Starting a new business? Top 5 tips for a great start

1. Know the legal requirements

One of the first things you should do as a business owner is to establish your company’s legal structure – whether a sole proprietorship, limited liability partnership or a private limited company. This will determine aspects of your business such as its tax status and owner liabilities. You will also need to prepare the relevant documents to officially register your company as a business entity, and obtain the relevant licenses you will need to operate your business. Get Set, a one-stop service offered by DBS, can help you get started.

2. Get your finances in order?

There will be both fixed and variable costs associated with running any business. It is important to figure out the amount of capital you will need for a start, and to assess your options. Some small business owners seek government grants, investments from friends and family, external investors and venture capitalists – while others apply for business loans from banks like DBS. It’s also important to get your business account and payment systems set up so you can receive and disburse payments efficiently, even through hassle-free direct debit payment.

3. Build a great website

Even if yours isn’t an e-commerce business, it’s important to build a well-designed website to give your business an edge. Decide on a descriptive and memorable domain name and decide on the pages you’ll need on your site. Contact information is particularly important, so be sure to include as much relevant, up-to-date contact information as you can. Once you’re all set up, consider marketing your site on social media platforms (such as Facebook, Instagram, Pinterest, LinkedIn and more) to grow your audience. DBS Start Digital gives you access to vendors who can help you set up an online presence and market it effectively.

4. Focus on your core business

It’s tempting to consider adding additional products and services when you aren’t sure if your company’s offerings are good enough. However, for a new business, it’s often wiser to focus on fewer areas and to excel in them rather than attempt to have a hand in everything. You’ll be better able to focus on specific areas that matter most to your customers, and direct your team in a clearer direction.

5. Use digital technology

Chances are, there are probably a good number of digital solutions to help you handle the nitty gritty of running a new business. Consider outsourcing non-core functions such as payroll and accounting, and think of engaging a cybersecurity solutions provider to help you avoid the inconvenience and frustration associated with security breaches. Time is of the essence when you’re running a new business, so consider going digital right from the start with DBS Start Digital.