Top 38 Online Business Ideas for Singapore

Top 22 Online Business Ideas for Singapore

Working from home is no longer a dream for people who want to break the cycle of 9 to 5. Since the Internet and mobile capabilities are opening up more doors of opportunity, aspiring Singaporean entrepreneurs may want to choose a business idea that suits them and then go for it.  In some cases, the only thing that stands between a new online business startup and an individual going forward today is choosing the right business idea.

So, if you are interested in working online,

Here are 38 Singapore home-based business ideas that you may want to consider as a possible option for you.

  1. Graphic Design Business

If you are a graphic designer or simply possess the skills to do this type of work, you may want to set up a home-based graphic design business. Because the demand for this kind of business is presently high in demand and the future of this profession seems promising, this may be a great choice for you.

This is especially true for individuals and companies alike that need creative people that can assist them in communicating their messages in a non-verbal form. For instance, because new and established companies need logos, innovative graphic advertisements, and search engine optimized websites, you can provide these services from home with very little overhead.

Typically, the most expensive business cost for a new graphic designer is usually the price associated with the design software. Aside from this, the only thing that an online graphic design business really needs is a dedicated computer that is attached to an internet connection.

  1. Copywriting Business

If you happen to be good at writing and communicating ideas and information to others, you may want to consider launching your own copywriting business.

This is a business that is also high in demand online and in brick and mortar companies too. Therefore, Singapore companies are often seeking out writers who have the expertise to create sales copy, including advertisement ads, engaging content for websites, direct mailings, commercials, newsletters, and many other kinds of essential communication.

Normally, the basic requirements for this industry include Singaporeans that have a degree in communications, advertising, marketing, or English. However, it is also important to note that an excellent writer can do a great job in starting this type of online business.

  1. Virtual Assistant Business

If you have worked as an administrative assistant for a small business or a large corporation, you may already possess the skills and experience to become a virtual assistant. Since virtual assistants can work for one company or more than one client, this is also an excellent business idea to start.

Because a virtual assistants job is to handle all kinds of different small tasks as well as large projects, they can assist clients with the work that needs to be done. For instance, when a client in Singapore needs someone to work for them on a regular basis, they may take on the full responsibilities of answering all of their emails, completing data entry assignments, scheduling appointments, managing a blog and other daily functions including completing their online shopping needs.

Actually, virtually anyone who has administrative skills can work from home as a virtual assistant so it is an excellent choice for many. Furthermore, if the work for a virtual assistant becomes too time-consuming, the online business owner may choose to hire other virtual assistants to assist with completing the work done.

  1. Marketing Consultant Business

Marketing is an essential part of any small business or a large corporation in Singapore. Since their primary role is to make sure the business has large numbers of customers to serve, these professionals are often paid very well for the services that they offer. Therefore, the advice that they supply is normally more than worth it when the marketing campaigns that they deploy are successful.

For instance, if a midsize to large company launches an online campaign, they can assist the owners and their representatives in developing and an effective email marketing strategy that keeps their target audiences engaged.

One of the most effective and most profitable usually involve generating more sales by sending out incentives like digital coupons, freebies, and other things through email. In fact, a successful email marketing campaign will keep a loyal customer base returning to the site again and again.

Also, these professionals are also responsible for ensuring a business’ website is designed with successful SEO and SEM strategies. Therefore, starting a marketing consultant business is a great way for an individual to utilize their experience online, while also generating revenue for their own marketing consultant company.

  1. Blogging

Another interesting profession that was birth out of the Internet and its creative functioning is the profession of blogging. Today, blogging is not only a side job that an individual does for themselves and their personal interest, a blog can be used for many different things and reasons.

Specifically, since blogging businesses can perform these duties for small businesses to large corporations. This is because blogging can serve a diversity of purposes including assisting with complementing a successful social media network campaigns for the business. Therefore, if you are interested in starting your own blogging business, you may want to consider one of the following options.

    • Freelance Writing for Blogs
    • Operating Your Own Blog for Profit
    • Serving Corporate Clients to assist in Meeting their Goals and Objectives

  1. Internet Security Consulting

If your expertise lies in the area of internet security, this is also prime time for starting your own online business. In particular, if you are considered to be a technical savvy professional that understands how a company’s internet security should work to avoid online hacking. Just like the big-name companies, no business can afford to be hacked and their information leaked to the public.

Therefore, an internet security consulting company for hire is an excellent option for small businesses too. So, if you want to make your skills and expertise available for businesses in Singapore, you will find that your business services are not a luxury to many but a necessity.

  1. Domain Flipping

If you’ve ever thought about investing in real estate, then you may be interested in buying and selling domains. Just as in real estate, there are some domains that are more popular and valuable than others. You could easily purchase these domains at auction for low prices and then sell them to the highest bidder for a nice profit.

This business takes a significant amount of time and attention to what is going on in the market. It also takes a certain amount of SEO research. By knowing how well-optimised the site is, you will be able to better predict which niches and companies will result in the highest profits. For some domains, it can take several months, or sometimes years, to get the price you want. However, the benefit is that it can all be done online and from the comfort of your home.

  1. Photography

Perhaps you are someone who enjoys traveling. If so, then an online photography business may be ideal for you. You can document your journey in the form of photos and then sell them online. You could create a website or store that is specifically dedicated to your photography.

You could also sign up for a website that will sell your images for you. Sites like Shutterstock and iStock allows you to list your images for a certain price. When it sells, you earn a commission. If your images are especially good, you may be invited to join exclusive websites were commissions are higher commission rates.

  1. Tutoring

Is there a subject that you are particularly knowledgeable about? Do you have the standardised tests and scores to prove it? Do you get satisfaction out of seeing people achieve their goals? Well, you may be the ideal online tutor. If you’re someone who enjoys helping people solve problems, then you can share your knowledge with clients over the phone or video chats.

Work with your clients to ensure that they know all of their testing materials inside and out. The better their test results, the better your reputation and the larger your clientele. You can either charge per session, per package, or per hour. Your fees will be based on your reputation. And the more you can charge per hour, session, or package.

  1. Stock Trading

If you enjoy predicting trends and performing deep research, then you will probably love stock trading. Depending on the type of trading you’re interested in, it may require that you keep a certain amount of money in your account at all times so in some cases. And this means that it could require a significant initial investment.

Unlike the other businesses mentioned on the list, stock trading is not as flexible. While it does give you the ability to work from home, it will take a considerable amount of commitment, long hours and it comes with a huge learning curve. You’ll need to understand systems, trading requirements, and regulations. However, if you can get over the initial hurdles, it can really pay off.

  1. Social Media Marketing Manager

While social media platforms may be primarily associated with connecting with friends and family, it can also be the door to a great career. As websites like Instagram, Facebook, and Twitter become more and more apart of our everyday lives, many entrepreneurs are finding new opportunities as social media marketing managers.

There are several businesses, both online and offline, who use these platforms to sell their products and services. And they understand the importance of hiring an expert to run their accounts so that they see as much engagement as possible.

Social media marketing managers help to build a sense of community among online followers. They work to give the brand a personality and presence. So if you are someone who is skilled at creating a memorable social media presence and you know how to drive traffic, create a buzz, establish a reputation, and appeal to almost any audience, then this online job may be perfect for you.

  1. SEO Specialist

One of the most important parts of any online business is search engine optimisation, or SEO. This is the practice of increasing the quantity or quality of your traffic by obtaining high rankings in the search results. And this usually requires the proper use of certain keywords.

In fact, many companies often hire individuals who can help them make it to the top of Google’s SERPs, organically. If you are someone who is able to craft excellent content that adds value to the industry and is interested in the technical side of optimising a website, then the position of SEO specialist may be just the online job for you.

