The business opportunity is ample in Singapore. There are always new businesses coming up. If you have a great business idea, you might consider transforming it into reality. Singapore is a land of opportunity with a supportive startup ecosystem, who knows you might end up becoming a successful entrepreneur if you give yourself a chance.
Starting a small business in Singapore is straightforward. As long as you have the will, you can easily step into the game by kick-starting a small business in Singapore.
Checklist before you start a small business in Singapore
1. A solid business plan
To start a small business in Singapore, you must have a business plan to get started. The objective of the business and the financial sources of your business must be indicated in the business plan, so you have an idea how to structure, launch and grow your business. You should also include the local market and target audience’s analysis in the business plan. A proper business plan does not have to be complex. As long as you include the key elements in the business plan, it can help you to make well-informed decisions as you move forward with your business.
2. Capital and finances
Capital is everything for any business. All business owners should have enough capital to ensure the business to be fully operational. Starting a business can be intimidating if your budget is tight. To successfully start a small business, you must know how to source your funds. Some popular start-up funds are loans and personal savings.
3. Business name
Having a sound business name is crucial for any business, there is no exception for small businesses. As a business owner, you have to make sure your chosen business name is in-line with the company’s goods, products, services offered. A unique or memorable business name can help your customers to remember you easily and differentiate you from the competitors. However, bear in mind that Accounting and Corporate Regulatory Authority (ACRA) will not approve business names that seem offensive, obscene, or vulgar.
4. Consider e-business
E-commerce is rising in popularity. If you are planning to start a small business in Singapore, securing a domain name for your company is a promising idea. Having an online presence will help in diversifying your customer base as well as improve your sales and profits. Your domain name should correspond to your business name.
5. Type of business
Business entity is another key component that business owner should take into consideration. When you want to launch a small business in Singapore, you should have a basic understanding of business structures of the nation. The following are the recommended businesses structure if you to start a small business in Singapore:
- Sole proprietorship
- Limited liability
6. Tax obligations
Compliance with legal requirements is an essential process for anyone who wants to start a small business in Singapore. If you fail to comply with all the legal procedures, you might render your business illegal or lead you to penalties and fines. Therefore, you need to educate and equip yourself with all the necessary tax requirements and obligations.
7. Register your business
The first step to start any small business in Singapore is to register your business with ACRA. You can either incorporate your business by yourself or seek the assistance of a professional service provider. Paul Hype Page can help you to register your business of any business entity at a relatively lower price. 100% certainty of successful business registration. If you need helps with tax filing and tax obligations, Paul Hype Page will be able to help as well. Check out our website for further details.
8. Have a registered office address
A registered office address is necessary for anyone who wants to register a small business in Singapore. If you do not have one, talk to one of the incorporation specialists from Paul Hype Page, they will be able to solve your problem.
9. Licensing and permits
Obtaining licenses and permits from relevant authorities is a must for any businesses that want to operate in Singapore. The type of licensing and permits you required for your business depends on the type of business and the industry you are in.
10. Bank Account Opening
You will also need a business account to start a small business in Singapore. Paul Hype Page’s preferred Neobank partner – Aspire, might be a desirable choice for you. Aspire is perfect for small businesses, especially if you are doing a lot of business activity online. When you sign up for an Aspire business account, you can get cashback for all your expenses on “online marketing” (e.g., Facebook Advertising) and “software as a service” (e.g., Mailchimp).
With Aspire, you, as the business owner, can have fast and simple access to financial services for your business operations anywhere and at any time through your mobile phones. What is more, it is also free to open an Aspire Business Account. There are no monthly fees, fall below fees, or FAST transfer fees, and no minimum deposit is required as well.
If you are keen, the account can be opened entirely online with Paul Hype Page. Check out more Aspire features on www.aspireapp.com.
Feasible small business ideas in Singapore
If you want to venture into the Singapore market, here are some feasible small businesses ideas for you to consider:
Accountancy: There are abundant opportunities for accountants in Singapore because all Singapore businesses need accountants to help them with tax obligations and finances.
Consultant: The demand for consultation services is on the rise with the increasing number of potential investors in Singapore. If you have consultation skills, can provide financial advice and investment insights, this might be a good option for you.
Other in-demand small business ideas in Singapore are boat cleaning, bicycle repair, dog breeder, cleaning services, computer repair, and business planning services.
The process of starting a small business in Singapore is simple and straight forward if you do it right. Whether your business will succeed is depend on your preparedness and planning. You must have a contingency plan to ensure success in your small business. Apart from that, steps like incorporation and securing funds are also vital when you want to start a business in Singapore.
To get comprehensive information on this topic, please refer to Start a small business in Singapore article by Technologydekho.
Paul Hype Page & Co, established in 2008, is a Full Practicing Member of the Institute of Certified Public Accountants of Singapore (ICPAS). Paul Hype Page also registered as a Public Accounting Firm with Accounting and Corporate Regulatory Authority (ACRA), offering consultancy services relating to Singapore Company Incorporation, Accounting, Auditing, Taxation, Immigration, and related compliance services.
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Your Essential Guide to: amazon Courtesy Credits and Hidden Savings
On occasion, you may have noticed that your Amazon statement had an extra entry, something that was applied automatically—without your knowledge—but nevertheless lowered the total price of your order. Hey, that’s free money, right? What should I worry about? The statement is labeled “Amazon Courtesy Credit $XX,” or you will see “Amazon Courtesy Credit Applied” with your payment statement. Think of Amazon Courtesy Credit as Amazon saying, “We’re sorry” or “Thank you.”
