Online businesses or e-commerce are rapidly growing segments in the global market, particularly in Singapore, where the costs of rent and overall business maintenance expenses increase annually. The guide to starting an online business in Singapore can be summarized in four steps:
Step 1: Research, analyze the market, and start with your business plan
- What are your products and services?
- Who are your potential customers?
- What is your competitive advantage?
- How much do you need to spend on your business?
These questions should be answered and covered in detail in your online business plan before doing any further steps.
Step 2: Reading and understanding the regulations on incorporating/starting an online company in Singapore
Although legal documents and licenses are not mandatory for online businesses, it is important to ensure compliance with the country's rules and regulations.
Step 3: Starting/Incorporating your company
Careful consideration should be given to choosing the appropriate business structure, as it will impact factors such as liability, taxes, and the ability to raise capital and run the business effectively.
Step 4: Establish the necessary infrastructure
To ensure the smooth and efficient operation of your online business, it is crucial to establish the necessary infrastructure, including staff, IT systems, and facilities required for promoting, displaying, or delivering products and services to customers.