From a small company to one established corporate, every business faces different kinds of difficulties to grow and stay ahead of the competition in the market.
Business Growth is a challenging feat for every business man. And what makes big businesses keep going at what they do is the juice of motivation and consistency in their efforts to succeed.
Why read inspiring quotes?
Every Business Owner needs some words of wisdom, gentle nudges and motivational statements that would fire them up to reach the next required milestone in their business.
The world of business owners is a lonely world. Every business man is a fighting a lonely battle and often the battle is with their mind sets.
Quotations from already successful business men can do wonders in terms of giving them the right growth hacking tips and the Eureka moments to climb greater heights in their business. Quotes from successful mentors can really help business men focus with more concentration and avoid the same mistakes they had done.
Top 20 Quotes:
If you are a business owner, we have rounded up some of the best motivational quotes to inspire you and keep you going at what you do the best.
“Every time you state what you want or believe, you’re the first to hear it. It’s a message to both you and others about what you think is possible. Don’t put a ceiling on yourself.” – Oprah Winfrey
As long as you’re going to be thinking anyway, think big.” – Donald Trump
“The price of success is hard work, dedication to the job at hand, and the determination that whether we win or lose, we have applied the best of ourselves to the task at hand.” – Vince Lombardi
“Keep away from people who try to belittle your ambitions. Small people always do that, but the really great make you feel that you, too, can become great.” – Mark Twain
“Success is not the key to happiness. Happiness is the key to success. If you love what you are doing, you will be successful.” – Albert Schweitzer
“The most valuable thing you can make is a mistake- you can’t learn anything from being perfect.” – Adam Osborne
“My biggest motivation? Just to keep challenging myself. I see life almost like one long University education that I never had — everyday I’m learning something new.” – Richard Branson
“It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.” – Warren Buffett
“One of the huge mistakes people make is that they try to force an interest on themselves. You don’t choose your passions; your passions choose you.” – Jeff Bezos
“Twenty years from now you will be more disappointed by the things that you didn’t do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover.” – Mark Twain
“If you can’t fly then run, if you can’t run then walk, if you can’t walk then crawl, but whatever you do you have to keep moving forward.” -Martin Luther King, Jr.
“A successful man is one who can lay a firm foundation with the bricks that others throw at him.” -David Brinkley
“If you want to be happy, set a goal that commands your thoughts, liberates your energy, and inspires your hopes.” -Andrew Carnegie
“The fastest way to change yourself is to hang out with people who are already the way you want to be.” -Reid Hoffman
“Whenever you are asked if you can do a job, tell ‘em, ‘Certainly I can!’ Then get busy and find out how to do it.” -Theodore Roosevelt
“Bringing great people onto your team is about demonstrating that size really doesn’t matter – people do.” -Jess Campbell
“A small business is an amazing way to serve and leave an impact on the world you live in.” -Nicole Snow
“Good business leaders create a vision, articulate the vision, passionately own the vision, and relentlessly drive it to completion.” -Jack Welch
“Find a great mentor, someone who has already been through the many challenges of being an entrepreneur..” -Jodi Levine
“Help your team feel more connected to your company by incorporating the right digital technology tools into their workflow.” -Andrea Meyer
If you are stuck in a routine, feeling exhausted, feel like needing a bit of motivation, read the above quotes!
Simply changing the way of thinking can make things better in life. The effect of positivity puts a smile on everybody’s face.
Take advantage of these quotes, make your day better, and grow your business.
Have we missed any of your favourite quotes? Please do feel free to mention them in the comments section.
All top brands take their own time to open a new retail store.
This means that they choose the right location, right market, and the best possible place to expand their business.
Every business owner understands that this is a crucial step to take and this decision can make the business take a ride up the profit hill or make it fall into a loss pit!
If you are a small business owner planning to expand your business by starting a retail store branch, then this article is for you.
Here are the top 5 factors to consider while opening a new branch of a retail store.
1. Find the Market
3. Evaluate competition
4. Build vendor relationships
5. Have a grand opening
Find the Market
The geographical location of a business represents the market.
The market size can be big or small depending on the amount of trade impact it generates on the area.
If you are opening a retail store outside the city, studying the population around that particular area is very essential for the understanding of your store’s trade potential.
If that area serves as a hub for your potential buyers or customers, then it is a best choice to open the store at the particular location of the city.
You need to assess the overall business environment, demographics, and your competition.
Ask yourself, are there enough stores for my audience to purchase? Is the demand in the market growing? Will this market help me bring more attention to my brand? Are the existing businesses in this location making good profit?
Once you research and find the answers to these questions, you’ll have all the answers to weigh in and decide.
Once you have figured out the right geography kill area for your business, the next step is to find the perfect location.
Though the population of the area, trade potential, and market sizing have been essential parameters in research, the location of the store narrows it down to a great start for your business operations in the future.
If the location of the businesses phone rate, it is like hitting the arrow at the mark with a bull’s-eye.
