The decision to form a Singapore company can be quite daunting. As you transition from employee to entrepreneur, you need to step out of your comfort zone and face the uncertainty of starting your own business.
To help ease your transition, Singapore incorporation specialist Rikvin has compiled a few fundamental tips:
Plan Accordingly
Plot your schedule and set a date for when you want to run your business full-time. Setting milestones will help you focus on specific goals, and in the long run, enable you to accomplish your business targets more effectively.
Set Your Finances in Order
Before resigning from your full-time job and opting for Singapore company registration, make sure that your savings are sufficient to cover your personal and business expenses for at least 12 to 18 months. Consider the possibility that your startup may not be profitable during its infancy years, so prepare your finances accordingly.
Be Debt Free
Assess your credit standing and try to eliminate your personal debts, if any. Remember that at some point in your business cycle, you may need to apply for credit to finance your operations. Eliminating outstanding debt is therefore imperative.
Read more about the tips for new entrepreneurs at Rikvin.com.
