I would like to open an online bridal gown boutique however I have zero experience in business. Can I run on my own or do I need a partner? Thanks.? - Seedly
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Anonymous

Asked on 18 Oct 2020

I would like to open an online bridal gown boutique however I have zero experience in business. Can I run on my own or do I need a partner? Thanks.?

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Sole proprietorship. No need experience, is ok the make mistake at the begining, just improve along the way. Your best partner will be your spouse.

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That's an excellent idea, you can start your own business. If you're a citizen of Singapore/PR you don't need any partner in your business.

For incorporation of a business, you need to follow some process as per laws and we will help you with this in 1-3 days.​​​

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Jiayee
Jiayee

3w ago

If you are from SBS Consulting, you need to disclose it in your answer.
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Hey! If you are a Singaporean/PR citizen you need not have any partner involved. You can also choose to open with Sole-proprietorship or Pte. Ltd.

If you need any help incorporating your business, you can visit our website. Osome professionals will assist you with any questions you have.

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Partner with someone who can contribute meaningfully to the business like digital marketing or technical bridal gown expertise. This will accelerate growth and avoid costly mistakes

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U can open a sole proprietorship

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Nathaniel

Level 6. Master

Updated on 30 Oct 2020

It's OK if you don't have prior business experience. Many founders of globally-renowned companies didn't have business experience either before they started their companies. Having a co-founder is certainly very helpful to growing your business - you'll have someone else to bounce ideas off, to work through problems together, and to be a form of mutual support when you're going through tough times.

The founders of some of the world's best known companies didn't have lengthy corporate careers before starting their now multi-billion dollar ventures, but what they all had were co-founders.

Examples:

  1. Facebook - founded by 5 college undergraduates.

  2. Snapchat - founded by 3 college undergraduates.

  3. Google - founded by 2 college PHD students.

Beyond business experience, what's most important for new founders is that you have a clear vision for where you want your company to ultimately be, and to have a clear execution plan to get yourself there over the next 3-5 years.

You will want to do a rigorous competitive analysis for your business - how are you different from other bridal gown stores, how will you build your brand, how will you acquire customers profitably, etc. There are quite a number of online wedding gown shops in Singapore, so product and marketing differentiation will be key to help you stand out from the crowd.

Since you'll be shipping goods around and you have to invest money into your inventory, you'll want to make sure to protect your gowns from damage/theft/loss. Make sure to explore online retailer insurance to protect your business.​​​

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Lee John

Lee John

Level 8. Wizard

Answered on 19 Oct 2020

You can do either way. Having a partner means having to divide and concur the workload, extra beneficial if the person has his/her own area of expertise. Downside is that you may not like working with the person and may worsen your relationships. You can also approach mentors/incubators/accelerators to help guide you on the intial process.

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