How set up small home based business in Singapore
Starting your own business is not an easy task to cover, especially when you are starting from scratch. You have to research a lot and then make a decision on whether to start or not. There are certain factors in establishing a business at home. There are plenty of things to keep in mind while finding home-based business ideas and methods to make those ideas a reality. From creating a business structure to maintain a home office, everything should be done in a great way.
If you are wondering how to start then in this article, we will be discussing some essential things that will help you to establish a business at home. The home-based business could be anything that attracts you and makes you feel comfortable. When it comes to business, only those can succeed who work with a passion so it is always best to choose what you like. Here are some home-based business ideas from where you can begin:
- Freelance Writer
- Freelance Photographer
- Office related work by an electronic system
- Freelance Artist work
- Small bakery (the flat in which you are living should not be turned into a bakery, learn the guidelines before establishing one)
- Private tuition (not more than three students at a time)
- Piecemeal work from factories
- Freelance Journalism
- Personal chef services
- Mobile Pet Grooming
- Computer Trainer
- Travel Planner
- Meal Planner
- Party Planner
- Bookkeeping Services
- Beauty Services
- Hairdressing Services
Steps to set up a small business at home
1. Write the business Plan
Before starting with any of the above given home-based business ideas, you will need a business plan. Your business should be as detailed as much possible as it will going to be a road track to keep you align at each and every step. It will include ACRA-approved business name, learning guidelines properly, online website etc. Your business plan should be an executive summary, market strategy, market analysis, a financial and company’s overview. This will also include a detailed list of services and products.
2. Setting up a strong connection
Whether it’s a big or small business, it will eventually need a strong connection. Here we are not only talking about electronic connections but also with the parties from where you buy service or products to sell in the market. Running a home-based business simply means, you need a fast working internet connection, top laptop connections etc.
3. Setup space
Of course, it is a home-based business but you still need your own space to work. You can’t calculate figures midst chitchatting with your family or can’t check any material for delivering while handling your kid playing in the home. You need to create the most conducive work environment in your home where you can keep eye on the capital and services you are offering to customers as well.
Also read: How SMEs can mange their cash flow like a boss?
4. Have adequate capital
This is the most essential step of any business and without it, you can’t even imagine to set up a business. Whether you will require less or more, capital would be the factor that derives the entire process. So, make sure you have enough capital to set up a business.