actually doesn’t seem right. Hence one must learn to work according to the corporate rules instead of rewriting them. Read and enjoy many other niche things tutored by the author.

Conclusion:

It is not enough if you read the books and leave that advice to fly in the air. If you are about to start a business and like to build your skills, then definitely follow the authors’ tips and advice. I hope this list of books will impress the entrepreneurs and motivate them to become industry leaders.

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Availing government grants in Singapore

Top 10 Movies to Watch for Entrepreneurs

Table of Contents:

1. Introduction:

2. Best Movies for Entrepreneurs:

   1. The Wolf of Wall Street

   2. The Big Short

   3. The Social Network

   4. Boiler Room

   5. MoneyBall

   6. Steve Jobs

   7. The Pursuit of Happiness

   8. The Founder

   9. Joy

   10. Office Space

3. Conclusion:

Introduction:

Movies for Entrepreneurs

Entrepreneurs need the motivation to travel in the path of business successfully. And one surprising source of motivation would be through movies. Watching the “entrepreneur characters” on the big screen will make you imagine that character and motivates you towards business. Some movies are not just for relaxation, but they will help you to stimulate yourself.

Here are ten movies that entrepreneurs can watch, enjoy and get motivated.

Best Movies for Entrepreneurs:

The Wolf of Wall Street: The storyline of the movie is a real-time incident that happened. The audience liked the movie, and it became a hit on the large screen. If you couldn’t see the movie or read the book “The Way of the Wolf,” the book for entrepreneurs, then read further to know the takeaways. Jordan Belfort is a stock broker who rose to a very high position in the Wall Street of fame and fortune due to his natural talent for sales. But he did so by compromising on many ethics. He suffered the consequences as well. The movie shows that Jordan Belfort employees are good workers and ready to leave anything (even life) for their boss. Judging a person due to his past experience would be a wrong call. Entrepreneurs must note that (in the movie) social gatherings will happen. And it is really a creative idea for businesses looking out to develop the organization’s culture. Finally, fun at the workplace is not a bad thing. It is appreciated to enjoy and relax for some time during the working hours.

The Big Short: This is the movie based on the book “The Big Short: Inside the Doomsday Machine.” The movie was nominated for Academy Award for best picture, AACTA International Award for Best Film, Critics’ Choice Award for Best Picture, and more. The movie also won awards, including Academy Award for Best Writing, BAFTA award for the best-adapted screenplay, Critics Choice Movie Award for Best Comedy, and more.

What One Must Understand from the Movie:

– Even if someone says that it is good to invest in a particular stock, do some research on your own and then invest the money in it. Blindly believing the words might break the trust upon them if things go wrong.

– If it is easy to climb the success ladder, then everyone in the world will do that. But one must remember success comes only through hardwork and dedication towards work.

The Social Network: The movie teaches lots of lessons to startup entrepreneurs. Hence if you lack time to watch the film, get the lessons from here.

– You need not worry if you are a college dropout. Still, you can be successful in life without education if you are ready to build your skills. To say with some remarkable examples, Bill Gates, Steve Jobs, Ralph Lauren, and Mark Zuckerberg are college dropouts. However, due to their hard work and talent, they have gained a reputation in their respective industry.

– If you think that you have good business ideas, then don’t wait for time to make miracles. It would be best if you took responsibility to build your own empire. As per the proverb, “Time and Tide Wait for None,” you cannot achieve anything if you keep on waiting for time and opportunities to come and knock on the doors.

Boiler Room: One of the all-time favorite movies for many of us. Ben Younger is the director of this film, and it is nominated for many awards. The movie’s 120 minutes is totally power-packed and brings the audience to the corner of the seat. Here are the takeaways waiting for you.

– Do you believe in creating new things? Then entrepreneurs must create a unique learning system whenever they recruit employees. Straightforwardly, if one wants a learning employee, then making a learning atmosphere is necessary. Moreover, the employee must also not be preoccupied with already learnt experience. As technology is evolving, they must be ready to unlearn and accept new things in the industry.

