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7 tips on how to start your own business – from Singapore women who succeeded

Teo additionally famous that when she simply began her business from dwelling, employees and shoppers had to drop by her home.

There could be instances when working from dwelling was not possible, like when my youngsters have been all dwelling or when shoppers favor absolute privateness, so in these cases, I’d pay an hourly hire for an area.

“That became an extra stress as I was constantly looking for a space that was both accessible and available for each coaching session. It was only after my coaching practice had grown that I decided it was worthwhile to get a co-working space membership,” she stated.

TIP #6: BE NIMBLE AND FLEXIBLE

As a business proprietor, it’s important to transfer with the instances and modifications out there, and know when to shift course for your business.

Tan had first began Ubermums as a web-based and retail business however transitioned it into a completely on-line business a yr and a half later.

“The challenge with a retail business is not only in costs and staffing but also in stocking and managing large inventories. Moving it online allowed us to be nimbler, have a store that is open 24 hours with an international reach, have more control over quality and introduce new designs and products easily,” she stated.

Tan additionally modified the course of her business from maternity and nursing put on to focus on breastfeeding covers as the previous’s market was very aggressive and he or she noticed a distinct segment marketplace for nursing covers. During the pandemic, Ubermums additionally diversified into supplying face masks.

“Do not give up and be nimble if you need to change your business direction in the midst of your journey. It is never a wasted experience,” she stated.

Tang, too, had to change Precious Purple’s business focus halfway.

Her business had initially began on reselling customised presents however demand was poor and he or she determined to swap to baking, which was additionally a private ardour.

Since its 2019 inception, Precious Purple has diversified to different baked items like Indonesian lapis and Swiss rolls, cookies and kueh. Monthly gross sales can attain $1,000 and through the festive season, gross sales may be greater.

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