Which business is for me ?

There is basically a few types of businesses a person can choose to embark on. It very much dependent on his financial standing, skills and business knowledge and much more.


Common Types of Business


Sole proprietors / traders

Most people who start in business do so as sole proprietor or traders, working on their own, often from home. They alone receive the income and are therefore liable for any losses or debts. Having no colleagues can be liberating, but might equally be isolating with no one to provide motivation or inspiration.

E.g : home-based online traders, ABC Computer Services


Partnerships


You could set up in business with one or more colleague(s), relative(s), or friend(s). This form of business relationship is usually known as a ‘partnership’. Each partner might be equal or some may have a larger share of the business. Your income and liability are proportionate to your share in the business.

E.g : ABC Computer Services ( does not reflect a Pte Ltd at end of name.)



Limited companies


As a limited company, the business is registered with ACRA ( Accounting and Corporate Regulatory Authority ). There are more regulations associated with running a business this way but these are generally offset by tax advantages. Those directing the company have shares proportional to their involvement.

E.g. XYZ Freight Forwarding Private (Pte) Limited


Franchises


Two type of people here :

Franchisor

They expand by getting other people to buy into their established business which provides equipment, raw materials, training and a well-known commercial name, thus allowing the franchisee branch make an individual profit. An obvious advantage is that it presents a ’best of both worlds’ scenario. On the other hand, initial outlay can be high and income is not guaranteed.

Franchisee

People who are wants a faster way into a proven business system. Their initial investment can be very high although it comes with training and support including setting up of branch. The franchisor makes a monthly Royalty income from the business generated.

E.g. of franchise business : MacDonald restaurant


Buying a business

Also commonly known as Merger & Acquisition.

Taking over an existing business is still better than starting up on your own, but make sure you do your research! It will be much easier to invest in an established firm with a solid customer base and a motivated workforce, rather than one with liabilities or a poor reputation. You can find a business to buy through local press, estate agents, trade associations and websites dedicated to this sort of provision.


Social enterprise

This is an expanding area and has evolved from a desire to help the disadvantaged, providing much needed resources or services in disadvantaged areas and offering employment to those who would otherwise be unwaged.

E.g : http://www.bizlink.org.sg/ for the Disabled.


Charities

Charity Portal, http://www.charities.gov.sg ,provides you with all answer regarding charities matter in Singapore. Certain trading activities are barred to organizations with charitable status.


Freelancing


Quite similar to Sole Proprietor or Sole Trader.


Freelancers offer a skill or service to other businesses which employ them as needed for particular projects or for set lengths of time. They may be given office space or work from home, delivering work to (often tight) deadlines. Some freelancers will actively market themselves. Others may obtain work through agencies or by a direct approach from employers.

E.g. : Computer Support or Monthly Nannies



It is therefore not an easy choice for anyone to start a business; however, with proper considerations and decision making, anybody can start to do something that can literally change their life in the near future.

Factors that make people want to do a business !

The past few days was not a very typical day due to the turmoil in the financial markets…….and probably for many of the readers out there too…..

Some people may feel that this is not the right time to commit to attending any event that claims to be able to change your future.

The truth is just the opposite!. With so many unforeseen circumstances happening in the market, the banks and even many others industries … it is the right time that you MUST make a commitment to building your own financial future through some form of business.

Remember, nothing happens without action.

To find out why there are people who want to do business or what is your Life’s purpose, this simple Quiz will show you where you’re at the moment :

1. I sometimes feel that there is something missing in life.
2. I don’t felt much joy in my life.
3. I feel there is something I am supposed to do but not sure what it is.
4. It’s difficult for me to relax; I feel like I must do something.
5. There are things I want to do but I am afraid to embark on it.
6. I don’t enjoy what I am doing but I don’t know what else to do.
7. I’ve all the things that are supposed to make me happy but I’m not.
8. I believed I can contribute more than I could do

If you have answered YES to any of this questions, then either consciously or subconsciously you’re searching for your Life’s Purpose, or you haven’t figure out a way to align your Life’s purpose with your ACTION.

What are the motives that makes a person want to do a business ?

Make an idea happen
Develop a hobby
Make more money than before
Freedom to choose approach to work
Be my own boss
Get more respect
Dissatisfied in previous job
Challenge myself
Lead and motivate others
Continue family tradition
Been out of work
Make a lot of money
Follow example of admired mentor
Better position in society
Pursue personal Dream
Change into a Positive Environment

Surveys has shown that almost 80 – 90% of people who started their own businesses actually selected Freedom in approach to work as their most important motive followed closely by Make more money than before.

Why ?

In our society today, many of us are paid a salary to perform a certain role in a company for a period of time. We called it a Job, Employment or Occupation. However, the way things are right now is so much different from the earlier days.

Many soon realize that in order to save cost, these companies make them do more works to justify their salary that they were getting. They perform several tasks or roles in their daily activities so much so that they don’t have any time left for themselves or their families.

Many of these works that they are doing can be very boring, yet many of them keep doing it because they don’t know what else to do.

There are people who works for 10 to 40 years thinking that they have “job security” but is the job really secured ?

Look at recent events in the world, we can see or hear news of :

1. Companies going bankrupt without much warning,
2. Companies axing workers worldwide to save cost,
3. Tension between citizens and government,
4. Real Estate is not as promising as before,
5. Stock market is in a roller-coastal and many more.

The repercussion effect on these people, who are trading time for money, is so bad that it affects the country economy as well.



Hi, my name is William, my purpose in starting this Blog to is generate some sort of awareness amongst people whom I knew as well as those whom I am about to know that :

Life is always a struggle but to struggle and knowing what you get in return is better than struggling and not knowing what you get out of it.

I will endeavor to append as many informative articles on Business related issue, opportunities or discussion so that it can helps us directly or indirectly to improve our knowledge or our live.

I encourage anyone, who is reading this Blog, to participate in this program should you find it interesting. Let’s do it for the sake of ourselves or our family.

P/S: You are welcome to email me any articles that you want to be posted here. Just send to : kksiong@singnet.com.sg