It takes a really special kind of individual to put themselves out there and to think about starting their own business. This is something that is not for those of faint heart and it’s going to take an incredible amount of time and effort to make something like this work. Is a well-known fact that many new start-ups fail within the first 24 months of beginning and so there are many pitfalls to be avoided and many issues that need to be negotiated.
This is why when it comes to company formation in Singapore you need to make sure that you cover your back at all times and especially so when it comes to your personal liability. You may be tempted to begin as a sole trader or as part of a partnership but this would be your first big mistake. The first thing that you need to do is to register your business so that the business liabilities belong to it and only it. This means that your home and your car are not in jeopardy should your business plan not go as you had thought.
The following are just some of the real benefits of setting up your own business here in Singapore.
- You are your own boss – it can be frustrating working for a business where you’re not allowed to make any decisions by yourself and the buck all the stops with the manager. By starting your own business, you’re taking control of your life and it will be up to you in what direction that you want to take your business. You can set things up with your preferences in mind and you will do things that are best for you and no one else.
- You get a great sense of fulfillment – many people go through this life worrying that they have made a mark and that they will not be remembered when they finally have to leave this place. It is important therefore that you feel a sense of fulfilment and success while you are here and so getting out there on your own and starting your new company is the one way to definitely make your mark in this world.
- You enjoy the financial rewards – when you are working for someone else, it doesn’t matter how hard that you work and how much you contribute to business success because at the end of the month, you will still get the same salary time and time again. When you own your own business, it is true that you are taking on a great deal of responsibility but you get to enjoy the fruits of your labour and this means significant earnings over the course of any business year.
Another selling point of being your own boss is that you decide the hours when you want to work and when you need to take a break. You get the work/life balance that everyone keeps talking about but are unable to make happen.