– Work, work, and work. As that is the standard norm for all entrepreneurs. Though relaxation is essential, it must not drive away your passion only in dreams. To make it come true, one must throw the hard work.

MoneyBall: The must-watch movie for entrepreneurs. The film gives new perspectives towards team management. Not everyone will be ready to take up your words. When you like to implement changes, there will be some people around you who would be opposing the changes. But when you are clear in your thoughts, then proceed without hesitation. Secondly, to win the game, it is always not mandatory to select only the top-performing players, but it is on training given to them. The startups must know that choosing the right candidates and firing the under-performing ones is also essential. Watch the movie whenever you find the time, and I would challenge it to motivate you towards entrepreneurship.

Steve Jobs: In real life, entrepreneurs cannot reach success in business without seeing failure. In the Steve Jobs movie, it is explained well, and most of the film showcases the failure of Steve Jobs, founder of Apple. To become a strong entrepreneur, you must learn to face failures and problems in life as there is no shortcut for it. He didn’t complete this graduation, and hence he lacks in qualification and skills as well. Later on, he started to learn without leaving self-confidence. The movie explains how this businessman sees success after lots of struggles in his professional and personal life. As per the proverb “Great Ones are Always Not the Good Ones,” Steve Jobs proves it to be.

The Pursuit of Happiness: It is always important to listen to others’ opinions and self-evaluate them. It is not fair to ignore opinions in business. However, one can neglect the doubts that others have about you. For example, your relative may say that you cannot start and run a company successfully and never waste time. Instead of getting disappointed, ignore the comment. And struggle hard believing in you. Chris Gardner, in this movie, does the same. The film is all about the incredible bond between a father and son. And it also teaches us that life is not so easy all the time. The pursuit of Happiness is a thought-provoking movie that people in business must watch.

The Founder: For people in business, loyalty is the most significant thing to follow. He must be loyal to everyone – customers or employees or shareholders or partners. If the businessmen are not dedicated to anyone on this list, running a business will go in vain. The movie shows how the brothers started a fast-food restaurant and worked to run it successfully. Earlier, there were many flaws in the restaurant business. Many times, food arrived late, and it was not hot. People were also left uncomfortable eating the food sitting inside the vehicle. After research, two brothers (McDonald) planned to start a fast-food restaurant that could overcome all these issues that were happening in regular restaurants.

The brothers researched a lot – in restaurant design, the business plan. They iterated several times before taking a decision. Initially, during the beginning of the McDonald era, people refused to accept the fast-food concept as they were accustomed to ordering the food and receiving it by sitting inside the car. Later what happens is the story.

Joy: The movie is all about the woman entrepreneur named Joy Mangano, who involves gaining knowledge about the business. Most of the time, she was without a job and had a housewife rather than an entrepreneur seeking business success. Raising an organization is not an easy job. Instead, it requires dedication and fighting spirit to survive in the competition. And that is what Joy does in the movie. The woman entrepreneur seeks success in the industry. She tries hard, asks for advice from many other experts in the industry, and runs continuously towards reaching her goal. You will surely get a fantastic experience by watching the movie.

Office Space: The movie hit the large screen in 1999. Yet, the impact of it remains fresh to date. It’s been two decades now since the movie’s launch, and here are the niche things to learn from it. Micromanaging is hardly possible at work. Because there would be many works on the priority list to handle immediately hence micromanaging becomes tedious. Proper communication plays a vital role in building a business. Taking rest is also equally important for entrepreneurs.

Conclusion:

In day-to-day life, entrepreneurs might have heard others’ opinions – arrange for capital, think of a business, plan or do hard work. And many times, comments like “You cannot do, “hat,” “You are wasting money,” or “get back from this business” will also bother you a lot. The best entrepreneurs’ quality is to filter both the positive and negative comments and to believe their self-confidence. These movies will surely help you in one way or another in your business path. Hence if you have time, just try to watch these movies.