Locations are the spots around a community that adds more value to the lives of the people living there.
A good retail store at a perfect location can add more value and make life easier for the people living in the particular community and hence it becomes a part of their lifestyle.
Competitor analysis is a very key ingredient for those starting any business.
This gives an in-depth understanding of what potential your business has in a particular geographic location.
If you are the first person in your business to step into our land, then the market is a blue ocean. All the marketing moves you make will bring in good eyeballs around your business as there is no one else with the same messaging targeting the audience.
If you are entering into a market where your competitors have established a presence, the game is going to be totally different – You have to face the competition on a day to day basis!
Research and find what is working well for your competition.
Whatever the other businesses do, just try making it more better by giving greater value to your audience. This formula never fails.
Build vendor relationships
Relationships are key to growing a retail business.
Be it a customer who has a good purchase, or someone who just visits your retail store to know what’s new in their locality a good customer experience comes only when you build good relationships with people.
Vendors in a particular location know more about the people in the area as they have been doing their business before you.
They have many contacts in the area and can help you with growing your business by providing the necessary contacts as well.
Being in good relationships with the vendor is absolutely essential for your business to have a never ending stock of goods, get special orders for your clients, and also get additional vendors once your business grows.
Have a grand opening
Opening a new retail store is not just a grand gesture to show the people around a location that a new store has come up.
It is also a strategic move in the business game which has a bigger impact.
When a new place opens up in a place, the first success as a business owner is to create a buzz in the locality.
Restaurants are the best example on how to create a buzz when it comes to opening a new branch.
They create huge banners, attention grabbing headlines, and also drive and emotion with their posters.
Food is something that everybody can relate with and people get curious to try different recipes.
They offer a recipe from their menu for free. It can be for a day, a couple of days, or even a week. Doing this does not harm the business owner and it is the best tactic to get the people talking more about the new restaurant that has been open in their locality.
Word of mouth is one of the most difficult things to achieve after a marketing campaign. But a newly opened restaurant aims at creating the buzz with word of mouth marketing and they succeed many times.
How they take their business and scale up by giving greater customer experience, defines the upcoming journey of their business.
The above mentioned pointers are necessary for any retail store expanding their business by opening a new branch.
Whatever the type of business it is, if good customer service at an affordable price becomes the USP of a store, there’s no stopping for the cash flow.
There can also be other factors based on the type of retail business you are into.
Have we missed any good pointers? Please mention them in the comments!
2. How to make the buying experience memorable to the customer?
3.What is the impact of influencers?
4.How does advertising help
5.How to use Social media to grow business.
6. Offers and Discounts
7.Steps to grow your business.
Pandemic and retail business
Retail stores have felt a setback once online selling picked up.In the past decade, the competition for any retail store would be another store. But, with the rise of e-commerce platforms every retail store is now competing with an online business in their local region.With giants like Alibaba and Amazon growing their online presence every day, it is now becoming mandatory for retail stores to change their business game.The pandemic has also done its part in making people prefer online buying more.If you are a retail store owner focusing on growing your business, here are eight tips that can help you drive more customers into your retail store.
How to make the buying experience memorable to the customer
The only reason a customer comes back to a store is because they loved the buying experience.
So, how do you go about giving a perfect experience for your customer?
Here are three pointers!
Employ a well trained sales team that aims to help the customer
Don’t push the sale on every visitor. Make them feel that buying from you is a smart choice!
Make the customer feel good about themselves
Impact of influencers
Influences have always had an impact on the market. Be it the days of newspapers, the Billboards, or even today’s social media, influences have always made selling easy for businesses.Try and find the best influences for your business and maintain good relations with them.If you are able to provide great Customer experience to one influencer, that person can help your business by bringing in more buyers for you. Referral programs and affiliate marketing programs can be a great boost to the sales.
Partner with like-minded brands, individuals, experts, podcast us, bloggers, and also YouTube content creators.
Using Advertising and Social media
Print advertising might seem a bit old when compared to the gimmicks that are happening on social media. But even today while we’re stuck in traffic, The first thing that captures attention will be a good advertisement board.Advertising when done smartly can bring in more leads and visits to your retail store.
The secret recipe to a successful ad campaign is a great copy and captivating image, and the channel it is advertised.
Everyone in the business world now understands the importance of social media. Instagram alone has billions of users and the shopping feature from the platform has opened another gate for e-commerce businesses.
How can you captivate the audience on social media?
Here’s the answer: Build a community on social media platforms like Instagram, Facebook, and Twitter. Creating a community on social media platforms is a great way to involve your audience on a day to day basis. Making your customers share their stories about your store automatically brings in validation and is also a great testimonial material.
