Budgeting is key for any business, but for startups, it is especially important as initial investments and unexpected costs can quickly add up. Failing to properly budget for these expenses can leave entrepreneurs in Singapore strapped for cash, forcing them to take on additional debt or equity investors.

To avoid this, it is crucial that entrepreneurs in Singapore take the time to sit down and map out all their potential business expenses. This includes one-time costs like key equipment purchases, as well as recurring monthly expenses such as employee salaries and office space rental. Once all of these costs have been accounted for, entrepreneurs can then create a realistic budget that will help them better manage their finances and avoid overspending. 

Some ways entrepreneurs in Singapore can reduce recurring expenses include hiring freelancers and contractors instead of full-time employees. Not only do the flexible, short-term nature of coworking membership plans offer another great way to cut costs, you also avoid utility bill shock since all office expenses are covered in the membership fee. And if you’re looking to be strategically situated in the heart of Singapore’s CBD, coworking spaces are a more affordable option than a multi-year traditional lease. Taking these two simple steps can help you cut costs significantly, at least in the early stages of business growth.

In the early days of a startup, it is not uncommon for entrepreneurs to wear many hats and take on numerous responsibilities. From handling sales and marketing to managing operations and finances, there are countless tasks to juggle when starting out. While this level of involvement may be necessary in the beginning, it is important that entrepreneurs in Singapore eventually delegate tasks and build a strong team of professionals to help support business growth.

Trying to do everything yourself can quickly lead to burnout, leaving you feeling overwhelmed and unable to focus on the most important aspects of your business. In order to avoid this, it is crucial that you recognise your own strengths and weaknesses, and then delegate tasks accordingly. For example, if you are not particularly adept at handling finances, it would make sense to hire an accountant or bookkeeper. Or, if you find marketing to be a challenge, working with a digital marketing agency could be a wise move.

The bottom line is this: As your startup grows, so too should your team. By building a strong foundation of skilled professionals, you can free up your own time to focus on aspects of your business that need your attention most.

JustCo takes this need for networking into careful consideration when designing our shared office spaces in and beyond Singapore’s CBD. Our coworking space at Marina Square, for example, features shared areas and event spaces to encourage and facilitate the exchange of ideas and intermingling between entrepreneurs and skilled professionals. The result is a lively, engaged community of members who accelerate one another’s growth.