Thursday, December 4, 2008

Essential Information for startup

Business name registration fees S$ 15 (required for ALL business forms)
Sole-proprietorship / Partnership registration fees S$ 50
LLP S$ 150
Companies limited by shares S$ 300
Companies limited by guarantee S$ 600


No of shareholders in Private Limited Companies is 1 - 50 (the same person can be the sole s/h, director and co. secretary)
No of partners in both Partnership and LLP is 2 - 20 (20 is the limit, otherwise need to form Pte Ltd)


Latest company tax rate is 18% (though effective tax rate is lower due to all the exemptions etc)
Latest personal income tax is 0% to 20% (depending on chargeable income amount)
Social Enterprise (Not-for-Profit) has the follow options

1) Society (register with Registry of Societies)
2) Company limited by guarantee (register with ACRA)


Social Enterprises can also register as a Charity Org, with Institution of Public Character Status (this is additional to above)

*Information updated as of 5 Dec 2008

Thursday, July 10, 2008

Resource Links

For greater details on creativity, entrepreneurship, government directories and industry competitions/ awards, check out the following links.

Creativity
Edward de Bono

Entrepreneurship
Entrepreneur.comBusiness Owner's ToolkitBizplans.com

Franchising
howstuffwork

Singapore Agencies
Accounting & Corporate Regulatory AuthorityAction Community for EntrepreneurshipAssociation of Small and Medium EnterprisesSpring SingaporeInternational Enterprise SingaporeIntellectual Property Office of SingaporeEconomic Development BoardSingapore Network Information CentreBusiness.gov.sg

Youth Agencies
The Little EntrepreneurNational Youth CouncilShine

Youth Competitions and Awards
Tan Kah Kee Young Inventors' AwardMayor’s Innobiz AwardShell LIVEWire Awards

Plan your business

There is a first in everything you do. From developing an idea, forming a company, writing a business plan, raising money or attracting customers, each step is a meaningful and important one. See below topics which may be of interest to you.

IDEAS
OPERATION
FINANCIAL
GETTING CUSTOMERS
GETTING STARTED
EXPANSION/ EXIT PLANS
BUSINESS PLAN
AWARDS & COMPETITIONS
OTHER REFERENCE LINKS

1 IDEAS

How Do I Know if My Idea May Work?
Nothing beats testing your idea first. Conduct a marketing research now.

How Do I Get More Ideas?
You can be more creative by following these 3 simple steps.

Where do I File for a Patent of My Idea or Product?
Visit Intellectual Property Office of Singapore (IPOS) today.


2 OPERATION

How Do I Get Suppliers? You can look up yellow pages or the world wide web. Be on the lookout for exihibitions, newspapers and people for more information of suppliers' contacts too.
What is the Operation Plan? Go, operations, go! Check if you have answered these questions.
What Should I Consider in Choosing a Management Team? When building a team, you should find people who have complementary skills.
How do I Make Sure that the Team Works Well Together? Tips on working together as a team.

3 FINANCIAL

What are the Sources of Capital? You can consider these sources when looking for capital.
How Do I Raise Money (Capital) for My Business? Get hot tips about raising money here.
What are the Types of Loans Available to me? Long term loan Vs short term loan
What is a Profit and Loss (P&L) Statement? Also called an Income Statement, a P&L statement shows your sales and expenses summary over a period of time. Find out more.
What is a Balance Sheet? Balance sheet is a statement showing your company's wealth at a given point in time. Find out more.
What is a Cashflow Statement? Cashflow statement shows the cash receipts and payments during the period.
Is There a Difference Between Profit and Cash? Yes, do not get mixed up with profit and cash. Find out why they are different.

4 GETTING CUSTOMERS

How Can I Attract Customers to My Products or Services? Apply marketing strategies to the right target group.
What is a Marketing Mix? Heard of the 4 "Ps" of the marketing mix? More details.
What is a SWOT Analysis? Through the SWOT analysis, you can now analysis better about your business.

5 GETTING STARTED

Where do I Register My Business? You can register at ACRA.
How do I Register My Business' Website Address? You can register Singapore web domain names at Singapore Network Information Centre.
What are the Government Assistance Schemes Available for a Startup? Spring Singapore offers a range of assistance schemes. If your business is going international, you can approach IE Singapore.
Should I Start a Business as a Sole Proprietor, Partnership or Company? Each has its pros and cons. You may weigh each option at ACRA.