  1. PPC Ad Manager

No matter what industry a company is in, it will always be in need of advertising. This is especially the case if you want to get an audience’s attention online. In many cases, there are thousands of business like yours on the web, so you need a way to stand out. Many businesses use pay per click, or PPC, advertising to give them the marketing boost they need.

PPC is an online marketing model in which companies display their ads and pay a certain amount each time the ad is clicked on. While this may seem relatively straightforward, it takes a great deal of research, testing, and planning in order to get the most out of this strategy. And companies are usually willing to pay top dollar to the individuals who can do this effectively. If you are someone who has an interest in learning more about ad platforms, on Facebook or Google, then you may be the ideal candidate for this online job.

  1. Web Developer

If a company wants to ensure that its website is well-designed and well-maintained, then it’s important that they use web development skills. However, given that this requires the use of very specialised and complex skills, companies often enlist the help of a third party. These third parties are ref erred to as web developers.

Web developers are software engineers. They design, code and modify websites– from their layouts to their functions. And they do all of this according to the specifications of their client. Their top priorities are to ensure that the site is visually appealing sites, user-friendly, and easy to navigate. This position gives you the ability to be creative, conceptualise and design websites from start to finish. It also gives you a large amount of flexibility and you never stop learning. So if you are interested in creating the ultimate user experience and have, or are willing to learn, the technical skills that this position requires, then the position of a web developer may be perfect for you.

  1. Medical Transcriptionist

While there are many jobs in the medical field that require you to show up in person, there are also those that can be done online. One of these is a medical transcriptionist. This position requires you to listen to recorded medical dictation and transcribe it to text. So if you are interested in getting experience in medicine or would be willing to certain programs and get certification, then the position of medical transcriptionist is for you.

  1. Travel Agent

Though vacationing can be a relaxing time, making plans for your vacation can be very stressful. This is why many people choose to enlist the help of a travel agent. Even more convenient, many choose to work with online travel agents.

As an online travel agent, you will simplify the process for your customers. You will help with travel plans such as booking their flights, cruises, hotels, and rental cars. If you have experience planning tours and are well organised, then consider becoming a travel agent.

  1. Bookkeeping

It’s very important that companies keep a close eye on all of their finances. And in many cases, this will require the expertise of someone who is familiar with accounting processes. A lot of business owners prefer not to handle this task on their own so they employ a bookkeeper. Bookkeepers are responsible for recording business transactions. They record things such as purchases, sales, collection of accounts receivable, payroll, payment of bills, etc. 

This online position requires that you have knowledge and experience working with accounting software. So if you are organised, are interested in accounting, and have administrative experience, consider becoming a bookkeeper.

  1. Print on Demand (POD) 

Speaking of passive income, the Print on Demand (POD) business is something worth exploring. You don’t need to have anything printing equipment to start a T-shirt printing business in this era. Thanks to POD websites like Shopify and TeeSpring, you don’t even need to keep an inventory of the shirts you designed. Speaking of which, you don’t also need to have excellent design skills to start a T-shirt printing business, although it does help! There are lots of shirts that have just one word printed on it, and they’re selling like hotcakes. 

POD stores often have a platform where you can design your T-shirt and then retail it from your account. If people like what they see, they will click to purchase. That’s when these POD business’ in-house factories will start printing using their state-of-the-art technology, accompanied by their logistical process, to deliver the T-shirt to the buyer. 

Many POD stores have expanded their range of products beyond T-shirts. You can even start customising caps, mugs, tote bags and also face masks! 

There have success stories of people becoming millionaires after starting a print on demand (POD) business. However, the journey to such success doesn’t come overnight. 

Firstly, you have to think of a specific market or niche to serve. Unless you have a big operation, you cannot be tackling every single market.

Following which, you will need to think of how to reach out to your target market. You may need to spend quite a lot on marketing on Facebook ads to attract buyers. The top POD sellers have admitted that marketing on Facebook ads is a trial-and-error process. Not all marketing Facebook ads campaign will succeed during the first try, which means you will have to set aside a budget for your marketing needs. Otherwise, you have to build up a social media following before you can witness some sales success. It may sound tedious, but once you’ve acquired a loyal following, it will be easier for you to sell anything, not just T-shirts! 

Most importantly, do get lots and lots of education on how to create a successful print on demand (POD) store. There are several YouTube channels, such as Wholesale Ted and Joe Robert. They provide valuable tips on how to succeed in this business. 

  1. E-Book 

If you have some knowledge to share, why not compile it into an e-book? E-books are a new way of reading. They are accessible anywhere, and can also be updated regularly, unlike paperback versions. This trend is here to stay. 

People are always craving for new information, be it health, relationships or even how-to-guides. If you know how to compile the top online businesses to start, you can also organise them into an e-book. 

Wait a second. Bye guys! I’m off to start my e-book business! 

Of course, I’m just kidding. It isn’t a one-step-to-profits business. Like the Print-on-Demand business, you have to do your research. For that, you need to identify your target market and find out what sort of information they need. Remember, you’re building up a following here with this business. If they like your first product, it’s easier to sell them the second. 

There are lots of sites where you can market your e-book. Of which, the most popular platform is the Amazon Kindle Direct Publishing. Other platforms include Blurb, Tradebit, Lulu and Scribd. 

Besides writing and then selling your e-book online, you can always approach big corporations or coaches. They often publish e-books and other free downloadables for them to build a pool of new clients. Yet, they may not have the time to write them. 

  1. Voiceover 

If you have the chops for acting and imitating accents and characters, voiceovers can be a fun and fulfilling business! 

There is a demand for voiceovers locally and internationally. Aside from commercials and animation programmes, there are lots of corporate training videos that require a friendly voice to guide them through the learning journey. 

If you intend to start a voiceover business, be prepared to set aside around $300 for a quality microphone that cancels out all ambient noises. You will also need to learn how to edit your demo reel on Audacity, which is a free software for sound and music editing. 

  1. Run an E-Commerce Store

There is an abundance of platforms where you can sell items to people around the world. No longer you need to bear the costly overheads of a brick-and-mortar, you can just list your products for an affordable monthly fee or even free! 

However, bear in mind, you’ll have to source the inventory and ship it to the platform’s warehouse before you can start retailing it. Sourcing for your items also means that you’ll still have to set aside costs for it. Besides, you would also have to invest in time and even money to learn how to get your products out to your target audience. Yet, before you start doing all of these, you’ll have to do lots of research on the kind of products you wish to sell. It’s pointless purchasing loads of products when no one’s buying. 

  1. Dropshipping

If you don’t want to be weighed down by the inventory costs, you can try dropshipping. This is a fulfilment process where a customer orders a product from a retailer, who then transfer all the customer’s detail to their supplier. The supplier will then ship the item directly to the customer on their behalf. There’s no inventory, and your focus is just on marketing the supplier’s products to their target customers. Without an inventory, you are also free to capitalise on trends and festive seasons to sell different products. 

However, dropshipping isn’t free of issues. Keeping track of the inventory can be challenging since you’re not the one shipping out the item. Customers are prone to order out of stock items, especially if the product gets popular overnight. If the supplier messes up during any stage of the logistical process, your reputation will be on the line. You’ll also have to be patient with earning big bucks during the initial phase. Dropshipping is a very competitive business, and it’s possible that you may have to lower your price to stay in the game. 

