The pandemic disrupted the daily lives of people around the world. It also forced many businesses to close in Singapore after the government implemented a circuit breaker to reduce the spread of the virus.
The measures that the government implemented allowed the country to slow down the spread of the virus. And coupled with a strong vaccination drive, the country kept the number of cases in check during the first half of 2021. But a sudden surge saw the number of cases go up during the past few weeks.
Despite the situation, the country saw more businesses set up compared to the number of businesses that closed since the pandemic started. Due to this, entrepreneurs can consider starting a business in the city-state.
Here are some tips the entrepreneurs should consider when starting a business in Singapore.
Look for Opportunities in the Market
Before starting a business, entrepreneurs should look at opportunities in the market to increase the chances of making their businesses succeed. They should focus on the market’s needs rather than setting up a business that will struggle when it opens.
Opening a restaurant in a fixed location is not ideal at this point. Instead, entrepreneurs should consider setting up a food truck since it can go where the customers are. It also reduces the need for people to stay in one place to eat. Customers buy food and take it home to eat.
With the continuing risk of the pandemic, entrepreneurs can also offer sanitizing services or manufacture masks for people to use. They can also offer home delivery services or online fitness classes. The important thing is that they look at the demand in the market and focus on meeting it when they plan to set up a business in Singapore.
Address Pain Points of Consumers
Aside from looking at the market, entrepreneurs can also address the pain points of customers. Pain points are specific issues that their customers have to deal with. Once they identify these pain points, entrepreneurs should work to help their customers handle them.
For instance, many retailers in the country have issues with last-mile deliveries as more customers are shopping online. Entrepreneurs can take the cue and start a delivery service to help these retailers deliver their products to their customers.
Entrepreneurs can also help retailers connect with their customers online by offering digital marketing services. In this situation, the retailers can focus on their business while the entrepreneur helps them with their digital marketing needs.
Focus on Long-term Planning
One thing that businesses had to deal with during the health crisis was how they could stay afloat in the middle of the pandemic. The situation in Singapore was similar to many countries around the world, where retail sales went down due to low demand in the market.
So, entrepreneurs should make sure they have a long-term plan in place, and their business is not easily affected by a recession. Setting up a delivery service is a good idea since it meets a specific demand in the market.
Even with the demand, entrepreneurs should stay cautious when acquiring assets for the business. So, when acquiring vehicles for the business, they should consider taking advantage of revenue-based financing. This financing plan is cost-effective since a percentage of the revenue determines the amount paid for financing. It’s better than basing the payments on a fixed amount, which can have a considerable effect on the finances of the business at the start.
In this situation, entrepreneurs will get the vehicles they need for the business without having to spend a lot of money on acquiring them.
Prepare to Pivot
Even though the gross domestic product (GDP) of Singapore went up by 6.5 percent in the third quarter, the situation remains uncertain due to the emergence of new virus variants in different parts of the world.
The city-state also experienced surges in recent weeks, which can affect the country’s economy and the health of its residents. Due to this, entrepreneurs should always be ready to pivot or change their business model whenever necessary.
Pivoting the business allows entrepreneurs to focus on a different market if the initial target audience does not offer a favorable response to the product or service that the business offers. Entrepreneurs should always be aware of the different demands in the market to allow them to make the necessary adjustments in their business.
Even though they focus on a specific segment in the market, entrepreneurs should be agile enough to make changes if the market segment does not offer the opportunity that the business needs to succeed.
Setting up a business in Singapore amid a pandemic is challenging. But proper preparations will give entrepreneurs a bigger chance of succeeding in the market.