How to start a small business
 

Hi Bro,

I need some advised from all big brother/sister here.

Im 36 years old,
Now i thinking want to start a small business, i have some savings around 60k,
The business type need not be earn a big money one, just roughly a few thousand(3 - 5 k) it is enough to sustain my normal family expenses.

Can some brother/sister have some idea, what kind of business is can i consider ? and i have browse to the franchise system, such as Subway,7-eleven, some the F&B , LIKE ITALIAN FOOD.....

many thanks...

As a business owner, normally the idea for the business come first (usually something you have years of experience in) then you decide to start a business. You must have a strong conviction for the idea, which you cannot help but leave your job to start the business. I think where you are, you are backwards. You want to start a business - any business can consider - even no experience in that industry. I think this is not a recipe for success.

F&B is very hard to do well, overly saturated already unless you manage to get a secret recipe from somewhere

I have a friend who is running hawker.

You will need to bid for a stall from NEA I think to get a slot. This bid price will be your rental price. So bid carefully.

Setup wise will cost some money. You need to engage someone, preferable from an agency to manage it. Usually graphic design on the store, menu design and equipment fees. Equipments will be the bulk of the costing.

Graphic design can be a simple one time. That one just hire online from Envato services freelancer or DIY. Cheaper than agency!

Usually people take loan and then pay over time. Equipments needed will be dependent on what you want to sell.

So must plan ahead.

Don't need to dream so much, being a towkay in SG is no longer that easy :(

Not everyone is cut out for business too :(

I didn't want to add on to this thread but a moderator should really lock the thread LOL. The first poster posted in 2015 asking for advice (nobody replied him for 5 years). Now suddenly necromancy occurred and nobody realised hahaha!

U anything against ppl replying?

I waited for 5 years
Finally there is a reply
Patience

And you want to close the thread

So u are 41 now, how's your business? We can go support!!

ecommerce.. can pm me if keen

I won't risk starting a new business with all this Covid situation, but I see many people succeeded.