Best Accounting tips for Startup businesses in Singapore

Best Accounting tips for Startup businesses in Singapore – Startups are great for a young person who wishes to change the world and create something that will not only build wealth for the founders but also change the world as it is.

The startup culture of recent years have helped to push innovation around the world and speed up the changes that humanity wants to see in its inventions and also changes and improvements in processes and consumer needs across the board.

The startup culture has also seen some of its downfall and slowdowns with the recent WeWork saga seeing funded startups running on so much money that it is burning without even properly turning a profit.

As a professional firm providing accounting services, we will like to share with you some tips on how you as a Singapore startup can improve your accounting work to improve your chances of doing well in the long term in this tough and cut throat world with a new article on “Best Accounting tips for Startup businesses in Singapore”.

Pay close attention to your company expenses

The biggest problem with many startups is the run away spending that many will make when they are trying to grow their business and try to grow them fast. The thing about company expenses is that you think that you know what is happening but actually you don’t. You end up spending way more than you are making and this is going to start causing cash flow issues. If you are a startup that is bootstrapping which means you do not have external funding, you will go under really soon!

This is one thing that most startup founders do not realize that can kill their goals before it barely took off.

 

Make a plan of your company expenses

Budgeting is always a good choice when it comes to working on anything. When you budget, you will at least be paying close attention if you realize you are running way above the budget that you have set forth for yourself at the start of this course of action.

When you know what you are expected to be paying and you are way above it, slow down and make sure it makes sense before you push ahead again. Many business owners especially startups do not budget and end up over spending what they should.

 

Keep your records properly

Have you heard of lost receipts, lost expenses documents, lost invoices and lost cheque stubs. This are all very common things that happen along the way when you are running a business because you are just so busy running the business to handle all this administrative documents.

The fact is, keeping this documents intact and proper is actually very important. When you get audited by the tax agency, you will need to present this documents. You will not know when this is going to happen so which is why keeping accounting records are very important for a business especially a startup that does not have good systems in place.

 


At K Cloud Accounting, we will guide you to set up a good system for your business so that you as a startup founder will need to just focus on your business and leave the rest of the startup accounting work in Singapore to us.

Best Accounting tips for Startup businesses in Singapore

14 business ideas that you can start young in your 20s

14 business ideas that you can start young in your 20s

14 business ideas that you can start young in your 20s – There are many people who want to be their own boss but many people do no understand that it does not need to be the point where you have a good idea and then you start working on it. You can start something small from services and build up from there. There are many services that can be offered and if you are willing to learn and willing to try, you can make some income on the side.

There are things in your 20s that you can pick up on for you to start your entrepreneurship journey. As an Young Entrepreneur, many opportunities are available for you!

For most, starting up is tough due to the lack of capital, so the ideas that we are sharing will be those that do not require that much capital to start off.

For those who are not aware, most of the wealthy people in this world do not just start a business and they hit the jackpot. They go through a lot of failed ventures and failures in life before they hit success in one good business.

So before you hit that jackpot, you should be developing a strong set of skills that will help you eventually winning in this game of life and business.

So what are some of the 13 business ideas that you can start young in your 20s, that will help you to grow wealth and be successful when you are able to get more done.


1. Digital Marketing

Digital Marketing is a huge space in the business world right now. Gone are the days when you pay good money to have your advertisement show on the television and you will gain good purchases and also brand recognition.

The tv and news outlets are losing its shine with the advent of social media and social media and digital media marketing has become the new in thing where businesses will tap on to show case their products and also to funnel people into buying their products.

There are many different forms of digital marketing, there is Facebook and Instagram Marketing, There is linkedin marketing for professionals, there is Google SEO marketing, there is Google Adwords marketing.

There is also marketing through influencers and blogging. There are so many forms of digital marketing that you can choose from.

The fact is picking up each of this skills takes quite a bit of time. Being trained in it doesn’t make you really good. When you have run a few campaigns and optimized campaigns, that is when you really learn and are equipped with proper skills.

