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You are here: Home / Blog / 9 Expert Tips to Build a Successful Business in Singapore

9 Expert Tips to Build a Successful Business in Singapore

September 23, 2022 IN Blog

9 Expert Tips to Build a Successful Business in Singapore

In this article

  1. How Do You Build and Maintain a Successful Business?
    1. Have a Strong Business Plan
    2. Do Your Research
    3. Know Your Target Market
    4. Develop a Great Marketing Strategy
    5. Set Prices Appropriately
    6. Find the Right Employees and Know When to Let it Go
    7. Invest in Quality Products and Services
    8. Be Aware of Your Business Finances
    9. Constantly Innovate
  2. It Takes Time to Establish Your Business

What makes a business successful?

Many business owners and aspiring entrepreneurs struggle to find the answer to this question – and it’s not surprising, given the failure rate of small businesses.

Here’s how it typically goes:

  • 20% fail within the 1st year
  • 30% fail within the 2nd year
  • 50% fail by the 5th year
  • 70% fail by the 10th year

By the end of the decade, only 30% of these small businesses continue to exist.

Of course, the failure rate varies from sector to sector, but it doesn’t change the fact that it’s very easy to go out of business. So, how can businesses thrive and continue flourishing when others are failing?

Start a Business

How Do You Build and Maintain a Successful Business in Singapore?

Building a business and watching it grow and develop takes time, as does maintaining its success.

We look at some professional tips business owners can use:

Have a Strong Business Plan

Creating a strong business plan is critical for any company, new or existing. A robust and well-thought-out business plan will help you outline your goals, strategies, and how you plan to achieve them.

In today’s digital age, you can easily create and share your business proposal with your key stakeholders. Think about what you want to do, and write it down.

Do Your Research

Before starting your business, it’s important to research and understand the industry you’re entering. Doing so will help you make informed decisions about your business and avoid potential pitfalls.

For example, if you’re targeting the Singapore market, what is the level of competition in the sector you’re eyeing? Are there big players dominating the industry, or is it a developing industry that will give early movers an advantage?

Related Read: 7 Business Trends to Pursue in Singapore »

Know Your Target Market

Before you roll out a product or service, you must know and understand who you are trying to sell to. Ask yourself these questions:

  • Who is your customer base? 
  • What do they want or need? 
  • How can you reach them?

When you create a product with the customer in mind, it helps to solve their key problems and boost product relevancy. Knowing your customer will also help you craft more effective marketing strategies and maintain strong customer relationships.

Develop a Great Marketing Strategy

Failing to market products well is a leading cause of failed businesses. Without a great marketing strategy, reaching your target market and generating sales will be difficult.

Good marketing makes your target customers well-aware of your products or services, engages with them, and encourages them to make a purchase.

It can even build your brand equity by bolstering your reputation, fostering relationships with your customers, remaining relevant, and helping you make better and more informed decisions.

Set Prices Appropriately

Don’t price yourself out of the market or undercut yourself. You will limit your customer base if you price your products or services too high. 

If it’s too low, you will face difficulties getting enough profits to continue operating. Find the right balance to make a profit while still being competitive.

Find the Right Employees and Know When to Let it Go

It’s normal to not be an expert in every aspect of your business. As much as your budget allows, hire professionals in areas that you’re not one in.

Don’t try to do everything yourself to cut costs, and remember to put a system in place to determine the performance of your employees. 

You should also know when to outsource your business functions to a third party who can do it in a more cost-effective and faster way than hiring an in-house team.

Related Read: Hiring Freelancers: 5 Common Mistakes to Avoid »

Invest in Quality Products and Services

If you want customers to return, you muat offer quality products or services they can’t find elsewhere. This means that you must put your money into products or services that are unique, solve their needs, and are of high quality.

Be Aware of Your Business Finances

Businesses need money to continue their operations, so it is important to keep an eye on your finances. Knowing your bottom line can help you make sure that you’re well-equipped to operate for the long term.

You can also tap into the different funding schemes and grants Singapore offers, especially to new startups, like the Startup SG Founder grant.

Singapore also provides several incentives to businesses, like corporate tax exemptions. Calculate your corporate tax here before you check out the available schemes!

Related Read: 13 Startup Schemes and Grants in Singapore »

Constantly Innovate

Although they have more talent and resources, big businesses tend to face difficulties innovating. One reason is that risk and uncertainty drive innovation, and bigger companies have more to lose if their risk goes wrong. 

On the other hand, smaller firms may be advantageous with a faster time to market, being less risk-averse, and having a stronger drive to innovate.

Innovation is essential for businesses to stay competitive and grow. It can help them develop new products or services, improve processes, and find new ways to reduce costs. 

Innovation is also necessary for businesses to stay ahead of the curve and meet the ever-changing needs of consumers. If you fail to innovate, your business is unlikely to survive its initial years of establishment.


It Takes Time to Establish Your Business

Lastly, remember that every business needs time to take off. This amount of time may vary from business to business, but don’t be overly concerned if you’re doing things right, but your business hasn’t picked up yet.

Our expert team at Singapore Company Incorporation is also ready to assist you in your business formation and operating queries whenever you need help!

Related Read: 46 Criteria Needed to Build a Successful Business »

FAQs

Why should you start a business in Singapore?

The country has a thriving economy, and is home to many multinational companies. It’s also one of the most business-friendly countries in the world, with a low corporate tax rate and a well-developed infrastructure.

What are some ways to build a successful business in Singapore?

Some tips you should consider are:

  • Finding the right employees
  • Knowing when to outsource business functions
  • Knowing your customer well
  • Knowing how to scale your business

How can you start a business in Singapore?

You can engage a corporate solutions provider like Singapore Company Incorporation to get you started on the incorporation process!

Start your successful business now!

Launch a successful business that will grow to greater heights with our professional expertise.

Start Your Business

Suggested Readings

46 Criteria Needed to Build a Successful Business46 Criteria Needed to Build a Successful Business The 5 Must-haves to Become a Successful Entrepreneur success tips for new business owners34 Success Tips for New Business Owners ways to improve the customer service experience6 Ways to Improve the Customer Service Experience
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