This does not require any technical experience or programming knowledge. The internet has provided entrepreneurs with a common medium in which you work at your own pace according to your business ambitions. More so, there are lots of free services making it easy for you start your internet business with no money or a little start-up capital. For example, you can use WordPress to set up a blog or website for free or use the third party such as eBay or Amazon to sell your goods.
You will give them a cut of your sales in return. There are some steps that you can follow for your new online business in Singapore to be successful. This article will go through how to start an online business in Singapore. Technology has developed digital tools that utilise online presence as a marketing platform.
The program is offering equal chances to both big and small company brands to market their goods and services. Singapore is one of the top countries that has dramatically welcomed online business marketing developments. In , it obtained the world largest segment in search advertising.
Recent research statistics in Singapore revealed that about fifty-five percent of the population accessing the internet use their google to search or purchase products. While most of the Singaporeans ranging at 3. The small and large company are turning to digital marketing as the statistics reveal of how Singapore has become highly digitalized. With these vast developments in Singapore, you should not be left behind in starting your online business.
In Singapore, businesses should adopt e-commerce if they want to gain success in the years to come. Why is this so? Singapore has a total population of 5. This means that there is a huge market out there and smart businesses should dive in early enough.
The only problem is that SMEs face challenges like time, experience and limited resources. Having an online store has tremendous advantages. All that they require is either a smart phone or a laptop and the product is delivered right to their doorstep. This will ensure the retention of these customers. Believe it or not, starting your own online business is pretty simple. However, a key part of your success is knowing how to move efficiently.
If you are a Singapore entrepreneur and are interested in exposing your products or services to millions of potential customers, then here are seven things that you need to do in order to quickly get your website up and running. The biggest mistake that people make when starting an online business is looking for a product first then the market.
You need first to establish the vacuum space in the current market for you to have higher chances of success. For you to carry out this market research, visit online website forums to establish the questions people ask frequently and the problem, they want to solve.
You can also do keyword research in a move to determining the keywords most people are searching while not many sites are providing. Lastly, you can visit the websites of your potential competitors and see what you can do better. This way, you will come up with products that have an already existing market. They look around for a product that they think will sell well. And then they look for an audience who is most likely to purchase that product. This is the wrong approach. Instead of looking for your product first, look for your audience first.
You need to be on the lookout for a common problem that people are having. What solutions are people searching for? You need to conduct a market research and analysis in order to determine if the idea you have come with can be used to develop a good business.
This is a crucial step because when you dive into the business without proper planning, you may end up losing your hard-earned cash. After identifying an idea to work on, find out how you will satisfy the needs of your potential customers. This can be easily done by visiting forums and reading through all of the posts and comments. You can then use all of this information to come up with a product or services that either has very little competition or is in very high demand or both.
Before beginning operations, it is advisable to incorporate your business. This step is vital because the type of business structure you pick will determine your ability to raise capital, exposure to liability and your taxes. A significant number of entrepreneurs are in favour of a private limited company because of its numerous advantages like: perpetual succession, limited liability, credible image and a legal entity status.
In addition to that, registration of a private limited company in Singapore is a quick process that can be done within 24 hours.
Before you start an online business, consider doing a little research on thee-commerce industry in Singapore. Most Singaporeans have access to internet at home and prefer to order items online rather than physically get them from retail shops the traditional way.
Many aspiring entrepreneurs are opting to launch their business online. These statistics indicate that more Singaporeans are opting to conduct business transactions online. Most online businesses in Singapore have gained tremendous success because of various factors. One is flexible payment methods, where a majority of buyers use internet bank transfer rather than PayPal or credit cards.
Secondly, there is a high demand for niche products. Thirdly, Singaporean online businesses are famed for their reliable logistics services. For instance, products are shipped to local and overseas customers in the shortest time possible. This strengthens the relationship between buyers and e-retailers and boosts sales.
Lastly, secure electronic transactions are also a factor. Most online buyers trust e-commerce websites which have a TrustSg mark. You can begin creating copy. It has to be something that people will be captivated by. It has to be useful and compelling. You should use headlines that are compelling and that arouse their interest. You can describe the problem that your service or product solves.
You can add testimonials from people who have benefited from your business. You can create a sense of urgency within your content. Research has come up with a well-proven sales copy formula. The sales copy drives the visitors throughout the marketing process from visiting your website to making a purchase. Firstly, use a compelling headline to arouse the interest of your visitors.
After getting them interested, clearly, state the problem solved by your products. Establishing credibility to your online visitors is crucial. This can be achieved through the use of testimonials from the people who have previously purchased your product. Blog posts and articles about the importance of your product could as well promote your customers lead conversions.
Other components of sales copy formula include making product offers, establishing a strong guarantee, creating urgency and asking for the sale. Simply, your business sells copy should primarily focus on the benefits of the products to the consumers. Now that you have crafted winning content, you need a place where the content can be featured.