Regardless of the type of e-commerce business you wish to start, getting an education to build a strong foundation is paramount. Fortunately, several e-commerce platforms, such as Shopify, offers free training courses to help you get a headstart. Yet, the learning will never stop as you may also need to stay fresh with the latest developments of each e-commerce platform. Lots of people around the world are trying to get a piece of the e-commerce pie. To rise above the sea of people selling similar products, you’ll have to develop strong business acumen along the way. 

  1. Fitness Instructor

This is an opportunity to fuse your passion for exercise with making money. You don’t have to be physically present with your clients as you coach them. There are also other ways you can package your yoga, pilates or weight lifting training programme and sell it. The realm of fitness is ever-changing, which means you can be creative to start your fitness trend and franchise it out! 

Additionally, you can create recipe books and include it as part of your package. If you have a large following on social media, there are lots more you can do! Consider bundling your fitness training business with an online T-shirt and sportswear printing business! Inspire enough people, and there will be lots of them who will proudly wear a shirt with your fitness movement printed on it.

  1. Online SaaS Business

SaaS means software as a service. In this business model, customers purchase software that can perform various functions such as tracking customer purchases, managing inventory, and more.

There will also be a high demand for software that improves business performance and efficiency. Attract customers and enhance your brand awareness efforts by offering free trial versions of the software before the premium packages.

Once the businesses get hooked and used to using the software, they will become reliant on it, creating a constant income stream for you. But it would help if you had an in-depth understanding of the industry dynamic to offer software that matches the target customers’ needs.

  1. 3D Printing Service

3D printing technology has, over the last couple of years, gained massive traction. The beauty of this business idea is that it cuts across all industries as entrepreneurs and marketers look for 3D printed marketing materials.

You need a robust and responsive website that the clients can access and use to submit their 3D printing orders. Invest in the new generation 3D printers to deliver the services promptly. Invest in an ad campaign, social media marketing, and content marketing to get the word out about your business. 

More importantly, you need to consider where you will store and ship the products to clients. Make sure that you also get a comprehensive insurance policy to cushion you from losses and other unprecedented occurrences such as machinery breakdown. 

You could also collaborate with intermediary websites that link 3D printing companies with clients to avoid the time spent in negotiations. Treatstock is one of the companies that use this strategy to generate revenue. 

  1. Digital Product Store

Technology continues to redefine our lives, as evident from its massive impact on how businesses offer products and services to their customers. People want unlimited access to their documents in different products and on multiple smartphones.

Meet their need by establishing a digital product store with various documents. Sell them in different formats or templates. For example, thousands of job seekers are looking for professional CV templates to stand out from other job seekers. You can make thousands of dollars from selling professional templates. 

The beauty of this business idea is that you don’t need a warehouse as the products you sell are in digital format. All you require is a website and robust digital marketing strategies to reach out to the target audience.

  1. Start a YouTube Channel

YouTube is the second-largest search engine in the world. Millions of people spend hours every day watching videos on the platform. Unknown to most people is that you can make money by creating compelling and informative videos and posting them on this platform.

To do this, you will need first to create a channel and select a niche that resonates with your audience. It’s best to choose a niche that you are most conversant with and is less competitive. 

YouTube will pay you based on the number of people who watch and click on the ads played at different intervals of the video. Some renowned YouTubers earn more than $20,000 per month from the platform. 

If you are successful, you will also get brand endorsement deals that further increase your monthly earnings. The secret is to make sure that you generate content relevant to the audience, top-quality videos, and optimise the videos for YouTube SEO.

  1. Become an Online HR Consultant

As an online HR consultant, you will be helping businesses relate better with their employees and uncover their full potential. Some of your responsibilities include creating and implementing talent management programmes, structuring promotion guidelines, explaining legal aspects of employment, creating a healthy work-life balance, and many more. 

Sure, you don’t need a website since you will be offering the consultancy services remotely, but you need a professional-looking working space or workstation. Come up with a strong marketing plan to promote your services and increase your visibility online.

  1. Start a Dropshipping Business

As the title suggests, your role as a project management consultant is to help businesses and organisations plan and execute projects. Your functions will be scheduling meetings with the in-house team, researching the industry for trends, creating execution plans, monitoring the project’s performance using KPIs and providing accurate recommendations to the clients.

Already, experts in the project management field are using their skills and knowledge to make money online. Some of the software they use to offer the services are Project Server, SharePoint, OrangeScrum, OpenProject and many more. 

You need background experience in the industry to offer the best project management services to clients. Strive to get a clear understanding of your clients’ needs to provide custom services that are effective in helping their businesses achieve the set goals.

  1. Become a Fashion Designer

Dropshipping is not a new concept, as evident from the many eCommerce platforms that use this strategy. However, the market is not yet saturated, and you can still jump in and get a generous share of the profits.

Simply put, dropshipping is a new supply chain management strategy that entails selling and shipping clients. You don’t need to own the products or even come into physical contact with them. 

Instead of having an inventory of the products listed on your online store, you order them from the supplier and provide shipping details for shipping purposes. One of the benefits of this strategy is that you don’t need thousands of dollars to purchase the products in bulk or lease a warehouse for storage.

However, it would be best to collaborate with dropshipping suppliers who are reliable and offer quality customer service. Aliexpress and Doba are some of the best suppliers in this niche. 

  1. Start a Transcription Company

Businesses in the fashion industry generate millions of dollars in revenue every year. However, customers are transitioning from shopping in a brick-and-mortar store to online shopping. As a professional fashion designer, you will be making money selling custom/designer products from shoes to clothes and other fashion related accessories.

It’s recommendable to start small to reduce the overheads and initial costs. For example, you can begin selling designer t-shirts and gradually increase the number of products as your business grows. Ensure that your website is responsive and use digital marketing strategies such as email marketing and influencer marketing to increase your brand’s visibility online.

  1. Custom Software Developer for Freelancers

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The demand for transcribers who can convert recorded speech in podcasts or video into text documents is at an all-time high. Trade associations, law firms, courts, and other businesses that operate globally regularly require this service to communicate effectively with their business partners and clients.

Fill this gap by starting an online transcription company today. You don’t have to be a transcriber yourself; you can hire freelancers via platforms such as Upwork and Fiverr. However, if you decide to work solo, invest in reliable transcription software such as Express Scribe, Inqscribe, and oTranscribe.

Like most of the business ideas discussed earlier, you need to have a modern website to connect with the customers well. Work smart and hard to establish cordial working relationships with the clients.

  1. Offer White Hat Hacking Services

Software development is another lucrative industry with countless business opportunities. Instead of trying to be a jack of all trades as a software developer, why not focus solely on developing custom software for freelancers.

The truth is that most freelancers are struggling to offer quality services because they cannot afford the available software as they are expensive. Endear your brand to this segment of customers by creating custom software that can do the same functions as the expensive software, but it’s cheaper. 

Getting clients is pretty easy compared to other business models. Post paid ads on freelancer websites and social media pages that they frequent. Word of mouth and social media marketing will help you expand your clientele base fast.

  1. Invest and Start Trading Cryptocurrencies

People and brands are more focused on privacy when browsing the web than before. Unlike the black hat hackers who use their skills to steal personal data and compromise business systems, the white hat hackers use their skills to infiltrate computer systems, protected networks and even hardware. 

The white hat hackers do this not for malicious gains but to test the systems security level and pinpoint vulnerabilities. Companies are willing to pay hundreds of dollars per hour for this kind of service to protect themselves from existing and future security threats online. 

Yes, you need to have technical solid computer and programming skills, but more importantly, you need to be an excellent communicator to win the clients’ trust. You will be dealing with sensitive data, and so it would help to get legal accreditation from a learning institution. Continue honing your skills by taking additional Ethical Hacking courses online from platforms such as EC-Council.