Back in 2014, Starbucks encouraged its customers to draw some
Offers and Discounts
The buying season is hugely dependent on the special days. Right from Valentine’s Day to Christmas, businesses influence people on a variety of scales to make them buy. Promotions are a part of every business that is happening and you need to stay out to get more traction towards your store.Your retail store has to do the decoration, offer best deals, and issue coupons based on the season. Even if a visitor doesn’t buy for a particular season sale, they’ll come back for the next season. This is the impact retail stores can create in the minds of the customers.
Note: Do Social media paid promotion to get more exposure.
Steps to grow your business
Use Google big time
This might sound like a cliche marketing tip. But it works big time! Google offers great visibility for local businesses. For a retail store, the beginner move on Google should be to get their business listed on Google maps.This way any customer who wishes to visit your store can get there without any hassle. Local SEO it’s a great way to capture an audience based out of a particular location. Google local guides also influence a lot of visits to particular places.
Tip: Gain more Google reviews from your customers and rank easily in Google search.
Organise and sponsor events your audience will love
Using involvement to make people buy is one of the best techniques applied by event marketers. With retail stores, the main advantage is having good space.This also means that there is more space for advertising, creating a space where you can organise an event for your visitors.You can tie-up creating a new went with a season based offer.In this way, you can increase the number of visitors, gain more exposure through banner ads, make your audience participate in the event, and the best of all – you will get a lot of eyeballs turned towards your store.
Ask for feedback
Feedbacks are the best way for any business to grow.In fact, the biggest online businesses have grown because of their feedback loops.The concept is nothing new. But the way of implementing them has changed.Earlier paper forms and registered notebooks were used to collect feedback. But now, businesses are collecting Google reviews and Instagram chickens just by holding a booth at one end of their stores. This tells us that the way people perceive about the brand has changed so much and the digital impact has grown so much.Make your customers lift your feedback in Google reviews, ask them to check in on Instagram, make them share more content about you and on Facebook. Mainly, ask them to tag your social media profiles
The above mentioned marketing techniques will bring in a change and pave the way for growth in your retail business when implemented. Do you own a retail store? Do you have any technique that has brought in good results?
Please share your thoughts and experiences with us!
Motivation is absolutely necessary for any individual to fuel their growth.
When the individual grows, the aim he is working for gets bigger. The bigger the better.
Hence it is mandatory for an employee of a company to stay motivated and have goals. This way the individual as well as the company grows.
Motivation is not a part of everybody’s routine. It is something you draw from an external event.
To keep an employee motivated, there are a few things business should follow.
Here are the top 5 ways to motivate your employees:
Have great culture
Pay them well
Make them stay fueled
Goals are very important in everybody’s life. It is like making your journey with proper milestones.
When you know you have reached a particular point which is in the path towards a great destination, it feels good that you are on the right track.
This is precisely what goals do! They help us track our progress more effectively.
If we have done a task right it feels good that you have achieved your goal. If not, it helps you in evaluating where you stand and also gives you more pointers and guidelines to improve so that you can reach the target.
Give your employees Goals to achieve and set them on a task basis.
This will help them not only in building their career but also maintaining a good work routine which in turn improves the work culture of your company.
Have great culture
Culture is something that is normally defined as a set of practices influenced by the geographical location and the practices of the people living there.
Culture keeps changing or rather the right word would be adapting depending on situations.
When it comes to a company, a good work culture determines a lot of things like happiness of the employee, relationships between managers and their subordinates, the overall performance of the employees, etc.
Maintaining a good work culture means the company is on the path towards progress. Most of the companies follow the agile working methodology which has worked well in the past decade.
Having a good work culture is all about making employees perform better, helping managers get the job done easier, and establishing a great relationship between employees and also between employees and the company management.
One of the main things that many companies fail to do is tracking the progress of employees.
This is one main reason software companies have stayed on top.
Be it their revenue, their business models, their working culture-they keep upgrading it depending on the mind set of their employees.
A few techniques to measure employee’s progress are
Hold weekly meetings
Have discussions about achievements at work
Have a monthly performance analysis
There are quite a lot of things to learn from retail businesses as well.
The giants like Amazon and Walmart have excellent employee encouragement programs that most of those who joined their companies choose to stay there.
Pay them well
When the company hires someone, they need to make sure that they are on top of their industry with the payment scales as well.
Most of the employees switch to other companies because they don’t get paid enough.
It is worth investing in an individual who brings results rather than spending less on someone who keeps upgrading their skills.
If an employee knows that he will never get paid as much as he deserves, he’ll be looking out for places to shift to.
Keeping an employee satisfied starts with paying them what they are worth.
Make them stay fuelled
You need to keep reminding your employees to do good work.
It will motivate them to get better results and also stay far ahead from getting stuck into a routine. There are a few things you can do to keep your employees.
Being a self-starter is very important to make an organisation grow and that is the main reason why many job applications mention it in their job requirements.
Give away awards to the best performers, have an achievement board in the office, go out for lunch once in a while, et cetera et cetera.
Waiting to know an employee as a person also benefits in a lot of ways.
They are in a relationship with their job and their professional goals are also aligned with their personal goals.
