{"id":4576,"date":"2020-06-18T09:22:12","date_gmt":"2020-06-18T01:22:12","guid":{"rendered":"https:\/\/dollarsandsense.sg\/business\/?p=4576"},"modified":"2021-03-16T17:13:42","modified_gmt":"2021-03-16T09:13:42","slug":"planning-to-start-business-2020-guide-grants-resources-tools","status":"publish","type":"post","link":"https:\/\/dollarsandsense.sg\/business\/planning-to-start-business-2020-guide-grants-resources-tools\/","title":{"rendered":"Planning To Start A Business In 2020? Here\u2019s Your Guide To Grants, Tools, And Resources Available"},"content":{"rendered":"\n

We\u2019ve previously written about why 2020 could be a great year<\/a> to start a business, despite<\/s> because of the COVID-19 recession. If you\u2019re thinking of finally taking action on a business idea you always had, this guide is for you for getting started.<\/p>\n\n\n\n

Read Also: Here\u2019s Why 2020 Could Be The Best Time To Start A Business<\/a><\/em><\/strong><\/p>\n\n\n\n

Government Schemes And Grants<\/h3>\n\n\n\n

In 2020, the government rolled out an unprecedented series of four budgets: Unity<\/a>, Resilience<\/a>, Solidarity<\/a>, and Fortitude<\/a>.<\/p>\n\n\n\n

The Jobs Support Scheme<\/a> is one of the largest salary subsidy efforts in Singapore\u2019s history, paying for at least 25% of Singaporean workers\u2019 salaries over 10 months, and more for those in the sectors hardest hit by COVID-19. However, beware about being too \u2018clever\u2019 about maximising the scheme in dubious ways<\/a>.<\/p>\n\n\n\n

If you\u2019re open to hiring fresh graduates, the SG United Traineeships programme<\/a> would subsidise up to 80% of the cost of hiring these trainees.<\/p>\n\n\n\n

To encourage companies to implement Flexible Work Arrangements<\/a> and Enhanced Work-Life balance<\/a>, the government has implemented grants to help defray the additional costs of remote work, such as the costs of ergonomic chairs, additional monitors, VPN subscriptions, video conferencing plans.<\/p>\n\n\n\n

Companies that wish to take advantage of the lull in business activity can enjoy reimbursement of up to 90% of training costs<\/a> when they send their employees for training, thanks to the Absentee Payroll Funding. There is also a SkillsFuture Training Subsidy and Productivity Solutions Grant<\/a> to explore.<\/p>\n\n\n\n

When the time comes for you to expand overseas, you can tap on the Market Readiness Assistance Grant<\/a>to engage the services of consultants and fund other expansion efforts.<\/p>\n\n\n\n

For self-employed persons affected by COVID-19, the Self-Employed Person Income Relief Scheme (SIRS)<\/a>was a very welcome form of support, provided they did their documentation properly<\/a> and paid their taxes responsibly<\/a>.<\/p>\n\n\n\n

Business Financing 101<\/h3>\n\n\n\n

When starting a company, you should be aware of the various financing options available to you<\/a>, which can come in handy to quickly take advantage of opportunities, or keep your company running through a rough patch. You can read more about how fellow entrepreneurs have used businesses loans for growth<\/a> and why maintaining a healthy balance of cash in bank is critical<\/a>.<\/p>\n\n\n\n

In the world of government-assisted loans, you should know about the Enterprise Financing Scheme<\/a> and new measures introduced specifically to help companies<\/a> amid COVID-19.<\/p>\n\n\n\n

Furthermore, to help companies still maintain access to credit during the COVID-19 recession, the government has stepped forward to take on a larger risk-share of government-assisted loans, as well as introducing the Temporary Bridging Loan programme<\/a>.<\/p>\n\n\n\n

Keep an eye on these key financial ratios<\/a> so you can identify any potential financing issues early.<\/p>\n\n\n\n

Useful Tools For You And Your Business<\/h3>\n\n\n\n

To manage your team remotely or still hold meetings and discussions, there are quality free alternatives to Zoom<\/a> you can use. There are also other apps you can use to keep yourself productive and focused<\/a> as you work-from-home<\/a>.<\/p>\n\n\n\n

We\u2019ve all experienced the convenience and speed of using PayNow as consumers. You can also enjoy the same power and flexibility to make and receive payments using PayNow for Business<\/a>.<\/p>\n\n\n\n

