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EntrePass & Business Plans

I've been dreading to start writing again bcos the topic on hand is a difficult and tiresome one.

Last Thurs, i took half day leave to go and research how to set up a company for Zubair.

Actually i've already done the research on the phone some time last year i think. I still have the notes. But oklah wanted to appease Zubair and show that i really do support him morally.

First Stop. International Plaza - DP Bureau.

We had to pay $10 for consultation which is refundable when we eventually set up the company. Basically nothing new that i dont know already... except for the revised fees, processing time and some pros and cons as well as opinions of the officer and what other services that they could do for us.

Basically his company will be offering private music lessons at home, as well as on hire for any performance or music composition and what nots.

In Summary, we hafta register the Partnership FIRST with fees of $133 and will be approved between 3 - 5 days if there's no problem with the Business Name.

Second step: apply to MOM for Employment Pass. This DP Bureau could not help to submit for us the papers. We already know that our chance is slim without a degree. And normally, if applied from an employer, the requirement to get an EP is to have $2,500 pm salary. However, we put hope that bcos its his OWN partnership, he has a Singaporean wife as well as a Professional Cert might up the chance by a big notch.


On the other hand, I realised that Grade 5 Theory might not be enough to be called a professional certificate. Nonetheless, i pray and i hope.


Next stop: MOM

We wanted to know what are our chances first before applying for that partnership and then end up he cant operate it. like my sister would say: buang karen ajer (waste energy).

We looked up the long alphabetically sections for queues but couldn't decide whether its a Work Permit or Employment Pass, almost argued about it. Then went to the reception counter and we related our intention.

Without hesitation nor much thought, she said, You can apply for an EntrePass along with your Business Plan. THEN when its provisionally approved, you can register your partnership.

On the first run, i was delighted! Ok at last somebody who's confident about the answer.

When i got back and checked on the net. I remembered why i didnt even consider EntrePass. Because of this clause


In addition, businesses not of an entrepreneurial nature (e.g. coffee
shops/hawker centres/food courts, foot reflexology/massage parlours, karaoke
lounges, money changing/remitting, newspaper vending, geomancy and tuition
services etc) will not be considered for an EntrePass.

Golden Question: Would the partnership that we intend to set up be regarded as entrepreneurial in nature???


Application fee is $40 regardless of result.


********************

On the sideline.... Just a day before we went to do all this research, Zubair has finally succumbed, "Lets go back to Pak."


But this time I'm the hesitant one.

  1. Why is he suddenly so anxious to go back? He had been tired for a long time already what.
  2. Waiting for the outcome of this partnership idea
  3. No way am i gonna endanger my life as well as my baby's with that CRAZY BITCH Still breathing and roaming around in Pak.

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3 glasses of Juice:

nadia said...

May Allah help you both and solve your problems soon, Ameen.

Take good care of yourself.

Fahim's Blog said...

Let me give my two cents worth on writing a proposal:

If you are aiming to obtain Entrepass on the basis of writing a proposal, do not just write a proposal for sake of writing it. Think of it in that way. MOM has refused other types of permits already. Furthermore they know pretty well what is the REAL purpose behind writing the proposal. Before even start writing the proposal take some time to think of the business idea which are going to propose in the document. It has to be compelling and attractive enough to capture the interest of the potential investor. One good way to think about it is to put yourself in the shoes of the person reading it. What should be there to make the stuff written on the paper a success in reality. A lot of people loose their direction in semantics and right structure. Off course it has to follow a certain template but most important of all is have the right idea and the other elements required to make it a success. Just imagine that you do not have a job and you are going to become self-employed which business you will get into and how you will make it a success. Just write everything down and get someone to go through it and fine tune it further.

A couple of helpful tips:
- Government is encouraging a couple of industries and trades and they are aiming to attract people in those areas. Therefore your business plan should take this into account. The key is do thorough research

- Think of the strengths you have and the resources available to you. These resources not only include financial resources and funding. Rather the most important elements are intangible things. You need to build your products and services around your strengths and resources available to you.

Once you figure out what product you can offer best. You need to do some ground work. First of all you need to figure out that what is the market for such products and offerings. What is the level of competition for your offering. Furthermore how much margin is there for such offerings. Once you have done your market research (and it has to be thorough), you need to do the maths in terms of cost elements and the pricing and the margin you can obtain. Always be liberal with the costs and take in to account the unplanned elements. On the other hand, always be conservative in terms of pricing. It is always good to provide for the discount in price.

- The third and most important stage is think of the execution plan. Just imagine that you already have the resources and you have done your maths. Now from today you are going to start the operations. How will you plan for this right from managing the vendors to employing people and selling your services to the clients. It has to be well thought out and based on REAL WORLD experience rather than paper work.

Thinks which might help you write the business plan:
- Discussion with potential competitors: It is always good to talk to your competition. Off course they figure out that you are going to be their competitor, they will either give you wrong information or will stop sharing the useful tips. Here you need to use your skills to glean the most critical information. Wrong information might lead you to over optimistic or over pessimistic view of the real world.

Discussions with potential customers: Talk to the potential customers and ask that whether they will be interested in the sort of things you are planning to offer. Rather than looking for the YES or NO type of response, always ask them for the type of things will be interested to obtain and the price they are willing to pay. Ask them what is their frustration with the existing services and goods they are obtaining from the market and what improvement do they need. Match the potential product you are likely to offer to the resources available to you and how can use your resources.

Discussions with Potential investors: After having the rough idea that what you propose to venture into, go and talk to the potential investors, who might be interested to invest into your business. As a rule of thumb do not talk to your parents or close relatives who might offer your funding not because they trust you with their investments, rather they want to help you succeed in the business. Therefore it is good to speak to the friends and relatives who are looking to put the extra dollar they are earning for better return. You can also post your proposal on blog. But be wary of the wrong advise or unnecessary encouragement or discouraging statements. Please do remember that it never hurts to pretend as an expert and give advise on the things on which one does not have any knowledge and people are fond of doing this.

Discussions with Suppliers: Although the least trust worthy as they have a vested interest in you offering their products and services, suppliers sometimes offer tips which could lead you to the right proposition.

Discussions with the other people running their businesses: It is very helpful to run your ideas by the people who have immersed themselves in the real world of business. They can offer you good advise.

Now a couple of points on writing the proposal:
- It should be heavy on substance and light on form.
- It is always helpful to cut the chase and come to the point
- Always start with a couple of bullet points and expand on them.
- There should be an executive summary of the document.
- Always revise your draft thoroughly and run the spell check.

Good Luck!

Jussaemon said...

Wow Fahim Bhai. This is more than 2 cents for me. Thank you very much for spending your time to compose this valuable advice.

Yeah i totally anticipated the sheer amount of research that i hafta make when Z told me to do it. So much so that im really dreading it a bit.

i LOVE research actually... but... but... when being asked to do under pressure... i get stressed. haha

I do know who are the potential investors to approach. I dont know why Z is not keen with that idea but would rather loan from a bank. I tried to convince him that the former is really better... not sure how he took it.