Singapore has one of the highest numbers of companies in the world when compared to the size of its population. With over 500,000 registered companies and a high number of foreign-based entities, only a few nations can truly rival Singapore.
Entrepreneurs, therefore, must ensure that their offering stands out. They must find new ways to carve out a market niche and grow it.
Are you looking to set up a company in Singapore?
Below are a few crucial tips to help you find the perfect market niche in Singapore and grow it.
Stick to Your Passion
When you make an appointment with a company incorporation services firm, don’t be vague about what you want to offer or blindly follow an existing trend. Business trends will always be present and shifting. It is best not to be swayed by trends and the temptation of easy profits. Instead, focus on building your passion and make your offering appealing and sellable.
Focusing on your passion gives you motivation and attracts others who share the same passion and will likely appreciate it with you. It also enables creativity and helps to build your confidence. So, persevere with your passion and build it.
Research, Research, Research
Research about the target market, their needs, and how your offering is able to meet the required needs. Learn relentlessly about the industry, new entrants, emerging technologies and business models. The more you understand about your market and the industry, the more confident you get, allowing you to seek out new markets.
This kind of research is hard to carry out, especially if your shop is a startup. So, instead of carrying out strenuous research, reach out to an accounting services company in Singapore. Accounting firms in Singapore give you the support you need to continue understanding more about your market and your industry.
Decide on a Specialty and Be a Master
The worst mistake you’ll ever make in your business is to try and please everyone. It is not possible to be on everybody’s side. Pick out a speciality and focus all of your effort on your offering. Let your shop be known as the go-to place whenever anyone needs an excellent service or product.
When you are well known for your expertise and excellent service, clients will have no problem referring your business to their friends and colleagues.
Know Your Competition
If it always best to know what the competition for your offering might be. After all, the same competitors are probably checking you out too. Find out what they are doing well, and what brings them success. Do they use outsourced accounting services? Adapt to their strengths and improve on them. Find out about their weaknesses and capitalize on their mistakes. By knowing more about your competitor’s weaknesses, you can slowly and subtly make it your strength.
Where possible, differentiate your offering and make it appealing by enhancing the customer experience.
Network extensively both in the physical space and in digital spaces. Attend trade exhibitions and other market events. Interact with business leaders from different backgrounds. But, emphasize on those who deal with complementary products or those who can be your direct clients and make strategic inroads.
Be Professional and Focus on the Client
Professionalism begins by separating the business from the individual. Therefore, if you haven’t incorporated the business, reach out to a company incorporation services firm and set up a limited company to run your business. Offer clients exceptional, pleasant and professional experiences and aggressively cross-sell to your existing clientele.
These tips above will not only set you up in helping you to find the perfect market niche, but it will also help you grow it significantly.