1. Find your niche

The ability to meet a specific need in the market is at the heart of any successful business. The bigger and more pressing the problem your business solves for your target audience, the more sought-after your service will be.

Surveying the competition gives you a sense of what to expect. Looking to your competitors not only helps to identify what doesn’t cut the mustard but can also wring out the emerging trends that can become your niche. 

 

2. Register your business

Once you have a business idea (and plan) that is ready to go, register your enterprise as a web-based business with Singapore’s Accounting and Corporate Regulatory Authority (ACRA).

Familiarise yourself with the necessary legal and administrative obligations. Borderless transactions in e-commerce can make it difficult to determine which tax band your business falls under.

Check the corporate tax rates and regulatory frameworks your online business falls under to avoid unexpected legal incursions along the way. Goods and Services Tax (GST) also differs according to service and destination of goods. For instance, online sales of movies and e-books are taxable just like any other physical good otherwise sold in Singapore.

Certain businesses may also face additional regulations besides the automatic “class licence” assigned to all Internet users under the Broadcasting Act. These service providers include the sale of second-hand goods, web advertising, and online gambling platforms.

 

3. Create your platform

Decide on a domain name. Keep it short - a name that reflects your brand makes it easy to remember.

If the one you want in mind is already taken, be creative. Try adding a verb at the start, for example, shopyourbrand.com, or your primary product behind the brand name. Note that domain extensions that end with “.sg” can be used with a valid local address, whereas those that end with “com.sg” have to be registered with ACRA and are subject to regulation.

Be sure to build a website or utilise a platform that is simple and easy to use. Amateur designs impress poorly. Make sure the user interface can be navigated intuitively and run multiple checks to make sure that there are no errors to give the best customer experience. 

 

4. Implement a robust payment and supply chain infrastructure

For any business, trust is particularly powerful when it comes to building customer loyalty and advocacy for success. Ensure that you handle customer data and digital payments with a secure and transparent system so that your customers know they come first. 

This element of trust and reliability extends to the process of getting your product into the hands of your customers too. A trustworthy logistics partner is key to speed and convenience for customer satisfaction.

Maybank’s Young Entrepreneur Scheme (YES) offers digital solutions to support you in running the various moving parts of a business. Open a Digital Business Current Account instantly using CorpPass / MyInfo Business to tap attractive interest rates without monthly fees, or sign up for Maybank Business Credit Card (for start-ups that are at least six months old) for your business expenses and needs. Gain access to masterclasses, networking sessions, and mentorship under the Entrepreneurship Excellence Program (EEP) as well.

At the same time, give your business an efficiency boost with the right digital tools and capabilities via Maybank’s SME Start Digital programme.

 

5. Get the word out

You may not have a storefront to boost sales, but you can tap something better in today’s context - digital marketing.

Create an online presence with digital ads, sponsorships, and marketing partnerships to build and retain visibility among both existing and prospective customers. Doing so can also easily broaden your business’ reach beyond Singapore. 

Having a social media strategy will also deliver a cohesive image for your brand, helping your business gain traction.

 

An experience that counts

Starting an online business is not as simple as uploading pictures on your Facebook or Instagram account.

Offering outstanding service every step of the way is key. From picking your target market to last-mile delivery, everything should be carefully considered to create the optimal shopping experience that would keep your customers coming back.