Starting and running a business in Singapore can be challenging, but the government and various funding institutions offering online business loan help create an environment to support it.
The internet has levelled the playing field for small company owners globally. Online businesses don’t require the kind of upfront investments that a brick-and-mortar firm does, making them very simple to launch. However, this relative ease does not entitle you to dive in and put up a shingle.
Determine whether your new business idea is viable.
Even if it’s simpler to launch an internet business, there are still expenses. Assessing the viability of your project is the first step to take, just like with a physically located firm.
Even the best business idea can fail if there is no demand for your good or service. If the issue turns out to be one that most people don’t care enough about to spend time or money tackling, you’re wasting your money even if you have the answer to a problem many faces.
Create a business plan
When you’re confident that your business idea is workable, it’s time to draft a thorough business plan. A business plan is helpful even if you don’t intend to get finance for your venture, at least not right away because it enables you to foresee potential roadblocks and make plans for expansion and profitability.
An effective plan can assist you in further market identification, goal clarification, creating a marketing roadmap, and decision-making that could be the difference between success and failure.
Select a company name
A crucial phase of a business startup is naming your enterprise. Your chosen name must be available for registration as a business name in your state and online, as your company will operate primarily online.
This means that you must determine whether the name you seek is already taken by:
- Name of the company in your state
- Name of the domain Username on each social networking site you intend to utilize
- Consider other name variations if your preferred choice isn’t already used as a domain name or social media username. Keep in mind that several domain name extensions are available in addition to the standard “.com.” Additionally, ensure that none of the registered trademarks conflict with your name or domain name.
Pick a framework for your business
The legal and tax obligations you must comply with depend on your chosen business structure. The following structures are the ones that most small business owners select:
Single-person business. Although it lacks restricted liability, this corporate organization is the most basic.
Partnership. If you are starting a firm with a partner, this business structure can appeal to you, but your liability is uncapped, just like with a sole proprietorship.
Limited-risk enterprise (LLC). An LLC is one of the most common small business structures because it offers limited liability without the added hassle of incorporation.
Handle legal responsibilities
To guarantee that your new firm has a solid legal foundation, you must file all necessary business formation forms and other paperwork, just like with a brick-and-mortar establishment. This comprises:
- registering your company with the relevant governmental agencies
- obtaining all necessary licenses and permits
- completing all federal and state tax obligations, including requesting federal and state tax ID numbers
It’s crucial to complete your homework to ensure you meet any criteria because these standards in Singapore differ depending on the business.
Begin your new company
When you launch your website and let the world know that you are open for business, you will be metaphorically “cutting the ribbon” even though you won’t be doing so physically as you could with a physical business.
For Singapore-based ventures or those looking to acquire an online business loan, check out the available products and supported government grants available for you to get started.