Pick up one of this skills, get really good at it, offer to help someone for free for portfolio and then you will be able to see yourself climbing up the ladder as you get better and can charge more for the amount of work you do for your clients.

2. Consulting Services

Are you someone who is really good at getting a certain food item done up in a certain manner. Or are you able to design something really special in a certain manner. SME Consulting work can be quite a lucrative business if you know someone that someone else doesn’t. When that comes into play, people are willing to pay you hundred if not thousands just to give them advice on how to save time or effort or even just helping get something done.

Connected to someone who is going to help their business? Great, one phone call from you and they close their deal and you get the consulting fees of introducing business, it is that easy. Networking can pay off if you have a good relationship with many people and when you want to connect with people you will be able to spread this note out to others and get more things done for the whole industry!

For those with banking experiences you can consider SME Loan Broker Services.

3. Music Training

Parents sent you for music training when you are young? You have a diploma in it? Great, you are probably good enough to teach the next generation of people. This is a good business as a teacher because you can charge hundreds on ends and you will probably be needed for months or years to get them to a certain stage.

Use this training to build up wealth before you reinvest in other forms of business when you have the opportunity to.

Do note waste the money that your parents have paid to get your trained up in instruments, definitely something that most young people in their 20s can do and one of the best “Business ideas that you can start in your 20s”.

4. Sports Training

Parents sent you for sports training like swimming, tennis or golf?

This is a high value skill as well. The sports that the rich want to get in to but did not have a chance when they were younger because of poor background.

They will love to pay you good money to start working on this sports that will help them to meet other people who are into this sports, especially golf where you will be able to network.

Sports are a great way to work out and at the same time make money, if you are able to recruit a few good trainers and do good marketing to generate that extra income, you can gain a lot more from starting this Sports Training business when you are young.

5. Blogging

Blogging is a good way to have a side income. There are many bloggers with a good interest in something and they have ads that will keep them going for a full time role as a blogger. Blogging can be a very fun activity that everyone can take part in and when you have something that people will want to read about, you get something that is special for your own development and also wealth building.

This blogging interest can also translate into a YouTube channel that can bring you further into this journey of making money online.

Through the various ways of monetizing, the most popular being Google AdSense, you can write content that brings in lots of readership and therefore potential sponsorship through the AdSense network. The ads will be served based on how relevant they are to your site and also through re-targeting which many advertisement platforms function in this manner.

6. YouTubing

Youtubers are making millions from ad revenue nowadays and they have very interesting content that they can do for most people to be entertained. If you have something that you have interest in and you think that other people will be interested in it, you might have hit the jackpot of it.

There are quite a few popular YouTubers who have came up with very interesting content that others don’t and even some gamers have managed to take advantage of the advertisements from the streaming service to get some income and work on this roles full time.

Someone that i follow because i am a strategy gaming fan is GamerZakh, for people who have grown up playing the likes of Age of Empire or Caesar 3, this YouTuber have been replaying games and allowing those who miss this games or are restarting to learn about strategies they did not know.

Work on getting your video quality up to date and also work on giving good advice to people who may want to learn something online and this is a good avenue of making great wealth.

7. Website Design 

This is something that most young and technologically savvy person can pick up quite easily. The fact is that setting up a website is not that difficult but definitely time consuming.

If you were to want to take up website design and development, you could always start off with WordPress. This platform is easy to work with and also easy to pick up.

Someone without much skill sets with coding can also learn to design a simple website with WordPress or Wix.

WordPress is easy to change in terms of design and customization, the base design is usually already done up if you use a template and this comes relatively cheap at roughly $50 USD.

If you are not someone who is good at design or writing code, find yourself a freelancer or find yourself a business partner.

You can do the sale and design and get someone behind on the codes.

8. Instagram Influencer or Instagram Reposting

Instagram is one of the biggest social media platforms in the world with many of the world’s eye balls on it.

Facebook bought this platform over with the main goal of pushing more of its advertisements onto the Instagram Platform.

With the rise of Instagram, comes the rise of the social media influencer group.

Instagram is one of the best places to start as an influencer to make extra cash from sponsor post and also in helping each other get famous.

