Starting a business need or no need money?

relax_crown SG

Do i need alot of capital if i start a small business like selling chicken rice/duck rice/cloth etc. In fact,everything need money in this world. Neutral

Agenda SG

Of course lah, equipment use what buy? Unless you pay by credit

Lenne SG

hi, can ask if what is the minimum amount if want to start business.. any entrepreneurs around to help ans my queries??

ORIGAMIST SG

by credit still need to pay back leh ...

relax_crown SG

ok thanks Very Happy ,if i not remember wrongly Adam khoo say you need little or no money to startup a business.

sLeEpWaLkErInG SG

depend what type of business u r looking at... it all requires minimum sum of investment.

Time is also an investment. time = $$$

Lenne SG

business = investment? i tot business n investment is 2 different thing.. haha.. very blur.

ORIGAMIST SG

investment may not be business but business need investment ....

hisoka SG

depends on the business. there are some don’t really need capital outlay

turbo_drift SG

business needs $$$, $$$ = investment. Investment is actually taking a gamble. fail or succeed, it depends on what type of business which you hope to be in.

No matter what, business or investment, it depends on your luck.

Cheers.

deathscythe99 SG

Unless u are a socialite...why not? Laughing

Parka SG

Glad to see that there are people interested in doing business.

In regards to the investment needs, it really depends on what kind of business you're going into.

If you're going into a chicken rice business, you'll have to pay the rent for the place, workers' salary if any, cost of the food products, sanitation fees and other stuff which I cannot recall.

If you're going into a service industry, then your cost is basically your hours.

If you're going online, little capital is required.

Huge capital investment is required when you want to expand or scale your business. Because you'll definitely require people and human cost is expensive. You'll really need a service that people are really willing to pay money for.

Just recently, I've created a business forum for Singaporeans. I sincerely invite all interested in business to check it out. It's quite new so there's not much content. I invite all to ask questions there.

http://sgbusinessforum.com

Cheers.

Parka SG

Business requires your individual attention. The business will not survive without you.

Investment doesn't require as much attention, you can invest money and let the commercial entity grow itself.

relax_crown SG

ok thanks for your reply,i appreciated Very Happy But i am thinking starting a business required of money somehow.If i start anything do anything i did have to have the passion to do certain thing etc business.I must love the thing i do,love myself etc.Etc,I open a small food business because food is a need.Everyone will buy food somehow but i must make my food interesting,nice,famous and i be courestry to customer rand they will consider to buy my food Very Happy i am still thinking as i lack of many thing i lack of foremost money to open,cashflow,baba.second the skill, lastly passion.

Working isn't that bad afterall.Just won't make anyone rich.But being someone simple is also perfect

theinternetenterprise SG

Hi guys, I was browsing around and saw this interesting topic. Personally it is true that most offline businesses need a sum of capitol but for online businesses it is different. Do you believe that you can make money online even if you do not have your own product to sell? How? Just sell other people’s product la. Have paypal account, find a product you like on clickbank.com and off you gooooooo. Anything that you sell from clickbank gives you a commission. Cheers.

Lost_Drift SG

The Capitol Optical start with a huge amount of capital to increase the amount of chain-stores, to it is today izzit

eagle SG

online business also need capital for products.

But there's no rent. Thus, rent savings can be translated to consumers, who can enjoy lower costs. Again, if you see those push carts, you also see the sales person sitting there for a long time before finally someone come along to make a purchase. An online business has no such time wasting problem.

The only disadvantage is that the buyer has no instant gratification of testing and buying immediately. Of course, there are some ways in which you can reduce this disadvantage, one of which is I have mentioned, lower price.

Evangel SG

If you are doing a business, look for one with a comparative advantage. If I am selling clothes and you are doing likewise, what makes us stand out? There are thousands of others also selling clothes, are you fighting to survive or to grow your business? Are you the next bubble tea or the next coca cola?

Think of it if someone has 1 million dollars of capital to compete with your business, would he be able to bring you down? If the answer is yes, your business suck. If no, you have some competitive advantage.

Competitive advantage can be many types: Monopoly, oligopoly, lower cost, wider distribution, branding, superior product, location, patents, specialise skills and many more....

happysufer SG

Depends on what kind of biz u are looking for? Some biz needs huge capital but no guaranties. But on the other hand if you are successful in biz you can be rich. To be in a biz prepared to have a 24/7 mentality.

TCH05 SG

Do i need alot of capital if i start a small business like selling chicken rice/duck rice/cloth etc. In fact,everything need money in this world. Neutral

That is only true if you intend to be sole owner of the business.

If you have a good business idea / invention, etc, but dont have the necessary money to start the business, you can consider getting a partner to invest in your business and in return you give him a stake in the company.

e.g. if you have a secret recipe for chicken rice, you can sell your business idea to potential partners and convince them to put money into your business.

The tricky part of this arrangement is the valuation of your business idea and recipe and if you are willing to share your recipe with your partner.

It is recommended to spend some money to a lawyer to draft out a simple agreement to prevent any potential dispute in the future.