For more details about entrepreneurs, Please visit our site: Best start up business advice & Tips for entrepreneurs in Singapore

Some relevant links: Government Schemes for Startups in Singapore

How to Open a Business Bank Account in Singapore? Top 3 Banks to consider

We know choosing a corporate account for your business is not an easy task. If your business is based in Singapore, it becomes more challenging as the city is popularly known as Asia’s financial hub. Although there have been some setbacks in its finance sector due to the outbreak of COVID-19, reports indicate a massive surge is yet to come.

            Singapore is one of the most stable countries globally in terms of economy as the government has a regular flow of revenue and keeps itself away from foreign debts. SMEs (Small and medium-sized enterprises) plays a major role in accelerating the economic growth of Singapore.

Opening Business Bank Account
Table of contents:
  1. Here’s what you need in order to open a business bank account in Singapore
  2. Curated tips that will find helpful while opening a corporate account bank account in Singapore
    1. Ensure that you have every paperwork required
    1. Analyze the bank before proceeding
    1. Check if your bank is accessible
    1. Are the working hours of the banks suitable for your business
    1. Go for the bank that offers fully automated services
  3. Top three banks that you can consider to open a business account in Singapore
    1. Development Bank of Singapore (DBS)
    1. United Overseas Bank
    1. Standard Chartered Bank
  4. Conclusion
Here’s what you need in order to open a business bank account in Singapore:

            Well we can’t mention the specifics for sure as it solely depends on the policies of your bank. Sometimes your passport and nature of the business can also play a role in opening a business account. Some banks also allow Singaporeans to open a corporate account without any documents or signatures.

            However, some papers are mandatory to open a corporate account irrespective of the bank. If you are someone who is looking forward to opening a business bank account in Singapore, here’s what you will need.

Note: Every copy of the document you provide must be certified.

  • Residential address proofs of directors, signatories, and ultimate beneficiaries of the company (must be dated within the last three months).
  • A copy of your company’s Certificate of Incorporation.
  • Passport copies of directors, signatories, and ultimate beneficiaries of the company.
  • A copy of your company’s business profile from the Registrar of Companies.
  • A copy of your company’s constitution.
  • Get your bank account forms signed by the endorsers.
  • Get resolution from your board of directors sanctioning the account opening and signatories of your account.
  • If you are looking forward to opening offshore accounts, get the certificates of incumbency and good standing.
Curated tips that you will find helpful while opening a corporate bank account in Singapore:
Ensure that you have every paperwork required:

            Irrespective of your business niche and locality, you must have the required paperwork ready to proceed without any hassles. Before proceeding to choose your bank, double-check for the authenticity and validity of your documents.   

Analyze the bank before proceeding:

            It would be better if you choose to open your business account with a bank that has high creditworthiness. Analyze their standards of confidentiality and check for their presence in the global market. Seeking advice and suggestions from others will help in narrowing down your choices.

Check if your bank is accessible:

            Certain banks operate only in the upscale and industrial areas of Singapore. Overseas banks in Singapore have their policies and exhibit a restricted presence in the market. It would be better if you choose a bank that is situated close to your office.

To make things easier for your employees, ensure that you choose a bank with a high number of ATMs across various parts of the city. By joining hands with the right bank, you can get several financial benefits.

Are the working hours of the banks suitable for your business?

            You might wonder what the working hours of a bank have got to do with your business. Well, the nature of your business plays a dormant part and so it would be better if you know the working hours of your bank.

Most banks operate from 9:00 AM to 4:00 PM on weekdays and 9:30 AM to 12:30 PM on Saturdays.

Go for the bank that offers fully automated services:

            Online checking facility is the new trend with banks that has been making lives easier lately. With the introduction of online cash management tools, you won’t have trouble with giving your payroll checks, sending invoices, collecting payments, etc.

