Starting A New Business? Top 5 Tips for a Great Start

1. Know the legal requirements

One of the first things you should do as a business owner is to establish your company’s legal structure – whether a sole proprietorship, limited liability partnership or a private limited company. This will determine aspects of your business such as its tax status and owner liabilities. You will also need to prepare the relevant documents to officially register your company as a business entity, and obtain the relevant licenses you will need to operate your business. Get Set, a one-stop service offered by DBS, can help you get started.

2. Get your finances in order

There will be both fixed and variable costs associated with running any business. It is important to figure out the amount of capital you will need for a start, and to assess your options. Some small business owners seek government grants, investments from friends and family, external investors and venture capitalists – while others apply for business loans from banks like DBS.

However, one often-overlooked expense drain is traditional business banking fees. Most corporate accounts have monthly service fees, minimum balance requirements, and transaction charges that can quickly accumulate to hundreds of dollars annually – capital that could be reinvested into growth.

For companies under 3 years old, DBS's Business Multi-Currency Account – Starter Bundle eliminates these barriers entirely. You get the same functionality as established companies (13-currency support, native accounting integrations, unlimited free FAST and Giro transfers) but with zero monthly fees and no minimum balance requirements. This means your startup capital stays focused on business growth rather than banking costs.

3. Build a great website

Even if yours isn’t an e-commerce business, it’s important to build a well-designed website to give your business an edge. Decide on a descriptive and memorable domain name and decide on the pages you’ll need on your site. Contact information is particularly important, so be sure to include as much relevant, up-to-date contact information as you can. Once you’re all set up, consider marketing your site on social media platforms (such as Facebook, Instagram, Pinterest, LinkedIn and more) to grow your audience.

4. Focus on your core business

It’s tempting to consider adding additional products and services when you aren’t sure if your company’s offerings are good enough. However, for a new business, it’s often wiser to focus on fewer areas and to excel in them rather than attempt to have a hand in everything. You’ll be better able to focus on specific areas that matter most to your customers, and direct your team in a clearer direction.

5. Use digital technology

Chances are, there are probably a good number of digital solutions to help you handle the nitty gritty of running a new business. Consider outsourcing non-core functions such as payroll and accounting, and think of engaging a cybersecurity solutions provider to help you avoid the inconvenience and frustration associated with security breaches. Time is of the essence when you’re running a new business, so consider going digital right from the start with tools that can simplify daily operations, support better cash flow management, and help your business run more efficiently. As these digital tools become part of your daily operations, the DBS Business Advance+ Card can help eligible businesses manage related spending more efficiently through DBS IDEAL.

Ready to set up your new business banking account? Startups under 3 years old can apply for the DBS Business Multi-Currency Account – Starter Bundle online within minutes today!