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The No 1 guide and cost of starting your small business!
Filed Under (Money ways) by nicson on 31-08-2008
All about starting up your own business.
Do you ever think that you will be starting up any business of your own?
What do you think you will be selling?
I have tried doing small business in SIngapore when I am 19 years old so I know what will be the 101 things that you need to know when you are starting one business.
Firstly you need to know what kind of items you need to sell and where is the source of the products. Is it approved from SIngapore regulations.
For example,
At that time, we got our goods from local suppliers(gifts) and sells in offices and bazaars.
Item: Big Range of cute items(similar to Mini toons items)
Try to find a very unique product with low cost to start with but a product with purpose. Gifts will sell more slowly unless you are a shop in shopping centers.
The rate of rental for offices, canteen places, hospitals and bazaars.
Ranging from $30 to $100 per day for per table.
If you are selling small items 2 tables should be enough, do not sell regular items as there are plenty of vendors selling at the offices before you do.
Depending on the items you sell strictly, normally their profits will be 2 times or more depending on their cost and competition. More competition means that you need to sell at a lower profit.
Sales: Average is $100 to $1000 per day for my experience and the place you sell.
If you dont have a vehicle, remember that transport service is $50 - $100 per trip depending on the amount of items you need to bring to the place. Normally renting of place like this offices will be around 1 week.
One of my experience.
Sales=$3500 per week($500 daily)
Profit=($3500/3)x2
=$2333.34
(minus)Rental=$1400
(minus)Transport=$350
Total Profit and Loss=$583.34
This profit is base on one of the fairs that I have tried doing last time, the cost didn’t include the spoilt goods and the left over goods in the event of purchasing. Don’t forget that not every location you will have profit,sometimes it is a loss.
Bargaining is common in places like this as office ladies like to bargain a lot.
So if you want to start a business, please find a strong sell-able product before you start.
I will also continue to tell you more about doing business in SIngapore. Example pushcart and etc.
Rental are the lowest in places that I mention in this post, of course human flow is not perfect and only in the lunch time.
Places that I remember
per table is normally 1m by 1m, at certain location you have to take your own tables, no tables provided
Seagate-$50 per table
Alexandra Technopark-$70 per table
NUH-$50 per table ( organize by event company,monthly)
SGH-$50 per table (organize by SGH welfare offices,monthly)
NUS-$50 per table (organize by student,monthly at different location in NUS)
NTU-$50 per table (organize by student,monthly at different halls of NTU)
Offices in Eunos - $50 per table (organize by event companies)
*PS - Also note that the sales is always good on the first time. The crowd will be the same for the location as this is the people who is working there.
You can e-mail me any questions or comments if you need to know about any more details.











































