Title: How to Start an Online Business in Singapore in 7 Easy Steps?
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2How to Start an Online Business in Singapore in 7
Easy Steps
Bestar Services Pte. Ltd
3How to Start an Online Business in Singapore in 7
Easy Steps
Tax Planning While Being In Singapore
- Many individuals dream of starting an online
business, be it the youth studying in university
and doing post-graduation in business management,
employees working in a corporate setup, and even
established offline businesses. - With people spending almost one hour on social
media platforms and doing online shopping, it
makes the online business a better option for
starting your business. People find online
shopping convenient, and they can effortlessly
surf through the products to buy one or more
according to their tastes preferences.
4How to Start an Online Business in Singapore in 7
Easy Steps?
Tax Planning While Being In Singapore
- Online Business is pretty straightforward to
commence. You dont need any sky-high rental
prices required, neither low occupancy rates like
a shopping mall nor expenditure for offline store
maintenance and staff salary. You can run an
online business from home, have flexible
operating/working hours, scale it whenever you
feel like it, and more such benefits. - In this blog, we will walk you through seven
steps of starting an online business in Singapore.
5How to Start an Online Business in Singapore in 7
Easy Steps?
Tax Planning While Being In Singapore
- Business Idea
- The first foremost thing that you must have for
starting an online business is an Idea.
Currently, there are millions of online
businesses in the market, and you must try to
find your niche to differentiate yourself from
your competitors. To find a business idea, you
must - Look for an issue to solve with your
product/service offerings by pondering over tasks
that you find challenging. Successful brands have
found success because of solving a specific
problem. - Leverage your strengths by listing down your
skills strengths. Do brainstorm the best
possible business ideas that stand out from your
competitors. - Think about the target audience you wish to cater
to instead of thinking about the product/service
offering to create. Put yourself into customers
shoes, and you will be able to determine your
target audience.
6How to Start an Online Business in Singapore in 7
Easy Steps?
Tax Planning While Being In Singapore
2. Market Research
- After finding business ideas, you must funnel
them down to one by assessing the most potential
profitable one by doing your market research.
It will help you validate your business idea,
pricing, and demand. - You will be able to determine the profitability,
competitiveness, and depth of your business idea.
For the market research, you need the following
7How to Start an Online Business in Singapore in 7
Easy Steps
Tax Planning While Being In Singapore
- Analyse Search Engine Research Pages (SERPs) to
check out variations of your product/service
offering keywords by paying attention to
top-ranked keywords for getting organic traffic. - Along with keyword ranking analysis, pay
attention to your close competitors to comprehend
their marketing strategies. - Keep tabs on high-performing keywords that change
according to the seasons and customers demands.
Focus on keywords relevant to your niche by using
free tools like Google Trends Google Keyword
Planner.
8How to Start an Online Business in Singapore in 7
Easy Steps
Tax Planning While Being In Singapore
3. Business Plan
- Once you have found your business idea, gather
them into a comprehensive business plan to
determine the funding required, identify
potential bottlenecks, and work out the
businesss future growth profitability. - An effective business plan helps identify your
target market, clarify your goals, and help in
decision-making processes for determining
business success or failure.
9How to Start an Online Business in Singapore in 7
Easy Steps
Tax Planning While Being In Singapore
4. Marketing Strategy
- Determine a marketing strategy for spreading the
work of your brand. You can use email marketing,
search engine optimization (SEO), content
marketing, paid advertising on Google, YouTube
Ads, Social Media platforms, and Social Media
post creation.
10How to Start an Online Business in Singapore in 7
Easy Steps
Tax Planning While Being In Singapore
5. Business Structure
- After deciding on the business idea and plan
formulation, you must decide on your business
structure. You can select from four primary types
of business structures in Singapore according to
your goals funding requirements for capital. - You can choose Sole Proprietorship, Limited
Liability Company (Ltd), Limited Liability
Partnership, or a Partnership Firm. - Each business structure has various tax
liability benefits for both owners
shareholders. The business structure will affect
everything from your businesss daily operations,
paperwork required, personal assets, taxes, and
more.
11How to Start an Online Business in Singapore in 7
Easy Steps
Tax Planning While Being In Singapore
6. Incorporate your Business
- Incorporate your business through the following
steps - Step 1 Get your company name approved. Search on
ACRA regarding name availability. Ensure that
your business name is not identical to an
existing trademark or name. - Step 2 Prepare the relevant documents, including
the Company Constitution, Consent from each
company director company secretary, and
Declaration of the companys controllers.
12How to Start an Online Business in Singapore in 7
Easy Steps
Tax Planning While Being In Singapore
- Step 3 Submit your application to ACRA, and
there is an S300 fee. - It is recommended to consult a business advisor
who will make the incorporation process plain
sailing for you by helping you gather the
required documentation and do the paperwork. - At Bestar Services, we provide incorporation
registration services. We have helped 100s of
businesses in Singapore with Incorporation
Registration process.
13How to Start an Online Business in Singapore in 7
Easy Steps
Tax Planning While Being In Singapore
7. Set the Foundation
- Instead of hiring human resources for different
tasks, it is advisable to outsource the tasks
related to accounts and bookkeeping, financial
audit, and taxation so that you can concentrate
on your core business tasks. - At Bestar Services, we provide accounts
booking, financial audit, and taxation services.
Outsource them to us, and utilize the free time
in your core business activities.
14How to Start an Online Business in Singapore in 7
Easy Steps
Tax Planning While Being In Singapore
Conclusion
- After reading the blog, you will have a
comprehensive idea of starting an online business
in Singapore. However, if you have questions or
need assistance, contact us for a consultation.
We are available via call at 65 62994730 and
email admin_at_bestar.asia - Hire Bestar Services, and we will take care of
everything with our services from incorporation
registration to accounting bookkeeping,
financial audit, and taxation. Start your
business with ease with Bestar Services.
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