I am Inexperienced and am Worried about Starting Out. How can I get more help? Here in SEED Centre at ITE College East, we'll unlock your potential and guide you along. More about SEED!

6 EXPANSION/ EXIT PLANS

If My Business Becomes Successful, What's Next? Expansion is the key word! Choose from these few ways.
If I Start the Business, and halfway through decide to quit, what should I do? Good! You should consider your exit strategy right at the beginning. Find out the options here.

7 BUSINESS PLAN

How Does a Business Plan Looks Like? A business plan is an essential part of your company. Find out what it includes.

8 AWARDS & COMPETITIONS

Are there any awards or competitions in support of Entrepreneurship? Yes, industry-organised ones are largely organised by ASME. Others are run by individual organisations.

Taking the Leap!

Beyond your wildest dream, you probably think that your business is ready to take off. After all, you’ve had an idea, identify the market, form a team, and are ready to operate. Or even better, you’ve started to buy and sell goods/ services ie do real business transaction!

Wait a minute. Have you prepared the business plan yet?

Find out how to write a business plan in our next few posts.

Entrepreneurship in Action

Now that you have had an opportunity to sell your idea and plan out what business you want to be in, the next question is how you will be implementing the idea. Some questions you should try to answer are:

  • What resources and processes are necessary to get the product or service to market?
  • What sort of action plan and timeline do you have?
  • What are the roles of your team members? What will they be assigned to do?
  • Do you need any manufacturing facilities? Where will they be and how long is the manufacturing process?
  • How about R&D (Research & Development)? Who will you engage to conduct R&D for you?
  • When will this be conducted and how long will this be?
  • How will you be going about your purchasing? Who will be your suppliers and what is the cost of the supplies? Why do you choose these to be your suppliers over others?
  • Do you intend to employ staff? If yes, how many and what are their roles/ experiences like?
  • Any equipment you will require for your business?
    What are the operation hours of the business? Who will take care of what during the operation hours?
  • Will you be providing any supporting services? If so, what are they and who will help carry out the supporting services? (eg. delivery, installation, maintenance, value-added services)
  • Any backup plan if operation fails? How will you be managing crisis?
  • Once you have answered the above, work out an operation budget. An operating budget is prepared when you are actually ready to open for business. The operating budget will reflect your priorities in terms of how you spend your money, the expenses you will incur and how you will meet those expenses (income).

    Your operating budget also should include money to cover the first three to six months of operation. It should allow for the following expense and whatever else is relevant to your business.

    Operating Budget

    Salaries & wages

    Rent

    Legal & accounting

    Supplies

    Subscriptions & fees

    Repairs & maintenance

    Insurance

    Advertising & promotions

    Depreciation

    Taxes

    Transportation

    Miscellaneous expenses

    Money Matters

    The real art of business is mastering the financial aspect of your company. Usually, poor financial management is one of the leading reasons that businesses fail.

    Normally, many entrepreneurs are not skilled in the art of raising money. However, you need money to start your business and you will need it to expand. Without seed money, your business idea will never get off the ground.

    Financing a business might not be as difficult as you think. Especially if your idea is unique or you have the required knowledge or skills to make yourself (and perhaps your backers) a lot of money. It has been said that there is MORE venture money available than there are good business ideas.

    Find out more on:

    Sources of capital
    Types of loans
    First things first
    Tips about raising money
    How to write a loan proposal
    Managing your business finance

    The Team

    Imagine all the work you’ve got to do when you run a business. Be it finance, marketing, operations or administration… you can’t possibly be at all places at one time. Even if you start the business as a sole proprietor, you would still need to rope in people or employees to help you at some stage and delegate the task. That’s when team work comes into play.

    For a team to achieve its goals, each and every member must do more than just carry their own weight. All of you must involve, support, and share information with your team mates. And you must commit to the success of the entire team, not simply your own success.

    The Team Leader – Bringing Out the Best in Others

    To start off, in order for the team to effectively function and maintain good communications with all parties, there needs to be a designated leader. The team leader may be appointed by the team members from among the group.

