Choose Retail Business & Give Your Company Incorporation Singapore a Head Start
Being situated at the crossroads of the Western and Eastern regions, Singapore’s social life is hinged upon the eastern values while the business culture is dominated by the western flair. People from both regions can easily mix-up with the multi-cultural environment of the city-state. Despite having nearly no natural resources, the island nation has managed to become one of the most sought after business destinations in the world. The vibrant business ecosystem of the nation is inviting foreign investors and entrepreneurs to kickstart their business venture by opting company incorporation Singapore.
The city-state is a melting pot for many emerging industry types such as food and beverage, finance services, information technology, healthcare, education, and retail. The entrepreneurs intending to start their Singapore company incorporation in the retail sector can expect high growth and profit if executed in a proper manner.
Company Incorporation in Singapore: Try the Retail Sector
Singapore, being Asia’s hottest shopping destination, offers a ultra-competitive landscape for the retail industry. Although, more and more entrepreneurs have been showing interest in retailing business over there, the scope of growth is still there at a substantial rate. Some reliable market analysts have predicted that retail sector is Singapore will witness a modest growth over the years, mainly due to the dramatic growth in online retailing.
Write a Business Plan for your Retail Business Ahead of Company Incorporation Singapore
So, you have geared up to start company incorporation in the retail sector. Prior to that, make sure to write a breakthrough business plan. It will help you define your business objectives, set goals and project potential errors. By doing so, business owners can prevent the potential problem in the future. In a nutshell, the business plan acts as a road map for a business’ success.
Retail Business: How to incorporate your company in Singapore
The process of Singapore company incorporation is regulated by the Accounting & Corporate Regulatory Authority (ACRA). There are two steps: company name approval and company registration (filing of application form). The process is straightforward and does not take much time unless the application needs to be reviewed by any approving authority. The company incorporation fees are relatively cheaper than many other developed jurisdictions.
You may hire a good incorporation specialist to perform the A to Z tasks of your company registration. The professional will prepare documentations, file application and manage other necessary activities on your behalf. You may also avail guidance and assistance for your post-incorporation services from them.
To-do lists for Retailers in Singapore
Buy a work injury compensation insurance: As per the Singapore jurisdiction, an employer must get the work injury compensation insurance for all employees doing manual work, as well as all employees earning a monthly income less than $1,600. Be sure that the policy covers eligible claims (medical leave wages, medical expenses, and compensation for permanent incapacity or death) under the Work Injury Compensation Act.
Secure a retail space: You will need to secure an ideal place for your retail business. Easy access and proximity to the market area are the key facts to be considered when you are looking for retail space. Also, make sure that the building has adequate safety measures including fire safety precautions. It should be located in an approved location for retail business.
Obtain a valid license: Depending on the nature of the retail business, you must obtain a relevant license from the Singapore government agencies.
Join a retailer Association: You can join retailers associations in Singapore to team up with other retailers. It will help you keep up with the market trends and improved on marketing strategies.
How to grow a Retail business in Singapore
Your retail business is running smoothly; you have retail space, inventory, staffs, and customers. So, it is the time to focus on taking your business to the next level of success. Ideally, you must adopt a creative marketing strategy to reach to a huge potential target audience. You are advised to define your target market and implement aggressive advertisement campaign to attract them. You may use print media advertisement, attend the trade shows or events or distribute fliers or brochures to create the buzz.
Together with that, you must ensure to build and maintain a good relationship with your current customer as well. Word-of-mouth publicity of your current customers can change the game. It has immense power to build your brand among the target audience. Plus, you must try to leverage the digital marketing strategies (email marketing, SEO, SMO, PPC) to get optimum result.
Many new entrepreneurs have already proven their expertise in the retail sector by deploying professional help of third-party firm. It is your time to try your luck in this emerging industry and pave the way for a successful career.