Top three banks that you can consider to open a business account in Singapore:

            Here are the summarised details of the top three banks in Singapore that we think will be ideal for you to open a business account. Learning about their history, operations, scale, etc., will help in making a refined decision. In order to give an idea of it, here is a quick overview of the top three banks in Singapore.

Development Bank of Singapore (DBS):

            The Singapore government set up the Development Bank of Singapore Limited in 1968 to take over the industrial financing activities. Formerly the Economic Development Board had control over it, and ever since the power was transferred, DBS was exhibiting a dominant behavior in the market. They offer a wide range of corporate and personal banking services.

United Overseas Bank:

            United Overseas Bank (UOB) was earlier known as United Chinese Bank and was established in 1935. It was renamed in 1965 after the independence of Singapore and had been showing progressive growth ever since then.

Currently, UOB is the third largest bank in Southeast Asia and has over 500 branches across 19 countries. Along with personal and commercial banking products, they also provide private banking and asset management services. 

Standard Chartered Bank:

            Standard Chartered Bank is a British financing institution that dates back to 1958. With over 1,200 branches across 70n countries, it has evolved as one of the largest banks in the world. Although they stepped on to Singapore soil in 1859, they received a Qualifying Full Bank (QFB) license from the government in 1999.

            The Standard Chartered Bank provides various services such as trade finance, cash management, lending, securities services, etc. It also provides private banking services for several high profile clients through its exclusive banking division.

Conclusion:

            As Singapore is welcoming more and more international businesses, it has become a land of non-exhaustive business opportunities. With plenty of options to choose from, opening a business bank account in Singapore is not a painful process as you assumed, given that you have the required paperwork. 

Best Start-Up Business Advice & Tips For Entrepreneurs

Table of Contents:

1.     Introduction:

2.     Business Criteria that Entrepreneurs Must Implement:

3.     Checklist to Pursue Before Starting a Business:

4.     List of Successful Startup Businesses in Singapore:

        –Agriculture

        -Online Business

        -Laundry

        -Supplying Customized Diet Meals

        -Elderly-Care or Child-Care Services

         -Advertising

         – Freelancing

5.     Legal Formalities of Establishing a Business in Singapore:

6.     Conclusion:

Introduction:

Searching for tips to start a business?

Start-Up Business Advice For Entrepreneurs

There are tons of startup business tips loaded on the internet. Looking one after another you will end up doing nothing. But what exactly works is – implementing those tips and advice in your business.

Here we shall walk through the advice and tips that are suitable for the startup entrepreneurs.

Business Criteria that Entrepreneurs Must Implement:

Before becoming an entrepreneur, you must check whether or not you possess the entrepreneurial criteria.

Below given are those parameters. Question yourself whether you have those qualities or not. If not, then build those before stepping into the business.

–        Building a business is a long-term process that certainly demands a passion for work. Hence, entrepreneurs must thrive by loving their work. Without it, one cannot pursue happiness in business.

–        Are you running behind technology? In this competitive era, without technology, none of the businesses can survive. Startup entrepreneurs must update themselves with technology to handle the business with ease.

–        Are you conservative in asking ideas? It is not required to implement all the ideas that you have heard. But it is more important to listen to the ideas. Only after this can you judge whether those concepts will fit your business upliftment.

–        Do you like to give excuses frequently? Then business is not the right choice for you. Clients expect the projects to be done on prompt delivery time. The dedicated entrepreneurs will not face the clients with excuses.

Checklist to Pursue Before Starting a Business:

It would be exhilarating to begin a business. There are many steps involved around the process – selecting the name for business, checking for financial backup, creating a plan, etc. You may end up forgetting one or two from the checklist. Hence here are the entire things that must be noted even before starting a business.

1.     Select the business name. It might sound casual, but its name defines the whole business process. Hence selecting a business name is an overwhelming step for any entrepreneur. Your customers will recognize you via the business name, so be choosy.

