Launch a Singapore startup in 8 easy steps

Dr Biz • August 19, 2020

Launching a Singapore startup is an exciting prospect. This is one of the most accommodating cities in the world for new companies, with a plethora of government support and easy administration making Singapore a startup hotspot. Even in these uncertain times, programmes like the newly extended Job Support Scheme – which covers up to 50 percent of the wages of workers in key sectors – are ensuring that small businesses in Singapore can continue to survive and thrive.

So don’t be discouraged from making your startup dreams come true: in the post-Covid world a hard working entrepreneur can still find success with the right startup strategy.

1. What’s the problem?

Startups are all about finding solutions, but if you don’t fully understand the problem first, solving it will be tricky. For example, Grab or Lazada might be the solutions, but the problems are far more important: unsafe and unreliable transport and delivery services, and a lack of access to ecommerce in Southeast Asia. Solutions will change and evolve over time, and if you have a firm grasp of the problem, you can constantly adapt and offer new products and services.

2. Ask for advice

Think of an entrepreneur and you may picture an Elon Musk-like eccentric visionary: a maverick bravely going it alone in the face of constant criticism. The reality, though, is that launching a business – especially a Singapore startup – is usually best done after taking careful advice from experienced business owners. Startup SG Founder provides a platform for matching mentors to startups, as well as grants of up to S$30,000 to first-time entrepreneurs.

3. Buddy-up

Starting a business can be a lonely journey involving late nights and working weekends in the first few years. Having a partner there to share the “startups and downs” (excuse the pun) can help to lighten the load, keep you inspired and make sure there is always another head to bounce ideas off. Look for someone as passionate and knowledgeable in your business area as you, and be careful when considering friends and lovers - especially if you want to keep them that way!

4. Make a business plan

Despite being one of the world’s top cities for new businesses, around 30 percent of Singapore startups fail in the first three years. To avoid this, you should put together a solid business plan, with studies showing that startups with a business plan are twice as likely to grow their company and gain funding than those that don’t have one. Check out Enterprise Singapore’s Business Toolkit for guidance.

5. Beta-testing

While not every startup is a tech startup, quite a lot are! Whether it be more efficient taxis, shopping or TV viewing, a digital platform - usually app-based - is often crucial to modern business operations. In these cases, it can be extremely useful to launch a beta-model into the market as soon as possible to get feedback on your product and how to improve it. Again, be sure to explore the many digital grants and programmes offered by Enterprise Singapore.

6. Get an MVP

Similarly, an MVP - or minimal viable product - will help you to figure out whether your product really does have the market and audience that you anticipated. This can apply just as easily to non-tech startups too, if not more so. Try to get a prototype of your product or service up and running and then test that with a small group of even just 10 people to begin with. The feedback you get in these early days can be invaluable to your future growth.

7. Make it official

Now the fun is over, it's time to focus on the serious stuff. All new businesses in Singapore must be registered and incorporated with the Accounting and Corporate Regulatory Authority (ACRA). Once you’ve registered, you’ll get your UEN number, which gives you the right to operate as a business. Dr Biz can help you with all of your incorporation needs, as well as the many requirements that follow, including company secretarial functions, accounting and tax.

8. Have fun!

With all of the stresses and strains of launching a Singapore startup, it can be easy to forget why you did it in the first place! Stay true to your vision and maintain your energy and drive by always having as much fun as possible. Whether it be regular company team-building days, staff treats or customer giveaways – be sure to keep enjoying the startup process. While tiring, launching a new business gives you the opportunity to do things differently and, with any luck, more successfully than your competitors.

At Dr Biz, we provide tailored and comprehensive solutions for our client's business needs. From incorporation to accountancy, tax and payroll, to professional advisory services, we help businesses in Singapore assess potential risks and become more cost effective and efficient.

To find out more, please feel free to contact us.

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