When people discover you are an entrepreneur, they tend to picture you with a carefree lifestyle, enjoying the luxury of time, a bottle of wine, and a bag of cash under your bed.
The truth is: It’s always been about hard work since day one.
Raise your hand if you are experiencing or have experienced any of these 29 entrepreneurial plights in your beginnings:
1. Your business idea is trembling.
Your concept may sound unique and fun, but are your customers going to stay crazy about it five or maybe 20 years after its launch? Ask these questions at the beginning:
– What specific problem can it solve for my target market?
– How can my business idea make the lives of my customers faster and better?
– Does my product or service make my customers feel good?
2. You want a “divorce” with your business partner.
Having a business partner who is intellectually capable sounds like a milestone already. But that doesn’t guarantee success. Your business partner should exhibit the same passion and drive for entrepreneurial growth so you can be sure that this person will not give up despite the ups and downs of business.
3. Insufficient funds.
Working capital makes the engine run. Aside from banks and other financial institutions, you can get assistance from venture capitalists, business angels, and even government grants and schemes for startups.
4. You’re unsure of your niche.
That’s just the symptom.
The real problem is how to make your product or service more precise with its purpose.
Explore the ins and outs of the industry. Focus on one painful issue no matter how small it is. Picture the typical customer who struggles with such pain. Imagine that you are molding the solution in front of this customer.
5. Paperwork overwhelms you.
The moment you decide to register your business in Singapore, there’s going to be paperwork. Keep your code uncomplicated: Outsource corporate secretarial services and focus on what you’re meant to do: grow your business.
6. Your business plan is blurred.
Without a clear and solid strategy, your path will always be full of uncertainties. Create a business plan using several available tools online. Start with enloop’s business plan software. Register on their website and get a customized business plan for free:
7. Your company name has errors.
Know the rules of the game.
You can investigate if your preferred business name already has an existing domain. To skip the hassle, engage a corporate solutions provider to help you with formulating a strategic company name and securing other requirements in setting up your business in Singapore.
8. Poor cash flow management.
This signals a serious problem especially when you are just starting. The first step to prevent further cash flow issues is to prepare your systems for your inventory, invoices, and other financial data.
9. You’re homeless.
When you have a local registered office address, it does not just make business correspondence easier but also creates an impression about your brand and business.
10. You got the wrong people.
Because you were trying to keep your expenses low and save business hours, you settled with practically who is available and accessible. As a result, your expenses doubled and more hours were misused. The proactive step is to invest in working with the right professionals so you can kickstart your business right and equipped with the proper tools for a long-term journey.
11. You find yourself daydreaming.
And not taking actions.
For example, if you dream of establishing a business presence overseas and you plan to take advantage of the business climate in Singapore, the only way to test your vision is to show up and start exploring opportunities in the country. Your action map: Undergo the Branch Office Registration process with the Accounting and Corporate Regulatory Authority (ACRA) so you can establish your brand and connect with local agents and distributors.
12. Legal obligations freeze you.
Look for a competent corporate solutions provider and let them take the regulatory requirements off your shoulder. Before you outsource a firm, examine its experience, credentials, and exposure to your industry so you can get the right results and your money’s worth.
13. Your competitors got it all.
Aside from your existing competitors, there will always be new ones that can offer more efficient and cheaper products and services that are similar to yours. What you can do is to either magnify or reduce the concept of their business. Emphasize your strengths and stick to your brand.
14. You’re lost in your financial records.
Even if you can engage professionals who are skilled and have systematic procedures in keeping financial accounts and regulatory requirements in place, make sure you understand the financial activities that happen in your business.
15. Changes are drowning you.
Change can happen any minute once you decide to become an entrepreneur. If you find yourself drifting in government dealings and periodical responsibilities while you’re taking care of your business, ask for help. When you work with consultancy firms, they will not just keep your business legally compliant but also give you expert insights and guidance in the process.
