Planning to launch or expand your business this year?
Here are some useful information for you to consider when you make your business plan:
Mobilising your startup capital
How are you going to finance your business? Your startup capital can come from different sources. Aside from traditional bank loans, entrepreneurs can also make use of existing government schemes and grants for micro, small and medium enterprises. Your banking institution may require you to take out a Credit Protection Insurance policy to secure your loan and thus mitigate your risks.
Budget for all costs
Aside from the initial capital injection into your business, there will be monthly or daily recurring operational costs to running your business. Nevertheless, some of the biggest setbacks faced by businesses are related to financial losses from unforeseen events. Talk to your insurance company to ensure that you have a comprehensive insurance policy suited to your business needs.
Set a competitive selling price
While the selling price of your products have to reflect the cost of operation, be mindful about incorporating startup capital costs into the pricing. Do not price yourself out of the market before you even get started.
Diversify your products and market
One way to set yourself apart from the rest is to diversify the products you offer. Aside from offering what everyone else is offering, find a secondary niche market and capitalise on the uniqueness of one of your products or services.
Take advantage of digital marketing
For maximum exposure in a saturated and competitive market, consider making full use of digital marketing tools, social media and app development for your business. There is no reason to get left behind while your competitors are already miles ahead. Make yourself known when you start.
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