Software companies, start-ups, and bigger companies like Amazon and Facebook have now got a great work culture.
The spread of this positive work culture is so much that people are now looking forward to working in a company which respects their employees and also the one which lets them be themselves.
Apart from the salary, the employees are also looking forward to working in a company that will recognise them as who they are.
If you are a business owner who is looking to expand your business, invest in the right set of people. Nurture their talents, make them and grow, and eventually the company will also grow.
If you are reading this blog, you have already made up your mind to expand your business, didn’t you? You have already witnessed the boom of retail stores and have taken the first step to streamline their potential. Online retail stores are in short referred as ecommerce stores/ ecommerce websites. Online retail stores has become the new normal in every place, especially after the Covid-19 impact.
Every retail business owner who had designed their brick and mortar outlets tastefully to excite their customers, have to start planning their virtual retail store to get their customers hooked on to them post Covid times.
It doesn’t end with designing a great virtual retail store but also intelligently invest in online marketing efforts to get your online customers. A perfect digital marketing team can really be a game changer for every online retail store.
However, it will not be a walk in the park for you as hiring a digital marketing team is hard and implementing a unique strategy that brings in leads is even harder. Studies have proven that more than 92% of companies that blog at least once a day are reporting an increase in conversion. So out of all the verticals in the digital marketing, content marketing happens to be the best strategic approach to online selling.
Content marketing is not entirely under-rated, but people haven’t understood its fullest potential yet, in some places. Hiring professional content writers is crucial as their works directly reflect your point of view on the target audience. In other words, they are the portals that magically teleport your potential customers into loyal customers.
We aren’t against the fact that “content is the king”, but you need more than a king to build an empire. Here are some killer strategies that you might find helpful in designing an online retail store for your business.
Table of contents:
Develop an engaging web design
“About us” page – The most underrated page ever
Join hands with other forces (brands)
Don’t forget your customers
Don’t turn a blind eye to social media
SEO is the key
Why should your site be mobile-responsive
Keep an eye on your competitors
Develop an engaging web design:
Even if you sell the best product in the market, you will still stay in the dark if people aren’t aware of it. If you have an existing website and aren’t getting enough leads from it, now is the time to revamp it. Rethink your marketing strategies and develop an engaging web design that lures people.
Fortunately, you have some favorable tides in this part, as there are thousands of templates online that you can choose from. Developing a complicated website design isn’t something that you should be proud of; in fact, you have made the wrong move here. You can captivate more visitors by sticking to minimalism for your entire website and avoiding visual elements that cause a distraction to the user.
“About us” page – The most underrated page ever:
People do not simply visit your “About Us” page; they are certainly interested in your services if they do. Now all you need to do is to fuel their interests by convincing them to get your products. Your achievements, testimonials, culture, etc., can be a great fit for this page. Ensure that your visitors find a way to get in touch with you by mentioning your email address, contact number, social media channels, etc., on it.
Join hands with other forces (brands):
Quality plays a major role in the number role, and in this case, you must establish a brand presence by joining hands with other companies. Apart from the monetary benefits that you are likely to gain with your association with other brands, it is free advertising!
You can highlight your partner companies on your homepage, and it will surely create a positive impression on the visitors’ minds. It doesn’t matter how many brands you have collaborated with, as it will build up the trust.
Don’t forget your customers:
Once a customer has purchased your products, he/she will remain your customer even after the transaction. Providing after-sales support for your buyers is an effective way to turn them into loyal customers. There are tons of ways to get returning customers for your retail store, and integrating a live-chat feature is one of them. It can be an efficient alternative if you don’t have the resources to offer round-the-clock support from the ideal workforce.
Don’t turn a blind eye to social media:
Advertising on social media channels is something every business does nowadays. It is a powerful way to connect with your target demographic on a personal and emotional level. However, not every brand will be able to pull off this feat easily.
Ensure that you hire a reputed digital marketing team for this task to stay on the right track. It takes a creative mind to make an impression on the users. There are tons of tools that will help with this, and you can form strategies to focus on your future promotions.
SEO is the key:
In order to generate more traffic, you have to make sure that your posts contain SEO keywords. People are most likely to go with links that rank high in the search results. You can seamlessly track the search volumes and optimize your strategies based on them. Ranking high in the search results will be a tough task for you, but it’s worth the efforts. The intensity of competition in your niche will determine the difficulty of ranking.
Why should your site be mobile-responsive?
As people are sandwiched between their busy lives, smartphones are the portals for juggling between the ends. Mobile shopping has already accounted for about 45% of the total ecommerce shopping. As a store owner, it is crucial that your site be mobile responsive to get along with the growing usage of smartphones.
By hiring a professional web development team, you will be able to pull off some crucial feats to optimize your site. It would be better if you stick to vertical designs over horizontal designs as it will go easy on mobile screens.
