Why Your Family Ought to Start Up Business in Singapore Now
Singapore is reputed to be a hub for global business. However, the onset of climate change and the global pandemic harmed even strong economies like that of Singapore. Still, there is room for innovation in Singapore, especially where family businesses are concerned. A family business is the right type of business entity to set up at this time, despite the climate change and pandemic double-whammy.
Why You Should Set Up a Family Business
In business, close communication between colleagues is a must to survive in a very competitive arena. Internal rivalry can tear apart a company, which would only benefit the company’s competitors. This is where family businesses have an advantage. Often, the first generation sets up a family business. This then is passed on to the second generation which experiences first-hand training about the business from childhood. The family business will flourish if family loyalties are stronger than the usual business-fostered loyalties. Your company will survive if the leaders of the family genuinely look after the welfare of minor members.
How to Choose the Right Family Business in Singapore
Although a family business might be a better option for many business people, a lot depends on the choice of business. Climate change has affected the field of agriculture very much, even in Southeast Asia where many people are directly involved in it. The solution? Grow food indoors. This is where Singapore has an advantage, because of the skills of tech workers in designing systems. There are already some companies that deal in this but there is room for more companies to enter.
Another industry that a family business could do well in is the grocery delivery business. Offhand, people may dismiss it as a small-time operation. However, a Singaporean family business can capitalize on this since many people are shut-ins who refuse to step outside the safety of their homes. Can you imagine the huge profit potential if enough Singaporeans always relied on even just one grocery delivery service?
You must choose the right family business, which is one that can be easily replicated from generation to generation. Each generation should be able to pass on the knowledge base so that every generation can improve upon it. And the welfare of each family member in the business should be safeguarded and valued. If each family member feels that their survival is the priority in the minds of other group members, loyalty comes easily.
Steps to Undertake in Setting Up a Family Business
If your family is thinking of putting up a family business in Singapore, the first step is always planning. This is where your family has to take stock of what resources you have, with emphasis on human resources. If you are able to plan well, the next step is registration of company in Singapore. Fortunately, the government has been able to make this process user-friendly and anyone with good business sense can follow the instructions.
After planning and company registration, your next action is to set into motion your start up business in Singapore. This will entail close coordination between family members. Your family business may possibly be able to generate a lot of sales if you and your kin execute company plans well without any internal conflict and rivalry. Manage your family business and each relative may be able to survive in Singapore despite climate change and the ongoing pandemic.