Your website is going to play a huge role in attracting clients. One of the best design tips you can implement is simplicity. A simple website design is one that makes good use of white space. There are only one or two fonts. The navigation is very clear and is the same for each and every page.
Only use graphics if they help to further promote your main message. Include an offer so that your visitors can submit their email addresses for your mailing list.
Also, make sure that your checkout process only involves one or two clicks. To come up with a simple and customer friendly business website, take two plain fonts on a white background. The online visitors should be able to navigate through all the website pages easily. In case you upload audio, graphics or video, they should serve the purpose of enhancing your message.
Additionally, you should provide an offer for those who sign in to your email listing. You have to keep in mind that the visitors are on your website for less than five seconds.
Making your site easy to buy from customer friendly. And there are two major advantages to using this form of advertising. PPC Pay-per-click provides best and easiest method of driving traffic to a new website. Instead of organically waiting for your site to have traffic, PPC services can be of great help.
The PPC ads immediately show up on the search pages. Additionally, it enables you to test different headlines, keywords, prices and selling approaches.
In this way, you will be able to know the highest converting keyword which will work best for your business. You can then use the keyword in the different sections of your website in copy and code.
This technic will give you immediate traffic and higher ranking in search engines. You can then use this keyword information in your headlines for your organic marketing, or SEO. While PPC can cost a lot. You can contact the following government agencies for help in growing your business in Singapore:.
To view the full list of statutes, visit Singapore Statutes Online. If you would like to start a business in Singapore, you can apply for an EntrePass , a work pass for foreign entrepreneurs. Search query Clear search. Starting a business in Singapore. Why choose Singapore Singapore is an ideal location for global businesses to site their headquarters.
Protection for your ideas and innovations thanks to Singapore's strict enforcement of its strong intellectual property laws. Registering your business You can easily register your business, including foreign branch offices, online at Bizfile by the Accounting and Corporate Regulatory Authority.
Foreign businesses that wish to set up a representative office in Singapore may approach these government agencies: Banking, finance and insurance — Monetary Authority of Singapore. Other Useful Information List of referral authorities Corppass, licences, taxation etc.
Buying business information. Limited Partnerships Renewing a LP Converting a limited partnership Closing a limited partnership Resignation of partners Updating information of limited partnership Common offences for limited partnership.
ACRA eservices unavailable from 13 to 15 Jan Jump to: Select Subheading. This is a youtube video Incorporating a Local Company in Singapore. This is a youtube video Choosing a Company or Business Name. This is a youtube video Licensing Your Business.
Back to Singapore industry guides. A disclaimer: please note that this is neither a comprehensive compilation of all relevant information on this topic nor professional advice; it is merely a high-level overview of the steps involved in launching a new E-commerce focused business venture in Singapore. E-commerce is one of the fastest growing segments in most global markets. While starting an online venture can potentially be a rewarding business option, it involves more than just setting up a website and getting started on sales.
Starting an e-commerce business requires proper planning, a significant investment of time, creativity and of course certain amount of initial capital. Step 1: Research, analyze and plan The first step towards setting up an online business is to think of a viable business idea that caters to a market need. Outline the key features and benefits of your online products or services. Identify who your potential customers are and how you will reach out to them. In other words, chalk out the sales and marketing strategy.
Work out what product or service features have the best value proposition that you can deliver initially with your limited resources. Try to identify the minimal set of features or capabilities that will allow you to get your first customers. Make those features or capabilities your first product or service. Conduct a cash-flow analysis and identify your start-up costs, operating costs, revenues, and profits. Stay conservative and do not be overly optimistic about your business prospects.
Make sure you are able to identify and cope with your worst case scenario. In particular, plan your cash flows such that you can weather through your worst case scenario for a set period of time. Figure out how your product or service might fare against existing offerings. Analyze your competition and get a sense of how to price your product or service, how to target the right customers and how to make your company stand out, particularly in a crowded marketplace.
As you assemble your business plan and answer the above questions, you will see opportunities to fine-tune your concept, avoid problems that could become disasters and ultimately increase your odds of success. Step 2: Educate yourself on starting an online business in Singapore Get an understanding of the regulatory landscape for your idea, you may have to comply with laws that may increase your costs, alternatively you may be able to obtain tax benefits or grants that can help your funding situation.
We suggest that you start with reading the following four articles in our five-part series of starting an online business in Singapore: Starting an Online Business in Singapore — Industry Overview Starting an Online Business in Singapore — Regulatory Regime Starting an Online Business in Singapore — Taxation Starting an Online Business in Singapore — Funding and Financial Assistance Step 3: Incorporate your business Before you can execute your plan and begin operations, you must incorporate your business.
Step 4: Establish necessary infrastructure Depending on the product or service you plan to sell, you may need a supporting infrastructure.
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