- Starting an Online Business in Singapore Part 1: Introduction
- 2. Build an audience.
Early interaction with customers is key to ensuring you have a great product and you address the most common concerns.
- Start an Online Business in Singapore Introduction | GuideMeSingapore - by Hawksford.
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Once you have that problem, make it as easy as possible for people to buy. Read that last sentence again, ZERO. I decided to create "Dan's Super Convenient and Awesome Protein" shake because I drink whey protein on a regular basis but it has never been the most convenient thing to do. Breakfast, lunch, afternoon snacks, traveling, car trips, movies etc. I know many people who use the shakers that lets them scoop in their own whey, add water or milk and drink. To me this was never convenient. A person had to then carry the shaker around with them, make sure they clean it ASAP if you ever have smelled an old protein shaker you know why and just plan to have it with them until they are able to get home.
I personally wanted something that I could drink when I wanted and then forget about it. Pre-sales remove a lot of assumptions and doubt whether people will buy what you are making. The hardest thing for me was actually creating the product. I had my idea in my head but had an "OK, now what? I shopped around on Google trying to find bottles and lids that I thought would work well. I got a few free samples to test different sizes and I used the whey protein that I normally use and put it in the bottles to try it out.
I really liked how it worked so I placed a bigger order for bottles and lids and this was actually the first money I invested into this. However as I already had money from the people I pre-sold to I was able to use that to purchase the supplies I needed. The fulfillment of the product can be challenging but focus on making a basic budget to ensure at least break-even before you pre-sell and focus on keeping your solution to that problem as ghetto as possible at first.
Two things really stand out. As a naturally shy person pushing past my comfort zone and getting myself out there was a new experience. By doing so I learned that it really wasn't that hard or uncomfortable as I imagined. The other thing I was able to implement was the validation of my product. I had 7 products sold before I had anything more than the idea in my head. No website, no business cards , not even the product yet!
I had 7 people actually paying me for what was simply an idea, and because I was able to do that I knew I was on to something that would actually work. That was a much better solution than spending a bunch of money and time and energy building a product, website site, etc. You can use Paypal, Shopify, Gumroad or eventbrite to pre-sell your idea at no cost to you.
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- Step 2: Educate yourself on starting an online business in Singapore?
I have messed around with Shopify in the past using just a mock idea a friend of mine had. I never took it to production and just let the site die after I was done playing around with it. Doing things in reverse and then setting up the store makes life much easier. Once you get customers through a manual process a store like Shopify will save you significant time.
Second time was when I placed my order for my bottle samples. It was a "Wow, I am really doing this" moment for me. Third was sending out my first shipments. Work out what product or service features have the best value proposition that you can deliver initially with your limited resources. Try to identify the minimal set of features or capabilities that will allow you to get your first customers. Make those features or capabilities your first product or service. Conduct a cash-flow analysis and identify your start-up costs, operating costs, revenues, and profits.
Stay conservative and do not be overly optimistic about your business prospects. Make sure you are able to identify and cope with your worst case scenario. In particular, plan your cash flows such that you can weather through your worst case scenario for a set period of time. Figure out how your product or service might fare against existing offerings.
Analyze your competition and get a sense of how to price your product or service, how to target the right customers and how to make your company stand out, particularly in a crowded marketplace. As you assemble your business plan and answer the above questions, you will see opportunities to fine-tune your concept, avoid problems that could become disasters and ultimately increase your odds of success.
Step 2: Educate yourself on starting an online business in Singapore Get an understanding of the regulatory landscape for your idea, you may have to comply with laws that may increase your costs, alternatively you may be able to obtain tax benefits or grants that can help your funding situation. We suggest that you start with reading the following four articles in our five-part series of starting an online business in Singapore: Starting an Online Business in Singapore — Industry Overview Starting an Online Business in Singapore — Regulatory Regime Starting an Online Business in Singapore — Taxation Starting an Online Business in Singapore — Funding and Financial Assistance Step 3: Incorporate your business Before you can execute your plan and begin operations, you must incorporate your business.
Step 4: Establish necessary infrastructure Depending on the product or service you plan to sell, you may need a supporting infrastructure.
The list below is not comprehensive but it is a good starting point for you to start thinking about the various elements of your infrastructure: Website Design and Development Register a domain name. To put it simply, your domain name equates to your identity in the online world. It gives your website its own unique web address.
Starting an Online Business in Singapore Part 1: Introduction
Naturally, it should be a name that can be recalled easily and one that is easy to spell and pronounce. The name should help consumers associate your company with its products or services. Find a hosting service provide for your website. Choose a hosting provider that provides prompt and quality customer support, uptime guarantee, generous disk space and bandwidth, high level of internet security, multiple platform support, and reasonable hosting fees.
Amazon Web Services is a very good option in this regard. Design and develop your website. E-commerce sites, like any site, need to build traffic and turn visitors into customers. However, ecommerce sites also need to address other important issues such as product catalog, shopping cart, checkout process, payment processing, security, etc. Choosing the right ecommerce platform is one of the most important decisions you will make in your business. There are many cost-effective solutions that are available in this regard. Often business owners tend to opt for online advertising in order to quickly draw in potential customers.
However, the problem with advertising based marketing alone is that ads have no long term benefits. By offering great content you earn the trust of the visitor, you build up a network of followers who help to spread your content and brand awareness.
2. Build an audience.
This in turn adds to your online visibility and reputation. The content you create is permanent. Building a successful business online can be really challenging because there are so many moving parts to consider such as your website, crafting offers, getting traffic and then converting the traffic into paying customers. For most start-ups, this usually means jumping from course to course trying various different things in the hope that it all somehow works out Our signature 3-step WTC system is designed to help you create an amazing business online - one which connects you to your customers and creates real, sustainable growth without the stress, hassle and confusion that usually goes with it!
Instead, we focus on helping you connect the dots in your business so you know exactly what you need to do in a step-by-step process to reach, connect and convert your audience into paying customers. So, if you think building your business online should be an easier, faster and more joyful experience, join us today by clicking the button below and see your dreams become reality.