Singapore is a business paradise. The country boasts of a highly developed and free market economy, which entrepreneurs can use to catapult their organisations to international brands. One of the simple yet highly effective business vehicles that you can use in Singapore is a sole proprietorship. The main advantage of this type of business is that it is pretty easy to open, and you will also be fully in charge of all the decisions.
After opening a sole proprietorship in Singapore, the big question for most investors and managers is, “how do you make it successful?” Keep reading for expert tips on how to take your sole proprietorship business on the island to the next level.
Important Facts about Singapore
Before looking at the strategies that you can deploy for faster business growth and success, it is important to start by understanding the nature of the local market. This information will be crucial in helping you to define the goals for your sole proprietorship in Singapore. Here are some of them:
- The country’s GDP growth over the last four years was 3.4% (2018), 0.7% (2019), -3.5% (2020) and 5.5% (2021).
- Singapore has the second-highest per-capita GDP in the entire world based on purchasing power parity (PPP).
- The population of Singapore is 5.7 million (2020 estimate).
- The services sector contributes 73.7% of Singapore’s GDP. Industry and agriculture follow closely in the second and third positions with 25.6% and 0.7%, respectively.
- The main exports from Singapore are chemicals, electronics, and services.
- Small and medium enterprises in Singapore characterise the largest part of the country’s economy.
Expert Tips for Growing Your Sole Proprietorship in Singapore
The facts we have highlighted above demonstrate that Singapore is a country with huge potential for business growth. So, let’s check at some of the best strategies that you can employ to grow your sole proprietorship enterprise:
Set Clear Targets for Your Business in Singapore
When running a business, it is important to have a clear goal and plan for it to succeed. Therefore, start by creating a well-defined business plan that outlines the goals that you want to achieve. Instead of simply indicating that you want to make profits in the first year, set a specific target. For example, you might want to target hitting a profit margin of USD500,000 by the end of the year.
With the target clearly defined, you can now draw a path to achieve it. For example, you might want to break down the profit target for the entire year with twelve to establish specific targets for every month. Remember to leave space for changes if the adopted strategy requires some adjustments along the way.
Study the Market and Craft Strategies for Outdoing Competitors
Notably, Singapore is a highly competitive market, and you have to understand its dynamics well to succeed in business. Therefore, you need to regularly assess the market, especially the competitors, to understand their methods of operations. Particularly, you should target the following areas:
- Product design: Try to craft better products compared to what competitors have.
- The target consumers: If you can clearly understand the market and what the targeted clients want, the information should be used to design products that deliver value.
- Marketing: Only use the marketing strategies that help to reach your customers of interest and relay the brand message. Consider omnichannel marketing, which targets clients in their entire buying journey.
Work with Experts for Assistance
To be sure of success, your sole proprietorship in Singapore should consider working with experts in crafting the best strategies. You should particularly bring on board professionals in areas such as accounting, payroll management, and tax advice, among other areas. Having helped other top businesses in Singapore and beyond to become multinationals, the experts will also be willing to guide you to success. Other benefits of working with experts include:
- Assistance with legal compliance.
- Defining the roadmap for regional expansion.
- They can help you to identify and take advantage of government incentives.
- They help you handle complex executive tasks professionally.
As you can see, Singapore is a high-potential jurisdiction that does not disappoint, but you need to employ the right strategies. The expert tips outlined in this post will not only help you to flourish in the local market but also in the entire APAC. For professional assistance in taking your sole proprietorship in Singapore to the next level, contact MBiA, the best agency for executive functions. With experts on your side, you can never go wrong.
