3 Potential Pitfalls All Entrepreneurs In Singapore Should Look To Avoid
Entrepreneurship comes with many enjoyable benefits, with personal and professional freedom being but the tip of the iceberg. However, with the authority to personally manage work-life balance and autonomy to make business decisions that steer your company in your desired direction, come innate risks inherent to the aforementioned rewards. When not managed properly, these risks can potentially become pitfalls that topple even the most skilled entrepreneurs in Singapore.
While entrepreneurs in Singapore are — like any other business owners — subject to the usual market, financial, technological, and competitive risks, there are also potential managerial pitfalls that are unique to those running a startup. In conjunction with Entrepreneur Day, here are the three biggest potential pitfalls all entrepreneurs in Singapore should look to avoid:
1. Not Budgeting for Expenses
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. Renting a shared office in a coworking space is another great way to cut costs due to the flexible, short-term nature of membership plans. Having all office expenses covered also means no bill shocks from utilities or overuse of pantry appliances, and more affordable rentals mean you can still be strategically situated in the heart of Singapore’s CBD. Taking these two simple steps can help you cut costs significantly, at least in the early stages of business growth.
2. Spreading Yourself Too Thin
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 recreational facilities and event spaces where entrepreneurs from different lines of work can connect and collaborate with one another, as well as individual skilled professionals who rent a hot or dedicated desk as well.
3. Being Afraid to Ask for Help
There is a common misconception that entrepreneurs are lone wolves who must do everything their business needs unaided, but the truth is, even the most successful business people had to ask for help at some point. Whether seeking advice from a mentor, getting support from family and friends, or investing in professional services, there are many ways entrepreneurs in Singapore can get the assistance they need to grow their businesses.
Some ways to get started are by joining an entrepreneur group or renting a coworking space in Singapore. As mentioned above, these arrangements can provide valuable resources and networking opportunities that are extremely beneficial. Additionally, there are numerous government initiatives and schemes designed to support entrepreneurs and startups in Singapore, so be sure to take advantage of these if you are eligible.
Another way to get help is by simply reaching out to your existing personal and professional network. If you know someone who has started a successful business, do not be afraid to ask for advice. This is another area where entrepreneurs can gain from working in a JustCo coworking space. Being a JustCo member allows you to easily connect with others from our 100,000-strong community, providing you with ample opportunities to reach out to potential business partners, mentors, and more.
Of course, there will be times when you need more expert help than what your personal network can provide. In these cases, it is often necessary to invest in professional services, whether that means hiring a consultant or working with an agency. While this will undoubtedly require an investment of time and money, it can be well worth it if it means getting the expertise and support you need to take your business to the next level.
Grow Your Startup with JustCo’s Coworking Spaces
With plenty of locations in and beyond Singapore’s CBD, JustCo provides entrepreneurs in Singapore with not just affordable shared office arrangements, but also all the unique benefits that come with running a startup from a dedicated coworking space. With close to 50 different shared office spaces spread across the region, JustCo is also able to provide the flexibility all entrepreneurs inherently seek.
Find your ideal coworking space with JustCo, and start prepping your startup for swift business growth and long-term success. Get in touch with us at firstname.lastname@example.org to request for free trials or special rates today.