  1. Work as a Systems Integrator

Cryptocurrencies have redefined and reimagined how people across the globe transact. Since 2017, the industry has grown exponentially, as evident from the many decentralized applications and decentralised products such as liquidity pools.

Trading in cryptocurrencies is lucrative since thousands of people buy new digital assets using fiat currencies online daily. As a cryptocurrency trader, you will take advantage of fluctuations in market prices to various cryptos such as Bitcoin and Ether to profit. 

You could also join a liquidity pool and become an arbitrage trader. This form of trading entails buying tokens from the pool when the prices are low and reselling them at an exchange at a higher price. Remember that the market is highly volatile, so study the trends before trading to avoid incurring losses.

  1. Start a Video Editing Business

The primary role of a systems integrator is to synchronise subsystems with other digital components to create an overarching holistic system. Companies will hire you to migrate data from old systems to the new databases and automate manual operations using bespoke software. 

Like white hat hacking, you need special computer programming skills to establish a successful business in this niche. Due to the complexity of the tasks and the limited number of people who can complete them successfully, you can charge high fees, thereby maximising every project. 

  1. Create Ads for Businesses

Earlier, we mentioned that people are making thousands of dollars from YouTube. Businesses now have YouTube channels for marketing and communicating with their clients. However, most of them don’t have the required skills to edit the videos professionally.

Start a video editing business to help some companies and individual content creators post stellar videos on their channels and other platforms such as social media. Go the extra mile and offer corporate video creation and editing services.

The most successful online video editors started by offering the service for free to a couple of clients. Then, they gradually built their portfolio through word of mouth and other digital marketing strategies. It would be best to have a professional profile on LinkedIn to connect with professionals in different industries. 

As the business grows, enhance your website to handle the influx of traffic and hire other skilled video editors to fulfil orders on time. 

  1. Become an Online Collections Agent

Businesses need ads to promote their products and services online. There are free online resources that they can use to create the ads. However, thousands of other marketers use the same templates so standing out from the crowd becomes a significant challenge.

Come to the rescue of such businesses by providing custom ad creation services. Use your creativity to develop compelling ads. Leverage design software such as Photoshop and Canva to create stellar ads with quality graphics and proper messaging.

How to Start An Online Business In Singapore

Technology has significantly changed the way Online Businesses are run. E-commerce is steadily growing and we can predict that in the future most businesses transactions we are done on the internet. When shopping brands like eBay and Amazon emerged more than two decades ago, many people saw them as passing clouds. They have grown so much that major industries such as food &beverage, fashion and technology have online stores where customers can easily purchase items.

The Great Leveller For Businesses

The internet has made the business playing field level. With a computer, you can start an online business to earn yourself some cash. This does not require any technical experience or programming knowledge. You don’t need much knowledge to be able to develop your business websites. 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 to 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 a 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.

Singapore’s Digital Marketing and Market Size

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 2018, 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 Google to search or purchase products. While most Singaporeans ranging at 3.2 million access the internet through mobile devices, online digital usage is generally high in Singapore.

Small and large companies are turning to digital marketing as the statistics reveal how Singapore has become highly digitalized. With these vast developments in Singapore, you should not be left behind in starting your online business.

E-Commerce In Singapore

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 5.6 million, of which 4.7 million are active daily internet users and 2.9 million have used e-commerce at some point in their lives. 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.

 For a business to succeed in e-commerce, there is a need for third party web store builders who are instrumental in tackling issues like a collection of customers’ data, attractive web design, security of payments and optimised delivery schedules.

Having an online store has tremendous advantages. Most customers love the convenience that comes with purchasing products online, considering that online stores are usually open 24/7. All that they require is either a smartphone or a laptop and the product is delivered right to their doorstep. In order to grow your businesses, e-commerce retailers can keep track of their customers’ habits and offer services that satisfy their needs. This will ensure the retention of these customers.

Setting Up An Online Business

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. 

  1.  Identify a specific need

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 determine the keywords most people are searching for 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.

Here’s what most people do when starting their online business. 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 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. Once the process is complete, you can easily tell if the idea is okay, needs a little tweaking or isn’t viable.

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 do a keyword search to find the terms and phrases that people are looking for in Google’s search engine.

You can even visit your potential competitor’s site and find out what demand they are filling. You can then use all of this information to come up with a product or service 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. Remember to have in place the necessary infrastructure such as operations & customer support, web design & development and website marketing & advertising before you begin.

  1.  Overview of The E-Commerce Industry In Singapore

Before you start an online business, consider doing a little research on the e-commerce industry in Singapore. Most Singaporeans have access to the 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 businesses online. A 2011 MasterCard Survey revealed that 2 in 3 Singaporeans Access the internet to shop online.

In a Nielsen survey (2011), of the 85% of Singaporeans who were active social media users, 69% used it to connect and engage with brands and companies. These statistics indicate that more Singaporeans are opting to conduct business transactions online. Studies show that the most commonly sold items are: apparel and fashion accessories, health and beauty products, music, toys and games, books, office supplies, consumer electronics such as cameras and computer hardware & software.

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 transfers rather than PayPal or credit cards.

Secondly, there is a high demand for niche products. This includes products that cater to specific audiences/communities and international products which are not readily available in the local market.

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.

  1.  Write captivating copy

So you’ve found the perfect product or service. Now it’s time to create the thing that will draw people to your website so that they can learn more about what you have to offer. You can begin creating the copy. But you shouldn’t write content that simply sells what you have to offer. It has to be something that people will be captivated by. It has to be useful and compelling. Luckily, there are a few things you can do in order to make sure that your copy grabs your audience’s attention every time.

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 with 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 the 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.

  1.  Build your website

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. And if you’re not careful, it could also play a role in scaring them away.

So it’s important that you invest time into creating a website that is user-friendly. One of the best design tips you can implement is simplicity. Make sure that you don’t add anything to the site that will distract the users from your main message.You might want to check this out if you’re at this stage.

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. Make your site easy to buy from customer friendly.

  1.  Drive traffic with search engine marketing

When you’re trying to promote a brand new website, one of the easiest ways to get traffic is by using PPC, or pay per click advertising. 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 a 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. SEO has a very little cost involved and by combining these two strategies, you can earn a significant amount of traffic. If you’re not exactly sure how PPC and SEO works, you could always work with a digital marketing agency and get a consultation.

  1.  Become an authority

One of the biggest reasons why people use the internet is so that they can find information. So if you would like to get more traffic, then you need to be able to provide them with this information.

 Not only that but this information should be valuable–something that makes their life much easier. And it’s best that you give away as much information as you possibly can, for free.

Search for websites that focus on topics that are related to your niche. You can either ask them to share your content with their audience or offer to write a post for free on their website. In many cases, these website will be glad to link to your content, as long as it offers value. Just remember to include a link on whatever website you choose to give the information to. Google loves backlinks.

Look for ways to make people’s lives easier by creating guides and tutorials. You can distribute this information through article directories. You can even give it away on your social media platforms and ask others to share it. Hang out with your target audience, offer them helpful advice, and you will soon been seen as an industry expert.

Most people see the internet as a source of information. Producing expert content is one of the ways of getting people to visit your site. Give the information for free to other sites to expose your expertise to the broader majority of internet users.

This will result in a better search engine ranking and more traffic to your site. Remember always to include a link to your site with each video, article, blog or any other content you create. You can also provide “send to a friend” links for valuable content. Upload these contents throughout social media platforms and directories.

Moreover, you can prove your expertise by actively participating in social media forums that carry your target audience. Getting quality backlinks for other sites for your post is the best source of search traffic to your website.

