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Tips to Grow your young startup business in Singapore

Tips to Grow your young startup business in Singapore   Tips to Grow your young startup business in Singapore - Are you running a startup or planning to grow your startup. There are so many business jargons by young entrepreneurs this days and it might get confusing for someone who is new to the startup or business world. Running a business is not too difficult. You buy something and you sell something at a profit. You build something that people use, they pay you for the service or the product. You are providing a service that no one else can do, you charge a fee and get paid for your help. Businesses that are well planned and thought out are able to scale exponentially. Businesses that are well funded can grow at a fast rate and eventually targeted for a buy out and therefore great financial gains. So here are some of the tips that Koh Management will like to provide to young startup founders on how they could grow their ...


Whats the difference between SP, LLP and Pte Ltd

Whats the difference between SP, LLP and Pte Ltd - Singapore's business systems are very similar to that of the British system. Most of the company's act came from the UK and with it most of the systems of business. To start of there are basically 3 main forms of business/company structures that an entrepreneur could consider when he or she wants to start off their business here in Singapore.  Singapore is one of the best places to do business and we are ranked number 1 on the ease of doing business and this makes us a great place to start a company. Many may be confused as to what makes a difference in the 3 main forms. Let us discuss it here today. Before we start, definitions, "SP" are what we term as sole proprietorship. "LLPs" are limited liability partnerships. "Pte Ltds" are private limited companies.  Let us start with sole proprietorship, when it comes to starting of a business, SPs are a good choice of business type because you can get it registered by yourself on the ACRA website in a few minutes time. How it ...


Young Entrepreneurs in the Wedding Industry

The wedding industry is a beautiful one. When two people join as one, the celebrations bring joy to not only the couple but also their friends and their families. There are many entrepreneurs who are part of the wave of young and aspiring youths who look to change the industry by leaps and bounds and to make changes that will be felt by many, through their expertise and also their grit and hard work. Koh Management is very lucky to have worked with a few talented young individuals and we will like to feature some of them today through this special blog post. Within each industry there are specific players who are strong in their field and we would like to feature some of them.   Annabel Law Productions Annabel is currently one of the leading wedding photographer in Singapore with features on various wedding publications such as BrideStory, the Wedding Scoop and other publications. We are proud to know Annabel personally ...


Why you should set up a good accounting system

Why you should set up a good accounting system When you are starting up a business, there are many items that you need to find out and also to look into. For the entrepreneur, he doesn't have the support of multiple staff and resources at your disposal. All you have is yourself and also your limited knowledge in almost every other thing. Accounting , Marketing, Human Resource, Sales, Product, you will  need to put your hands into all this component to make sure that you have the best for the business and also for the company to just be working and running so that it will be driving you revenue for you to grow and expand the business. Accounting is one of the key backbones of a good and strong company that is able to perform well and also to do good monitoring of the health of the business. Human health is monitored through whether you will fall sick. A business health cannot be seen from the outside, the best way to find out is to keep good records of your business and to have good accounting health and systems in place to make sure you ...


Government Scheme Updates – MOM LEDS (Lean Enterprise Development Scheme)

Government Scheme Updates - MOM LEDS (Lean Enterprise Development Scheme)   Singapore's workforce is expected to have slow growth going forward, since SMEs in Singapore are a big source of employment, it this scheme is to assist them to adapt to the new business environment. The Ministry of Manpower announced Lean Enterprise Development scheme to help SMEs transform, it aims to help early adopters of change to be more productive and more manpower lean. It pilots from 1 October 2015 for two years. (1) Efforts to get a more manpower lean economy, focused on Singapore core Capability development; Manpower development; and International market development. With the LED Scheme, we will support SMEs that are committed to: Becoming more manpower-lean: Higher productivity and faster innovation is essential to achieve this. Building a stronger Singaporean core: The restructuring process should result in better jobs, pay and careers for Singaporeans. Developing better quality workers: Such employees, including foreign workers, should be more skilful, and have more relevant expertise and / or experience. (2) To help manpower support through the transition phase To help those who are early on in change, through ...