2.     Is the business plan ready? You may ask if a business plan is vital before entering into it. Yes, it is absolutely significant. If you create a proper end-to-end business plan, you can figure out the loop-holes in it. It will be helpful to try another working business model or to make changes to the existing one.

3.     Are you financially ready? Apart from initial investments, you will require cash flow – to meet the daily expenses, appoint skilled employees, and many other things. So be prepared for it.

4.     Did you have a consultation with a legal advisor? If not, book an appointment immediately. By getting legal advice, you will get educated about the government schemes & policies for startup businesses, legal do’s and don’ts involved in a trade, steps to get a business license, and tax exemptions.

The checklist continues with registering the business, opening a bank account for handling business transactions, and getting assistance from the digital marketing team to kick-start your trade online.

List of Successful Startup Businesses in Singapore:

If you are going to start a business in Singapore, it is essential to explore the country’s opportunities.

1. Agriculture: As per reports, nearly 7% of food products are cultivated within the country, and the rest is imported from its neighboring countries. People are now exploring the techniques to grow organic roof-top vegetables and fruits. There are only 220 licensed farms in Singapore. Thus, it is one of the golden business opportunities for businesses in Singapore.

2. Online Business: Not only in Singapore but also in the entire world – the capital required to start an online business is less than physical shops. Especially, e-commerce shops can make profits in Singapore. You can explore creative ideas based on this and research products that are in-demand.

3. Laundry: If you are looking for low-investment business ideas, laundry is an excellent small business in Singapore. As per statistical data, more than 30,000 laundry companies started in Singapore in 2014 and 2015. The two types of laundry enterprises in Singapore are coin-operated and retail. Nearly 70% of the laundry system is retail operated. The remaining 30% is coin-based. This requires less investment as the machines are self-operated and zero cost for recruiting staff.

4. Supplying Customized Diet meals: Eating healthy food is essential world-wide. The customized healthy food delivery is trending among Singaporeans recently. Preparing a customized nutrition-rich food for the customers based on their dietary requirements and delivering it is undoubtedly a great business idea.

5. Elderly-Care or Child-Care Services: Healthcare for older people is growing in demand in Singapore as the population of aged citizens is higher. Undoubtedly, this is a profitable business, but one must ensure to provide it with utmost care. Similarly, most of the parents are working members. They are seeking an excellent & secured place to leave their children while they are at work. Childcare is also a good business idea that must demand professionals.

6. Advertising: This is a B2B business that creates a win-win situation for both parties. It is well known that Singapore is a business-friendly country. There are thousands of companies that are already running successfully, and numerous startups are also emerging in the country. Suppose you start an advertising business to promote the client’s business online and get paid for it. In-turn, their trade will get promoted among their target audience group. The added advantage is, the digital advertising business costs low-investment.

7. Freelancing: All you need is a computer with proper internet facility to be a freelancer. If you are a talented graphic designer, then search for freelance graphic designing opportunities. You can work as an employee and still pursue your business as a freelancer. Whatever may be your area of specialization, you can search for a freelancing business in that niche.

Legal Formalities of Establishing a Business in Singapore:

If you want to register your company in Singapore and search for the procedures – Here are the details.

To register the company, you must have shareholding, capital, directors for the company, registration address, and the company name. The shareholders of the company may vary from 1 to a maximum of 50. The shareholders can be individuals or any other company (Foreign entities are also allowed without any restrictions). Secondly, the minimum capital investment must be at least S$1. Later it can be increased as per the business demand. Both – the citizens of Singapore & foreign residents in Singapore can be the directors of the startup company that is being registered. The registered address within Singapore is required as a company’s registration document. Finally, to proceed with the registration process, a company’s name is essential. Apart from these requirements, the company must have appointed a secretary.

The company registration process involves three steps. The first step is the company’s name approval. While choosing the company name for your startup, keep these criteria in mind. In Singapore, no two organizations must share the same name. Hence search for different company names to get approval quickly.

