How to start a business
Inspirational business owners share the ins and outs of launching a start-up.
The Butcher & The Fishmonger Retail, online and wholesale butchery (five years) and fishmonger (one month). www.thebutcher.com.sg, www.thefishmonger.com.sg
Business idea "Friends bemoaned the lack of quality sausages and meat in Singapore. Having grown up on beef and sheep properties in Australia, we valued quality produce and decided to do something about it. So we opened The Butcher. We recently extended the business by launching The Fishmonger - borne out of a desire to have access to fresh Australian seafood from sustainable resources."
Research & planning "The business plan was a six-month, full-time project. We also spent time looking for the right retail location and making sure our product list suited our target market. Once we decided to proceed, we did everything ourselves - from choosing tiles and interviewing butchers, to assisting with the first batch of sausages."
Highlight "Seeing the business grow and the pride you get in building a business from the ground up."
Lowlight "There'll be times where you work seven days a week and forgo holidays. And if the business isn't performing you can't blame anyone else!"
Tips "Be passionate - whilst a gourmet butcher may not seem glamorous, to us it's ‘The Spice of Life'! Make smart business decisions - not emotional ones. Be prepared to change. Be optimistic, realistic and always anticipate the worst. And always choose your partner wisely!"
Leonardo Talpo & Co Relationship counselling (five years). www.leonardotalpo.com
Business idea "Disillusioned with the corporate world I started a journey of self-discovery and decided to study a Master in Social Science (Counselling). My love for the mind and human spirit made me realise I'd love to start a marriage and relationship counselling practice."
Research & planning "Private practice counselling was relatively small six years ago and there was nobody in Singapore specialising specifically in marriage/relationship counselling. With an epidemic of families falling apart, I realised I could help."
Highlight "Doing what I love to do."
Lowlight "The stress associated with unpredictable variables. And the patience required to build your own clientele - it takes time!"
Tips "If you love what you do you'll overcome any obstacles. Speak with people who've been successful and avoid being demoralised by those who've failed."
Majella Skansebakken
Ni-Night Children's furniture, linen and accessories (seven months). www.ni-night.com
Business idea "Having lived in Singapore with children for eight years, I found the availability of children's furniture and accessories lacking and always found myself shopping in Sydney." Research & planning "I walked the streets of China, Vietnam, Indonesia and Cambodia to find the right supplier and product. Plus the support from my photographer, graphic designer and friends and family proved invaluable."
Highlight "I love being my own boss, being creative, working my own hours, travelling to great places and meeting wonderful people."
Lowlight "Funny little things occur on a daily basis, but I laugh."
Tips "Just do it! Singapore is a great place to be able to make a dream come true and Asia is a hub of opportunity. Get your branding, advertising and website right from the start - it takes time and money, but it's worth it."
Claire Salaria & Jude Fairbrother
Cotton House Clothing Women's and kids' wear (one year). www.cottonhouse.com.sg
Business idea "We realised Singapore lacked smaller boutique-style shops selling glamorous women's wear at affordable prices. Cotton House specialises in clothes made of beautiful, natural fabrics suitable for a tropical climate, fitted to the western frame, that aren't mass produced. We'll shortly be launching a website, as we feel it will be a great avenue to reach busy mums."
Research & planning "We researched how to get our business registered, then looked at preferred designs, fabric sources and manufacturing options at reasonable costs. Our sales policy developed through selling at various expat fairs and by setting up a shopping-friendly website."
Highlight "Making all the decisions and having the flexibility to work around our children's needs."
Lowlight "Dealing with overseas' suppliers who may not speak good English can be frustrating."
Tips "Be confident! Singapore makes it easy for anyone to start up a business."
Hollywoodclicks.com www.hollywooodclicks.com
Business idea "We had numerous problems finding a video store. There were few choices, no convenient locations, high prices and difficult return policies. We soon realised Singapore was missing an online DVD rental store."
Research & planning "We analysed the market and then checked the piracy laws, business feasibility and model, before tackling the technology - the most challenging part. We devoted significant resources to developing the most robust, complete, accurate and secure system possible."
Highlight "Being your own boss."
Lowlight "Being the boss! You're accountable, you care the most about your business and you're emotionally tied to it. You could spend 24 hours a day improving your business, but you'd lose every other part of your life!"
Tips "Plan appropriately and have a contingency plan, should you fail."
GETTING STARTED
www.business.gov.sg Find out if you're eligible to set up your own business and if so, what type of business - Sole Proprietorship, Partnership, Limited Liability Partnership or Company - best suits your needs.
www.bizfile.gov.sg Register your business online, using your SingPass (http://www.singpass-services.gov.sg/)
Do you have a Singapore Secret you'd like to share? Send details (700 words) plus images to mjones-white@acpmagazines.com.sg and you could be published in an upcoming issue of The Finder!
Posted Mar 09
