Opening Your Own Business? Better Get Familiar With These Things

Opening Your Own Business_ Better Get Familiar With These Things - MediaOne Marketing Singapore

There are many reasons why you might want to consider opening your own business.

Maybe you want to do something different with your life, or you have a dream of being your own boss.

You might even consider it because you see so many businesses flourishing and think that it must be easy to do.

Whatever your reasons are, it’s always a good idea to look into the details and see what you need to do to make this dream a reality.

Here are some things that you might want to consider as you gear up for the transition to entrepreneurship:

Set A Budget

One of the first things that you should do before you start spending money on anything is to figure out how much you can afford to spend.

You don’t want to open a business and have it close down a few months later because you didn’t have the money to pay for rent or staff.

It’s also important to set a budget for yourself because you wouldn’t want to overextend yourself financially either. Setting a budget will also help you determine how much you can spend on certain things like advertising or marketing materials, office equipment, etc.

If you are worried about being able to pay for these expenses yourself, then you might want to consider asking for a small business loan from the bank.

Having a budget will help you avoid costly (and sometimes embarrassing) mistakes that most new businesses make because they didn’t think about how money works in a professional setting.

Being responsible is also a big part of being a business owner. You might want to think about creating a business plan that includes a section on “the money side” so that you can present this to potential investors who might be interested in giving you money to get your business started.

Get A Lawyer

Get A Lawyer - MediaOne Marketing Singapore

Even though you are starting a business, you will eventually have to deal with legal issues, so it’s important not to underestimate the value of having a lawyer on your side.

If you are starting a business in Singapore, for example, you will need to register your business and file all of the required documents with the state.

To make sure that you are doing this legally, you will need to register your business with the state and file the proper documentation with it.

The process of becoming a registered business in Singapore is fairly easy and can be done at any public library, but the cost of doing this can really add up.

If this is something that you think that you will need help with, then it might be worth considering hiring a lawyer to do this for you.

Get A CPA

Depending on what state you are in, you might also need to get a certified public accountant to help you prepare your financial statements.

In most states, you will also have to register and file taxes as an S corporation or LLC.

There is a whole lot that goes into being a successful business person, and being able to take advantage of the things that these professionals can offer can make a huge difference.

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A CPA, which stands for certified public accountant, can help you prepare your business plan and work through all of the financial issues that you might encounter as you start your business.

If this is something that you think could be beneficial to your business, then you might want to consider getting a CPA to help you run your business effectively and legally.

Secure Office Space

Unless you are planning on operating your business from home, you will eventually need to find a place to call your headquarters.

Whatever space that you choose, you will have to secure it because people will be coming in & out of your office all of the time.

If you think that this will be a place where employees can meet and collaborate, then you might also want to think about getting some sort of an office expansion or furniture to make the space more comfortable.

Once you have a legal office space, you can start setting up shop and getting things organized.

Get A Stationery And Notebook

A very important thing to have as you start your business is a notepad and some sort of pen. It’s easy to go through all of the ideas and plans that come to you and then lose them in a hurry, so being able to write them down and have them available whenever you need them is critical.

If you make a note of important dates, details, and any other information that you might want to reference later, then it will be even more convenient to have these items organized and accessible.

When choosing stationary and notebooks for your business, make sure that you purchase high-quality products that will last a long time and don’t cost too much.

If you are on a tight budget, then it might be worth shopping for used items or looking for discounts since quality products can still be found at cheap prices.

Create A Spreadsheet

If you started a business in Singapore, then it’s almost certain that you will have to register with the state and file taxes as an S corporation or LLC.

In Singapore, you will need to register and file taxes each year, and one of the first things that you will need to do is set up a spreadsheet to keep track of all of the income and expenditures of your business.

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In most cases, the IRS requires businesses to keep track of their expenditures and income in some sort of a formalized way, so having a spreadsheet will make keeping track of your finances much easier.

The best thing about having a spreadsheet is that it will allow you to input all of the necessary information, and then it will be available whenever you want to look at it.

