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There are over 10 million SMEs in the world, covering over 80% of jobs in the industries sector. However, about 50% of all small businesses fail in their first five years. There is no doubt strict competition and there will always be monopolies, but only through a combination of hard and smart work can you succeed. There is help and many resources like the government grant Singapore, you just need to dig them out and utilize them to the fullest. Here are some practical tips for entrepreneurs running a small business in Singapore to help them succeed.
Take Your Business Online
Over 4 billion people use the internet. You might be targeting a local audience for now, but you can reach out to people on the other corner of the world without leaving your bedroom. It doesn’t even require a lot of investment and gives you an opportunity to access SME grants. Create an e-commerce store to sell your products online.
Technology is fast, easily accessible, and cheap in the twenty-first century. You can get a website running within a few hours and build an online presence through digital marketing. When SMEs go digital, they also become eligible for PSG grant. You can see this resource at Shopify to learn more about how you can avail the Productivity Solution Grant. These savings can be used for further developing your online business.
That said, being able to secure your business from hackers has become more crucial than ever. Competent anti-malware and anti-virus software such as Avast and others are essential for protecting your company from criminals.
Resources aren’t Really Important
We have heard many people say that they couldn’t start or expand a business because they lacked resources. Let me tell you something: resources are overrated. You just need to have the right mindset and you start to see opportunities like IMDA grants and many other government grants in Singapore. Here is an example of an assignment given to students in an Indian business school that I read on Business Insider.
They were given one thousand rupees and asked to double it in two hours and then give a ten-minute presentation. Most students created a stall and started selling some product or service, but none of them could fully succeed. The winning team contacted an outside company and advertised them in the ten-minute presentation. They considered one thousand rupees, their resource, a distraction and got the job done without it.
Separate Your Personal and Business Finance
Most small businesses operate as owners of the company. It may save you some money for the time being, but it’s not a good idea if you plan to expand in the future. Register your company as an LLC or corporate and treat it as a separate entity. Make sure you also keep bank accounts and other finances separate from your personal finances. In case the company ever goes bankrupt, you or your personal finances won’t be held liable. You can always start a new company as long as your own resources are safe. Otherwise, your house and cars might be sold to pay off debt and investors.