    This leadership role can be challenging in that the leader will need to provide structure and support to the group while still being a team member. This person must be able to guide, stimulate, coach and coordinate well. He or she will ultimately be the one who ensure that each team member contributes their strengths and displays their fullest potential in the business or project.

    The essence of a team

    When building a team, the leader should consider the basic skills needed by members of the group. Ideally, four types of people are needed in a team.

    A producer.
    This person knows how to get the job done. He or she has wide contact of suppliers, people whom he can get resources from and is good at running the operations of a business. Is a highly energetic and responsible person.

    An administrator.
    He or she is able to plan and organize, has good time management skills, resourceful in planning schedules, to-do lists, ensuring datelines are met, making arrangements and ensuring that everyone is on track. Is someone who never runs out of steam.

    An entrepreneur.
    This individual has vision and creative problem-solving abilities. He or she is someone is able to think out of the box and has an eye for detail. Very likely is the one who comes out with the business idea(s) and studies market opportunity in his innovation/ business.

    An integrator.
    This person can take an individual goal and transform it into a group goal. Is someone who possesses great communication and interpersonal skills, and able to translate thoughts to action. During team meetings, this person will be the moderator of the discussions.
    When you are organizing a team, you should try to assemble in the group, individuals who possess one or more of each of the above four qualities. The input of each is critical in achieving a productive, well-balanced team.

    Ultimately, the best decisions come from teams in which everyone is committed to contributing and working TOGETHER.

    We’ll get it there, faster

    When you work together as a team, pay respect to each other and follow these steps to achieve your goals faster.

    Listen and pay attention to one another.
    Everyone’s views are important, so give your fullest attention and respect by listening to what each team member has to say.

    Discuss the issue at hand and work through conflict as opposed to avoidance of conflict. Instead of totally avoiding the situation and cause the business or project to get affected, be professional about it and work out alternatives and solutions whenever conflicts arise. Things have to be sorted out on no matter what.

    Let everyone have a chance to state his or her views. No one view is the best view until you’ve heard all the views. So, allow everyone to give their feedback and speak up.

    Know and use problem-solving steps. Throughout the process, you’ll face many unforeseen problems. Whether they are problems relating to location, suppliers, pricing, customers, or even internal conflicts with your team mates. The biggest problem among all problems is to leave it (problem) unattended. So be ready to be called for last minute meetings and brainstorm for ideas and solutions together.

    Be clear about group decisions and get committed to them. After brainstorming and discussions, you would have come up with group decisions. Make sure that everyone sticks to the decisions, even if some team members may not agree totally. It is important that the group is committed to the decisions and respect them.

    Give frequent feedback to members to help them stay focused on team goals. Once the tasks are assigned, everyone will be busy working on their own responsibilities. Constant updates and communication is essential, so as to feedback to each member how they and others are doing. In this way, everyone is kept informed and able to stay focus on the overall goal.
    Working together happily and enjoying what you are doing, isn’t that what you wish for? So, cherish the relationship you have with your team and sail towards success!

    Marketing

    Marketing surrounds us daily. Didn’t you come across a wide range of media every day such as the internet, hand phones, radios, TVs, newspapers, magazines and books? What about the salesmen that you met on the streets, or perhaps personal friends, family members and acquaintance who recommended you a new product or service because they’ve heard, seen or used it?
    Whatever form it may take, marketing begins by taking the first step to find out who your customers are, what they like and why they would buy your product. We call it Marketing Research.

    Some questions you should try to answer:

    Who are my customers?
    How many potential customers am I targeting?
    What do my customers like/ dislike?
    How would my product or service solve my customers’ problem?
    Which other competitors’ brands/ products/ services are my customers using?
    How much would my customers spend on my product or service?
    How should I attract the attention of my customers?
    How should I retain my customers?
    The idea doesn’t have to be big. It just have to attract a lot of customers.


    Today, the customer is king. Whereas previously the company had been the hunter searching for customers, now the consumer has become the hunter. Thanks to the advent of technology and internet.

    No matter what brilliant idea or innovation you have, it isn’t going to work, unless you have a growing customer base. So, know your customers, talk to them, find out more about them, their need, their opinion about your product and service etc.

