How do you accurately determine the barriers to entry for a specific market in Singapore?

Be a client of your competitors.
Ask smart questions.

Target 5 competitors.
You will get a very good idea of the market within a month if you’re diligent.

Speak with veterans in the same or similar industries and ask them what were their biggest concerns when starting out? And what they have done to reach this level of success today?

Create a spreadsheet and walk yourself through every single process to starting up the company, and to sustain the business for at least three years. Understand the fundamentals, management, and operation of your business.

Then get your partner, close friend, financial consultant, or someone who you trust to walk through the same process with you. This is to check for blind spots and how to improve your business model in general.

Of course, create a good delta as a buffer to take care of unexpected risk and changes, e.g. start-up cost, policy change.

All in all, take considerable time to do careful planning with bold ideas. Then review till you convince everyone around you that it is a feasible model. That is the time when you know you are on the right track.

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