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How to Start A Business in Singapore with No Capital

Starting a business in Singapore can be tough when you don’t have any capital. But, it is possible! This article will teach you how to start your own business in Singapore without spending money.

When most people think about starting a business, they think they need things like an MBA, an attorney, a swanky office, name cards, a website and investors. Since most people don’t know any of these people, and can’t afford to pay for their services, most people get never start a business.

Yet, there’s never been a better time in history to start a business! You don’t need some mind-blowing new product nobody has ever seen or heard of.

This is an unprecedented time for an entrepreneur to fail forward.

Most business is now done via Zoom or some other web meeting service. This means you don’t need to spend any money on an office. Everyone is used to meeting online anyway.

Again, this is a huge saving for entrepreneurs starting out.

People are launching businesses with nothing more than an Instagram page and word of mouth. This young man had to shut down his business, start selling ngoh hiang (fried fritters) to survive and did well enough to buy a $400,000 apartment in less than two years.

All that aside, to be a business owner in 2021 with little or no capital, there are 5 mandatory skills you must have.

To ignore and not adopt these skills, is the certain future death of your start-up.

It does not require money, connections or an MBA. You don’t need all the skills bankers, lawyers and accountants have.

You just need these 5 skills that will allow you to pay them to do what they are best at, while you work on your business.

Photo by Headway on Unsplash

1. Sales

If you can sell, you won’t fail. It does not matter what business you start, if you can’t close a sale, you won’t get any clients. Sales is the number 1 skill every entrepreneur and business owner needs. If you get good at sales, you can always create revenue for your business.

Sales is the lifeblood of any business. The more sales you close, the faster you can go from start-up to established. If you get good at sales, you won’t need loans or investors, you can bankroll yourself with your own sales skills.

2. Marketing

In business, marketing gets the attention and sales gets the money. Without attention, there is no money. This is the most important skill, behind sales. Without marketing, there are no leads, and without leads there are no sales to be closed.

When you can create a killer offer, generate your own leads and close your own sales, you become the most powerful person in business. It becomes a matter of scale and replication to get to the top.

3. Technology

Those who ignore technology are doomed to be ignored. We live in the technology age. If you are going to run and own a business, you need tech skills.  You need to know how to use social media, build funnels and e-commerce.

It is like insurance or property companies. Pre-covid, many were still running physical roadshows, doing door knocking, getting people to do surveys on the streets, decades-old tactics from your granddad’s time. It got results slowly, but is it the best way when everyone knows the real reason for that “survey” you want them to do is really to sell them something?

Technology isn’t a fad. It is only getting more and more important to the business world. You are going to need technological skills to get to the top of your market and stay there.

4. Creativity

As you saw in 2020, businesses that fail to innovate, become stagnant and die off. Businesses that did not come up with fast solutions to unprecedented circumstances quickly found themselves limping by on government grants or shutting down.

You must be able to pivot when needed, take advantage of opportunity and find solutions to every problem that comes your way. Business is a game of creativity. Every problem has a solution and it is up to your creativity to envision and bring that solution to life.

5. Mindset

You are going to want to quit. You are going to have a million reasons to do so. You will have valid excuses as to why entrepreneurship is not for you. On the path of business, it is not a straight line to success but a rollercoaster ride with twists and turns. Stay strong and focused on winning no matter what.

One of the biggest secrets to success in business is simply not quitting.

There is a time that comes in every business where momentum starts. It can take years to get there, and only those who did not quit can get there.

Once you focus on mastering these 5 skills, instead of the fancy things everyone thinks you need, you will prevail and win big in business ventures.

These 5 skills are also transferable and duplicatable.

Scaling is a huge part of success and replicating these 5 skills into the key members of your business will create an unstoppable team of winners.

After all, you never thought selling fried fritters would enable a failed clothing business owner, indebted to banks, to buy a $400,000 apartment 1.5 years later, did you?

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