Opportunities Await Upon Opening an Online Business
Now that you’ve decided the entrepreneur life is for you. Here’s the next big question on your mind, though – should you set up a traditional office? Or opt for the online business option? A brick and mortar establishment may be the traditional way to go, but there is no denying that online businesses are growing in popularity too.
Why Are Online Businesses Becoming a Sought-After Option?
For one simple reason – physical office space is expensive. Having to rent an office space will skyrocket your costs, compared to the significantly lower cost of running your business primarily online.
Rent is one thing, but then you’ve also got to think about your bills and other overhead expenses. Whereas with an online business, the only costs you would have to worry about are your web hosting costs, website design, online advertising costs. If your business sells products to the consumer, your shipping costs involved. No rent, no bills, and no overhead expenses are what comes with owning an online business.
How to Set Up an Online Business
The first thing to do is determine the kind of product or service you are going to offer. Who would your target market be? Determine if what you’re offering them is filling a gap or void that they need to meet? All of this – along with a sound business plan – needs to be present before proceeding further.
An online business is still a legitimate business, which means you would have to undergo the standard company incorporation process in Singapore to be able to legally operate your business. This is the next phase of the online business process. By registering your company, you are letting your customers know that your business is legal and trustworthy. If you are running the business on your own, company may be the best fit for your online business. Issues, especially legal ones, can still occur even with an online establishment, so protect your finances and keep your business safe by having it legally registered and insured.
Once you’ve done that, you need to register your domain name and find a suitable web host for your online business. Finding a good web host is key to your customers being able to locate you easily. This happens amidst the hundreds of thousands of other websites out there on the internet. Design your website to be as user-friendly as possible and easy to navigate both on desktop and mobile. Customers want quick, easy and efficient, and to be able to locate anything almost instantaneously. If your website is far too complicated, you could risk losing your customers.
Not only should your website be easy to use, but it should also consist of great content which ads value to your target market. Images, audio, video and engaging text all add value to your content. The better quality your posts are, the more your customers will keep coming back.
Chai Chung Hoong, Account Manager
Chai Chung Hoong will assist you in all accounting related services, and help your company in digital transformation.Contact Us