Singapore Company Incorporation: Bootstrap or VC Funding?
You are interested in Singapore company incorporation, and you want to bootstrap your business like the yesterday's entrepreneurs did. Yes, it was a time when entrepreneurs used to identify a problem and come up with a solution for it.
Nowadays, the startups have swamped the business world. These entities work differently than the old ones. They go from a funding round to another to raise capital from Venture Capitalists (VC). Most of them, especially those in the e-commerce or the online selling, are more focused on capturing the market share than solving a problem or making a profit. There are a few notable exceptions. However, a new Singapore business incorporation isn't the same for the old-timers.
Is Singapore the Right Choice?
Your choice of location for starting your new business is not bad at all. After all, Singapore is a favored destination by the entrepreneurs for its lower tax rates. It also straddles one of the main sea routes between the East and West and works fine as an Entrepot. It is a great market to establish a regional office in for Southeast Asia. And it is within the flying distance from the regional markets in Asia. By all standards, it is the right to incorporate a company in Singapore.
Key Tips for Bootstrapping Your Business
There was the time when the only way left to entrepreneurs was to bootstrap their business. The thinking was that you need capital only to expand your business or extend the products line. With the arrival of venture capitalists, a lot has changed. However, the entrepreneurs have not stopped preferring Singapore company incorporation. Whether it is bootstrapped or backed by VCs, it is a great thing to implement your business idea and business plan.
Identify a Problem
The heart of the matter is that the bootstrapping your Singapore business incorporation is not for all. As discussed it is not all about running after funding, but, finding a solution to a problem that people would buy from you. And, it is tough.
Alternatively, you can take up an existing solution and try to improve it cost-wise or quality-wise. There is always scope to add value to existing products and services, increase their availability and bring to the masses.
Know about Your Competitors
You need to be aware of the competition and the struggle to stay afloat and kicking in your business niche. In fact, you should start working on collecting the information even before opting to incorporate a company in Singapore.
Market Research and Surveys
If you want to sell your business idea, you need to find the people who need it most. You can do so, only by having the thorough knowledge of the market. You need to conduct market research and surveys to get the goods on your competitors and collect demographic data about your direct customers.
Find and Reach Out to Your Customers
In the beginning, you may have to work on your own & multitask to take care of your business. However, when you are in the position, hire the right employees. After identifying the target customer, run marketing campaigns, use content marketing, social media, your business website, to reach out to them.
Selling to Your Customers
Selling is a difficult art. However, if you want your Singapore business incorporation to succeed, what other alternatives you have, but to master it. It is especially important when you have bootstrapped your business. It is the only way you are going to attract money to your business.
Try to hold on to your existing customers by offering them value-added service. Always keep in mind that the cost of acquiring new customers is greater than that of retaining them.
In the market, you may hear a number of stories about the life-expectancy of new Singapore company incorporation. Yes, a large number of them perishes within the first two years. You can prevent your company from taking the same path. Be pro-active, stay tuned to the market, and respond to the emerging market trends by fine-tuning your products and services.
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