Similarly, the approval process also checks whether there is any other company reserved for the same name. Secondly, for the company’s registration, the businesses must hold proper valid documents that ACRA demands. So, you must prepare the documents. And the final step is the registration of the company.

Best Start-Up Business Advice and Tips

ACRA requires the following documents:

– Company Constitution clearly explains the roles and responsibilities of the company. It includes everything from directors of the company, shareholders, and a lot of other niche details. The company (in Singapore) must function according to the Company Constitution of Singapore given by ACRA.

– The identification & residential details of the shareholders of the company.

– According to “Signed Consent to Act,” as secretary of the company and director of the company.

It may cost around S$15 for the company’s name approval and S$300 for the registration process totally. After submitting the appropriate documents, you shall wait until you get the notification about the registration process status.

Conclusion:

It is not an easy task to start a business. Yet, it is not impossible too. All you need is patience to excel in business strategies. You must be open to changing the business plan if the existing ones happen to fail due to the evolving trends. You must also be clear about your target audience. Promoting your trade without knowing the audience is a waste of money. Hence read the tips given in this niche that supports the startups to make their trade profitable. Hopefully, this article will assist the newbie entrepreneurs in becoming successful businesses.

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How to get a Bank loan for a Business in Singapore? What are the options available?

If you are looking at the bigger picture in your business to become the next biggest brand in your niche, it’s never too late to get started. However, in order to get a kick start, you need to get a bank loan. If you are someone from Singapore who fits within the aforementioned criteria, this blog is for you.

Singapore is the city that has always been in the news for its incremental change over the last decade. Their dominance in the digital and financial space has attracted global attention. Singapore has become a prime example of a city filled with a plethora of opportunities.

The government has stepped into the development of Singapore’s digital ecosystem. It seems like they are drifting away from conventional methods and looking forward to a fruitful future by implementing sustainable strategies. 

We will be covering the various loan options in Singapore and how you can qualify for them. Let’s start from scratch; business loans is a term that is basically used to describe any kind of loan offered to a company by a bank. They are offered solely for business purposes, and there are several types in it.

A company can avail loans if they are short of cash or planning on expanding their business. Not every bank offers all kinds of business loans as certain banks have special policies. We will cover some of the common types of business loans below:

Table of contents:
  1. Business loan
  2. Temporary bridging loan
  3. SME working capital loan
  4. Startup business loans
  5. How did the pandemic turn the tables for SMEs in Singapore?
  6. The odds of banks turning down your business loan proposal:
    1. Track record
    1. Business ownership
    1. Credit score
  7. Bottom line

Business loan:

 This is commonly referred to as the standard type of loan in which you need not have to offer any of your assets as collateral. The maximum allowance for repayment term is upto five years.

You can get in touch with some of the major banks in Singapore like DBS, OCBC, and UOB to avail. However, there is a catch; you will be asked to fulfill some requirements like overall revenue, previous annual year turnover, etc.

Bank Loans in Singapore

Temporary bridging loan:

A temporary bridging loan is a government-backed business financing scheme facilitated to aid businesses over the COVID-19 pandemic. In order to avail of this loan, the locals should have at least 30% ownership of a Singapore-registered company. The maximum loan amount can be inflated up to $5 million, and the repayment period will be five years.

SME Working Capital Loan:

SME Working Capital Loan is an exclusive type of business loan tailored for local SMEs with a maximum of 200 employees. Singapore’s government is working closely with banks to provide financing of $1 million for businesses with a repayment term of 1 to 5 years. However, there is a catch in availing of this business loan; it is only available for SMEs registered in Singapore, and its citizens should own 30% of it.

Startup Business Loans:

Startup Business Loans in Singapore
Bank Loans in Singapore

Startup Business Loan can be referred to as the toned-down version of the regular business loan. The maximum loan amount will be capped to $100,000. However, these loans are easier to avail compared to the others in this list. There is no need for a strong financial history, and companies that are in operation for a few months can make use of this loan. 

How did the pandemic turn the tables for SMEs in Singapore?

