Strategy & Tips

5 Common Mistakes to Avoid in Starting an Event Management Business in Singapore

Singapore stands out as a vibrant hub for business, boasting a robust economy that attracts companies looking to establish or grow their presence. In this dynamic environment, events have emerged as powerful tools for companies seeking to boost brand visibility and engage their target audiences effectively. This presents a golden opportunity for entrepreneurs to venture into the events management sector and capitalize on Singapore’s thriving business ecosystem. 

Although setting up a company in Singapore is relatively straightforward with just simple procedures, many new business owners make critical mistakes unintentionally that risk their success. However, with proper planning and awareness, business owners can leverage Singapore’s dynamic business environment and steer their endeavours towards success. 

To help you navigate this path successfully, this article presents five common mistakes to avoid when starting an event management company in Singapore.  

  1. Select the wrong business structure 

Private Limited Company (PLC), Sole Proprietorship, and Limited Liability Partnership (LLP) are among the alternative options available in Singapore. Since every structure have offers different mix of benefits and drawbacks, each entrepreneur should understand the nature of your business before deciding on which structure could support your goals. You should assess your business requirements, growth aspirations, and legal responsibilities thoroughly before selecting a structure that aligns with the objectives.    

  1. Using the wrong company name 

Understanding the significance of choosing an appropriate company name is crucial. Look into unique word combinations because a poorly chosen name can lead to branding challenges, legal entanglements, and customer misinterpretation. Hence, you should adhere to specific guidelines, ensuring they are original, avoid infringement of registered trademarks, and be able to reflect your brand identity eventually.  

  1. Lack of a comprehensive business plan 

The long-term viability of any new firm depends on a meticulously crafted business plan. Thus, businesses can easily veer off course or struggle to navigate challenges effectively when there is an absence of clear goals, strategies, and a roadmap for growth. A comprehensive business plan should include key elements such as business objectives, target market, marketing strategies, financial predictions, and expansion plans. Without such a concise plan, it could lead to uncertain decision-making, missed opportunities, and a high risk of failure.  

  1. Poor talent acquisition 

The talent involved in a business plays a critical role in performing overall success of the company. Thus, hiring incompetent employees can hinder growth and productivity. To mitigate these risks, entrepreneurs should prioritize establishing a human resource management framework. This includes implementing effective hiring practices to attract skilled and experienced professionals, offering competitive compensation packages, or creating a supportive and conducive work environment. By doing so, businesses can attract and retain top talent, foster a culture of excellence and drive sustainable growth.  

  1. Less understanding of compliance with policies and regulations 

Understanding and following policies and regulations is crucial for event management business. For instance, Arts Entertainment License, Copyright Permit, Trade Fair Permit, Advertisement License, and Public Entertainment License are the specific licenses and permits required for different types of events and activities in Singapore. Without this understanding, businesses might face legal issues, fines, and disruptions to their operations. Therefore, ensuring to stay updated on regulations, seeking legal advice when needed, and implementing internal policies are essential for maintaining compliance and running events smoothly.  

Embarking on a business venture involves numerous aspects that require your focused effort. Remember, consistency, perseverance, and a customer-centric approach are key elements for long-term success. Here’s to your entrepreneurial journey and the exciting opportunities that lie ahead!  

ABOUT a.c.e

a.c.e loves events, and we are a bunch of passionate event personnel with strong entertainment and production background, who input creative and technical proficiency in bringing events to life. People always called us the Magic Makers. We conceptualize and provide exceptional event implementation for GLCs, MNCs, and PLCs. We transform the imagination to life so that our clients can solidify their brand, and amplify their market. 

If you need any service in any aspect of event planning, drop us a message or an email. Also, visit our website to know more!