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How to start a small business

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  #1 (permalink)  
Old 18-10-2015, 02:35 PM
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Default 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...

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  #2 (permalink)  
Old 01-02-2020, 01:41 AM
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I think the money you have aren't enough for a franchise. Look for another idea.

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Old 01-02-2020, 01:52 AM
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Yeah, for a franchise you need more money. In order to decide what business to open you need to think about what activities you like to do and what you can do very well. I mean if you can cook then open a restaurant, or if you are good at programming then open an IT company. Then, after you decide on what field you want to work, you need to make a business plan, it will help you understand what resources you need and how much expenses you will have. Also, once you decide to open the business, don’t forget about insurance, I advise you to make general liability insurance but you’ll find more information about it on https://generalliabilityinsure.com/ , it will cover the costs in case of unexpected situations. Good luck to you.

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  #4 (permalink)  
Old 12-02-2020, 08:57 AM
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Quote:
Originally Posted by 前路茫茫 View Post
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.
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Old 15-02-2020, 10:52 PM
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F&B is very hard to do well, overly saturated already unless you manage to get a secret recipe from somewhere
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Old 18-05-2020, 06:40 AM
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Starting a small business (actually any) and developing it is pretty difficult nowadays because of the current world crises and that's why it's necessary to ask for help from different consulting companies. For instance, I used managed services of Salesforce https://www.ergonized.com/salesforce-managed-services/ to fix the flow of my business.
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Old 18-05-2020, 09:44 AM
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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.
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Old 18-05-2020, 06:59 PM
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Quote:
Originally Posted by 前路茫茫 View Post
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...
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
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Old 19-05-2020, 12:24 PM
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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!
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Old 21-10-2020, 12:38 AM
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I think first of all you need to decide what you want to do. What kind of business are you interested in? What are your main goals? For example, when I started my business, my main goal was to bring something new to my small town. That's why I started a business that offers make-up services. Everyone wondered why I decided to start such a business because it is unlikely that there will be a demand for it but it turned out the opposite. Now I have several branches and my services are even in the San Diego business listings. So the main thing is to set goals and work hard.
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