What Is The Best Kind Of Business To Do

I get pretty amused when I hear discussions about the best type of business to strike it rich among friends. Often, people will point out something in trend with results to show already. (eg. shops sprouting out on every part of this tiny island)

Of course, catching the trend can be crucial to the survival for the beginning of small start ups but I can't help but think that one can make it big in any field if you can get it right.

Just take a look at BreadTalk, they revolutionalised the concept of bakery in Singapore. And who would have thought then that bread business can get one so far?

To me, it's about getting it right, be it the right niche, the right branding strategy, the right business model, or maybe just the right timing to ride the wave.

There's no right type of field or business; it's just take the right hardworking person with the right mindset and with a tinge of good luck to strike it rich!

Temporary Post To Claim Blog in Technorati

97UDVF7D4KKR

Singapore Budget 2011 & How It Affects A Small Business Owner Like Me

For the Singapore Budget 2011, how it'll affect small businesses like mine is:

Corporate Income Tax Rebate and SME Cash Grant

C.55.          First, companies will receive a 20% corporate income tax rebate, capped at $10,000, in YA 2011.

C.56.          However, many of our small companies may not benefit fully from the corporate tax rebate as they pay very little taxes. In fact, more than 85% of eligible companies will receive less than $5,000 from the tax rebate. Therefore, I have also decided to provide the option of a one-off SME Cash Grant this year, amounting to 5% of a company’s revenues in YA 2011, subject to a cap of $5,000. They must, however, have made CPF contributions in YA 2011.

C.57.          Companies will automatically receive the higher of the corporate tax rebate or the grant when IRAS assesses their tax returns. In total, this will cost the Government about $560 million. 

To put it simply...

For not so profitable SMEs

Revenue      - $100,000

Expenses    - $90,000

Profit          - $10,000

Tax(17%)   - $1,700

Government 5% Grant of revenue = $5,000

Tax Payable = $5,000 - $1,700 = $3,300 

Receive cash of $3,300 (Total gain of $5,000)

For more profitable SMEs

Revenue      - $1000,000

Expenses    - $500,000

Profit          - $500,000

Tax(17%)   - $85,000

Government tax rebate of 20% to a cap of $10,000

Tax Payable = $85,000 - $10,000 = $75,000 (Total gain of $10,000)

Also,

C.41.          To support such initiatives, I will grant tax deduction to eligible companies that make voluntary contributions to the Medisave accounts of their SEP partners, up to $1,500 per SEP per year. I will also exempt SEPs from paying tax on these contributions. This will take effect from YA 2012.

Bye Bye January: Time to realign my business goals

And so one moth has flown by... really fast. 

Are you on track for the goals you've set for 2011? I am... albeit a little behind.

I watched a documentary recently about a Japanese businesswoman who is really successful in the cotton industry and she wakes up at around 4am every morning to clear her email, then she'll go for her morning walk to think about her business direction and major business matters. After which, she'll prepare breakfast for her daughter before going to work. 

I was totally inspired and impressed by her discipline. Reflecting, I realised that I work without a fixed schedule and if I do plan my work schedule, I may just be able to achieve more in a day.

With 11 more months to go, I'll buck up and make the changes. It's not too late still with only 1 month gone. I'll  want to be able to look back in Dec 2011 to know that I have done all I can to achieve what I have set out to do!

Welcoming 2011: Almost 2 Years & Going On Strong...

The start of a new year is usually a time for goals setting and also a time for reflection. And it's been almost 2 years since I started being my own boss. 

I remember many dissuading me when I wanted to venture out and many being skeptical that I'll be doing this for long. And I'm glad I'm one of those who'll not listen to others.

Happy New Year!! May 2011 be the year that bring you much closer to your dreams!! C=

Migration

I am migrating to  free blog that allows advertisement. Yes, you've guessed it, I am moving to blogger.

Unless you guys have a better suggestion.

So far, I'm impressed by Wordpress.org, but it's more than I need and I don't want to pay for a domain anymore.

I have been using blogger for my other blogs and it serves me needs well enough. Which is basically:

-user-friendly

-SEO friendly

-free ( I know wordpress is free but I need to pay for a domain address)

-allows ads

So, do feel free to share your thoughts and suggestions.

I'll soon need to crack my brain to migrate the contents. With the more user friendly layout, I think I may just post more frequently from 2011 onwards.

Stay tuned for my new website! =)

Working from Home, I Like.

I read this post by a fellow Singaporean entrepreneur and was inspired to write.

Pic taken from here.

Like him, I too work from home. Unlike him, I have a separate phone line from the rest of my family. Not because of my work, but because it has been a habit of mine to have a private phone line for my own personal calls. Except that these days, it serves my fax machine line too.

Of late, I am really thankful that I work from home and that my working hours are flexible and mine to plan. The MRT trains in Singapore are getting really crowded. It frustrate me sometimes when I have to take the train even around 4pm. And I can imagine the how torturous it can be to squeeze your way home after work.

For now, making and taking phone calls on my mobile will suffice. Avoiding the dreadful traffic is one huge plus point for working from home. And I'm thankful I can choose to travel during the off peak hours and stay away during the peak.