Things to watch out for when setting up a Singapore Private Limited Company

Things to watch out for when setting up a Singapore Private Limited Company Are you keen on starting up a Singapore private limited company? Setting up one is not difficult especially if you are a local resident. Note: You will need a professional to assist you if you want to incorporate a company with a foreigner director. Setting up a Singapore private limited company you will need information such as the following. 1. The Company name Every great company comes with a name, a name to be identified with, a name that is good to brand. Always decide upon what you want to name the company and to make sure that you do not use sensitive names that might be related to the state or state related companies. Or you will not want to use words like academy or school if its not education related because you will need clearance from the Ministry of Education itself. Company names are also used to run through the system so that you do not overlap with existing companies that may have similar sounding names, the system will prompt you if its to close and may reject ...


5 Things to watch out for when starting up

5 Things to watch out for when starting up 5 Things to watch out for when starting up - Starting up a business is a decision that is tough for anyone, even for the seasoned entrepreneur it still takes quite some thinking and considering before you make the leap. When an entrepreneur decides to take the entrepreneurial risk, it is always a calculated risk that the investments placed in it will be able to generate profits for the investor himself. For the first timer there are many things that you should be aware of because you are not familiar with how things can change for the worse and what you should watch out for when you first run into certain problems. Here are some of the common items and the not so common items that you should watch out for when you beginning on your entrepreneurial journey   Always make sure you have a proper understanding and contracts with your partners People feel comfortable working with those around you, especially friends, but this is also one of the things that can lead to the end of a friendship. Make sure if you are working with your ...


5 Reasons to get Corporate Gifts for Clients

5 Reasons to get Corporate Gifts for Clients Corporate Gifts are a great way for businesses to build rapport with their clients and also for businesses to build their brand among those that matter to them the most. Corporate gifting has been a long standing culture that goes back many centuries when they worked as tributes for the kings or persons that you pay respects to. Businesses usually take up corporate gifting for those that turn up for their events or dinners and to thank them for coming, to give out corporate gifts for them to bring home or back to their office so that people do not leave empty handed. Corporate gifts can come in different shape and sizes and they can be of different price ranges as well, but the best would be tailored to the specific needs of the persons that are giving them out or the company that is giving it out, something that can be linked back to the brand. So here we will share 5 Reasons to get Corporate Gifts for Clients and Employees  and how best to tailor for the clients: Corporate gifts ...


Startup Bank Account – Preferred Bank for Start-ups in Singapore

Startup Bank Account - Start-up Friendly Bank in Singapore       *DISCLAIMER: Information are correct as of 15/09/2015, any changes that are not reflected at the fastest possible time is regretted, we have included a link to the banks to allow you to better understand, please use this as a guide only!* Are you a running fresh start up? Trying to sieve through which bank to use for your first bank account? We are writing this guide on what we think are the best start up friendly bank in Singapore and hope it helps you in your start up journey. This article is written based on my personal experiences and also from information based off the individual bank websites and banker information. Do share with me if you have any opinions on this article, i am glad to hear more from others. Below is the summary table and our pros and cons analysis of startup bank accounts. If you require referrals for bank account opening, drop Tommy a call 98638665.     1) Startup Bank Account: DBS Entrepreneur's Account for Start-Ups - ...


5 reasons why you should outsource your accounting services

5 reasons why you should outsource your accounting services Nothing is more important then getting your accounts done up for your business or young startup. Having your accounts in hand is always the best way to ensure that you know what is happening in your business and what you need to watch out for and this is great for the micro manager at the start of the business where profits are not regular and cost is high. Having the details at the tip of your fingers is the best way to make sure you are set on the right directions and to make changes to directions if necessary to make good investments of your funds and to remove yourself from bad ones. Below are 5 good reasons why you should outsource your accounting services: Why outsource reason 1: Cut Cost (which can kill you early) Hiring a full timer would cost you a full timers salary which could be in the thousands, this is not cost effective for a start up even up to at least a $500k turnover before employing a full timer would make sense. This is something that all entrepreneurs need ...