With the global pandemic in place, SMEs in Singapore was on the brink of extinction. As people were advised to stay indoors, several businesses faced their worst nightmare. As 2020 was the year of surprises, the COVID-19 pandemic played a major role in shaping the world. It is estimated that close to 8,663 businesses were shut down in the city, and the numbers don’t seem to be stopping.

With SMEs being a vital source of their economy, the Singapore government has decided to step into the game. By filling in the gaps left by local banks, they could bring things in favor to the SMEs in Singapore.

The odds of banks turning down your business loan proposal:

What are the chances that the bank will successfully process your business loan? As the situation is not stable now, the Singaporean government has taken various steps to ensure that funding is sufficiently available to SMEs. Here is how you can increase the chances of your loan approval.

Track record:

Getting a business loan instantly can be a bit tricky. However, if you show your track of business records in the past, it might help to jump ahead of the queue. Even if you are well established, banks will ask for your annual revenue record as proof. 

Business ownership:

As government-assisted loans are available only for the businesses that registered in Singapore. Before availing of a business loan, ensure that your company has at least 30% of shareholders from Singapore. 

Credit score:

Credit score plays a crucial role in getting a business loan. It is the ability of a company to repay its loan, and banks consider it on a deep level. Most people confuse the personal credit score with a business loan; on the contrary, it has got nothing to do.

Bottom line:

Starting a business isn’t that easy. And it’s definitely not cheap. Not everyone with an innovative idea has the funding. Getting a credit line from the local bank will be an ideal way to get their business off the ground.

Planning is the key, so ensure that you come with realistic financial projections to capture the market. You don’t need to build a cozy business in your early stages, and if you do so, you are definitely wasting your money.

Focus on what you need at this moment and ensure that your customers are satisfied with your services. By sticking with strategies with long term goals, you can keep a hook on your expenditure. By following the aforementioned tips, you can seamlessly get a steady flow of income.

Don’t let lack of money be a hindrance from pursuing your dreams!

Become the CEO of your own company today. Good luck with your venture. 

for more details, please visit our website: www.moiboo.com

Related links : Government Schemes for Startups

How to franchise your retail business? 5 tips to grow

Are you a proud owner of your retail business? Are you looking for ways to successfully expand your business and increase your overall profit? Are you want to franchise your retail business? Franchising can be a great way to expand your business to the next level without a significant investment.

Franchising your restaurants, gyms, car dealerships, hotels, etc., are perfectly suitable for franchising. If you have a strong brand value in the market and have not franchised your business, you are missing out on several opportunities.

The franchise model is a smart growth strategy for a business of any scale, regardless of the sector. However, you must determine whether your business is suitable for franchising. Consider the portability of your business, access to capital funds, and the overall value of your brand to place a strong foot in the market.

Retail Business Franchise
Table of contents:
  1. How to check if your business is franchise-worthy
  2. What are the problems that you are likely to face with your franchise
    • Lack of support and communication
    • Financing
    • Employee hiring and management
  3. How can you franchise your retail business
    • Hire a lawyer
    • Set the standards of your brand
    • Prepare your franchising documents
    • Devise your marketing strategy
  4. Top five tips to grow your franchise
    • Ensure that you communicate your franchises properly
    • Stay consistent with each franchise
    • Ensure that you provide unique services
    • Maintain a reasonable territory
    • Get to know the legal procedures
  5. Conclusion

How to check if your business is franchise-worthy?

Probably the common question that pops into everyone’s mind while reading this blog. It is quite easy to determine your business fits into the criteria of franchise worthy. We have mentioned some crucial points below in order to self-evaluate your business:

  • How well does your product sell?
  • Will it sell in the same way if the sector gets disrupted temporarily or permanently?
  • How profitable is your business in the present and what are the projections for it in the forthcoming days?
  • Have you suggested about franchising your business with anyone?
  • What is the estimated cost of franchising your business?
  • Do you have the bandwidth to handle a franchise?