You can also print out copies of the spreadsheet for everyone to see and ensure that everyone is aware of the information.

Get A Business License

Depending on what state you are in, you might also need to get a business license. If you don’t have a license, then you can’t operate a business in the state, and the whole process of starting a business could be hindered.

To find out whether or not you need a license, you will need to contact the state’s business licensing department and ask them to send you a license application.

You will also need to fill out the application and send it back to the state. In most cases, the application can be simple enough, but in some cases, you might have to provide a few pieces of identification, like a passport or driver’s license.

You will need to pay for a license application, but most states offer a discount for businesses that do this online.

Being able to operate a business without a license can be a serious inconvenience, so it’s important to find out about the requirements for operating a business in your state.

Find A Place To Sell Your Product

Find A Place To Sell Your Product

If you want to make money from your product, then you need to find a place where people can buy it.

This could be from a shop that you own, or it could be from an online marketplace that you use.

The important thing is that you find a place where people can purchase your product.

You don’t need to own a shop to sell your product; all that you need is a warehouse where you can store your product and a means of shipping it to customers.

If you find that selling your product online doesn’t afford you the income that you need, then you might want to consider finding a shop (or two or three) that you can join.

The advantage of having a shop is that you can use the storefront to display your product and attract potential customers.

Once you get a few shoppers, you can start offering discounts to attract more customers to your store.

Consider Your Employees

You, as the owner of the business, will have to deal with a lot of people.

There will be customers that you serve, other employees that you supervise, and people that you hire to help you run the business.

Each of these people will have a different perspective, and you will need to consider how you can make everyone happy. One important thing to do is to consider how you will treat your employees.

Will you pay them fairly? Will you provide them with the tools they need to do their job?

Will you treat them with respect?

You will have to answer these questions yourself, but as you do, you will be able to create a better understanding of how you want to operate your business.

 


Business Ideas You Can Do In 2023

The world is changing in so many ways and to stay relevant you need to update your business strategies and models.

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What will your business be doing in 2023? And how can you be making money?

Here are some interesting ideas to consider.

Get Into The Forefront Of The Tech Revolution

In 2023 you’ll be seeing more businesses embracing new technologies and the internet of things (IOT) in particular. If you want to stay ahead of the competition you need to be developing new products and services that are at the forefront of technology and also hire freelance finance analysts.

You can’t simply follow the crowd; you need to be doing things differently and pioneering new ways of operating.

Consider what businesses like Google, Apple, and Microsoft are doing. They are expanding into industries and areas of business they’ve not traditionally been in.

For example, Google purchased WigWag – a company that makes location-based digital stickers –for $30 million in 2021. The acquisition allows Google to provide customers with stickers that are relevant to their current location, such as a star for a coffee shop, convenience store, or restaurant, or a heart for a pharmacy or doctor’s office.

Similarly, Apple launched a smart security camera specifically designed for businesses and schools in early 2021. The product, called Eye Tags, connects to FaceTime and allows users to take a call with one tap.

It also can be used to display the temperature inside a building and if an animal is detected, an alarm can be raised.

Innovate To Generate New Customers

In the year 2023, you’ll be seeing more businesses expanding into new areas or developing new products and services to generate new customers.

For example, Lush Fresh Beauty, a UK-based beauty company that creates and manufactures its own products, launched a vegan facial cleanser in June 2021. The company noticed that many of its customers were adopting a plant-based diet and decided to expand its product range to include skincare products that adhere to cruelty-free and sustainable living.

To stand out from the competition, you need to embrace innovation and be generating new ideas, products, and services to take advantage of the latest technologies.

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You don’t need to be limited by what you know, but you should be looking to continually expand your knowledge and make the most of new opportunities that present themselves.

The world is changing and your business needs to change with it. Sometimes it’s about taking a new approach to generate new results.

Consider the old saying, “The way you do things is as important as what you do.” You can’t simply keep doing the same things and expect different results. Change is inevitable but you can choose to embrace it or resist it.

