A person with his own business enjoys more financial independence and greater control on his financial status. But to succeed in any venture, it is important for anyone to visualize first his goals, business structure to follow, and other related details before proceeding to his business. Three Basic Types of Business Entities
The first thing an entrepreneur should decide is what type of business entity he wants to adopt before he starts the application for Singapore business registration.
Is it sole proprietorship in which he would be the only owner and will enjoy full control? Is it partnership in which he can have up to 20 business partners which means more funding? Or is it private limited company (or corporation) in which his business will enjoy perpetual existence while his personal assets are protected from the debts and losses of his company?
Every business entity has its own pros and cons which must be greatly considered. However, most experts agree that a private limited company is the most ideal for entrepreneurs with a long-term goal for their business as this setup will allow them to enjoy protection of asset, attractive corporate incentives, and other benefits.
The Products and Services
Bonafide entrepreneurs have always associated their products and services to their target-market so they can estimate the amount of capital they will need, equipment and materials to be purchased, and the level of quality they should offer.
Meanwhile, these questions can guide budding entrepreneurs on deciding on what products or services they should offer: What are my niche skills and interests that can generate profit? What is the estimated profit of my product? Can it be easily sold? It is easy to produce? Does it have an existing target-market?
Competitive and Market Analysis
One of the most important things any entrepreneurs should do is examine the business environment which includes the existing competition, different types of consumers, media, social norms, and other factors which can have a direct and indirect impact on their business.
When conducting competitive analysis, most experts agree that these four factors should be the main focus of entrepreneurs: who are the direct and indirect competitors, the specific market of competitors, the number of years they have been operating, and how do they attract their target-market.
Operations of a Business
Operations usually include the location, how many employees a certain business will need, the equipment, machinery, suppliers, materials, ways to track inventory and sales, and other related-issues.