There is an increasing trend in young Singaporeans to choose the entrepreneurship route, instead of climbing the corporate ladder in a organisation. Freshly graduated from schools and armed with plentiful creativity, young entrepreneurs are passionate about their business ideas and eager to make their mark in the marketplace. Every new business startup begins small, though the growth potential can be limitless.
There is a lot to learn in the working world that is not taught in schools and institutions. Real work experience and learning in the workplace is priceless. Entrepreneurs who have industry-experienced partners in their team will be highly advantaged. They can learn from their seasoned partners the tips and tricks of the business, as well as to how to avoid the mistakes and pitfalls within the industry. They will have a mentor to guide them in their business planning process.
If all the business partners are new, perhaps it will be good to gain a few year of experience learning in a salaried job of the targeted industry first, before establishing your own business. However, there are some short-cuts to expedite the learning curve and accelerate new business setups.
As a new business startup where funds is not unlimited, it is critical to plan your business investments very carefully. Here are some recommendations for consideration:
1. Industry-Specific Consulting Services
Before starting the business, new business owner can seek for a complete market analysis from industry-specific consultants. These consultants, usually domain experts in their own industry, have a wealth of knowledge and hard-earned working experience to share. Consultants are able to provide real market analysis of the target markets, competitors analysis and customized recommendations for their clients. Getting an market insight from consulting services can help you to shape and sharpen your go-to-market plan. It supports you in setting business strategies and managing expectations. If you want to have a unique selling proposition for your business, a great way is to engage business consulting services to help you craft out a good business plan.
2. Online Business Presence
In tech-savvy Singapore, it is a absolute must to have an online presence for every business. This is so basic nowadays that any business without online representation will put its credibility at risk. The good news is setting up your online presence (website/ social media accounts) is not too expensive, compared to some other business costs such as rental or manpower. Outsource this work to the web specialists so that you can focus on driving your business forward. Website Development and Search Engine Optimization are key investments that will yield good returns to your business for a long long time.
3. Resources To Know Your Customers
Buying market information from professional research companies here is very expensive. The most important advantage of having an online business presence is the customer insights you can gather. Analyzing your own customers’ insights data from the back-end of your company website or Facebook account gives you an instant heads-up versus your competitors who do not.
Promote your business online also generates a wealth of data for you from your existing and potential customers. Again, business owners need not know how to do everything by themselves. It is easy to engage third-party expertise to create and provide analytic reports for you, or even run online campaigns for your products. This is definitely more affordable than traditional media. The intelligence of the data you collect alone will be worth many times of your campaign investments.
Knowing your customers allows you to steer your business, design attractive loyalty programs and create exciting promotions. Engage your loyal customers and target potential ones over and over again. Being customer-centric in your business is a sure path to success for every business.
There are lot of challenges and opportunities in every company to differentiate from competition. Professional consulting services can help new entreprenuers, who are just starting business, to get to know their industries in the fastest possible time. Plan wisely to make the right investments can help new business startups to propel and scale up exponentially.