Embrace The Change

Embrace The Change

Resisting change is never a good idea and it usually leads to bad outcomes. You can’t control the changes that take place around you but you can control how you respond to them.

Some of the most successful businesses in the world are those that have adapted and evolved alongside rather than against the changes that occurred in their industry.

Rather than see the end of an era – or worse, a total collapse of their business – businesses that have adapted have thrived and gained an increasingly larger share of the market.

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For example, Harley-Davidson initially resisted the new environmental standards for vehicles that were implemented in the mid-2020s but eventually decided to play by the rules and put into practice what it preached – using renewable resources to power its vehicles and offer eco-friendly transport.

In the process, it doubled its market share and increased its profits by 30% (Per Bendz, Executive Director of Ivanov Business Advisors).

Make Money In A Reputable Manner

One of the primary purposes of a business is to make money.

However, how you make your money can be of great importance. There are a few ethical ways to do so and many reputable businesses exist that have established themselves over the years by operating in an ethical manner.

Knowing how to properly make money is one of the essential skills you need to possess if you want to be able to provide for your family and invest in growth.

Invest In Team Building And Culture

It’s one thing to have an idea for a business but it’s another to be able to pull it off. Some of the most important things you can do to ensure your business is sustainable and able to grow and make money are to invest in your people.

The best business plan won’t do you any good if you don’t have the people needed to make it a reality. People matter more than things and although things can matter, good people make all the difference.

Viktor Feymann, Business Editor at BLOOMBERG, states, “A business can’t succeed without a good team, dedication and hard work. However, nothing can be more crucial to its success than the spirit within the organization.”

He goes on to say, “The most important thing is not to focus on the money but to focus on the people you are investing in. You can be sure that they will grow with your support and help you grow with theirs.”

Change The Way You Look At Business And Marketing

Change The Way You Look At Business And Marketing - MediaOne Marketing Singapore

We live in a complex world and although some of the problems we face may be specific to certain industries or companies, the fact remains that many of the issues we face as individuals are common and manifest themselves in unique ways depending on the person. The same can be said of marketing and business.

To successfully market your products and services you need to be thinking differently about brand awareness, lead generation, and sales activities.

Traditional approaches to marketing and business, which center around attracting as many potential customers as possible, generating brand awareness through advertising, and closing sales – are all still extremely important, but you must also be looking to develop new ways of reaching, engaging, and converting your audience.

For example, HubSpot, a marketing platform, saw its customer base increase by 62% in the last year alone – from 15,000 to 25,000 users, all while maintaining a free plan.

Redefine Traditional Business Models

In the last few years, the world of business and marketing has changed dramatically.

The way we do business and market products has evolved to fit the new landscape – and although some of the changes may be permanent, many others can be adapted to ensure you continue to flourish.

For example, the way we consume media has shifted. Whereas previously most people would have turned on their television to see what was on – regardless of whether they were interested in the topic or not – people are now choosing to watch video content as a leisure activity.

This has resulted in a decline of traditional television viewing and an increase of time spent in front of a screen.

The way we interact with our clients has changed, too. Although the internet has allowed for more digital interactions, many businesses still rely heavily on paper chats, presentations, and other forms of manual communication.

Create Something That People Want

As a business owner, manager, or marketer you have a chance to affect the world around you in a positive way.

What you create has the ability to impact the lives of those around you and by extension society at large.

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In the year 2023, we are facing more uncertainty than we have in a long time but with more opportunity. How you choose to respond to these changes will be vital if you want to ensure you continue to flourish.

About the Author

Tom Koh

Tom is the CEO and Principal Consultant of MediaOne, a leading digital marketing agency. He has consulted for MNCs like Canon, Maybank, Capitaland, SingTel, ST Engineering, WWF, Cambridge University, as well as Government organisations like Enterprise Singapore, Ministry of Law, National Galleries, NTUC, e2i, SingHealth. His articles are published and referenced in CNA, Straits Times, MoneyFM, Financial Times, Yahoo! Finance, Hubspot, Zendesk, CIO Advisor.

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