Keep an eye on your competitors:
No matter how good you are at something, you will always have a competitor. Although you have a strong business strategy, it is recommended that you keep an eye on your competitors as it is proven to be more advantageous.
One critical factor that is keeping people away from purchasing online is the lack of trust. And that should be your ultimate goal. By establishing a strong connection with your target customer, you will witness a significant increase in the number of conversions. Trust is your golden ticket to get ahead in this race. If you have a brick and mortar retail store, then you definitely stand a better chance to grow your online retail store much better than your online competitors without a physical retail store.
Providing customers with more value for their money with flexible policies will boost a brand’s loyalty and shape your buyers’ interactions on your site. “With great customer services comes great profits,” this deserves to be a quote.
Undoubtedly, Singapore is one of the best places to start a business. Do you know why?
1. Singapore ranks high for holding a competitive environment and high-end infrastructure to start a trade.
2. Not only in Asia but also when compared globally, Singapore has many talented workforces.
3. This place is considered to be a highly stable environment to handle the business with ease.
4. Lining up after London, New York, Tokyo, Singapore takes fourth place for having the best foreign exchange, globally.
Not limiting to these, there are a lot of reasons to start a trade-in Singapore. Well, if you are planning to start a small business here, then read further. In this article, you can get tips and advice through which you can start and run a successful small business in Singapore.
It will be pleasant to hear the success stories of businesses. But on the other hand, frankly speaking, it is not that easy to start a business. In any part of the world, doing a business needs research, capital money, market analysis data and innovative ideas to perform the trade.
Here is a quick look at the steps to put your foothold in small business in Singapore.
After planning the business type, register it in Singapore.
Get the capital money & invest to set-up and develop your trade.
Enhance your business networking
File for the taxes that are relevant for your trade.
Before getting into the topic, here is some general advice to become an entrepreneur in Singapore.
1. You must check the market trend for promoting your business ideas. According to the 2018 report, there are lists of businesses that are in-demand in Singapore. The list holds digital marketing, care services for older people, courier services, agriculture etc. Thus, ensure the business idea you choose is unique and whether or not it will become a market trend. Adding to this, I would like to say, if you are opting the same old business trend then there are chances for it to get toppled (not for all the cases). The business must be catchy and serve the people to the core.
2. Preparing a business plan is the second step. Though it is a daunting task, it will give you and your customers a clear picture of your trade. Furthermore, you can set the target customers, the demographic location where they are present and also ideas to focus on trade in that location.
3. After registering your trade-in Singapore, you can avail for grants available for entrepreneurs. To encourage startups and SMEs, the Singapore government have allocated several grants. To name few of it – Startup SG Founder, Startup SG Tech, Startup SG equity, FSTI (Financial Sector Technology & Innovation), Capabilities development grant (CDG), Business improvement fund, DTDi (Double Tax Deduction for Internationalization), MRA grant.
4. By reaching the grant knowledge centre, you can get to know about the different types of grant available in Singapore. All the grants have the set of eligibility criteria. Check whether your business profile matches those criteria for the grant you prefer. If so, then proceed to apply for it.
5. Finally, when your grant is approved, then start working to begin your small business in Singapore. You must also be aware of tax obligations. The single-tier tax system is followed in Singapore for running a business. That means, if you are running a small business, then you must pay tax based on the profits and not depending on revenue. After the payment of tax, the profit is given to shareholders without tax (tax-free). Thus, get legal advice on the tax system in Singapore so that you can follow the same without violating the law.
6. Are you not interested in making a digital presence for your business? Then I would say that you are losing a lot more target audience. Online is the place where any business can reach the audience and market their product or services. Therefore, never neglect it while starting a business.
Now diving deep into the topic, let us see the tips for entrepreneurs to kick-start their Singapore trade.
Corporate registration is a must for local businesses and also for foreign traders. ACRA (Accounting & Corporate Regulatory Authority) is solely controlling corporate registration in Singapore. Beforehand, you must submit the proper documents as said per Companies Act. If you are the foreigner willing to start a small business in Singapore, then the registration must be done only via a registration provider available domestically.
In order to register your trade, you must have the details about the following:
Name of the company
Director who will be in-charge for the trade happenings. The director can be a citizen of Singapore, or permanent Singapore resident or an EntrePass holder. The Entrepass (or the entrepreneur pass) is one of the best schemes in Singapore which are launched to assist the startup entrepreneurs.
For registration of the company, shareholders are a must. The number of shareholders may vary between 1 to 50.
S$1 (Minimum paid-up capital) must be done.
Now what are the documents required for registration? If you are not aware of it, need not worry. You must ensure that you have the following documents handy.
As said previously, the name of the company that is ACRA registered.
Clear idea about the trade activities that you are going to perform. This is one of the essential documents since the registrar will check whether the trade activities are legal and within the lawsuit.
Singapore address where the company name is registered.
Documents about the director and shareholders. (Specifically, their address, ID proof etc.)