Google gives a higher priority to link to website posts and ranks them higher. The secret is writing great content that will move other sites. In this way, they will share the content on their platforms increasing the chances of getting quality backlinks for your posts.

  1.  Use email marketing

Email marketing is a more effective and cheaper method of promoting your online business as compared to radio, TV or print. An email listing is a valuable asset for digital marketing. Your visitors permit you to send them your business email.

This is of great significance as you will send them what they have asked for, it enables you to develop a lifetime customer relationship, and the response is a hundred percent measurable. Email is the best way to follow up with potential customers to keep them revisiting your site.

Whenever someone signs up for your newsletter, this means that you now have the permission to reach out to them. And this gives you the ability to cultivate a long-term relationship with your audience.

The great thing about email marketing is that it gives you access to a large number of people who are interested in what you have to offer and it costs little to nothing. Your email list is the best source of leads you will ever have.

  1.  Make back-end sales and upsales

The tricky part in online marketing is closing the first sale. However, you need the customers to come back for more products for your business to grow. You need to follow up with them through the back-end and to upsell to increase your income.

This is done by either offering complementary products for a previous purchases, offering related products on the thank you page or sending out electronic loyalty coupons for them to redeem during their next visit. Make your customers more loyal by rewarding them.

One element that a lot of Singapore business owners often overlook when developing a new business is estimating how much each of their customers is worth. More specifically, they do not take the time to estimate their customers’ lifetime value.

Research shows that almost 40% of the people who have made at least one purchase from you will inevitably make another purchase from you in the future.What does this mean? Well, it means that the most difficult and crucial part is getting someone to buy from you for the first time.

So this means that you need to become a master at upselling. You have a special opportunity to make more sales by promoting products to those who have already made a purchase from you. So make sure that you reach out to former customers.

Let them know that you have products that will be a great addition to the one that they have already purchased. Send out special coupons to your most loyal clients and let them know that they can be redeemed upon their next visit. And always offer related products on your thank you page.

Online Businesses That You Can Start with No Money

Once you start up your online business by following the discussed steps, the internet has many online ways of making money at little or no cost. This article will guide you through the top five best ways of making money online.

  1. Online Drop Shipping

When starting up an online business, you have no substantial amount of capital to maintain a large inventory, own a warehouse for your products or manufacture products. This is why working with a drop shipping company is a perfect strategy for you.

Upload your products on sale on your website or other selling on platforms such as eBay or Amazon. After your customers buy the product, you purchase the product from the drop shipper at a lower price.

The process simply involves forwarding the customer order to the third-party company. The drop shipper will deliver the product to your customer. This strategy involves no risk plus you can deal with a wide range of products.

However, dropshipping requires a super reputable drop shipper as customers blame you for low-quality products and late delivery. You can use a private label to make a different brand for your products in a bid to reduce the high competition.

  1. Affiliate Marketing

Want to get money while you rest? Affiliate marketing is how you can get started. Affiliate Marketing revolves around the concept of promoting products of other people through an affiliate network. You afterwards earn a commission of the products bought courtesy of your marketing. For those who have products that they want to sell more, they can offer a financial incentive to promoters through the affiliate program.

This principle is based on revenue sharing. You don’t have to worry about maintaining your products inventory or shipping products. Every product has its unique link tracking back to the website account of the affiliate partner.

The customers are taken to the partners shopping cart for check out. After the purchase is recorded, you will be given a commission varying depending on the affiliate partner. This can range from five per cent to fifty per cent. Your only role is handling the marketing for your prospects to buy.

  1. Blogging

Blogging involves making money from a subject you have passion or expertise on. It is easy for you to start your blog site and personal hosting for a low price. Other than writing, blogging also involves posting photos, links, videos, and reposting news to other sites as long as its related to your niche.

Your blog should provide unique and useful content that is rarely found on other sites. Moreover, you should upload new blog posts regularly and consistently to maintain your readers base. The different methods of earning money through blogging include Google AdSense, affiliate marketing and blog ad networks.

  1. Online Video

YouTube is one of the world most popular websites with millions of videos for its more than a billion users. This provides a perfect platform for you to earn money by making a good video and uploading it on YouTube.

To maximize your video YouTube views, the video should contain useful content that will make people want to watch it. You can choose a specific niche and make a video on what a target audience wants to see.

Create your personal YouTube account and start uploading videos. Enabling monetization on your YouTube settings allows Google to include short AdSense ads with your videos. You get paid when viewers click on those ads.

You should make sure that you post our videos on other social media software including Facebook, Twitter, and Instagram to extend your reach. Having a large following gives you an opportunity to promote large companies through paid sponsorships.

  1. Information Products

Online internet business is not all about the marketing of physical products. Digital information products provide a quick and easy way of making money outside affiliate marketing. The most famous methods of developing information products include audio as a recorded teleconference, video as a recorded webinar and text as an eBook.

These categories provide a creative platform for you to make any type of engaging content. You just have to upload these products for sale on your website, and a customer will buy and download them at any time. You can periodically check for the information products selling best to make more of those.

Why Starting an Online Business Is the Best Investment You’ll Make in Your Lifetime?

Entrepreneurs are a unique breed of people who are always on the lookout for new ways to expand their businesses. New chances might arise on their own, or they can be offered to you.

Because of high operating costs, delayed scaling, and low-profit margins, most business possibilities turn out to be a full money-sucking nightmare. Since they do not have to deal with the usual start-up challenges, an online business may be quite tempting. Online businesses offer excellent investments for entrepreneurs for the four reasons listed below.

  • Provides a high degree of scalability

It’s not going to be easy for every single internet business to become a massive success with quick exponential development. Because they have a modest internet footprint, many entrepreneurs start an online business with the assumption that consumers will find them and revenue will come in.

A few tweets and Facebook postings are all it takes for an online business to become viral. Even if expanding a clothing business is difficult, doing so online has its advantages. As an example, a clothing shop often attracts customers within a certain radius of its location.

This isn’t an issue for an online business, which can reach customers all over the world. Online businesses may quickly expand by broadening their target audience and increasing their advertising budget after they’ve found winning marketing and advertising tactic.

  • Enables the unrestricted individual choice

Online businesses appeal to many entrepreneurs because of the flexibility they provide. Companies now have the flexibility to function from any place thanks to the advent of modern technology such as mobile devices, laptops, tablets, and business apps.

Having the freedom to go where you want and when you want may be quite liberating. As a result, some businesses fail horribly while others utilise independence as a driving force to push themselves even further.

Don’t confuse freedom with a free pass to do nothing. When you’re a true entrepreneur, you value your time with your family and your ability to participate in things that most others can’t because they’re stuck in a 9-to-5 job, so you put in the effort because you know it’s worth it.

  • Low costs and strong profit margins

You may be able to avoid some of the large expenditures connected with running an offline business if you start an online business. There are a number of things you can do to reduce your costs, including avoiding expensive office space and long-term lease agreements.

A drop-shipping deal with the supplier or a manufacturer can considerably lower your financial risk and allow you to keep more stable profits with fewer upfront costs.

For example, imagine if you were in the business of selling t-shirts and had a variety of colours available to choose from: pink, white, yellow, gold, and purple.

In-store, you would need to maintain all of the products in stock since you don’t know what customers would be looking for. You’ll be compelled to lower the price of the yellow t-shirt if they don’t sell. Drop-shipping the same products mean you won’t be stuck with unsold inventory that you’ve already paid for.

  • Unrestricted access to global markets

One of the best things about having a business online is that you can operate it around the clock, no matter where you are. An internet business may generate money at any time of day or night, regardless of where you are located or what time zone you’re in.

