The secrets to start your own business

Here’s what I thought to myself: why didn’t I have this fiery drive to start a business when I first graduated? Why didn’t I make this move to Singapore years ago?

Believe it or not, most of us believe in a certain pathway in life; from selecting our courses in university, choosing where to work, and making decisions that chart our careers.

All these are major decisions we have to make and yet, the uncertainty leaves many paralysed. Overanalysing the situation, putting too much pressure, taking too many things in our stride, they are all culprits. Fear of failure too drives us into the “safe” zone where we become resistant to change.

Yes, we were sceptical, unsure and less confident when we were much younger. For many, shifting away from our comfort zone takes that main bulk of assurance – sense of security – out of us. As the saying goes, if you don’t start changing how you do things, then be totally sure the results will always be the same. Stagnation lurks…

Are you feeling unsure, unhappy, having to drag your feet to work everyday? Perhaps you have been toying with an idea to start something of your own for the longest time. If you are part of this group, I encourage you to take that leap of faith to push forward and realise your dream. Become an entrepreneur! It is true that most start-up businesses aren’t sustainable, with failure constantly looming within the first five years. Here are some pointers I’d like to share on setting up a new business:

Set a clear goal
Knowing what you want to achieve in both the short and long term helps. No businesses succeed without well defined objectives.

Budget is everything
As most start-ups have difficulties with funds, it is imperative to state down everything and take your budget into consideration. (E.g. cut down on office space if you don’t think you absolutely need one)

Have it all penned down
You don’t need to be a genius to prepare a business plan. Penning down your ideas will again help you to determine your goals with clarity and an added ability to identify costing as well as your target audience; not to mention, important miscellaneous issues pertaining to your business.

Do your research
It comes hand in hand with preparing your business plan. Ideally, you would want to know a few key areas such as who your competitors are and what the current industry pricing structure is. You have to be an expert in what you sell too. Remember, no consumer or client would bother considering your company if you lack knowledge of your own products/services.

Start the funnel
Start building your prospect listing as soon as you can. Do not wait until the last minute. Go for networking sessions; make contact with those you know; gather databases; so on and so forth. Marketing doesn’t take off within a week after your start-up begins business.

Brand it well
Start a simple and fundamental branding exercise by having important elements such as your logo, website, corporate tone of voice, etc. You can further expand it when business starts to take off and when you have more funds and time to undertake it. The correct amount of branding investment will help your business grow at this important juncture. 

Fion Eaw, Business Director, Ethicus Design Pte Ltd