Many people around the world have a dream of running their own business. And it’s easy to see what the attraction is; you can do things in your own way, on your own time, and with the people you want to work with. Others like the fact that they can work from wherever they like, and some people just like the fact that being the boss means more money.
And actually, some research suggests that more people would actually benefit from starting their own firms, leading to a happier and more wholesome life without spending 8-10 hours of every day working for someone else’s agenda.
Still, it’s not an easy task to begin a new business venture, especially not on your own. If you aren’t careful it might all end with you losing money and time on your investments.
So to answer the question of when’s the right time to incorporate a company: that depends. There are above all, 2 critical components to choosing when the right time is. Economy and the Business Plan.
Economy is everything.
A large number of entrepreneurs fail to get past 1 or 2 years of active business, before shutting down due to bad economics. Whether they are not selling as much as they need to, or whether they have terrible accounting skills and thus lose out on tax – the common denominator is they all have bad economy.
And while it makes sense to consider the profits and losses at all times, a surprising number of business owners just go by what they feel, and not by what the numbers tell them. In fact, in 2016 a study was made and found that 40% of business owners did not have proper accounting, a fact that cost them more money down the line, when they had to pay to fix it.
So whether you need to learn about how to incorporate a company in Singapore, or whether you need to know about accounting, it is important to have the best help at hand from the start. These experienced people can help with making the best decisions and saving you both time, money and possibly even from failure.
The business plan.
The other important thing to consider is how you are going to make money, and ensure you make enough money, month after month. And you don’t have to invent the thing that replaces all smartphones to make money. The most common thing for businesses is actually to copy existing plans, and adapt and modify them to improve them, and to make them more viable for the business owner in question.
Look at new businesses in your chosen niche, and find the ones that seem to be making profits. Improve their service by offering more for less, and if you can add a few unique things on to that, you can make money too.
So start today.
The best time to start, is now. So what are you waiting for?