An internet business may prosper if its social media, SEO, and paid marketing initiatives are carefully thought out. It seems as though you had the entire world at your disposal. Online businesses have an advantage since they may target certain states, regions, and nations.

Singapore’s Best E-commerce Platform To Start An Online Business!

  1. Shopee

Although Carousel is more popular in this area, Shopee appears to be a superior option for serious merchants. A payment platform and extensive listings (which include information about the item’s condition, number in stock, shipping options, and estimated delivery time) are among the most advanced aspects of the app.

As a result of Shopee’s role as a go-between, you won’t have to deal with dissatisfied customers or disagreements about the retail price.

What are the benefits of using Shopee?

  •     Get More Customers to Visit Your Website

To sell on Shopee, you’ll get the most out of their massive web visibility. People have come to know and trust these markets. Shopee Singapore receives 52 million unique visitors a month, which equates to a huge pool of prospective clients.

Open your own shop, and you will never be able to attract the attention of so many people. This means that if you choose to list your products on one of these sites, you’ll have an audience waiting for you.

  •     Bring New Clients

Customers on Shopee will not look for your business and brand the first time they come. However, they may be searching for the item you have listed in your store. It’s possible to turn a one-time consumer into a returning one with the use of these massive internet retailers once you’ve gained their patronage.

It’s easy to make a listing because the app offers you all of the essential knowledge. Shopee’s payment mechanism is also more secure for both customers and sellers, as the payment is held by Shopee until the transaction has been completed.

  •     Logistics and shipping

Shopee has a strong online presence as one of Singapore’s most popular e-commerce stores, and they have powerful logistics and shipping arrangements that ensure fast and dependable shipment.

What’s Not So Great: You can’t sell your stuff to a seller overseas because the app only allows you to search for local listings. As a result, it may take some time until you find a buyer in Singapore because the app has a small user base.

  1. Carousell

For those who live in Singapore, Carousell is a well-known name. Buy and sell products online with Carousell, a smartphone app. Carousell is an excellent site to sell both new and old products because of its simple approach.

To sell your things on Carousell, there are no fees, and the process is as straightforward as it gets. If you want to increase the amount of traffic to your Carousell account, you can also purchase boosts. Through the app, you may communicate with potential purchasers and work out a deal on pricing and terms.

What are the benefits of using Carousell?

Since Carousell softens down the boundaries of physical location by allowing buyers and sellers to promote products like clothing and other accessories online for a fraction of the market price, it provides various advantages for its customers. 

  •     A Place of Protection

Users’ well-being and security are extremely important to Carousell Company when they use the app to buy and sell items. Privacy rules, regulations and regulatory standards must be adhered to in order to assure compliance.

When it comes to user information, for example, the corporation will not sell it to anybody who is not allowed by the company to do so. Users can modify, provide, and delete information and contact options provided by the company.

  •       There are no fees for sellers

Sellers at Carousell do not have to pay any fees. Paying for a service should be a mutual decision amongst all parties concerned.

The platform’s built-in interactivity allows for a choice of payment methods through Carousell, including bank transfer and cash on delivery/meet-up.

  •     There is no designated method of delivery

Currently, Carousell does not provide a separate delivery option for buyers. This decision will be entrusted to the sellers and buyers themselves.

As a result, you have complete control over the delivery process and can decide for meet-up or delivery with a seller.

Once your customer receives the goods, you’ve successfully completed your first Carousell transaction!

What’s Not So Great: There are a lot of low-ballers and shady purchasers in the Carousell community, which might be a downside. Look out for frauds and counterfeit goods as well. 

  1. Lazada

In 2012, Lazada was established with the objective of becoming Southeast Asia’s Amazon.com. Alibaba bought the firm for $2 billion after it had been successful for four years.

A number of new markets have recently added Lazada to their list of service areas. Sellers should be aware of the possibility of Lazada charging a commission fee of up to 15% of the transaction total.

  •     Has One of The Best Seller Support

As much as it cherishes the millions of customers that use the platform, Lazada values its community and corporate vendors equally. There are designated channels for sellers to address platform and logistical issues, in addition to customer care.

In addition, Lazada representatives maintain a private Facebook page for sellers to keep them informed. Sellers can use this active channel to share their knowledge with others, especially newcomers, and to bring issues to the attention of the appropriate Lazada departments or regulators.

  •     Minimality

As an international e-commerce platform, Lazada has a large capitalization, but sellers may always start with a small amount of money or only a few products. Stocks and goods are not limited.

As a marketplace seller, you may start with only one item and a few stocks to get your business off the ground. Given the company’s extensive online presence and the image it has gotten from online customers, sales will be constrained. As a result, it is strongly recommended to maintain the product selection expanding throughout time.

  •     Manage your online shops with ease

In order to cater to both buyers and sellers, Lazada’s online platform was created. With all of the available tools and functionality, sellers may manage their stores from the backend, including inventory management, order management, marketing campaigns, sales, financial reporting/accounting and more.

An internet store may be set up in a matter of minutes. Lazada University offers classes to help sellers improve their storefronts, sales, and other aspects of their company.

What’s Not So Great: Having a store on Lazada has the potential to increase your online sales, but there is a cost associated with it in the shape of a commission fee. If you’re going to use these marketplaces to sell your items, you’ll need to know what your profit margins are and how much you’ll be paying in fees for their assistance.

  1. Amazon Singapore

Entrepreneurs and small enterprises may now access millions of clients across the world because of Amazon’s global reach. As a result, even the smallest companies can compete with some of the most well-known household names.

Amazon is a cost-effective option to start a new business or expand an existing one online by selling products. To begin selling, all you need is $29.95 per month (excluding GST).

Be aware that Amazon charges a fee for each product that is sold on the site. Fees for additional services will be levied if your items are handled by Amazon’s Fulfilments by Amazon service.

  •       Streamlined Domestic Shipment

Singapore’s well-developed transportation system ensures that parcels are delivered on time to customers via a number of reliable courier companies. A multitude of courier services are available to customers who need their domestic orders delivered the same or the next day.

  •       Scaling and growing your business with Amazon’s tools

Amazon is designed for both seasoned and novice vendors. As an added bonus, Amazon provides free marketing tools for sellers via Seller Central, allowing them to take their companies to the next level.

Using Sponsored Products, Sponsored Brands, and Amazon Stores, sellers may promote their brands and products more effectively.

Payment processing and credit card fraud prevention as well as data and analytics are also provided by Amazon for sellers to assist them to reach their business objectives, increase traffic and income.

  •       Amazon’s cutting-edge delivery systems

Amazon is among the world’s leading fulfilment networks and has a vast network of worldwide shipping and logistics expertise.

FBA (Fulfilments by Amazon) is an option available to sellers on Amazon.sg who want to have the company choose, pack, ship and provide customer care for their items. Amazon.sg is a terrific option for sellers that want a hassle-free method for delivering high-quality services to their clients.

What’s Not So Great: Amazon is a hassle to work with and maybe rather expensive. The monthly cost of $29.95 (excluding GST) plus the ever-increasing warehouse storage fees totals nearly one-third of the sale price. Although Amazon has its drawbacks, many individuals still prefer it over their competitors.

5 Things to Consider Before Starting a Business 

While having the autonomy of running your business as and when you like is enticing, this is just the icing on the cake. There are lots of hidden trade-offs that are not seen by regular non-business owners. The journey to get to your dream life will take lots of sacrifices. Hence, before you jump into the entrepreneurship bandwagon, you have to consider lots of things. 

Why do you want to start a business? 

