mmagteway

:confused2: If you have this amount of savings in your hands, is its possible to start a humble business? :surprised:

Knox

probably..
but i'd rather spent it all..
because the money is "won" not earned mah..
i wanna take license and buy car with the money

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DINEy

哇哇哇!!
If i ever have 8000, I think i'm going mad!

SHOPPING
(I still think i'm not a shopaholic okay)
WOOTS, No wait.
NO clothes first!

1) 8k - 2k = 6k
2k For 2 N93i Handphone, 1 for me, 1 for my dad.
2) I'm left with 6k arent I?
Erms, Lets see, Poly studying 4k Enuff?
3) Left 2k Now, TOUR!!!! KOREA, TAIWAN, PARIS, USA!
OMGOSHHHHHHHHHH SO many COUNTRY I want go.
>:l Totally Not Enough Money Now

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robin

$8000, do on invesments earn more money.....:biggrin4:

applehearts

i dun think so.. think need more than that ba..

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restless

u cld try setting up online booth shops. doesnt cost much to setup. buy low sell high. but if so easy, wld i still nid to work...

Calis

It is possible if it is service-based and able to generate revenue straight from the 1st month of operations onwards WITHOUT rental of office and staff.

It also depends on which INDUSTRY you are going into and the NATURE of your business. Assuming you are not renting an office, has no staff, registers as a Sole Proprietor or Limited Liability Partnership (LLP) and has a website, the minimum estimated costs are as below (not exhaustive):

1. Registration of business with ACRA as Sole Proprietor or LLP: $65

2. Subscription and purchase of web domain: $20

3. Basic corporate level web hosting plan: $20/mth = $240/yr

4. Web layout, design, modules installation & implementation: According to quotation from vendor

5. Stationery and other miscellaneous expenses: Depends on usage volume

6. Internet subscription: a) $29.95/mth (cheapest residential plan @ 512kbps, Singnet) if using home/residential line, b) included within subscription package if using virtual office package ($300/mth range)

7. Transport, F&B, entertainment allowance/expenses: $500/mth min.

8. Handphone subscription: $25.20/mth (iOne Plus with 500 free sms, Singtel)


With all these taken into calculation, using a reference time frame as 1 year operations, total cost (excluding web design & layouts + stationery costs)
= $65 + $20 + $240 + ($29.95)x12 + ($500)x12 + ($25.20)x12
= $6,986.80

As you can see, 1st year start-up and operation costs is almost $7k, not counting in stationery, with MINIMUM operational expenses. So if you are renting an office or cubicle, hiring staff and purchasing raw materials/stock, then I can immediately tell you your $8000 capital is grossly insufficient.

Alternatively, you can do online trading(buying and selling), NOT business. In this case, you may have sufficient capital if there isn't a need for high volume of purchase of stocks by you is required (like trading in small volumes on eBay 1st).

Chriz

Nice calculation there Calis. I always thought that starting a business requires tens of thousand at least. Didn't know that a very simple business could cost as low as about $7K for its annual operation fees. Interesting...

Calis

Yup, that's the bootstrapping version. Depends on the business model and corporate identity required actually.

If a business is registered as a Private Limited (Pte Ltd), then the incorporation fee + Corporate Secretary's initial admin fees + annual retentions fees can cost up to $2000 (which I didn't add in in the example above as I'm using Sole Proprietor identity - 1 man show).

If a free-lance or part-time accountant is hired to do monthly book-keeping and addition $300/mth or $3600/yr expense is required. Then an annual audit costs $3000 and up depending on how complicated your accounts are. :biggrin4:

And not to forget, depending on which the industry and nature of business, getting relevant licenses and paying the license fees are required.

Chriz

You're amazing sia... How come you know so much about this?

Calis

Oh that... when you intend to start a business and done your research + budgeting, you'll learn all that. :biggrin4: This is just the tip of the ice-burg :devil2:

Chriz