    Now, what’s next? Have you heard of the four “P”s of the marketing mix? They simply mean:

    Product – know your product types, features, benefits, disadvantages, designs, packaging, positioning etc
    Price – determine the general pricing policies to be followed for product groups for your market segments.
    Place – choose the location of your business eg. where, why etc
    Promotion – the advertising, sales promotion, public relations, exhibitions, direct mail, Internet etc are some ways which you can run promotions.
    In addition, there’s another term you ought to learn, and that is SWOT analysis.

    Here’s what SWOT means:

    Strengths – what do you think are your business’ strengths, advantages or reasons for success? Eg. experience, creative product, strong management team etc.

    Weaknesses - problems that you/ business may face, bringing you
    disadvantages over your competitors. Eg. Lack of experience, lack of funds/ money, delayed time to market etc.

    Opportunities – what are the market opportunities available which allow you or your business to get ahead of your competitors? Eg. the size of the market, rising trend of consumption, government policies etc.

    Threats - challenges you may face, which is bad for the business. Eg. competition, legal problems, price cutting etc.


    From the marketing research and SWOT analysis, you now know why customers want your products and services. Most importantly, you know how the products/ services in your entire range relate to each other in your business. Creative and intelligent interpretation of all the information you’ve obtained is key to helping you establish the right marketing objectives for your company.

    "Recipe" for Producing a Strategic Marketing Plan

    1. Start with a mission or purpose statement.
    2. Include a financial summary that illustrates graphically revenue and profit for the full planning period.
    3. Carry out a market overview:
      - What is the market?
      - Has the market declined or grown?
      - What are the trends in each market?
    4. Identify the key segments and do a SWOT analysis for each one:
      - Outline the major external influences and their impact on each segment.
      - List the key factors for success.
      - Give an assessment of the company’s differential strengths and weaknesses compared with those of its competitors’.
    5. Make a brief statement about the key issues that have to be addressed in the planning period.
    6. Summarize the SWOTs using a portfolio matrix in order to illustrate the important relationships between the key points of your business.
    7. List your assumptions.
    8. Set objectives and strategies.
    9. Summarize your resource requirements for the planning period in the form of a marketing budget.

    IDEA

    So as to let your mind run freely and work as quickly as possible, let the map grow naturally, reflecting the way your mind makes associations and connections and organizes information.

    3. Dreamwork
    Do you like day dreaming? Does your mind often wander away on something else even though you are studying or working? Albert Einstein once wrote that the art and science are two of the greatest forms of escape from reality that humans have devised. Great art and great science involve a leap of imagination into a world that is different from the present.

    In fact, dreams contain more than just our conscious awareness of events; they are an expression of our deeper mental processes and emotions. They often have vivid images and thus are a route to our deep creative knowledge.

    So, the next time you try so hard at finding an idea or being creative, you’ll be surprised how easy it is actually. Imagine the possibilities, (day)dream about how they would happen, and you might just come out with several ideas which you have not thought of.

    Wednesday, January 16, 2008

    Top 10 Tips For Generating Big Traffic To Your Blog

    Hi Everyone, After you have created a blog, the next important thing is to get web traffic to your blog.

    i found this article very useful and have posted here for your reading.

    ---------Article Starts -------
    “Top 10 Tips For Generating Big Traffic To Your Blog Today”(C) Copyright Ewen Chia

    Let’s face it, blogs (or weblogs) are getting incredibly popular amongst people with an internet connection due to the ease and practicality of setting one up. Despite this however, there is no value in having a blog if no one is visiting and reading it! Therefore, it is important to know exactly how to drive traffic to your blog if you desire to increase yourreadership or monetize it.To do that, here are 10 quick tips to generating more traffic to your blogs:

    Tip 1: Reciprocal Linking
    One of the most proven ways to gain targeted traffic is to exchange links with other bloggers or site owners. This is a task which requires a little work – by sending an email request for a link exchange with a few follow ups but the results are worth it.Another linking method is to simply write a testimonial for a product you have purchased. If your testimonial is good, product owners will usually publish it on their sales page with your blog URL included.If you want to skip the traditional way of exchanging links and go for the easier way, you can automate the process with various software and services found on the net. Just do a search at Google.com and you will have a list of these.