“People don’t buy what you do; they buy why you do it. And what you do simply proves what you believe.” ― Simon Sinek, Start with Why: How Great Leaders Inspire Everyone to Take Action

Whatever you do in life, you have to be clear about your end goal. Starting a business is no exception. 

Be thoroughly honest with yourself. Are you starting a business because:

  • You don’t like to be trapped in a 9-5 job you dislike?
  • You want to make lots of money? 
  • You like to manage your own time? 
  • You don’t like the politics in your office? 
  • You want to pursue your passion? 
  • You have an idea which you believe could revolutionise an entire industry? 
  • You identified a target group of people who are underserved?

Defining your goal is an essential step to last you for the entire entrepreneurship path. Whenever you encounter setbacks and lose motivation, you have to relook at your goals again to remind yourself why you started the business in the first place.

This brings us to the next point. 

Are you aware of the personal sacrifices of running a business? 

“Starting a company is like eating glass and staring into the abyss.” – Elon Musk 

We will not sugar-coat this at all. Several YouTube videos and ads sure make the entrepreneurship life look easy. But there are several shadow aspects of entrepreneurship that people rarely discuss.

Many business owners sacrifice their time with their loved ones, which may severely affect their relationship. There are also startup founders struggling with their mental health. 

This is why we suggested that you consider what your ultimate goal of starting a business is. You have to weigh between your goals and the sacrifices you will have to make to find out if you truly want to jump into the chasm of entrepreneurship. For example, you have identified the reason for starting a business is because you want to make lots of money.

Ask yourself, are you willing to:

  • Have lots of sleepless nights because there’s a severe tech glitch in your app?
  • Deal with lots of uncertainties of your business when there are no customers in the initial months? 

Experience lots of burnouts as you may be handling several things at a go? When you’re working in a company, you’re just focusing on a single department. However, if you are running a startup, you may have to wear different hats. You may have to take on the role of the purchaser, marketer, after-service support personnel and more. 

  • Take time out of your social life just to focus on this business? 
  • Deal with lots of rejections and possibly ridicule from people? 
  • Face the reality that pursuing your passion may turn out to be a tiring process instead? 
  • Have several potential disagreements between you and your partners? 
  • Invest part of your savings into the business, aka bootstrapping?
  • Stay in your full-time job or get a part-time job to tie you and your company through financially during the teething phase?

This can be very tiring for many. 

Continue to take up more courses and sharpen your skills? 

If you can’t deal with any of the above, you may need to relook at other ways of earning more money, working at your own time, pursue your passion, etc. There are ways where you can achieve these goals while staying in your job.

For example, offering ideas that will help your boss and the company to earn more money or proposing a work-from-home arrangement with a list of deliverables on specific dates. As for pursuing your passion, there are many ways you can continue doing what you love without turning it into a business. Sometimes, that could be a blessing in disguise! 

While the entrepreneurship journey may lead to a fulfilling life of prosperity and even fame, you have to also put up with the potential inconveniences during the initial phase. Knowing these possible sacrifices can also prepare you mentally to have a smoother transit into the realm of running a business. 

Does your business solve problems?  

There are lots of issues with the mantra “pursue your passion”. Passion is an emotion. It comes and goes, and it’s very hazardous for a business, which requires a solid foundation. You can’t just change the product or service you’re selling just because you’ve lost interest. This overused slogan has another issue – it is self-serving. Businesses exist not to serve you. They exist to serve others. That is why there are several cases of starving artists. They are not producing the art that people want. They are just doing it to satisfy their internal needs. 

When you start your business, you have to identify a group of people whose current needs are not met. For example, working mothers who have no time to exercise or students who don’t wish to pay extravagant fees for overseas education. With a target market and a unique problem that they face, you can work backwards and come up with a product or service to match their needs. When that happens, you’re able to earn the money you need to pursue the things you want. 

That’s not the end of the story. You need to have a sizable target audience who desperately needs the solution you’re offering. If the size is too small, you may have to readjust your product or service for a broader audience or find an entirely different market to serve. Otherwise, with a modest profit margin, your business may not sustain in the long run. 

Once you managed to serve a target group of people, you also need to figure out how to scale up your business to stay competitive in the market. To expand your business, you can provide other related services that may benefit the same group of people. 

What Financial Aids Are Available For New Businesses In Singapore?

When starting a new business, you have to be resourceful in finding help to take a step closer to your goals. One valuable resource you have to source out is funding, which could catalyse your startup process. To encourage, promote and maintain its vibrant startup scene, the Government has offered to assist various startups with some capital assistance. 

StartupSG is a fantastic place to start exploring some of these programmes, which include:

StartupSG Loan – This scheme offers Government-backed loans for young companies. 

StartupSG Equity – The Government and a third-party company from the private sector will invest local technology startups with intellectual property and global market potential. 

StartupSG Founder – Selected first-time businesses will receive mentorship and funding. 

For more Government-supported schemes and grants, check out this page.

Aside from Government aid, there are many other ways to get funding.  

One is such channel angel investors, who will provide a certain amount of monetary support in exchange for a portion of your business. Asides from financial assistance, you’ll also be able to get mentoring from these seasoned business people.

Receiving funding angel investors isn’t an an-easy-to-get opportunity. You and your team have to practice and perfect your pitch, as well as prepare answer for any potential questions (or bullets) fire at you. Angel investors are people with shrewd business acumen and can sense fluff from a distance away. If you think you’re ready for this challenge, check out this link for a list of angel investors. 

If you don’t wish to give up any part of your business to investors, you can consider equity crowdfunding. Sites such as Kickstarter and Fundel offers startups an opportunity to raise capital from the public without giving away any part of the business. The individuals who invested in the startups will receive shares and reap the profits through dividends and distribution when your company does well. 

Who are the people that can help you along your startup journey?

You don’t have to shoulder the entire burden of your business. That’s where a business partner can play a massive role in your company’s growth.

However, when choosing a business partner, you have to consider certain factors. Firstly, a business partner should have complementary instead of similar skillsets. If everyone’s a programmer, who’s going to keep track of the accounts? Your business partner should also need to have the same values, which will reflect on your company’s values as well. 

There are lots of networking events in Singapore where you can find business partners. Co-Founders Matching Singapore Meetup Group is one of them. Co-working spaces also organise free workshops and meetups where you can network with people in a not-so-formal manner.  

Aside from business partners, you may also need to seek out mentors who will provide shortcuts for you to reach your business goals. The best ways to find mentors are through the aforementioned Government initiatives and angel investors.

Not only do they provide you with capital support, but you’ll also receive valuable guidance from these business veterans. They have invested a considerable amount of money in your business, and they would want you to succeed. 

Alternatively, you can consider investing in a business coach or a consultant. Yet before deciding on one, do your research. Find reviews from previous clients to find out what kind of results they have achieved under their guidance. 

Another essential kind of people you need is your personal marketers. They are people who will refer business to you, regardless of whether there’s an affiliate commission available. You can find them in networking events.

As long as you create an excellent impression and build a cordial relationship with them, it’s highly possible they will refer new business leads to you. Networking groups such as Business Network International (BNI), is an excellent platform where business owners from different industries pass referrals to one another. 

The last kind of people you may need is also critical. They are people who provide you with social-emotional support. Running a business can take a toll on you mentally and emotionally. It’s vital to find people who can hold space for you as you share your issues.

If there’s no one in your circle who can give you emotional support, you can always visit a counsellor or a therapist.

There’s no shame in getting help with your mental health. 24-hour hotlines, such as the IMH Crisis Hotline (6389 2222) and Samaritans of Singapore (1800 221 4444) are available if you are experiencing severe emotional difficulties. You need a safe space to share out your problems.  