While registration, you must appoint at least one secretary to look after the works. It is necessary to give the particulars of the appointed secretary.
Foreign traders must give identity proof in Singapore.
These are necessary documents for registering for small business in Singapore.
For registering the company, you must choose the company name. Remember that in Singapore, the company names must be different from one another. Usually, the company name comes along with the business type name—for example, XYZ Pte Ltd or XYZ Limited or XYZ corporation. Therefore, search to find the unique company name. Here is one additional information, if you want your company name to get approved quickly, avoid including the business types like media, school or bank in the company name. These are business types which don’t come under ACRA control.
Here is the list of company types that are common in Singapore.
– Private limited company: This is one of the popular business type choices in Singapore. It is because the tax exemptions are good and the government allows the company to have upto 50 shareholders.
– LLP (Limited Liability Company): Though the businesses own a legal identity for each of them separately, they can have a partnership in business deals.
– The other sorts of business types are a subsidiary company, sole proprietorship, branch office, representative office and variable capital company. You can research and choose one among these while registering the company.
SSIC code is mandatory to start a small business in Singapore. The SSIC code represents the business which your company performs. Via SSIC code, the ACRA will recognize it. Well, can you guess what would be the next step in starting a trade? Yes, it is getting shareholders, directors and the corporate secretary. As mentioned before, for registering the company, you must have proper documents of these members. In Singapore, the maximum limit of shareholders is 50. And foreign citizens can also be the shareholders.
Similarly, directors of the company can also be a foreign citizen. However, ensure that at least one of the directors is residing in Singapore. You can also prefer choosing a nominee director that is one of the standard practices there. Finally, the prominent role of the company’s secretary is to collect the necessary documents about the company and submit it to the Singapore government. According to the law, the company must appoint the corporate secretary as soon as possible (that is within 6 months of time).
Final words: After registration for your business, check for the appropriate grant given by the Singapore government. The best part of the grants is, you need not repay the grant amount (unlike loans). Research and get to know how the grants work for small businesses in Singapore. The grant is given for various reasons – to develop the small entrepreneurs’ community in the country or to know about the specific business industry (The grant would be a reward for your research data). However, after receiving the grant, you must periodically report about the business status to the concerned department. Now, you have received the grant, and the next step is developing your trade.
If you think about Singapore, it is one of the beautiful places for tourism. It is estimated that nearly 18 million tourists visited Singapore in 2018. Additionally, there is one more specialty of Singapore.
1. Business-Friendly Place for Startups: We all know that Singapore is located in South-East Asia. The country is located close to India and China trade markets that pave the way for traders to start a company in this location. The second significant reason for businesses to start their business in Singapore would be the Changi Airport. YES, this International airport is connected with nearly 300 cities. This will undoubtedly assist the traders in developing their trade in many locations.
2. Supporting Legal System: Singapore has strong and stable corporate laws that support the business in the country. The Singapore Companies Act is strongly regulating the company’s formation, shareholder policies, rights and also the company’s structure. Companies can rely on these corporate laws that incorporate the employment act; data protect act, and competition act.
3. Grants Available in Singapore: This is considered as one of the niche benefits for businesses to start a trade in the country. Seeing this point in detail will help the budding companies to handle their trade in Singapore. Read further to know about the bunch of grants that are available in Singapore. And how the business can get benefited via the same.
Some of the Start-up Grants in Singapore:
Before getting into the details, one must know that all the startup grants in Singapore are covered under one roof named “Startup SG.” Now we can look into those schemes one after the other.
– Startup SG Founder: If the business owner comes with a really creative and unique business idea, then they can benefit from this grant. If the trade idea has the potential to withstand the market competition, then mentorship costs and the capital amount will be provided to the entrepreneurs. The startup SG fund will be given in two settlements within one year of the business. Moreover, mentorship assistance and networking support is also provided during that period for the business to reach the milestone. However, one must carefully check the eligibility criteria to apply for getting this startup SG fund in Singapore. The candidate applying for this fund must be a Singapore citizen or must have the residential address in Singapore. Secondly, the applicant must not have applied for any other fund from any other government. The predominant functional operations of the startup company must be held in Singapore.
Startup SG Tech: As per the name, the main aim of this scheme is to develop the technology-based business. The grant offered for SG tech is to bring technologies into business modules. Here, the scheme is divided into two segments, namely – POC (Proof of Concept) and POV (Proof of Value). In the first stage (POC), the entrepreneurs must develop innovative technology to develop a strong business. One cannot apply for this scheme only with baseless ideas or fundamental research. The technical idea must be in-depth and also the details about how the innovative technology is going to help the business. In the second phase (POV), the technical protocol must be developed for the working environment.
– Startup SG Equity: This is one of the co-investment schemes launched by the Singapore government for the startup companies. There are different eligibility criteria for startups and investors to apply for startup SG equity grants in Singapore. The startup must not be under joint venture or any subsidiary to apply for this grant. Secondly, the business must not get involved in law violations. That is, the investors must not involve anything that troubles the public interest (like gambling etc.).
