Checklist Of Business Planning For Startups
Are you starting your own enterprise in Singapore? Did you know that Singapore is one of the world’s most conducive countries for business, as cited by various international organisations every year? This is due to the highly efficient business system of the country, making it a generally business-friendly environment for both small and big companies.
To make it easier for you to start your business, here is a basic checklist of processes that most businesses go through. Note though that any one of these items may not necessarily apply to your business type.
First, research your market.
Researching will include identifying who your target customers are–taking into consideration age, income bracket, and any other element you think is important to their decision-making. Study market need or the so-called demand: is the demand for your planned product or service particularly high in your locality? Identifying and studying your competitors can also give your research a more comprehensive dimension: how are they doing with the strategy they are currently using? What can you do to match this or do better? Know your market size too and how you can meet their demand efficiently. Take note of market trends, both past and present, so you build your strategy in a more informed state.
Second, write your business plan.
Have you done the following already: executive summary, vision and mission, market analysis, organisation structure, sales and marketing plan, operational plan, financial projections, and growth and exit strategies? All these make up your business plan. Having a carefully thought-of and well-crafted business plan can serve as the blueprint for your business.
Third, draft your financial plan.
Identify your possible start-up costs, break-even point, sales targets, balance sheet, income statement, and cash flow statement. All these will help keep your expenditures in check.
Fourth, plan for long-term success.
Have clear goals for your personal and entrepreneurial future. Come up with a marketing plan to get the word out into potential customers. Conduct long-term planning for risk and failure, the future, and for succession. In business, always think long-term.
Fifth, choose a good business name.
Make yours memorable (both offline and online) and relevant to the product or service that you are offering. Make it witty but straightforward at the same time. Your goal is for people to remember your business name after first encounter, make them curious enough to find out more, and then convince them to make a purchase or avail of your service.