How to start a business?

[Azeroth]

I'm currently a full time engineering student graduating in a year time. I am very keen in starting my own business but directionless.

I tried reading up own books on how to start a small business, but there are just too much things to find out.

For example if i wanna venture into F&B industry, how should i start off? Some people told me to do research, but research on what?

Please Help! Thanx!

[Entrepreneur]

Hi,

I am glad that you are exploring the idea to start your own business. If you are interested to find out how to go about to start your own business or even interested to network with people from various industries, you may visit http://www.bizlab.com.sg and call them at 62279350 to find out more. I am sure they are able to provide assistance to you @ no or low cost.

Entrepreneur

[Strong Eagle]

I'm currently a full time engineering student graduating in a year time. I am very keen in starting my own business but directionless.

I tried reading up own books on how to start a small business, but there are just too much things to find out.

For example if i wanna venture into F&B industry, how should i start off? Some people told me to do research, but research on what?

Please Help! Thanx!

If you want to start you own business, then you must have some idea of the product or service you want to sell. If you don't then there is no point in starting a business. You never start a business and then decide what it will do.

If you do have an idea for a product or service, then your research begins with analyzing demand for your potential product. There is nothing more useless, or hard to sell, than a solution for which there is no matching problem. Lots of people get great ideas; they just don't fulfill a need for anyone.

Begin by making an analysis of how much it costs to provide you product. You need to look at both prototype and start up costs, which are amortized into the product life cycle, as well as per unit costs. Don't forget items such as shipping and packaging. It is not unusual for the retail price of a product to be 5 times actual manufacturing cost, and wholesale 3 times the manufacturing cost.

At the same time analyze your target market, or more correctly, your market segment. Don't make the mistake of looking at the market too broadly. Example: You create a new toothbrush. You figure that since most everyone brushes their teeth, you have a target market of 4 billion people. Wrong. What are the characteristics of the market that would want to buy your new toothbrush? Are they gadget freaks? People with one hand? Your actual market segment will be much smaller than people with teeth.

Next, it is time to do a competitive analysis. Who is already selling your product or something similar that fulfills the same need? Are you in an industry that is fragmented, with many small players (where you have a better chance to grow your business), or are you entering a mature market that has 2 or 3 dominant players? Really, selling a new brand of underarm deodorant against the likes of Proctor & Gamble is an uphill battle. What are the strengths and weaknesses of your competitors? What niche will you occupy to gain a foothold?

If you've gotten this far, you now have some idea of what your product will cost to make, how many people will buy it, and what the competition is like. You now have a decision to make. Can you sell into your target market at the prices dictated by the market and make money?

If you think the answer is yes, then you begin your business plan. The plan is a as complete as possible analysis of your startup costs, income, expenses, and hopefully profits. You must be rigourous in developing the plan for you are only lying to yourself if you make overly optimistic sales projections or underestimate the costs of getting the product into the hands of consumers. There are thousands of websites and books about creating business plans... you need to learn all the elements that go into the plan.

Now, you need to secure funding. If it's a low cost startup, you can do it yourself. If you need lots of capital, you have a problem because no bank will lend you money. You might find an angel investor if your idea and pro forma financial statements are really good and well supported.

This is a rather elementary list of things to do. One big part of your research is to understand how to research markets, competitors, and other factors that affect your product. You need also to become aware of the differences between selling... say... $2 million yachts to rich people versus selling pet rocks to the population at large for $3 a piece (by the way, your target market here is not the people who buy the rocks, it is the gift shops that are looking for items to peddle). You need also to analyze the difference between service businesses and product oriented businesses.

Finally, you are an engineer. You need to learn as much as possible about accounting, finance, management practice, sales, and relationship management.

Good luck. It's work, and it's fun.

PS: If there are already "just too much things to find out", then do not start a business. There will always be too many things to find out, no matter how long you own/run your business.

[bizn]

Hi,

If you really interested in starting your own business, perhaps you can email me at sarah_bq@yahoo.com.sg.
I am also doing my own business and is looking for business partners to expand the business.
Thnaks!

[raymond]

Hi guys! I am going to leave the gov sector after my contact is up in july and is interested in setting up a biz or partnering with someone who is or going to do a biz.

Feel free to contact me at chinraymond@gmail.com

Thanks!

[tingshen]

you really need to come out your own idea to start your own business, and get some financial support from your parents, or your found investors.

otherwise, go and get a job, gain experience until you're ready.

Are you from NUS? SOC Alumni is going to organize a series or talks to help their students, you may sit in during the event, one of the section will be covering starting up your own business where we will be inviting successful entreprenuers to share their experience.

[startup]

Hi

You may want to consider doing an internet business. I don't suggest doing it fulltime though, perhaps you may want to still find a job.

take for example :

http://www.greatprices-domainnames.com/

click on the reseller link while you are in it, read about it ...you could resell domain names, websites ... all sorts.

By the way do an internet search on reselling such things as above, you will find more.

I read in the strait times that quite a couple of students are doing such type businesses. One claims about S$40K of revenue or more ...

This internet business still requires hard work though ... but it could be fun and after a while perhaps proftable ... let the internet make some money for you while you explore some stuff. This forum is one great example of a good internet site and in some way generate business and income for its owners.

regards

[singaporehelp]

Company registration info
http://www.acra.gov.sg/company/index.html

Go navigate below this site for online registration
http://www.business.gov.sg/

Hope the above helps

[newbusiness]

Hi there

The internet reselling seems interesting ...

anymore tips ?

what about the Integrated Resort ?

Any opportunities for us to strike out and do something of our own ?

[Chandler]

Hi,
You want to know how to start a business?
Quite simple actually, ask your self: WHY do you want to start a business?

Go to a quiet place and ask your self what do you want to do in life? Your life purpose? Do you realize there is no one in the world who sees and experiences the world quite like you? You are one of a kind. Get out of your head and into your heart and discover what it is that makes you who you are?
When you have the answer from your heart then everything else is easy.
Hope this helps,
Chandler

[Guest]

Hi,

2 very important points that I believe u nid to take note of:

1. What's ur product's Unique Selling Point (USP)? In the case of F&B industry, it's a area that everyone spend their $$ on. Lots of opportunity but also lots of competition...

2. How many staff are you going to hire? What are they going to do? If you are going into partnership, have the contract laid out by a lawyer. Most importantly, u must TRUST that person...

There's always money v.s. time. Make use of what you got. Beg if you have to. Do not give up.

[Biz_Opp]

Look around and see what others are doing.....

http://www.businessopportunity.com.sg

[Shareholder]

You don't have to start one, buy one.

Nature of Business: Precision Engineering Firm
Sales Turnover: S$2 mil
Net Profit Margin: 30%
Reason for Sales: Migrating

Interested? Email me wswoon@pacific.net.sg

I'm currently a full time engineering student graduating in a year time. I am very keen in starting my own business but directionless.

I tried reading up own books on how to start a small business, but there are just too much things to find out.

For example if i want to venture into F&B industry, how should i start off? Some people told me to do research, but research on what?

Please Help! Thanx!

[Retired*23]

I think to anyone who 1st want to start a business, i would advice the, to invest in their knowledge 1st.
The more you know. the more you realize you dont know