    Tip 2: Blog Commentaries
    Do you know that your comments also have high potential in generating targeted traffic to your blog and is an effective linking strategy?All you have to do is find a blog related to your niche and post your comments. At the end of your comments you can include a link back to your blog, this way people who are interested will be able to visit your blog as well. However you should never misuse this to spam other blogs.

    Tip 3: Blog Directories
    Blog directories are similar to search engines just that they cater only to searches for blogs. It is advisable to submit your blog to the major directories, some of which include feedster.com, technorati.com and blogstreet.com.Similarly, there are many blog services like pingomatic.com which you can use to ping your blog. Pinging your blog notifies the service that you have updated your blog. These services will then publish your new posts and you get traffic from interested readers and search engines.

    Tip 4: Writing Articles
    This is one of the best ways of pulling targeted, steady and long-term traffic to your blog. By writing your own articles and submitting them to article directories, you can invite a lot of targeted visitors to your blog.In order to generate traffic by writing articles, you need to include your resource box at the end of every article you have written. The resource box is where you promote and introduce your website or blog.To truly maximize your results, you need a system to create, submit and leverage off your articles easily.

    Tip 5: Writing Press Releases
    Press release is a very effective way of generating instant traffic to your blog. Although press releases only pull in short-term traffic, they can work very well if you continuously write and submit press releases regularly while monetizing the traffic received.PRWeb.com is one of the oldest and most trusted sources for news distribution on the web.

    Tip 6: Start A Blog Mailing ListThe phrase “the money is in the list” is true in all businesses. If you want to succeed online, you must start building your own list of targeted subscribers. You can send your subscribers to your blog anytime you have new posts.By the same token, you can also get your blog readers to subscribe to a ‘blog update’ list which can be used to notify them when you have updated your blog. REPEAT traffic through returning visitors is a key traffic strategy and you cancontrol that with this method.

    Tip 7: Publishing Your Own EzineYou can also provide your subscribers with useful information in several series with an autoresponder. An ezine is often called an online magazine. By publishing your own ezine, you are able to attract readership to your blog when you advertise it in your ezine.Tip 8: Pay For TrafficIf you have a good monetization strategy for your blog through affiliate programs, Google Adsense and a mailing list, you should consider using paid advertising to drive traffic to your blog.Recommended options include pay-per-click advertising, ezine advertising and huge banner exposures.

    Tip 9: Giving Out Free Reports
    Give out free viral reports to promote your blog. Providing useful information in your free reports can trigger readers’ interest to know more about you and your websites.

    Tip 10: Niche Discussion Boards
    Discussions boards or forums can deliver targeted traffic to your blog. If you have a blog about gardening, try searching for a related niche forum with huge traffic to participate in.Most forums will usually allow you to include a signature file where you can write a few sentences of words. You can invite people to visit your blog through the signature file by posting more regularly.In conclusion, realize that getting traffic to your blog should not be viewed as a one time effort.Commit and focus on a long-term strategy in order to succeed. It is all about gaining the momentum. Once you get a decent amount of traffic to your blog, you will attract more visitors to it everyday as you work on it. As time goes by, you will have an amazing amount of traffic to your blog which you never thought was possible!

    Creating Your Blog

    When you are ready, go on to Creating a blog.

    You choose from a wide range of free blog providers like Blogger, wordpress etc.

    To create blog in Blogger, you need to have a google account.

    Go to gmail and create an account. Then go to blogger.com and log on to create ablog.

    You will have to enter a blog title and the blog address (subject to availability)

    Choose your Blog address carefully (you can only change the blog title not the address)
    Like starting a business, choosing a name is important. Choose one that is easy to remember and TYPE!

    Go on to choose a tempate and press continue. That's it, you have your very own Blog. Simple.

    Don't JUST blog for money

    Like all things, you must be committed in the things you do to make it successful.

    Blogging is no exception. If you intend to set up a blog to be rich overnight, you will be disappointed. Many bloggers dropped out after sometime just because they are not committed to learn and improve.
    There will always be some dry periods and you have to persist. Blogging is an art and practise makes perfect. Having the correct attitude before you start can save you alot of time and pain.

    Making extra pocket money money blogging is not a dream but it involves hard work. Besides researching materials and writing original content you have to constantly reposition my ads, links and widgets to achieve optimized result, adding things that works and removing those that don't. All this to provide value-added service and to make your blog a good read for your visitors.

