How to start a small business in Singapore?

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I would like to learn more about starting a small business dealling with selling of children stuff ranging from toys to clothings to daily needs like utensiles. I also ever thought of dealling with fabric like curtains or textiles. I just haven't really decide which one to finalise. Currently I'm working.

I want to know how to get loan from banks, qualifications, restrictions and all that. I also would like to know websites of any wholesale products. If any of you have ideas or experienced starting business, please contribute.

I'm not interested in online business, only interested in setting up my own shop.

Thanks for your contribution!

How to start a small business in Singapore?

Before you even think about the loans and stuff, I think the first thing you need to decide is: What do you want to do and WHY do you want to do it?

Here are some questions you can ask yourself:

- Why do I want to start this business? (is it to earn money or ur passion.. or wat is it?)

- How much money do I want to earn? (businesses started with no profit goals in mind usually dun get very far..)

- If I do xx biz, how much profit will I earn on a daily basis?

- How long will it take to recover my initial investment?

- What do I want to sell?

- Where and how do I want to position myself?

- What are some short, mid and long term goals I have for this business?

- What strategies can I undertake to acheive this?

- Who are some of the people who can help me?

It is all very well that you are keen to start your own shop. But do remember that traditional business carrys lots of overheads. Most small businesses close down within a year. In fact, 90% close down within a year. out of the 10% who survive, another 80% close down within the next 3 years.

Do you have enough extra cash to tide you over till you break even at least?

It is not all rosy and you may not even be making more than the job you are holding now. Are you ready to work everyday.. even on public holidays just to earn this little money?

Good luck! May your business prosper! Huat ah!



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