With nearly 5 billion internet users in the world and the total number of websites online nearing 2 billion as of the start of 2021, learning how to do online business in Singapore at this time, is perfect, let me tell you why…
There has never been a better time than right this minute to start an online business. It’s that simple, the sooner you get started, the sooner you have the ability to start making a part-time income, and even full-time income from what you do.
Step For How to Do Online Business in Singapore
I’ll give you a quick over now of what you need to do to start an online business in Singapore.
Step 1: You need an idea
So the first thing you need is an idea of what you want to do. Without that idea, you will be stuck not knowing where to start and then you just waste your time and money.
So, let’s call your idea something different, let’s call it a niche, and to find a niche that you are interested in is pretty simple. You can check out the quick 5-minute niche finding exercise here in the affiliate marketing Singapore post.
Step 2: You need a monetization strategy
This is so important and could be one of the key things you need when learning how to do online business in Singapore, as without this, you don’t know how you are going to make money.
There are a number of different ways that you can make money online, including:
- Starting your own eCommerce store
- Start selling other peoples products
- Become an affiliate marketer
The easiest one of these to get started with is called affiliate marketing, and this is where you sell other people’s products and you take a percentage commission on every sale you make.
The best types of affiliate products to sell are digital, and the reason they are so good is that the commissions are so much bigger. For physical products the commissions are usually small, in the percentage commission range of 2% – 8% sometimes lower and higher, but not by much.
As for digital products, the affiliate commission can even go as high as 75% maybe even more, so you can see why selling digital affiliate products is so lucrative.
Step 3: You need a website
Once you have your niche idea, you need to get yourself a website and domain name. They are really simple to get. A domain name is the name of your online business, like the domain name here is ecommerceasean.com, and hosting is what this website is kept on. So this website is kept on a hosting company called A2Hosting, and I have what is called Turbo Hosting.
You can get a free domain name with A2Hosting, and start creating content on the website until you decide what your real domain name will be.
Step 4: You need an audience
The next most important part that you need is an audience, and this is the people that are going to buy what you are selling from you. There are many places you can get this audience, including:
- Facebook, you can talk about your product on your page,
- YouTube, you can make videos about your product,
- Pinterest, you can make graphics for Pinterest,
- Writing, you can write on your website and then also put it into Facebook and the other platforms.
How to Do Online Business in Singapore Closing Remarks
There are other things you need to think about when it comes to starting an online business, like taxes, etc., legal stuff like disclaimers and privacy policies, etc., so make sure you get proper advice about this.
If you are looking to learn how to do online business in Singapore you can check out my free affiliate marketing training that you can access here, 100% Free, it’s a simple easy to use system that I have used to make multiple online businesses and bring them from zero to over 5 figures per month using affiliate marketing.
Do I need a license to sell online in Singapore?
Yes you do need a license to sell online in Singapore. Your business, no matter if it is digital or physical needs to be registered as indicated in Section 5 of Business Names Registration Act or BNRA, all types of businesses.
How do I set up an online shop in Singapore?
The easiest way to set up an online shop in Singapore is to use an eCommerce platform called Shopify. This enables you to set up an online store without the need for developers and designers. You simply upload your products, connect to Stripe or Paypal and you can be up and running in a few hours.
You can check out our eCommerce Singapore article here.
What can I sell online in Singapore?
You can sell most things online in Singapore as long as they are legal within Singapore itself. Coming up with ideas for what to sell is very easy as I recommend to sell something that you are interested in to start with, as it just makes the whole online business process so much easier.
Do this quick 5 minute exercise to see what types of niche you could enter.
1. Write down 3 things you enjoy,
2. Write down 3 things you like doing,
3. Write down 3 things you would like to learn about.
You now have 9 ideas to use to start your business. Pick one.