What is Amazon Courtesy Credit?
Amazon Courtesy Credit appears to be nothing more than exactly what it advertises: credit. Like receiving a large monetary tip for your service or an apology for a situation going sour, but not a cash reward. Once you’ve placed an order with Amazon, it’s applied, usually saying “credit applied,” after you’ve checked out.
You see, Amazon Complimentary Credit is used at Amazon’s discretion, with no clear rules applying—at least, none that are known to the customer. Amazon may throw you a bone because you order something from Amazon only to have it shipped a day or two after you place the order, making the delivery date much later than promised. In some cases, new Amazon Prime users got a complimentary credit from Amazon for signing up for Amazon Prime for the first time. In other rare cases, users were rewarded with Amazon Complimentary Credit for simply preparing to cancel Prime, only to, at the last minute, decide otherwise.
Where do you get Amazon Courtesy Credit?
Well, for the most part, it seems like Amazon Courtesy Credit is mostly earned through a bad order rather than Amazon being nice. After all, Amazon is worth over $950 billion (as of this writing), and it’s doubtful Amazon would reach that figure if they handed out Amazon Complimentary Credit every time you do business with them. That eats up your income.
However, the biggest difference that separates Amazon Complimentary Credit from, say, an Amazon gift card or an Amazon promo code is that the credit is applied automatically. You don’t decide when to use it, which seems pretty silly. It’s like being given a very tasty piece of gum, only it turns bitter after a few seconds. And that is not the only limitation.
How does Amazon credit work?
These credits are automatically applied to your account after your item ships. You’ll get an email notification when the credit has been applied to your account. They can usually only be used on digital products such as ebooks, music, movies, or apps.
How long does Amazon credit last?
- Click Proceed to Checkout after you’ve reviewed the items in your shopping cart. …
- Select your shipping address, and choose a shipping method.
- Select payment method by checking the box next to Use your X.
- Review your order details.
- Click Place your order.
Although there are some limitations to Amazon Courtesy Credit, it’s a nice little bonus after a bad order has left a sour taste in your mouth. Soften the blow, and you actually end up winning because a bad order is typically replaced by Amazon at no cost anyway, and then a little credit is added on top of the inconvenience.
Use best Donut Machines Can Boost Your Shop Efficiency and benefits
By improving earnings, raising revenues, and streamlining production, donut-making machines can completely transform your donut shop. Purchasing a donut machine has the potential to change your donut business by increasing productivity, improving product quality, and ultimately increasing earnings.
Quick Dough Dispensing:
When compared to manual methods, donut machines can dispense dough consistently and quickly, saving an important amount of preparation time.
Some donut-making machines can cook donuts in just one to two minutes, which enables you to efficiently meet peak demand and serve buyers faster.
This method is perfect for catering or busy times when machines can cook a lot of donuts at once.
Lower Labor Costs
By automating routine jobs, machines free up staff to concentrate on customer service and other business-related activities.
Every time, uniform dough thickness and cooking temperature are maintained thanks to machines, producing always tasty donuts.
Complete control over the cooking and provision of dough saves waste and saves supplies.
Quicker manufacturing times and constant quality result in happier consumers and quicker customer support, which may boost sales.
Lower functional costs:
Higher profit margins and lower operational expenses are a result of efficient ingredient utilization and decreased labor costs.
More product options:
You may broaden your menu and draw in more customers by using certain equipment that gives you the freedom to make donuts in a variety of shapes and sizes.
Types of donut-making machines:
Mini Donut Machines:
If you wish to sell mini donuts as a niche item or for small businesses, these portable machines are ideal. They can usually make 7–12 donuts in a batch using a non-stick pan.
Automatic donut-making machines
For large-scale production, these more substantial pieces of equipment are perfect. Everything is automated, including the cooking and frying as well as the dispensing of the dough. Some even have functions that allow you to dispense glaze and frosting.
Donut machines with continuous chains
These devices are incredibly productive and have an hourly capacity to make hundreds of donuts. These are perfect for large bakeries or donut shops.
Further Things to Think About:
Cost of a donut machine:
The price of donut-making machines changes according to brand, size, and features.
Select a machine that can meet your needs by taking your expected demand into account.
Simpleness of Use: Some devices are easier to operate than others. Select one that is simple to use and manage for your staff members.
Cleaning and maintenance of the donut-making machine:
To minimize downtime and improve the machine’s life, make sure it is simple to clean and maintain.
Advantages of a Donut Machine:
Increased Food Safety:
By removing the possibility of human error and pollution during the handling and heating of dough, machines improve the safety of food and lower the danger of illness caused by food.
By managing routine tasks and heavy dough lifting, donut machines can relieve the stress on staff. An atmosphere that is more positive and cozy may result from this.
Some doughnut machines have features that allow for more menu diversity and meet a range of client tastes, such as adjustable dough thickness, different cooking temperatures, and different shapes and sizes.
To sum up:
- Automating the donut-machine process lowers labor expenses while increasing quality and effectiveness. Although they come with a few limitations on flexibility and creativity and demand an important initial investment, they offer better food safety, increased manufacturing capacity, and diversity. You can decide if a donut machine is ideal for your business by comparing the benefits and disadvantages.
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