Building your own business is one of the sure ways to make a living. It gives you more freedom and you can manage your finances more efficiently if you have your own business. Singapore has always been crowded with many big corporations from different industries and sectors. However, this does not mean that only big companies are welcome in Singapore. Small and medium enterprises or SMEs are also very much thriving in Singapore as they provide basic services.
Singapore has been dubbed as the freest economic market in 2020. This is because it implements business-friendly policies that aim to make it easier for big and small entities. This is why the processes for a new company set up can easily be done. In the situation that we are currently in, it is best to build your own business as it offers more financial stability. In a world where a pandemic-induced recession is being experienced, it is a challenge to go through the processes of a new company set up. The company incorporation Singapore processes may also be complicated and costly for first-timers. However, there are many options to make these easier for you as it would soon be worth your money. A new company set up has many advantages and here are a few.
Advantages of a new company set up
#1 Flexible time
There are many advantages to a new company set up. One is having flexible time. When you own a business, nobody else can dictate your working hours and you can freely do other personal things. This gives way to more flexibility and time in your hands.
#2 More opportunities
After the company incorporation Singapore process and when your business is already fully operational, you can start looking for more opportunities. Having your own business means that you can decide on the course of your company. This way, you can look for more opportunities for you and your business. When you are employed in an office, you are often tied to it and it can limit your growth.
This is also in agreement with the first two points. A new company set up in Singapore can give you more independence than working in an office since the boss is none other than yourself. Having more independence means that you can freely decide on the things that you want to do to help you grow more as a person.
Businesses under $300
#1 Delivery services
One of the easiest ideas for a new company set up is delivery services. The capital is low so you can start right away. This delivery service can be done through a motorbike or even a bicycle. These kinds of services are popular nowadays as people spend more time inside their homes due to the pandemic.
#2 Homemade products
Homemade products are also one of the top choices as it is practical. These can be food or artworks. Homemade products usually cost cheaper and are easy to sell especially to family and friends. When this is already established, you can opt to start the company incorporation Singapore procedure to make sure that you are operating a legal business.
This is one of the popular businesses nowadays as they are easy to do with the help of technology. Resellers are those who buy products from a supplier and sell them for a higher price in retail. Common products to resell are cosmetic products like Avon. A company incorporation Singapore process is also necessary as this kind of business gains profit.
If reselling is not for you because of the massive number of inventory you have to secure, then dropshipping may be the way to go. This is the method of being a middleman in the selling process. Dropshipping is where you look for a supplier and then market their product. Dropshipping does not have to deal with inventory as products usually go from the supplier straight to the buyer. Nowadays, dropshipping is popular, which is why the company incorporation Singapore processes for these kinds of business should be reviewed.
#5 Sell your expertise
The best way to start a practical and cheap business is to sell your expertise or those that you are good at. This means that you would have to spend less time and money on training yourself as you have already mastered how to do it. All you have to do is for the company incorporation Singapore process to be legally operational.
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There are many entities to help you get started with your business. WLP Group is a trusted third-party firm to help you jumpstart your business. Visit us today to know more.