OCBC even created a digital dashboard<\/a> that integrates with many popular tools you might already be using to run your fledging business, such as e-mail marketing<\/a> solutions or appointment scheduling software<\/a>. You can read our review<\/a> of our first-hand experience of using the OCBC Digital Dashboard.<\/p>\n\n\n\n

For quick design work, you can use these free tools<\/a> that are simple enough for non-designers to use.<\/p>\n\n\n\n

If you\u2019re selling products, there isn\u2019t a better time to start using e-commerce platforms<\/a> such as Amazon, Lazada, Shopee and Qoo10, because of changing consumer habits due to social distancing, as well as support packages to encourage companies to adopt digital platforms.<\/p>\n\n\n\n

For food and beverage companies, the Enterprise Singapore\u2019s Food Delivery Booster Package<\/a> provides subsidies for using platforms like Deliveroo, foodpanda, and Grab and other logistics partners.<\/p>\n\n\n\n

Human Resources And Talent Management<\/h3>\n\n\n\n

Here are some ideas you can implement for onboarding new staff remotely<\/a>, including explaining to them payroll matters<\/a>. Over time, you could look at how you can reward your hardworking employees<\/a>, even without necessarily giving them a pay raise.<\/p>\n\n\n\n

When expanding your workforce, you might think about engaging the services of a headhunter<\/a>, or use job and internship websites<\/a> to look for hires yourself.<\/p>\n\n\n\n

When looking for skilled freelancers<\/a>, you can take a look at these popular platforms to find freelance talent from Singapore and around the world<\/a> at various price points for writing, design, and other kinds of work.<\/p>\n\n\n\n

If the unfortunate situation where you need to wind up your business<\/a>, you can at least do right by your employees<\/a>, even if a generous severance is not possible. Before any retrenchment exercise, explore these options first<\/a> (such as no-pay leave<\/a>), and if retrenchment is inevitable, be sure to do a proper offboarding<\/a> for them and explain to them any non-compete clauses<\/a> that they might be under.<\/p>\n\n\n\n

Professional Development As An Entrepreneur<\/h3>\n\n\n\n

Learning to be a good entrepreneur is a lifelong endeavor, and you would probably need to hone your skills and knowledge as your company grows.<\/p>\n\n\n\n

There are plenty of resources you can access to continue to learn, such as websites<\/a>, online learning platforms<\/a>, as well as the DollarsAndSense Business Community<\/a> on Facebook. Some online courses are even SkillsFuture claimable<\/a>.<\/p>\n\n\n\n

Legal Matters And Scams<\/h3>\n\n\n\n

Here\u2019s what you need to know about registering your business<\/a> and selecting the right business entity<\/a> for your needs, and making sure you don\u2019t allow your business registration to expire<\/a>.<\/p>\n\n\n\n

The government has passed special legislation to cover contracts made before the COVID-19 Circuit Breaker measures, known as the COVID-19 Temporary Bill<\/a> as well as mandated that landlords pass on rebates from the government<\/a> to their tenants. The authorities were also explicit about companies\u2019 salary obligations to their foreign workers<\/a>.<\/p>\n\n\n\n

Here are some red flags<\/a> that might indicate a business contract is problematic, whether you\u2019re signing it in person or using a e-signature<\/a>.<\/p>\n\n\n\n

As a new entrepreneur, you should also be on the alert so that you don\u2019t fall victim to unscrupulous scammers<\/a>. Be sure to do right by your customers who prepaid for goods or services<\/a> to be consumed in the future.<\/p>\n\n\n\n

Inspiring Entrepreneurs<\/h3>\n\n\n\n

Even though we\u2019re the self-proclaimed food capital of the world, Singapore food and beverage entrepreneurs have it quite tough, grappling with rent, stiff competition, and fickle consumer tastes. We spoke to Terry of Kopifellas<\/a>, Manna Pot Catering<\/a>, Mitchell of Bootstrap Beverages<\/a>, and Rachel of KURA<\/a>.<\/p>\n\n\n\n

You might also be interested to read our profiles about entrepreneurs from other sectors, such as Desmond of Everest Fortune Group<\/a>, Eve of OneThreeOneFour<\/a>, Brent of Desk Station<\/a>, Antoinette of High Vibe<\/a>, and Timothy of DollarsAndSense<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"Closest thing to a textbook for entrepreneurs you can find.\n","protected":false},"author":6,"featured_media":4578,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[95,93],"tags":[107,136,101,303],"yoast_head":"\nPlanning To Start A Business In 2020? 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