Management Tips for Business Owners

Why Is Singapore The Best Place In Asia To Expand A Business?

Asean Country - Singapore

Four decades ago, Singapore (SG) was just a swampy land with the poorest population. Singapore now, forty years later is one of the countries with the highest per capita income, best health care and education system for its citizens. According to different financial experts, Singapore may become a superpower in future. The country is not only going to become one of the top finance centers in Asia, but in the whole world. Therefore, for all entrepreneurs looking to expand their businesses, they need to consider Singapore as the best location in Asia to do so.

Why is Singapore the best place in Asia to expand a business?

Business hoping to expand should surely consider Singapore as the best option. Well, there are many reasons for that. In this article, I will bring you up to speed with some of the reasons you should consider expanding your business to Singapore.

  1. Friendly to start-up business

Business Incorporation in SG is simple and hassle free. Foreigners and residents, above 18 years can start their businesses without any restrictions as long as they meet the requirements, follow the correct registration process and adhere to the country’s laws.

  1. Flexible immigration policies

Singapore has enacted an open immigration policies for all foreigners who wish to relocate to Singapore. The government has also made provisions to help you get foreign professionals for your business, thus ensuring your start up is as smooth as it can be. In addition, all value adding entrepreneurs are given the option to settle permanently in the country. The government has made it easier for them to get permanent residence status.

  1. Strict intellectual property protection

Singapore has strict laws that protect businesses and workers. The country has very strong copyright laws. In Singapore, it is a crime for a company or individual to conduct copyright infringements. In addition, Singapore businesses can not only file for registering as a trademark in the country, but they can also file for the global trademark registration. This is because the country is a signatory in different IP conventions and treaties including Paris convention, patent cooperation treaty, Madrid protocol, Berne convention, Budapest treaty and many more.

  1. A stable, open and honest government

It is common knowledge that businesses don’t exist in vacuums, they require a conducive environment to thrive. This means, there must be political good will, good infrastructure and a stable government. Singapore political system has enacted laws, sets regulations and decided on priorities that pro-business oriented. In addition, the country is run by a stable and orderly government whose vision is creating a friendly environment to help businesses thrive.

  1. World’s best labor force

Singapore has the highest literate levels in the whole world. In fact, about 91% of its total population is literate. This has provided productive and attractive work force which is a major ingredient to run a successful business.

  1. Singapore’s strategic location

Singapore is strategically located at the middle of Southeast Asia. This makes it easier for entrepreneurs to access a very large market with just a few flights. In addition, Singapore has one of the busiest ports in the world. In fact, it is classified as the premier international Maritime center.

These are just some of the reasons why you should consider expanding your business to Singapore. You can either be an early adopter or a late adopter. I hope the article has provided all the relevant information on why Singapore is the best place in Asia to expand your business.

Continue Reading

How To Find A Good Business Idea

globe2It is probable that you have previously decided to some extent what business you would like to initiate. However you may be at the stage where you would welcome the occasion to run your own business, but you are not certain in which direction to go.

You may get some business ideas from here and consider them in relation to your own inspiration interest, needs, skills and resources.

There are a lot of business opportunities to decide from, ranging from home-based business ideas such as furniture repairs, dress and curtain-making or growing more decorative plants, through offering customary services such as domestic cleaning vehicle repairs, painting and decorating, to running a superstore, restaurant, rest home or hotel. Maybe you are taking into consideration something larger, preventing an extra difficult challenge, such as manufacturing of some products.
There are no wonderful formulas for generating business thoughts. However, the following tricks will help you draw up a variety of business ideas, all of them proving to be fruitful if you attempt them with a companion, or even alone.

Building On Your Knowledge, Skills, Hobbies or Interest
Take five minutes to list all of your interests and skills as you can think of. For each, try to imagine of a business scheme to match it. There are plenty of opportunities in everything that is available on the market, but you have to find the one idea that is good for you – something that fits your skills, your expertise or your knowledge.

For example, if you think about Food preparation – consider a Home catering business or a restaurant; if you like meeting people – consider retailing business Grow-your-businessideas.

Copying or Improving Someone’s Successful Idea
It is an ordinary fallacy that for a business to be a success it has to be based on an innovative and unique thought. In fact, the opposite can be right: the less the idea has previously been tried and tested by some other entrepreneurs, the bigger the element of risk.

What you can do is this – use an idea that is already successful. There are plenty of franchise ideas on the market that are for selling, and you can definitely get it started with one, if you find something that you like among all of those.

Make a Complete List of the Businesses in Your Region That Appear To Be Successful
Can you improve on any previously established businesses? For the existing business setup that appeal to you, try to make a complete list of the things that they do badly. How could you alter that business to get better on it?

Combining Two Accessible Business Thoughts
An interesting action is to attempt to unite two or more existing business thoughts to produce a new idea. One famous and highly successful case of this was the ‘Body shop’. The Body Shop offers principally ‘beauty products’ made from natural ingredients with no cruelty to animals.

It was initially started in late nineties with one shop; it is now an extremely successful business with shops worldwide.

competitors-iconThe body shop is fundamentally a combination of the traditional herbalists with the cosmetic business, incorporated in such a way as to capitalize on the fresh trend towards healthier standard of living and public resentment and worry about cruelty to animals.

Spotting a Break in the Market
A lot of today’s successful business people have achieved all those things by identifying and exploiting a ‘gap’ in a rapid growing market. It is a subject of identifying requirements of sections of the market, which are currently not met by existing businesses. You could also do something similar – fill out the voids where there is a need of something – a product or a service that people need and one that they would pay for.

Continue Reading