If you’re like many business owners, you’d also like to take advantage of the Singapore market and start your business in the city-state. Factors that entice entrepreneurs to open a business in Singapore include the strategic location, pro-business environment, a competitive workforce, and innovative economic policies that made Singapore the world’s gateway to Asia.
Once you finally decide to start a business in Singapore (or any location, really), you will go through many knowns and unknowns. However, it gets easier when you have a good business idea from the get-go.
The more value-packed your product is for your intended customer, the easier everything becomes! Getting all the crucial information about the potential demand for your product or service, competitors, and your prospective customers’ needs will make success easier to attain.
This article will list some things that you can consider when assessing your idea.
Do you have an original idea?
Research is key to knowing if you have an original idea or if someone else already beat you to it. It’s easier to capture a market if you have something no one else is doing, plus it has a better chance to be more profitable than other similar products or services. A business expert or mentor of starting a business in Singapore will assist you in assessing or enhancing your original business idea.
Will people pay for your idea?
Great ideas easily translate to a successful product or service that people are willing to pay.
The first consideration is to identify your target market. Are you looking to sell to young people or seniors? Is your product targeted at men, women, or both? Do you want to sell to individuals, other businesses, or the government? What’s the income level people need to afford your product or service?
After knowing who you are going to sell to, the next step is to consider market research to know if your target market would be interested in purchasing your product or service and how much they would be willing to pay for it.
If your idea is interesting to potential buyers but not willing to pay for, you can try other business models. Businesses in the service industries offer their service initially for free or at a low price but can profit via other avenues, such as advertising.
Your target customer. Before selling anything, you must know your target market. Trying to satisfy too many different customer needs may end you with a product nobody will like or a service that no one needs. If your business involves suppliers or customers in Malaysia, be sure to track the best exchange rate SGD to MYR to manage costs and set competitive prices.
Your competition. After narrowing down your customers, the next step is to look at selling similar products and where. Check if you’re competing with a product that’s already marketed. If your idea is a product, check stores or catalogs to see what other products are available and which companies market them. Determine why customers buy from them and why they would want to buy from you instead. Do you offer a lower price? Is your service better? The best way to know is via market research using existing data or through your survey.
Developing a good idea and business plan is critical to your business success. A business plan will also determine the money necessary to start your business. A lender/investor will review it to know your eligibility for financing. Your plan needs to outline how you plan to profit and include an estimate of your projected sales. Base your estimates on your market size, marketing plan, competition, price, and industry trends. Also include basic business expenses like rental space, salaries, supplies, and insurance.
As you consider your idea, you may wish to get some help starting a business in Singapore. A lender will have a dedicated advisor to assist you with research and correct financing.
Comments