    There are many ways of monetizing your blog besides online ads and writing reviews. One can also sell goods and services via blogs. I will feature some of these in my future posts.

    Blogging can be as addictive as Role Playing Games

    Before you start blogging, please note that blogging like other things must be done in moderation.

    Millions of people around the world are addicted to online RPGs. RPG transports you to a different world despite your current situation and worries. That's why RPG, especially Massive Multiplayer online RPG (MMORPG) is so addictive. It draws you from the reality. It makes you want to come back again and again.

    I once did an experiment. I was wondering why so many people were hooked to World of Warcraft. What's so interesting about the game? I bought the game and a game card (I bought one game card and told myself to stop the game after 60 days). The problem was that the game became so interesting, the game world so vast that I got plunged deeper and deeper into the game. As you play, you want to level up, you want more experience, you want to buy better armor and sword, with that you can have more power...I ended up extending my intended period; I bought another 60 days game card. Thankfully, I managed to pull myself out of the game entirely after that. The experiment nearly went out of hand. The hunter nearly became the hunted. It wasted a lot of my precious time and not to mention some health (poor eyesight, backache, headache etc...) because of the long hours of playing.

    In some ways, blogging is like Role Playing Games.
    • You build your character gradually up (in this case- your blog) through 'missions' or constant tasks like update content, check and reply comments etc).
    • You can level up (in terms of PageRank, Technorati ranking etc.) if you blog longer and follow some known methods.
    • You can buy booster "accessories" (like paid traffic)
    • You can join a guild (blogger network or directories)
    • There is a system of reputation and authority to maintain
    • There is a vast world (the blogsphere) to explore
    • It can be addictive especially if you are chasing after ranking...
    • It can be addictive because of the newfound friendships and networking in the new media (as in the case of MMORPG and increasingly, Facebook)

    I am not saying that blogging (or for that matter, computer gaming) is bad. In fact blogging allows me to improve my writing, meet more friends and allows me to communicate more with them.

    I am just saying that in everything we do, we have to do in moderation.

    5 ATTITUDES in making your blog successful

    For those of you who are thinking of starting a Successful blog either to test or sell your product or to earn advertising fee, below are the 5 ATTITUDES (i will keep to 5 , easy to read and remember) in making your blog successful.

    1. Be Sincere.
    Sincerity and friendship must be invested. Sincerity in writing will bring in the neccesary blog traffic and links by leaps and bounds.

    2. Focus
    I believed in niche marketing. Focusing on a particular area makes you spend time and effort on it and eventually makes you a sort of specialist. If you put your time into something (e.g. Hobby) wouldn't you excel in it. Be it fishing, golf, sports etc. Dare to be different. Find something you like and drill into it. Research and do not be afraid to share. Sooner or later, people will be attracted to your site. One day, you might be an expert in your field. It will stand out from the rest of the millions of site out there. As the value of the blog is increased so will the traffic.

    3, Interest.
    You must have an interest in whatever you are writing. Be it parenting or photography. If not, one day the well will runs dry and the blog will not be sustainable. Blog is a reflection of your interest. Blogging for interest (and not for money) should be the main motivation. The rest i believe will follow. Don't get me wrong, i believe in the commercialisation aspect (it is still a long way). Interest sustain the writing and traffic will follow.

    4. Hardwork
    Blogging is hardwork. If you see a fellow blogger, give them encouragement from time to time. I wish blogging platform has feature like giving 'Hi 5' similar to the one in the facebook. Traffic will reduce or stop if the blog has few or no new posts. I was away for business trip recently and my web traffic drop quite alot. Fortunately, i have a bunch of 'diehard' blog buddies that is supporting me. Hardwork, little by little can make a blog successful. If at first you don't succeed, try and try again (in includes exprementing on themes, skin, header, design, post, adverts, PageRank etc).

    5. Be humble
    Blogging is fun and should be interactive. It is the main component of Web 2.0. I hold the attitude that i am not an expert and the readers out there knows more than me. This type of continuous learning will sharpen your knowledge and expertise and the interaction makes your blog better and more interesting. Even if you are an authority, having an open mind will broaden the horizon.

    Welcome

    Welcome to In search of the golden Blog!