16. You are a misfit in your circles.
Your family members and friends all have a 9-5 job and they don’t take your ventures seriously. For them, it’s a phase and it’s not going to last. Spend your energy wisely. Go out: Attend networking events, join organizations, and collaborate with other entrepreneurs.
17. “What work permits?”
Again, don’t sweat out what you can outsource. Do you need an Entrepreneur Pass, Singapore Employment Pass, or Personalised Employment Pass? Your corporate solutions provider can explain where you exactly need these when incorporating your business in Singapore.
18. You’re calling all potential consumers your target.
Create a buyer persona. The more specific your target consumers are, the easier it is for you to market your business and get results.
19. You know the where, not the how.
How: To register your business in the country, you need to prepare the requirements, study the local laws and other business-related policies, and satisfy your post-incorporation duties.
Don’t panic: There are incorporation specialists that can provide all those services for you.
Why: Because you should dedicate your time and energy on what you do best.
When: Singapore is currently the #1 startup ecosystem in Asia. Don’t be left behind. Do it now.
20. Customers don’t get you.
It must be your poor branding strategy. How do you want customers to remember you? Make sure that your message is obvious on all your online profiles, transactions, and business strategies.
21. Your incorporation preparations go well until…
…you learn you need a local company director. If your foreign company has to appoint one to fulfill statutory requirements, it doesn’t have to stall your registration process because you can reach out to a firm offering Nominee Director Services with a non-executive nature.
22. You have a weak network.
Cause: You don’t have much time to network. You’re pre-occupied with your business activities and legal obligations.
Effects: Your market is getting farther. Your industry is going so fast that you no longer know how to keep up.
Solution: Delegate your non-core activities. Set aside a day or even an evening to meet old and new friends. Accept an invitation to a networking event. Attend a conference. Entrepreneurship does not have be a lonely pursuit; it’s the entrepreneur who decides if it will be one.
23. Knowing the rules is not enough.
As a competent company, you will research your market opportunities in Singapore and you will review legal procedures and requirements before setting up your business. But you do not have to do this by yourself. For example, if you plan to incorporate a Singapore offshore company, you can talk to experts in Singapore. They will guide you as you go through the registration process. Competent consultants will even recommend the course of actions that are suited to your needs and your company’s objectives and future undertakings.
24. Your product or service doesn’t solve a problem.
Go back to item #1.
This time, be more specific with the background, age, gender, location, and lifestyle preferences of your market. Find out which problem, activity, or part of their life your product or service can ease.
25. Tax headaches.
Whether you’re a local company, branch office, or solopreneur, tax obligations will be one of the most critical part of your business. Smart businesspersons discuss this with tax consultants that will not only help them prepare annual tax computations and returns but also provide advice on different areas of taxation, including incentives, tax planning, and GST Act compliance.
26. More headaches.
Are you at the point when you need to prepare annual reports for auditing, liaise with external auditors, or clear your backlog accounts? Regulatory compliance issues should not steal your attention from what matters most to your business. Financial and accounting experts can do these for you.
27. Marketing is not your thing.
You know you have a great product and service. You want customers to see that and eventually purchase it. But marketing is a weird planet for you. Hence, hire the marketing aliens and let them do the starry makeover. Trial and error in DIY marketing will just double your expenses and waste your hours.
28. You bite off more than you can chew.
As an entrepreneur or company owner, your time and talent should revolve on brainstorming, strategizing your next activities, studying things related to your business, and networking. Everything else should be delegated and outsourced.
You cannot say you’ve given your 100% to make your company in Singapore successful if your body is divided between gainful business activities and administrative functions and you are physically, emotionally, and intellectually drained everyday for the wrong reasons. Think about it.
29. You’re not passionate about your business.
It will be obvious from the start.
If your heart is not in the business, it’s easier to quit, to not commit, to not treat your customers right, to not invest in its growth, to be content with what is available, and to be nothing at the end.
Make sure you know what you are trying to get into, that you believe in the purpose of your product or service, and that you are capable of committing to doing what’s right and best for the business.