Singapore has one of the topmost conducive environments for conducting business. It is not only a gateway to the ASEAN region, but is also a highly developed infrastructure.
One of the best aspects of conducting business in Singapore is the regulatory regime. It is business-friendly, and the country has one of the most rational taxation systems. Before you start looking for firms that provide company incorporation services in Singapore, it is good to set up your business smartly and start by doing some research before diving in.
Below are five ways to assess a new market.
1. Size of the Market
Assessing the size of the market goes well beyond simplistic population and demographic surveys. You must identify your potential buyers and have an estimate of the number of people who are willing to buy your product at your price levels.
One way to finding out this information is through investigating your potential competitors. You can go about doing so by finding out the number of people who are currently purchasing similar products.
Needless to say, the nature of the product can also give you an idea of what market size to expect. For instance, the market for spectacles and other vision aids is expected to soar in Singapore, where more than 30 per cent of all primary school students are diagnosed with myopia or short-sightedness.
2. Pricing Potential
Secondly, the pricing potential is a crucial market assessment factor, which determines your profitability levels and growth prospects. You should ask yourself: What is the highest average price a potential client would be willing to spend on your product?
Back to the example mentioned above, a pair of glasses can go from as low as S$50 but people may also be open to spending over S$200 for a pair. However, in some markets, selling a pair of glasses beyond $100 could be a challenge.
3. Uniqueness of Offer
It is good to know who your competitors are so you can set your business apart. What you should also be really keen on finding out is how unique your offer is, how easy it is for competitors to mimic your offering, and whether or not you have differentiated yourself from the competition.
Take a step further and settle on a company name that’s unique, creative and more memorable. You can use your products and services as inspiration to come up with the name of your company, before working with professional firms that offer incorporation services in Singapore to get everything started.
4. Up-front Investment Required
Accounting services companies exist to help entrepreneurs understand the nature and size of the upfront investment required to set up a business in the country. When you assess the up-front investment required, you should evaluate more than just the value, but also the logistics and requirements for setting up.
How sustainable are product sales in the market? After setting up and creating enough hype to push the first products off the shelves, how much work will you do to continue selling? From a business perspective, you should also aim to reduce any product-related risks and be able to differentiate your offerings from those of the competition.
The sustainability of sales will largely depend on how well your product resonates with or solves the consumer needs. It also depends on your firm’s ability to innovate and respond to customer needs.
If you require any assistance on accounting services in Singapore, feel free to drop us an email at firstname.lastname@example.org or contact us at +65-66358767. At Ackenting Group, we offer a free 30 minutes online consultation for us to understand your business requirements better.