Top 6 Benefits of Market Segmentation

All the above 22 online business ideas are viable and can help you become financially stable.  Choose one that matches your skills set, market, and financial capability. With the right mindset and resources, there is nothing that you cannot achieve. 

20% of new businesses fail in the first year, 30% of them fail in the second year and 50% fail after passing the five years mar. Lack of resources is one of the causes followed closely by poor marketing skills. 

Most entrepreneurs don’t take time to understand the market they are targeting. You need to carry out extensive research to know the specific needs and preferences of the customers. With that information you can come up with products and services that match the customers. One of the sure ways of doing this is by doing market segmentation. 

What is Market Segmentation?

Market segmentation is the process of dividing the target customers into small manageable groups based on factors such as demographic, level of education, geographic location, age, and interests. Segmenting the customers will give you a clear idea of the target audience.

6 Benefits of Market Segmentation

Without a clear understanding of the market, you will be shooting in the dark. The diverse customer needs can make it difficult to dominate the industry no matter how much time and resources you invest in marketing campaigns. Market segmentation will point you in the right direction by giving you a clear perspective of the needs and expectations of each group of customers.

Let us look at the 6 benefits of market segmentation.

  • Understand Consumer Insights

One of the oft-quoted mantras in the field of marketing is “Know thy customers.” The reason you are slipping behind the competitors is that they understand what the customers want and you don’t have a clue. 

Doing market segmentation will give you consumer insights that you need to make the right decisions when creating products, services, and even marketing campaigns. For example, it will help you to know where they live and their interests.

  • Increase Brand Loyalty and Customer Engagement

Brand loyalty is highly valued as it helps companies to maintain a constant stream of customers. On the other hand, customer engagement enables entrepreneurs to identify the customers and influence their interests and needs. 

Data collected from social media sites, discussion platforms such as forums, mass media, and purchasing history can help you to understand customers behaviour. You can then use this data to do psychographic segmentation to create laser-focussed ad campaigns to meet their needs. 

If you know the platforms that your customers are fond of, you can come up with robust ways of engaging with them. For instance, if the customers are active on Instagram and Facebook, you can create campaigns and run them concurrently to encourage them to visit your site and place orders.

  • Increase Market Clarity

As mentioned earlier, one of the main reasons small businesses fail is because they have no clue about the people, they intend to sell the products and services to. Segmentation develops clarity after cleansing the huge tons of data collected during market research. 

The data will help you to group customers who have the same interests in your brand together. Ideally, customers who have the same business-relevant attributes should be in the same segment. Otherwise, cluttered and disorganized data will result in a wastage of money and resources on the wrong marketing campaigns.

  • Facilitates Mass Customisation

Mass customisation is defined as the process of providing products and services that are tailored to match the needs and expectations of a large group of customers who are in the same segment. Access to customer behaviour data will help you come up with accurate segments. 

Customisation will help enhance customer satisfaction by ensuring your company provides value-added products that are in line with the needs of the customers. Concisely, as a new business, you should strive to provide custom-tailored products and services to as many customers as possible to get a firm footing in the industry.

  • Reliable Assessment

Dividing thousands of customers into groups will not only help you to offer top quality customer services and streamline marketing campaigns but also make it easy for you to do A/B tests. You will be able to test how different groups of customers respond to your products and services. When you introduce new policies or change pricing, you will be able to know how the customers respond to the change.

As the business grows, you will need to understand the market to stay ahead of the competition. Unlike in the past, there are advanced software and technologies such as machine learning and artificial intelligence that you can use to process/analyse huge amounts of data in seconds. Data analysis processes that used to be done manually can now be done automatically.

  • Maintaining Freshness

Another costly mistake that businesses make is assuming that customers who were grouped in a particular segment will remain there forever. They are bombarded with thousands of ads and information which influence their priorities and preferences. 

The plethora of information will increase their movement from one segment to another. They may opt to upgrade to a more expensive product if promoted at their workplace, so targeting them with ads with products that are in the lower bracket is counterproductive.

Regulations In The E-Commerce Industry

The Singaporean government provides rules and regulations that govern online businesses in Singapore.

Some of the regulations include:

Consumer protection regulation – an example is the Sale of Goods Act which states that goods sold should be of good quality.

Protection and Security of Digital Data – the acts in this category covers issues like security of credit card payments and protection of personal information.

Intellectual Property protection in the Cyberspace – Under this there is the Copyright Act which protects anyone other than the owner of the copyright from publicly distributing, copying, adapting, broadcasting and reproducing the work.

  • Taxation

Anyone running or planning to open an e-commerce business in Singapore must know the tax requirements. Singapore has a liberal tax regime that provides plenty of incentives to SMEs.

Taxes that apply to online businesses are categorized into two: Income tax and Goods and Services Tax (GST). The application of income tax depends on the following factors – residence, source and income classifications.

On the other hand, the Goods and Services Tax, commonly referred to as Value Added Tax (VAT) in some countries is a tax (indirect) levied on the supply of goods and services in Singapore and the imported goods. Its application is on the selling price of goods and services in Singapore.

A business must be GST registered in order to apply this tax. One of the rules for e-commerce businesses is that if a local buy good online, they will be subject to GST.

  • Financial Assistance and Funding

With more Singaporeans making business transactions online, many people are planning to start e-commerce businesses. These online businesses can be quite expensive if you factor in expenses like merchant account fees, website development fees, marketing, and inventory costs.

It is common to hear of investors who are willing to fund promising e-commerce ventures. The Singaporean government is supporting this industry by installing the necessary infrastructure and proving incentives to aspiring online entrepreneurs.

Business Loans – this is where one acquires funding to kick-start their business venture through debt financing. If you choose this type of financing, you will be able to retain ownership of the business. The only problem is that you will be required to pay your lender regardless of whether the business becomes a success or not.

Venture funding and Angel Investing – In this type of funding an investor/group of investors offer capital in exchange of shares in your business. It is especially great for budding entrepreneurs who cannot acquire traditional loans.

FAQs

Is it hard to start an online business?

It’s very easy to assume that starting an online business is difficult. However, in many cases, it only takes know which steps you should tackle first. It may take a little time, but ultimately, you’ll see results. By using the following tips, you will be able to cut out all of the unnecessary frustration that usually comes with starting your first business online:
1. Identify a specific need
2. Write captivating copy
3. Build your website
4. Drive traffic with search engine marketing
5. Become an authority
6. Use email marketing
7. Make back-end sales and upsales

Do I need to set up a company to sell online?

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.

What can I sell online in Singapore?

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.

What business is good for beginners?

The following is a list of online businesses that you can start with no money:
– Online Drop Shipping
– Affiliate Marketing
– Blogging
– Online Video
– Information Products

What are the business you can start at 2020?

– Couching and Consulting
– Virtual Assistant
– Online Content Creator
– Digital Marketing Services
– SAAS – Software As A Service

Is it hard to start an online business?

It’s very easy to assume that starting an online business is difficult. However, in many cases, it only takes know which steps you should tackle first. It may take a little time, but ultimately, you’ll see results.

By using the following tips, you will be able to cut out all of the unnecessary frustration that usually comes with starting your first business online:

– Identify a specific need
– Write captivating copy
– Build your website
– Drive traffic with search engine marketing
– Become an authority
– Use email marketing
– Make back-end sales and upsales

Do I need to set up a company to sell online?

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.

What can I sell online in Singapore?

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.

What business is good for beginners?

The following is a list of online businesses that you can start with no money:

Online Drop Shipping
Affiliate Marketing
Blogging
Online Video
Information Products

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