Influencers with a good and special niche may be able to make 5 to 6 digit incomes over the year.

If you are not someone who is savvy, you could also do a repost account and help those who wish to gain more followers grow their accounts.

9. Live Streaming on Facebook to sell products 

Live streaming has become a very popular way of selling certain products.

Electronics and fruits is one of the ways that Singaporean young entrepreneurs are taking advantage of in selling their items.

This is also a great way to reach out to more people in the online sphere.

Live streaming is also a free way to get more attention and eyeballs from new clients.

Using various methods such as free gifts for staying throughout the the whole live streaming and also to share your link, it can be a very effective way of selling online.

10. Mobile Application Development

Picking up mobile application development is not so clear cut, skills needed will definitely involve some coding since you will need to understand how certain functions work.

Mobile Application Design and Development is slightly more complicated than Website Design and Development but than again, there are people that you could work with closely.

Freelancers are cost saving to get things done but you should consider working with a Singapore Mobile Application Agency if you want to get it done out nicely.

Learning through many online platforms is another way of picking up Mobile Application Development skills.

This is a skill set that can be learn young and will be useful if you want to start your business young.

11. Wedding Planning

For someone in your 20s, you may not know much about getting married but you definitely can attend a few.

Usually for such work, you should work for someone for a couple of months to a year to pick up the contacts and also some of the tricks of the trade.

Coordinating a wedding is a very taxing thing and many people will rather outsource this parts so that they can focus on doing the happy bits which is to come and have it all well planned and executed by you.

Wedding planners can be quite a lucrative work and being a very personal thing, most wedding planners will end up being great friends with the bride.

Easy to set up and good and lucrative service line business to go into! Definitely one of the most accessible “business ideas that you can start young in your 20s”.

12. Baking

For those that are under lockdown, this is something that you can experiment with.

All you need is YouTube to pick up some baking skills and an oven.

The truth is you need to trial on error and keep going on to find out the best mix to find the best recipe for your baking journey.

Cookies or cakes are great starts. If it works out, start your chain!

13. E-commerce

Something that most young people can definitely get into is the e-commerce boom, the fact that there are platforms such as Amazon or own hosting on Shopify is one of the best ways for your to start your online business.

E-Commerce is one of the best way to kick off your entrepreneurship. Especially if you are someone who knows that people wants and know how to market them on the social media platforms.

You can come up with your own designs and get them printed and delivered to you or your customer doorsteps within a few weeks and you have your own business going!

E-Commerce takes a long time to grow, so you might want to consider this as one of your business ideas to start young.

14. Drop shipping

Not that much different from E-Commerce, dropshipping basically means you buy from one site to sell on another and making the margins, the difference is you do not need to have your own brand neither your own stock.

You do not need to spend money printing your logos but taking advantage of the difference in prices between your buying from a China based site such as Taobao or Aliexpress, then reselling it over to someone who bought from one of your pages you designed.

Most people sell practical household items and also fashion items so that they do not need to have a branding as long as the item looks good and is useful.

Drop shipping is very popular on platforms such as E-Bay and Amazon now with websites like Aliexpress supporting this form of E-Commerce trading.


If you eventually will like to incorporate your company in Singapore to take advantage of its location in South East Asia and also low tax structures, you can contact the team at K Cloud Accounting Pte Ltd that provides full suite accounting services for Singapore businesses and also full suite tax and corporate secretarial services.

As a Young Entrepreneur in Singapore, you will want to work something out when you are much younger so that you can have an easier time as you go forward.

We wish you all the best on your entrepreneurial journey and to great wealth and prosperity for all business owners who are working hard to improve their life.

K Cloud Accounting is keen to assist you in your business journey by assisting with your Singapore Accounting Services.

For companies who needs to acquire more loans for their business, we also work closely with Singapore Corporate Bank Loan Brokers. They are also the top commodity trade line consultant in Singapore. Get your Business Term Loan Singapore through them.

Thank you for reading our article on “business ideas that you can start young in your 20s”.

14 Business ideas that you can start young in your 20s