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Download a pdf of this checklist on developing and testing your business idea


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[FREE Checklist] How to Cook and Spice Up
a Business Idea in Singapore: Whether you are cooking a business idea or adding flavors to an existing one, these techniques are for you.

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Download a pdf of this checklist on developing and testing your business idea

  1. 1. Richmond Corporate Advisory Pte, Ltd. | | +65 6423 0777| 1 How to Cook and Spice Up a Business Idea in Singapore
  2. 2. Richmond Corporate Advisory Pte, Ltd. | | +65 6423 0777| 2 1. Start with the four P’s Passion (seasoned with persistence) What is that area in your life that excites you and emphasizes your competence at the same time? 1. Create a list of your favorite things, those that you’re willing to spend for or spend time for. Are you in love with computer programming, conducting workshops, or baking cookies? 2. Create a list of your talents, skills, hobbies, or any activity that gave you awards or compliments in the past. Even the smallest accomplishments count, like the time your teachers asked you to join the graphic design competition at school because they noticed the visuals in the projects you submitted to them. 3. Spot what’s common between list no.1 and list no.2 to come up with list no.3. 4. Research the industry trends and potential market for each item on list no.3. 5. Weigh and compare the results until you can narrow down 10 options into one. Present Look around. Watch TV commercials. Observe your friends’ posts on Facebook. Check out what’s happening globally. The present is about the current products, services, market behavior, or even cultural practices. Would these concepts last for a long time? Which product or service can you magnify, twist, or reduce into a more specific concept? Pain Chaos, crisis, critical circumstances may be a source of opportunities. Turn yucky into yummy! What’s bothering people lately? Are there reports saying more people are getting sick nowadays? Maybe you are into wellness programs like yoga, cooking, organic farming, or vitamins. People Are there enough people who will constantly crave your product and buy it? The most common reason why startups fail is they ignore their customers and the product or service they designed have no actual market need.
  3. 3. Richmond Corporate Advisory Pte, Ltd. | | +65 6423 0777| 3 Here are two basic ways to know if your business idea is appetizing enough to people: 1. How many businesses or competitors do you have in the field? This could be a sign there is a consistent business activity. 2. What are the categories in the field that are consistent in terms of revenue and business expansion opportunities? Choose a category and find out how you can be unique in it. 2. Try these cost-efficient ways to test your business idea online 1. Online groups Go to Facebook and LinkedIn groups as well as Quora and Twitter. Go where your potential clients hang out. You don’t have to share them the entire idea. Ask something about one of the possible problems your product or service can solve, and solicit the ideas of the members. Ideally, you should get a specific and tangible response, like “I hope there’s a multi-purpose cleaner for all types of surfaces at home.” 2. Craiglist and Amazon Try observing the amount of ads listed on Craiglist (or Amazon for products) for a particular category or categories that resonate with your business idea. If you plan to put up a marketing agency, find out if there are more ads about agencies specializing in
  4. 4. Richmond Corporate Advisory Pte, Ltd. | | +65 6423 0777| 4 one type of marketing compared to those that are doing everything, including PR, social media, and events management? 3. Browse the press releases. What type of companies is announcing revenue reports, expanding overseas, or getting great customer feedback? Observe the field you want to enter—how are your competitors doing? What are their activities? 4. This is an alternative to Google Keyword, which you probably know already. Keywords can give you tips about the angle you can pursue for your business idea. Take a look at this: With the results above, you will get the idea that probably, there are pregnant women looking for softdrinks that as much as possible is healthy for them. There may also be softdrinks
  5. 5. Richmond Corporate Advisory Pte, Ltd. | | +65 6423 0777| 5 businesses looking for ways to design their logo or brand but they’re not capable of doing them. How good are you at graphic design or branding strategy? 3. Approach groups and individuals in your community. 1. Go to trade shows, exhibitions, and conferences. Connect with fellow entrepreneurs and maybe influencers in your industry and share with them a part of your business idea. Ask for their feedback. 2. If you’ve already developed a product or service, approach a community or a local organization that might want to try it out for free. Ask if they like it. If they do, ask them your product’s strengths. If they don’t like it, ask where they experienced inconvenience or dissatisfaction. 3. Ask yourself: Can I handle feedback? Many entrepreneurs fail to develop their product or service because they refuse to gather perspectives. Be aware of your unconscious ideas and emotion that can hinder you from approaching other people that can actually help you. Learn to overcome them. 4. Just do it. The actual way to test it is to…TEST IT. Start small. Approach a nearby store in the neighborhood, a former colleague who has a business too, or an association you are a member of. If they get satisfied with your solution to their problem and your customer service, word of mouth marketing will help you take your business to the next level. After that, slowly but surely begin organizing you’re the “business side” of your launching your idea. Register your business in Singapore. Find people who can help you out. As you go through Singapore company incorporation, you would realize the other aspects of your business that must be administered, such as accounting and bookkeeping, regulatory compliance, cash flow management, and income tax filing. Hire a few employees if you’re ready. Outsource specialists for a more efficient process. Then, proceed to your marketing and sales strategies. But don’t forget that product development is an ongoing process.
  6. 6. Richmond Corporate Advisory Pte, Ltd. | | +65 6423 0777| 6 5. Develop your product or service continuously. Don’t be afraid to experiment. Keep exploring the possibilities of your product, the common behavior of your market, and the climate in your industry. You will get AHA! moments every now and then, and they would turn into business ideas. Some of them would fail, some would succeed like crazy. The important thing is when your ingredients and tools get burnt, your method Hard work and patience always get honey-glazed rewards at the end. It may not always come in the form of profits but the courage to continue innovating what you serve to people? That’s what makes the body of the cake. Steve Jobs once said: “Sometimes when you innovate, you make mistakes. It is best to admit them quickly, and get on with improving your other innovations.” If you are ready to launch your business idea and make it official in Singapore, the specialists at Richmond Corporate Advisory can help you with:  Incorporate a Company in Singapore (Local Company, Branch Office, & Offshore Company)  Corporate Secretarial Services  Nominee Director Services  Income Taxation Services  Compilation Report  Accounting / Bookkeeping Services