Are you thinking of starting your own online business? Here are some benefits of doing so:
- You can reach a global audience
- You can start with a small amount of capital
- There is a wealth of resources available to help you get started
- You can run your business from home
Launching an online startup can be a simple way to pursue your business idea. In this blog, we'll cover the basics of starting and growing your online business from the comfort of your own home. So whether you're just getting started or are looking for new ideas, this guide is for you!
How to start an online business from home
1. Decide on your product line
As an entrepreneur, one of the first things you need to do when starting an ecommerce business is to decide what products to sell. You may choose to sell a wide range of commodity products such as clothing and stand out in terms of price and convenience.
Or you can appeal to a specific market or customer base with niche products like handmade jewellery or personalised candles. They can be tailored to your customers’ wants and needs, or be designed to complement an existing product.
That being said, you can also offer both commodity and niche products to market your business as a one-stop shop for your customers. Identifying your main product or products can be a difficult and daunting task, especially if you're not sure what customers are looking for or what will be popular in the long run. It is thus important to conduct sufficient product research first – including competitor analysis – to guarantee your breakthrough in the market. Once you know what kind of products you want to specialise in, it will be a lot easier to build a successful online business and attract global customers.
2. Source for products
No matter what business you're in, it's important to source quality raw materials or products. Your customers will be able to tell the difference between a cheap product and a quality one, and they'll be more satisfied with the latter. Take your time to browse through various suppliers or manufacturers, both in Singapore and overseas. When it comes to partnering with a reliable company, some factors worth thinking about include price, delivery time and maximum or minimum order quantity.
3. Create your website
While some may start advertising and collecting orders via social media, you can also hop over to ecommerce platforms like Lazada and Shopee.
Alternatively, you can set up a website via Wix and Shopify to facilitate and keep track of orders. By having a website, you'll be able to showcase your products or services to potential customers and make it easy for them to purchase what they need. This is also an important step in establishing your brand and strengthening your customer base. A well-designed website can help you attract new customers and increase sales.
4. Incorporate your company
Even ecommerce businesses need to register with the Accounting and Corporate Regulatory Authority (ACRA) before officially operating in Singapore. You may incorporate your business as a sole proprietorship, Limited Liability Partnership (LLP) or Limited Liability Company (LLC). To apply, you will need to provide important information like:
- Your business name
- Company secretary
- A director based in Singapore
- Details of the partners, directors and shareholders of your business
- Registered business address in Singapore
Get started on your ecommerce venture
When you're running an online business, there can be a million things to think about. From product development and marketing to sales and fulfillment, it's easy to overlook the packaging of your product. But the fact is, your packaging can be just as important as your product itself.
If you are looking for quality product packaging, then working with a supplier like MillionParcel in Singapore is a great option. From gift boxes to sticker labels, you can find the best possible packaging materials for your online business. Feel free to get in touch with us for more information.