– Startup SG Talent: Technically talented people must be involved in business for betterment. Right? And this grant insists on the same. If you are skilful and have talent, and are trying to start a business in Singapore, you can apply for a startup SG talent grant in Singapore. The three pillars of this grant are EntrePass, T-Up and STP (SME Talent Programme). The first pillar that is EntrePass supports the talents you are awaiting to start a trade-in in Singapore. The second pillar (T-UP) can be utilized to handle research and development for business projects. The time duration is for two years. The grant includes several business areas to explore, including microelectronics, data storage, info-communications, medical technology etc. The STP stage of the grant involves the young generation to get internships with the startups.
– Startup SG Loan: The government offers loans to start the business, the capital amount required for buying the equipment and also for running the trade. There are two pillars, which include SME Microloan and SME Venture loans. The company must have less than 10 employees. And the company must be operating in Singapore. The businesses must repay the amount within 4 years of time.
Recently many small & medium enterprises are emerging in Singapore. Below given are some of the grants available in Singapore for SMEs.
Enterprise Development Grant:
Every business has goals to expand their trade overseas by developing multiple branches across the globe. For this, the traders must understand the market, tips to build their trade according to the market trend and in-depth knowledge about the technologies. The EDG (Enterprise Development Grant) supports the traders in multiple ways. Companies in Singapore can utilize the EDG and grow effortlessly.
There are three EDG pillars that assist in expanding your trade – market access, creativeness & development and the core strength. If you are planning to expand the business roots overseas, then you can tap the help from EDG market access. Secondly, via innovation, the companies in Singapore can gain knowledge about the specific areas of business development. And also, best possible ways to increase the production drastically. Finally, apart from basic business functionalities, the trade must improve its core ability. By improvising the core capabilities via the EDG grants available in Singapore, the business can excel in various aspects.
PSG (Productivity Solutions Grant):
Technology plays a vital role in developing trade. It drives the business on the right path and also paves the way for success. The productivity solutions grant of Singapore is one such miracle that supports the businesses to expand their technical knowledge and lead them to production enhancement. PSG in Singapore is available for various sectors that include construction, food, retail industry etc. And looking into the industry-specific PSG – it is available in multiple streamlines like data and financial management, customer support solutions, inventory etc.
The productivity solutions grant of Singapore is controlled by the government companies, including NEA (National Environmental Agency), STB (Singapore Tourism Board) and Enterprise Singapore. Below are the eligibility criteria for adopting the PSG, given by Enterprise Singapore.
– If you have registered your trade in Singapore.
– You must hold a minimum of 30% shares in Singapore.
– Companies turnover and the number of employees working in the company is also given in the eligibility criteria. The total number of employees must be within 200. And the yearly turnover must not exceed S$100 million.
If you are looking for opportunities to expand your SME overseas, then this MRA grant is the right choice. Similar to other grants, MRA also has a set of eligibility criteria. The business must be registered, or it must be incorporated in Singapore. The rest of the criteria are similar to other grants of Singapore. Additionally, the business must be new to develop its trade globally.
Now you may have a query whether your trade matches the qualities for overseas trade development. Let us look into that. If your trade has an annual turnover of S$100,000 (or below) for the past three years, then your business is eligible for a market readiness assistance grant in Singapore.
LPG (Land Productivity Grant in Singapore):
The land productivity grant is specifically for trades that want relocation domestically. Via this grant, the company can get upto 70% of the money support that is required for relocating the business. The LPG grant supports the traders by giving the costs that are required to shift the equipment or the machinery to the new location. However, this does NOT include the taxes and the land buying costs. The LPG grant also covers the costs for market and location study.
As bottom-line, if you are applying for any of the grants in Singapore, know about the eligibility criteria. If your trade matches those criteria, then proceed further. Moreover, you must have the appropriate documents required for submitting for grant approval. After the approval, the company must take initiatives to develop the trade as per the grant terms. Getting legal consultation from lawyers will also help you to start a firm that abides by the lawsuit.
The Restaurant POS system is a tool for helping the restaurant business in Singapore with billing, inventory management, CRM, reporting, etc. The restaurant business is an evolving business so if not kept in the pace you will not survive in the industry.
With the introduction of cloud technology, the restaurant industry has undergone many changes. Cloud based Restaurant POS system automate and optimize restaurant operations effectively.
Reasons why you should have a Restaurant Point of Sale
1. Data safety as everything is on the cloud. Even if the machine is damaged the data remains secure
2. The POS system for F& B can function both online and offline
3. Restaurant operations are simplified
4. The restaurant owner can monitor his business from anywhere
5. Easy integration with third party modules
6. Cost is reduced
The benefits of using a POS system for F&B are;
1.The POS system help in getting accurate reports of the business be it financial or otherwise.
