This year’s ecommerce trends in Singapore feature incredible opportunities that make the industry a ballooning activity in the country.
With Covid-19 driving traditional businesses companies online, the benefits of having an ecommerce business have become more apparent.
It is no wonder that many entrepreneurs have been thinking about how to start an ecommerce business.
If you are thinking of starting your own eCommerce business in Singapore, understand that before such a business can attain stability, it would have to follow some specific developmental stages.
It is worth noting that the question of “how to start an ecommerce business” gets an answer when you strategically pull together energy, time, money, skills and legal framework.
Even though all these guarantee you a probable reward, it involves more than just creating a website and advertising your brand.
How to start an Ecommerce Business
An e-commerce start-up business requires appropriate planning and significant investment in time, cash, creativity and many other factors.
All these factors make the start-up process seem like a complicated venture, especially when you are running it on your own; it is not always a DIY activity and needs require the help of professionals.
Do not worry; our digital agency is here to help you. We pride ourselves in offering prolific, quality, and satisfactory e-commerce business start-up services as explained below.
The Planning Process
The type of planning that is put in the start-up process significantly determines the level of success that the business will attain. The business plan should be in line with the rules and regulations that govern companies in Singapore.
It is during this planning and foundation laying period that success is determined. We have put together a comprehensive blueprint for starting your business.
These stages include:
- determining the liability risks that you are willing to be exposed to
- knowing your tax requirements
- identifying product demand trends
- determining your required capital,
- incorporating your company
- web site design
- establishing marketing strategies
- other areas of concern.
Our consultants are well-trained and experienced to help perfect all the developmental stages of the process. They will be there throughout the planning process through to the establishment of your ecommerce store.
You’ll be guided through the entire journey to bring forth a successful online business that generates high profits.
You will realise that the planning process is more than simply choosing a company’s name and selling products online.
Without proper planning and execution, even the best business ideas may flop.
Our company will help you avoid delays, unnecessary spending, expensive entrepreneurial mistakes and all the inconveniences that come together with starting an online business by yourself.
Steps to Start and Successfully Run an Ecommerce Business
There are between 2 – 3 million e-commerce companies globally It is a clear indication that the e-commerce business is a competitive industry and it takes professional assistance to thrive in.
Below are the steps to start and successfully run an e-commerce business;
- Know Why You Want to Start a Business – Do you want to start a business to gain financial independence, have a hobby or make the world a better place?
Understanding your ‘why’ will determine the amount of effort and potential risk you will be willing to undertake.
Knowing why you want to start the company gives you a vision, a mission, and the time frame in which you need to achieve your dreams.
Our professionals will undertake approaches to help your budding career as an entrepreneur. We’ll study your business idea for financial viability and determine what you need to compete in the market if it is.
- Deciding What to Sell – Your brand determines the type of market and industry you will be in. If you have an idea what product and service you want to provide, we will conduct industry research to identify market demand for your product.
It is extremely important to conduct market research.
If there is latent demand for your product, we’ll conduct competitor studies to identify what is needed to establish your brand in the market. You will also be able calculate how big a market share you can compete for; do profitability forecasts and trend predictions.
The above will provide you with a clear picture of your cashflow needs and revenue predictions.
In the event your idea is found to have low demand or be too competitive to easily meet your goals, we will make recommendations for niches you might want to consider based on your personality, requirements, goals, budget etc.
- Setting Aside a Budget – This step includes all the costs, whether direct, indirect, or miscellaneous outlays needed to establish the necessities of your business.
- company incorporation start up costs
- initial inventory costs
- accounting costs
- admin costs
- warehousing costs
- web development costs
- marketing costs etc
The general framework that the company will require initially will determine the amount of budget to set aside.
It is also prudent to set aside a budget for operating costs for the first 6 months. Consider the cost of:
- Incorporating the Company – Your business structure determined the types of risk you are to incur, taxes and the level of exposure to liabilities.
Our team will advise you on whether you should incorporate the company as a private limited company, limited liability company or sole proprietorship in Singapore, depending on the advantages and how involving the procedures will be.
- Website Design – Our designers are highly familiar with eCommerce design structures and themes that will perform the best for your sector. Your website design must have structures what are based on industry best practices. These would serve to attract potential customers and enable visitors to have the best possible experience to facilitate sales. Good ecommerce website design determines online store success.
- Digital Marketing Strategy – No matter what you decide to sell, the marketing tactic used to attract subscribers and traffic to your site will determine the competitive advantage that you will have in your industry.
Your marketing strategy will
- increase brand awareness
- build brand equity
- communicate product information and promotions
- attract high demand customers
- nurture prospects
- guide leads through the buyers’ journey
- make sales
- develop customer loyalty.
A suitable marketing mechanism for your website also increases your product visibility and brand presence. The method used to market your site should suit the needs of your business and audience.
- Logistics – Depending on the product you decide to bring to market, your business model might defer. As long as you have a physical product to sell, you will have to establish logistics and shipping channels.
Depending on your business model, you could have to have your own warehousing facilities and logistics crew to attend to deliver needs.
Alternatively, you could adopt a dropshipping model which is a lot more asset light but this also usually leads to lower profit margins.
Why Choose Us?
Relying and working with professionals from the start lowers your startup risk and establishes a firm first footing on your entrepreneurial journey.
By leveraging our established skill sets, experience and networks, you will shorten your learning curve.
Our team of professionals will guide you to your business success.
Benefits you’ll enjoy by working with us:
- Customised services to meet your budget
- High quality customer centric SEO website design services
- Results driven digital marketing strategy development
- Constant two way communication via feedback channels
- Complete guidance from conception to development and completion of your eCommerce business
At Blazing Conversions, we understand that starting and successfully running your online business can be a daunting task. We are here to answer all your “how to start an ecommerce business” questions.
You no longer need to struggle with tedious questions about how to incorporate your company and what type of tax structure it should have.
You also do not need to have the technical savvy to be able to build a Google friendly website or be an expert marketer to develop your digital marketing strategy
Nor do you have to worry about being behind on ecommerce trends.
We will carry out all the steps for you based on your circumstances. In this way, you can proudly say that you have started your very own successful eCommerce Business in Singapore and start selling quickly.
At Blazing Conversions, we know that your success is also ours. Contact us for a chat today.