You can start a business in Singapore as a millennial anytime on a budget. For some businesses, you do not even need to come up with a lot of capital in the bank.
The important factors that you need to look out for is when starting a business:
- Register your business wtih ACRA. Do not get into trouble with law and taxes. Research on the business type /structure is necessary for your enterprise. There are 4 main types of business structures in Singapore: 1. Sole Proprietorship (single owner) or Partnership (two or more owners), 2. Limited Partnership (LP), 3. Limited Liability Partnership (LLP) and 4. Company. For more information, please visit ACRA.
- A user-friendly and professional website. Your website is an online business card. A good website would contain the following: Contact page, About page, Home page, Service/Product page and Blog page (if any). In the past, you’d have to hire a web developer and fork out thousands of dollars. However, these days, you can build a website easily within a day with eCommerce website hosting and building softwares.
- A small team of competent individuals. These people don’t have to be in Singapore or work for you full time. Hiring a full-time employee means increasing expenses and risk. Instead, hire contractors who work remotely. They are good at what they do, the cost of living is lower than in Singapore, and they are probably more hardworking than the guy/girl in the next office cubicle.