2.Saves time and money
3.Customer relationships are made better as the customer can pick his payment option, order online, this reduces his wait time and he is satisfied.
4.The Restaurant POS system can be used to store customer data, redeem loyalty points and add discounts
5.Inventory can be easily tracked
6.The reports generated are very analytical and helps in important decision making
IMPORTANCE OF RESTAURANT POINT OF SALE SYSTEMSINGAPORE
A good point of sale helps in handling payments and recording sales. It also helps the owner to manage inventory, to know what is coming in and what is going out. The profitability by showing which product is selling at the highest.
While choosing the POS system it is important to check if it is a cloud-based system, the system should be easy to use. The system should have all the features that are required by the business and finally, the system should be able to work both online and offline.
Car dealership involves the selling of used and new cars at a retail outlet to customers based on a contract between the buyer and the car dealer. It hires salespeople to sell the vehicles on their behalf for which they are paid a commission. A car dealership might also have a workshop associated with it to provide repairs and service to the vehicles.
There are 5 things to be considered while opening a dealership business
Type of dealership
Need for Dealership Inventory management software
The dealer uses inventory management software to manage the vehicles which are in the showroom and keeps track of the vehicle information and manages effectively. The car dealer can keep a track of the vehicles that are in the showroom and those which have been sold.
How does the inventory management software help the dealers?
The inventory management software helps the dealer to make decisions regarding the ordering of new vehicles based on the market demand. The software is responsible for letting the dealer know which cars are sold, which ones are yet to be delivered, transferred to another car dealer, which stock is coming in, etc.
The Vehicle identification number helps the dealers to easily identify the vehicles. The software has all the information about the vehicles on its website, for instance, the vehicles that are in stock for a long time. The dealer can also identify the people who have tried to view the vehicles online and also obtain customer queries.
What are the features required in a dealership inventory management software?
1. Order management
This feature helps the dealer to maintain adequate inventory at all times. The system gives a warning when the stock drops down and helps in maintaining the stock efficiently.
2. Asset Tracking
This feature enables to know which vehicles are in the showroom, which is yet to be delivered and those which are sent to other car dealers.
In the case of a workshop associated with the car dealers, It becomes necessary to identify the charges involved for the services which are added to the total cost of the vehicle.
Advantages of the inventory management software
It helps in reducing the capital cost incurred in maintaining the stock in the showrooms.
It ensures that stock is available every time there is a demand
The inventory is well maintained
Safety of the stock is ensured
The loss due to obsolescence, deterioration is avoided
The shipment of the stock is made easily
Optimization of the inventory is achieved
An automated system helps to save time as compared to the manual one
Collection of data, maintaining documents, etc is done easily
User rights are restricted only authorized users can assess the data.
Moiboo software is a cloud-based software that has all the features of an inventory management software along with the accounting feature. So all the activities are integrated under one solution.
Features of Moiboo software
Profit per car
Floor Credit management
An automated Inventory management software saves time and minimizes cost as compared to the manual system.
Car rental management software helps in managing the car rental business in real-time. It helps both the operator and the customers who use the software to book their appointments and also manage their fleet.
Advantages of Car rental management software
Car rental management software not only helps in making online bookings but also gives information on the vehicles, service tracking, customer management, invoicing and integration with other interfaces, etc.
The admin staff needs to spend less time on daily activities and focus on activities that really matter.
The Fleet management feature helps the rental owner to keep a track of the service due dates, the arrival, and departure of vehicles. The fleet management feature helps the rental owner to know which vehicle has gone for rent and which is available for rent.
The software also helps to keep the vehicles well maintained. This ensures that there is no breakdown when the customer takes the car for rentals. It reduces maintenance costs and also increases fleet utilization.
The staff are able to respond quickly to customer requests and since most of the activities are done online it makes the customer happy and he keeps coming to the same rental agency.
The software also helps in invoicing and billing, the invoices are created from the templates in the software to give a more professional look to the business.
The receipts and payments to the business are easily entered in the software and the reports generated show the true financial position of the business which helps the rental owner in making important investment decisions.
How to choose the software?
A software that has all the features that are required to run the rental agency under one platform is required. Moiboo software is an online cloud-based car rental management software that helps the rental agency manage all its activities in one solution.
Features that benefit the rental agency
Rentals can be long term or short term. Long term rentals are usually opted by Corporates. These involve agreements that can be prepared digitally and also recurring invoices can be raised with reminders to remind on the due dates.
Fleet management can be easily done using the fleet feature, the in and out details of the fleet are recorded which helps the rental owner to easily plan.
The bookings for the rentals can be made online from the list available on the website with prices.
All the documents related to the vehicle and the rental can be maintained at the same place and data can be retrieved anytime required.
The receipts and payments to the rental agency are recorded using the accounting feature in the software.
Features in a Nutshell
Moiboo software is a cloud-based software so the cost of expensive hardware is avoided. The Mobile App feature in the software helps the rental owner to manage the business from anywhere.