Tech Corp International Consultants Pte. Ltd. is a Singapore based business consultancy company focusing on entrepreneurs who are exploring to start a new business by incorporating a company in Singapore. Through a strong network of our business associates in Singapore, we provide a diverse range of services, including, Singapore company incorporation, accounting, tax, immigration and related compliance services. We assist our clients in incorporation of local Singapore companies, Singapore subsidiaries of foreign corporations and registration of Singapore branch offices of overseas companies, statutory administration of companies, accounting and tax filing for companies and individuals, application for work passes and permanent residence for expatriates, application for business licenses, and related corporate services.
Prior to starting a web based business, a website development contract should be executed. Website development is a highly technical effort with its own lexicon of acronyms and language. Therefore, website developers and business owners often require technically sound internet law counsel to negotiate and draft the website development agreements that forms the legal infrastructure of online commerce. A perfect web design contract is only a written document on the key factors that are verbally agreed on. A contract should be a package of everything that is decided by the client and the designer. The part that should be avoided by both the parties is “Breach of Contract”, i.e. no party should fail to do his/her part.
Ownership of the Work: Generally, the client pays for the work done but the ownership should be decided in the contract and not afterwards when everything is completed. The ownership details given to the client should be in writing and everything explained what part is being transferred and what part is not.
Need of an Internet Lawyer / Attorney: The advice of an attorney matters a lot as the contract will finally be made and signed thereafter. The role of the attorney is to suggest that a contract should be simple or complex, as a complex contract only invites trouble if the client misreads the points. The contract should be in a way that is mutually understood by both the parties.
BUSINESS PLAN: A business plan is a conventional aspect of an entrepreneurial outlook, detailing the procedure and actions of the proposed venture.
CONTENTS OF A BUSINESS PLAN
Cover page: Cover page should include the company’s name, address, telephone, fax, e-mail and website address, if any; the name and specification of the contact person; names of those organizations from where financing is being sought; the company’s logo – a logo should have a specific place as it is an image, design or picture which represents the company’s philosophy pictographically.
Executive summary: The most important part of the business plan is the executive summary, in particular to the investors. Investors have many plans to read so they hardly go beyond the executive summary. So it’s made sure that the executive summary is able to conduct evidently and briefly what exactly the investors want. The summary should include – Kind of business – a short account of branch of industry the company is concentrating on. Budget allocations – the finance used should be explained by the financial section. Capital requirement – finance required is briefly stated. It is also made sure that the level of flexibility is also indicated just in case any changes are suggested in the plan by the investor. This way the investors will consider the plan with few changes rather than declining the plan completely due to rigidity in the plan. Company management profile – specification of names, qualification and industry experience of the top executives.
Market analysis: The investor should be able to be convinced by the business plan that the entrepreneur knows the persisting challenging conditions. He should also be able to testify that his/her goods/facilities is a niche product and services with ample future prospects and competitive to achieve a remarkable position in the market.
Objective of the business: A single goal should be thought of for a business but it should be divided into a series of smaller business objectives. The short term and the long term objectives of the business should be presented well settled format in the business plan. The two categories in which objectives can be divided are quantitative objectives and qualitative objectives.
Management and organization of the business: Management section defines the team and staff and how they are supposed to handle the structured business. An easy way to construct the management section is to divide it into sections. This is basically the company’s structure, data about the ownership and the updated profile of the management team.
Breakeven analysis: If it is estimated that more money would be coming in than going out then the owner could be short of cash and out of the business. All the important numbers should be analyzed from starting to the end, from revenues to the contribution made by per person.
Financial projections: These projections help to develop the sense of realizing how the funds will flow in and out of the business. If the owner is new in business and cannot understand basic accounting or spreadsheets in Excel, he should definitely seek some help. It is also important to notice how much money will be required for next one year so that the owner can easily concentrate on the business rather than wasting energy on acquiring more funds.
Three year business plan summary: this section is meant to get a desired level of the business in next three years; it is helpful to both startup businesses as well as to established business. History of the company and key features are described in this section. A detailed explanation should be there related to the products or services provided by the company. This section can also be referred as mini business plan, as all the details are similar to it.
Related documents: a number of documents are required to be attached with the business plan. Tax returns of principals (partners in the business) for last three years, personal financial statements (all banks have these forms), copy of proposed lease or purchase agreement for building space, copy of licenses and other legal documents, copy of resumes of all principals, copies of letters of intent from suppliers, etc.
Branding the Start Up / Choosing a Brand Name for the Business: Before giving a brand to the company it is necessary to understand why branding is essential. It is not very necessary but without branding a company just remains a commodity with no entry barriers, great pressure on pricing and no security for the future of the business.
A ‘BRAND’ defines the COMPANY: The consumers, the staff, the investors, the community, the markets, the trade and the media, for everyone branding is necessary. It identifies the company in all sectors.
‘BRAND’ Positioning: A particular target segment of the company is positioned by the brand of the company. Positioning should first discover the problem and then should find out the ways to solve it for the targeted market. Once the company is positioned, one should stick over to it for a long run until you become the go-to people to solve that particular problem. The positioning and branding of a company extends to all who comes in contact with them.
A ‘BRAND’ with a TAG LINE captures VALUE: Branding limits the company’s position to a specific audience and not to everyone. The brand should be defined in the tag line so the value proposition is defined.
Personification and Amplification of the Brand: The two main components of the brand are its persona and its amplification. Both the persona and the amplification play important role in the popularity of the brand. But it is the personality that should be focused on first, ones it is done then the brand should be amplified. The personality makes the brand attractive and amplification brings about public awareness.
Brand Protection & Trademarks: A Trademark and Brand Management attorney advises new and emerging businesses by providing innovative and aggressive legal strategies for growing and extending their emergent brands. As a result, a steady stream of both new and existing businesses increasingly opt for a wide range of trademark and branding services, including: Trademark searches and opinions, Trademark selection advice, Trademark registration, Trademark ownership advice, Domestic and international trademark portfolio management, Madrid Protocol counselling, Trademark conflict resolution, Trademark licenses, Trademark acquisition and assignments, Ad clearance, False advertising advice, Unfair competition counselling, Cross branding transactions, Litigation Matters, Proceedings before the Intellectual Property Appellate Board (IPAB).
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By Rahul Dev
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