Are you a foreigner looking to start a business in Singapore with no capital? Or are you in urgent need to develop something of our own that creates money? Fret not, because we are here to answer your curiosity! Singapore is indeed the world's best place to do business according to the World Bank's Doing Business 2019 Report. Starting a business does need some capital, but it doesn't have to be massive! Read on to find out how you can start a business in Singapore without having to seize your savings.
How to Start a Business in Singapore With No Capital
1. Generate ideas on what to sell
First and foremost, especially if you are still clueless about which business to focus on, take your time to brainstorm ideas on what to sell. There is a range of products and services out there, but where to start? Which step should you put your foot on?
Guide in deciding what to sell, start a business that:
1) Solves a problem
The easiest way to do this is to look around you. What is lacking? What is there to improve to make life easier? It doesn't have to be a brand new invention. Just something that people around you will need, and be grateful if you can provide them with the product/service.
2) Attracts hobbyists
People who are passionate about a particular thing or hobby are usually more willing to spend money on things related. This purchasing power can be a consideration to find business opportunities.
3) You're passionate about
It is always a good idea to start with passion. As you are going to spend a lot of time and energy building a business, being passionate about what you are doing will keep you motivated.
4) Currently Trending
If there is a demand, there is a business. Watch out for the things that are currently trending or predicted to be trending in the future. Invest your research on it and start developing your ideas from it.
5) Preloved
There has been a rise in awareness of living as a minimalist. Moreover, people are getting concern about how the world's climate has been changing. Hence, it is predicted that a sustainable business has a higher chance to stay in the long run. Selling eco-friendly products or preloved items for more sustainable shopping could be another idea.
2. Determine Challenges
After you decided on your business ideas, the only way to make your plan a step closer to perfect is by fixing the imperfects. The most common method to determine the challenges and plan out how to tackle them in the future is using the SWOT model. Some thoughts to consider:
- What is it about your business' unique selling point that differentiates with competitors?
- What are the limitations in your business that competitors could be doing better than you?
- What other marketing strategies that could boost your business for more opportunities?
- Will there be any changes in customers' preferences that could be a threat to your business?
3. Money Talk
As mentioned in the introduction, to launch a business you will need at least enough capital to stock in products if you plan to sell goods. Planning based on your financial status is a good tool to decide when to launch the business. However, there are also businesses that need no cash, to begin with, at all. You might want to consider:
- Affiliate Marketing: the process of earning money every time you promote someone else's products or services.
- Blog Writing: online diary or journal focusing on one or several topics with frequent updates. Write about something you know well!
- Website building: These days there are a lot of platforms that allow you to be a professional website builder. Explore your creativity and discover new skills as well.
- and more! Click here to find out 15 other business ideas.
4. Research on Crowdfunding Platforms
Once you have everything all planned out, you may realize that you will need fundings immediately or in the near future. For immediate business funding, research on crowdfunding platforms. Crowdfunding is one of the ways for businesses to raise money. These platforms are funded by individuals or organizations who are interested to invest, or sometimes donate, in. Some of the famous crowdfunding platforms are:
For extra funding, after the business has been developed for a few months, consider getting your business a flexible business credit line. A business credit line or line of credit allows your business to have an extra support of funding for whenever sudden expenses arise. Even better, you only pay interest for what you drawdown from your agreed credit limit.
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