“As women, no matter how capable our husbands are, we need to have our own financial independence!”
This is a quote that I have written on a book co-authored with 13 other women.
I am writing this post to share with women on how to start an online business in Singapore, because I have seen how a restructuring in my husband’s ex-company totally changed the way we lived our lives.
Do not wait until it is too late or when something happens before you make a choice to do something.
There are 5 things that you need to know when you are considering how to start a business in Singapore.
1. Your Reason Why In Starting A Business
Primarily for women, the reason why we are starting a business is to provide a better life for our family. We believe that our kids deserve the best and that is why we will do whatever it takes to provide the best for them.
If you have a corporate job, have you faced discrimination before?
We have heard of stories of how some employers do not want to employ women when they know that they are either pregnant or have kids.
Some employers think that those who are pregnant or have kids are not as committed to the job compared to those who are not.
That’s why it is important for you to consider how to do online business in Singapore while you are still having your full time job.
Naturally, we are not high-risk takers and would likely not consider starting a business with high risks.
2. What Are You Passionate About And Love Doing
Most people are stuck with this. They can’t seem to find what are they passionate about and love doing. What I discovered, is to get started and not think too much.
Women, in general, can consider the following:
- Teaching people how to bake
- Teaching people how to cook
- Teaching people how to sew
- How to coach kids so that they listen
- How to raise healthy kids with nutrition
These are just some of the ideas that you can start with.
The key is to start because only when you start, will you find out what you love doing.
If you are ambitious and want to achieve something great in your life, then ask yourself the following questions:
1. “If you don’t have to worry about money or finances, or perhaps, you have an inheritance of 100 million dollars, what would you be doing?
2. “If you were to pass on, what do you want to be remembered for?”
Some would say they will have high tea or go shopping or have vacations.
But these are not things that you will want to do if you have a great ambition in life.
So, for those who have great ambitions, is there anything that you would do for free but could still get paid doing it?
Once you have identified what you will be doing, test it.
Sometimes we get excited thinking that we have found our passion. But when we start doing it, we realise that it is not something we are really passionate about.
So, whatever you do, never quit your job and go all out pursuing your passion before you test it out.
If what you have started is something you look forward to doing after a long day’s work, then there could be a possibility you found what you are passionate about!
3. Good Startup Business Ideas
If you are not able to identify what your passion is, you can do some research for what people are searching for online. Generally, people will turn to Google or social media to find the solutions to challenges they are facing.
How do you then know what challenges people are facing and what solutions they are looking for?
This is when you can use online tools, and the one tool I would recommend is ‘Topic Mojo’.
What this tool does is show what people are searching for in search engines, as well as what people are sharing on social media platforms.
By keying in the niche that you are considering, you will be able get ideas from YouTube and other social media platforms. At the same time, you can also see which posts get more engagement based on your niche.
I did a search on ‘parenting’ in Singapore, and look at the different responses that I am getting from various social media platforms, news networks and even forums.
Furthermore, ‘Topic Mojo’ is able to expand on the questions based on what people are asking about your niche, in this case, parenting, and from there on, you will be able to craft a solution for what people are searching for.
4. What Is A Good Business To Start In Singapore
If you have ever wondered, ” How much does it cost to start a business in Singapore?”, here’s an answer. You could be starting a business with 1000 dollars or less!
There are websites out there claiming to show you how to start a side hustle or start up a business for free. Being an entrepreneur, it is necessary for one to have a capital for starting a business.
Let me break down for you the amount needed for a year when starting your business:
- Domain registration with Name Cheap – US$12.00
- Landing Page or E-Commerce Platform – US$360
- Aweber Email Service Provider with Autoresponder – US$180
- Minimal advertising with Facebook – US$365
This is the minimum amount needed to start an online business. As your business starts to grow, you can then start to consider adding other tools for your business.
Let me now share what is a good business to start in Singapore.
Affiliate marketing is where you promote products for other people or companies. If you see a product that has potential, you can promote the products to others and get a percentage of the sale made.
This is excellent if you are just beginning and do not have a product to start with.
One platform that you can consider to start affiliate marketing is ‘Clickbank’, where you can market both digital or physical products, depending on what products Clickbank has.
E-Commerce With Dropshipping
If you are thinking of how to start a ecommerce business, you should consider e-commerce with dropshipping.
This seems to be very popular right now. With this business, e-commerce store owners do not have to keep physical stocks of the products and still have the possibility to market products to around the world.
The fulfillment of the products is done by a 3rd-party logistics and you only need to deliver the product when it is sold on your website.
In fact, the store owner may never see the products itself when utilizing such a business model, thus allowing one to not need to keep massive amount of stocks or inventory
Most people would consider Shopify as their go to e-commerce platform should they chose to start an e-commerce business.
5. Best Type of Business to Start
Although both affiliate marketing and e-commerce with dropshipping are good for people to consider, it did not attract me.
I found the best type of business to start, especially for someone who is brand new.
It should have the following aspects:
- A community of like-minded individuals to work together
- Continuous training to upgrade one’s skills
- Possibility of having recurring business
Let me elaborate in detail.
Community of Like-Minded Individuals
Entrepreneurship is a lonely journey. If one is starting an online business as a side hustle on a part-time basis, one may not have the discipline, commitment and consistency to see it through.
Having a community of like-minded individuals allows us to nudge and encourage each other should anyone feel down or disapppointed for not getting results.
At the same time, we will forge friendships along the way and have someone to celebrate with should we achieve any new milestone in the business.
Continuous Training for Skills Upgrading
Having the right mindset is one of the most important elements of running a business. However, what is also necessary is to have the right skill set.
The world is changing too fast for each individual to figure out things on your own. Each time you think that you have figured out what works, the algorithm has already changed.
That is why it is important to have continuous training where we are able to learn from one another, and this allows us to keep abreast of the latest development in the marketing space.
Recurring Business Model
Why affiliate marketing and e-commerce with dropshipping did not attract me is because they do not have a recurring business model. This means that each time you have a sale, you will have to look for new customers, because the chance of having the same customer buy from you again is very slim.
Fortune 500 companies are all looking to create a recurring revenue in their business.
Big Companies like Microsoft, Google and Disney are collecting just a mere amount of US$6.99 – US$9.90 for subscription to their services.
The primary reason why these companies are doing so is to ensure a monthly recurring revenue from their subscribers.
It is much easier and even better to increase the average order value of your original customers than to look for new ones.
Having a recurrng business or a recurring customer allows you to do that.
I believe that you have gotten value from this post; you came looking at ‘how to start an online business in Singapore’ and not kowng how to do so, to now having at least some clue on how to get started.