What are the problems that you are likely to face with your franchise?

Challenges are a part of growth and going through hard times shapes you into a different person. It is the same case with businesses but it would be better if you had a clear perspective of what’s coming ahead to stay prepared. Here are some of the challenges that you are likely to face with your franchise:

Lack of support and communication:

In most cases, franchises fail in the long term due to a lack of support and communication. If you are new to the market, you will undergo a steep learning curve in which you will face several problems. In such scenarios, if you are left alone without any support, your franchise is most likely to face a downfall.

Financing:

Apart from startup costs, you will have numerous expenses. Right from remodeling a space or moving to a new location, you must ensure that you have a reliable financing source before proceeding.

HQ teams must help financially if the operators face any issues in the later stages. As these issues will ultimately affect the overall image of the brand, HQ teams must take necessary action in time to stay on the safer side. 

Employee hiring and management:

Finding an efficient workforce is a real challenge, especially in the retail world. If you are operating in a specialized, you have to provide hands-on training for your employees in order to bring them within your spectrum. Figuring out a way to bring down everything mentioned above within your budget will be a real struggle for you.

How can you franchise your retail business?

franchise your retail business

Ready to take the major leap in your business? However, it is better to look before you jump and market research is the key to stay on the safer side. Here’s how you should get started:

Hire a lawyer:

It is mandatory to find a lawyer who specializes in franchise law. Ensure that you meet the guidelines set by the Federal Trade Commission and local governing body. If you find it complex to comprehend, your lawyer is the person you should turn to.

Set the standards of your brand:

The way you handled your business in the past doesn’t matter anymore. Now it’s time to move into a fully professional model. Note down the issues you are likely to face in your business and devise strategies to overcome them. 

  • Franchise freedom
  • Territory’
  • Support system
  • Fees

Prepare your franchising documents:

No matter how digital our world has become, paperwork still plays the upper hand. Franchise Disclosure Document is something that is crucial for your business as it contains your experience, patents, financial statements, etc. After that, you have to create your franchise agreement and ensure that you pay attention to each and every word that goes into it.

Devise your marketing strategy:

No business will prosper if there is no marketing. It would be better if you make use of every marketing available in the market to reach maximum customers. Apart from the traditional marketing methods, consider going with special promotions, freebies, discounts, etc., for the best results.

Top five tips to grow your franchise:

Franchising your retail business is not an easy task considering the pitfalls that are likely to arise for every entrepreneur. Here are five curated tips from our experts that you will find help in your venture.

Ensure that you communicate your franchises properly:

The more you expand your business, the harder it becomes to communicate with them. It inevitably becomes harder to convey crucial insights about your strategies. The lack of communication will inevitably lead to a depletion in the point of sale and crucial aspects.

Stay consistent with each franchise:

Although you can celebrate your success of expanding your business into multiple franchises, your work doesn’t end there. Your personal touch should be imposed on every franchise consistently. By keeping each franchise close to you, they can feel connected to your business ideas.

Ensure that you provide unique services:

Almost every sector is crowded nowadays, and it needs more than good products to be successful in your niche. Apart from your regular services, ensure that you establish yourself as a readily recognizable brand in the market to attract more customers.

Maintain a reasonable territory:

Growth in business is good for you, but too much of anything is good for nothing. Expanding too fast will definitely push you through some major pitfalls. Breaking up your business goals reasonably and taking one step at a time is advisable.

Get to know the legal procedures:

Before franchising your business, you must get to know the legal procedures of the territory. A seemingly minor issue has the potential to topple a major business empire. So it would be better if you pay more attention to looking at the legal procedures of franchising your business in a particular location.

Conclusion:

Franchising is a big step in your business and you will make mistakes for sure. But knowing about the mistakes that you are likely to commit will make things much easier and will help in the long term. If you have a rough idea of your next step in the dark, you have a better chance at success.

Related Links : Retail business software

Franchise Management Software