When it comes to choosing a place to start your business, Singapore is top of mind in Asia not only for its tax incentives but also for its world-class infrastructure and ease of doing business.
Having said that, there are still risks involved in business no matter where you choose to set it up and Singapore is not an exception. There are ways, however, how you can lower your risks and increase your chances of business success.
- Prepare Your Pitch
Ironically, some eager entrepreneurs make the mistake of spending too much time on trying to get funding but not enough on preparing and polishing their business pitch, which is exactly the secret to successfully raising capital. Through your pitch, prospective investors and creditors can have a clearer view of your business’ potential for growth and profit. The bigger potential they see, the more convincing it is and the higher your chances will be in getting that business loan in Singapore.
- Have a Solid Business Plan
Some people think a business plan in nothing more than a written presentation that won’t matter in the real world. But take your business plan seriously since it will not only help you obtain funding but also serve as your guide on where you want to take your business in the future. No matter how confident you are about your business, without a solid business plan you will most likely get lost in the scheme of things.
- Invest Time in Networking
If there’s one thing as equally important as financial capital in business, it’s networking. After all, what is the use of having everything about your business and ideas neatly written on paper when nobody knows about them? By making sure you put in time in expanding your connections and building honest relationships with customers—not just potential investors—you are also setting up your business for success. It is a known fact that most customers would want to do business with individuals or companies they perceive as having integrity and with whom they have a good relationship.
- Get Help from a Professional
When starting your business—especially when money is still tight—it seems logical to hire family and friends to help out. However, you should choose the areas where you hire them.
When it comes to major tasks critical to your business success, you should consider hiring professionals who have years of experience and knowledge to bring your company where you want it to go. As the old saying goes, “if you think it’s expensive to hire a professional, wait until you hire an amateur.”
If you are trying to obtain funds for your business, search for professional SME loan consultants, who can help you step-by-step when applying for a specific loan. Getting the right business loan in Singapore can not only give you the funding you need to start, but also the boost to grow your business in the future.
Need help in finding the right business loan? We can help!
Finnex is a business loans specialist with a wide network of banks, financial institutions, and non-traditional funding platforms that could help you get faster approval for your funding needs.
Contact us today for a free consultation.