Following the Asian Financial Crisis of 1997, the economic status of our country took a turn for the worse. In the ensuing years, the currency took a dip. However, in the year 1999, the economy rebounded and a considerable increase in GDP was recorded. Fast forward to now and this means that one can pursue their entrepreneurial dreams without worrying about the economy being harsh. This also means that if one desires to secure a Singapore personal loan or a business loan, they can do so at favourable interest rates.
That said, many people have ideas which they desire to turn into businesses but lack the gumption to do so due to lack of knowledge. Others get into business head first and end up getting burnt. If you have a business idea which you would want to turn into a business, here are some pointers on how to achieve this:
Analyse How to Make Your Idea
The first step is of course having an idea which you already have. Before moving to the next steps, there are some things you have to consider. One, you have to know the problem that your business idea will solve. When you take a keen look at every company’s functions, it will be finding the matrix of a particular problem and providing solution. This means that there is something that they offer which enhances the lives of their clients. As such, determine the solution that your business idea is presenting to client’s lives. In pursuit of this, you also have to consider the market to the service you wish to offer.
Seek Certified Support
Once you have your idea and market down, the next step will be to find business partners or people who can guide you in the process. Research has shown that very few startups survive on their own. Finding a business partner is right for your business as they will give support to your idea, act as a sounding board for additional ideas you may have and will be able to speak on your behalf to other suitable partners you might want to get on board.
Devise a Compelling Financial Model
The next step will be to come up with a financial model. This should help you determine how the product you have or the service you are offering is created, promoted and how it to gets to the individual user. This will add more insight into how your business will be running. In addition to having a financial model, you should also plan out the first phase of your business. As you plan, ensure that you have key things down such as the mission, the keys to success, any competitive advantage you may have and objectives of the business. This will help you in selling your idea to potential talent that may join your business and ensure that they are on the same page with you.
Come Up with a Dependable Source of Capital
So as to have your business idea on its feet, you will require money to meet all costs. There are many sources of money that you can look to including donations from friends and family, venture capitalists and angel investors. You can also take up business or personal loans from credit institutions or family members to bankroll your project.
However, ensure that you first seek advice on what loans to take up or on borrowing generally as this may eat up on the profits that you register later on. Also, when you borrow, ensure that you borrow within your means.
Maintain Enthusiasm and Optimism
As you get into the investment world, ensure that you remain positive. Chances are that some people may inject their negativity on you by questioning your idea. However, stay above this negativity. Also, avoid self- doubt as this will hold you back from taking necessary risks.