Are you getting tired of the 9-5 work schedule? Many of you are probably wondering what you need to do when you start a business from home. Well, it is a lot simpler than it seems! There is an increasing number of people in Singapore are turning to home-based businesses. Here are a few guidelines that may help you.
Home-Based Business #1
There are 2 types of home-based business schemes. The first type has to be a really small business that cannot resemble a regular retail store. The best part is that you do not need a license, but there are a lot of restrictions. This includes no advertisements allowed, such as online ads and flyers around the neighborhood. Therefore, the word-of-mouth method is the only and best marketing function you can use. You may not hire people, such as assistants. Your business should not affect the neighborhood in any way, such as high traffic of people, the use of heavy equipment or move goods for your business. The purpose is to solely supplement your income. For example, you can bake, but cannot turn into a bakery. You can also teach, but no more than 3 students at once. However, you can freely perform sewing work, be a photographer, writer, and journalist.
Here are more guidelines for what you can and cannot do for home-based business #1.
When your business has become too crowded, you may have gathered enough resources to open up a retail store. If you are lost in this process, refer to our platform.
Home-Based Business #2
The second type is to run your administrative tasks of an approved business from your home.
These tasks could be design, advertisements, insurances, and financial planning However, you will need a license for this. In order to get a license, you must be at least 18 years old and have a residential place to work from. On top of that, you can only hire 2 non-residents in your home. But there is no limit to the number of employees. You also cannot have any ads or sell goods from home. You can apply for the license through LicenseOne. For the application, make sure you have your SingPass ID, credit card and $20 flat fee.
How to Prepare for a Home-Based Business:
Location: Choose a spot from your home for the perfect place for your business to run. You should make sure that the spot is comfortable enough to meet your needs. This location must be a designated area for you to work. Therefore, it is critical to have your family or friends to treat this space as your workplace.
Business Plan: No matter what business you are doing, you will need a business plan to help guide you to success. Therefore, you should plan with a lot of details. A plan can include goals, financials, marketing strategies, and a detailed list of goods or services. This is absolutely necessary because it can also help guide the future direction of your business. If you need help with implementing your business plan, you can check out our platform.
Don’t hesitate to open up a business when your first type of home-based business becomes successful. Singapore is known for ease in doing business, you should take advantage of that. If that is not persuasive enough, look at our guide for “Why should I incorporate my business in Singapore?”
If this was relevant or helpful to you, please comment and let us know.