How to set up an ECommerce Online Store in Singapore

How to set up an ECommerce Online Store in Singapore

How to set up an ECommerce Online Store in Singapore – Ecommerce is touted as the new age business model for all things retail. Whether you are someone who hides at home and don’t shop or prefers to go to retail shops, definitely you will be exposed to some kind of Ecommerce in your life.

Many businesses in Singapore have embraced E commerce as the new engine of growth over the past few years and there are also those that lagged behind. Those that do not make the change have been eliminated from this competitive market. E commerce is a very interesting and new landscape for most business owners. Gone are the days when you need to spend tons of money on rental and import tons of goods and have a warehouse to house them before you can start a business. Some businesses do not even hold stock in Singapore, they will resell products and get someone else to send out the products instead.

ECommerce is a leveler for most businesses because anyone and everyone can start something small and take off from there. You could source products from around the world through your internet connection and make a business out of it.

How to set up an ECommerce Online Store in Singapore

So what makes E commerce so different from the rest and how can you start one that is profitable and know what are some of the things to look out for, let us help you out with that:

1. Decide what products and where to source them from

Deciding the winning product is the toughest thing. Do you personally have a liking for the item that you sell. People always say, sell something that you love and you won’t feel like you are working. Find something you have passion for and love to work on and spend time on it and deliver it to your customers with the kind of passion that you will expect from someone that is selling that item to you.

Sourcing is also a big issue. Made in China is one of the best places to get items from but quality might be an issue. You might source from Europe or the Americas but the shipping might cost you more. Also will you be selling in Singapore only or around the world. This are the few thoughts you should place before you decide whether or not to source from somewhere.

 

2. Incorporate a company to look more proper

Incorporating a company is important to most businesses. You might not know who you deal with. A failure to deliver or your product getting someone injured might mean a lawsuit coming your way.

Having an incorporated company between you and the customer is the best way to protect you against any form of legal attacks and this will ensure that you are able to do this business long term.

You can also assure customers that the warranty or guarantee you give them is legit because you can be found by the customer if need be and not just an unknown setting up shop to make money off people.

 

3. Learn and practice your marketing skills, especially digital marketing

Most businesses think that setting up and having a product is everything. What most founders lack is their marketing skills. If you are able to market to your customers and get the product in front of them, you stand a chance to sell. With no sale, comes no revenue and therefore no business to speak of.

Marketing is a whole new ball game nowadays, with so many products being pushed infront of people who are over marketed to. There has to be a different way in doing business to attract customers and to make them trust your platform and spend money.

Digital marketing involves working it out with Facebook, Google or Twitter to bring things out to your customers. Customers take a look, they buy and you make money. The cycle continues.

Marketing takes lots of practice to perfect and not just having the right ads, you need right photos. All this takes time and money and getting the right mix out.

 

4. Smooth out your supply chain

Where do you get your supplies from? What is the best way to get the restock faster? If you are able to get the restock faster and save on the importing and shipping cost, you will be able to maximize your margins. This is how you make money out of the tightest places. Supply chain makes or breaks businesses that rely on tight margins to survive. Every little bit counts and when you are able to provide the supply chain that helps you to go strong, you win.

A well managed supply chain also allow you to hold lesser products and save on rental cost as well which can be quite a sum for a business that is starting up.

 

5. Collaborate with influencers and other brands

Influencers are a great way to push out your eCommerce products in this time and age. There are many influencers who are specialized in different spaces. You might be in gaming, find that gamer influencers. You might be in fashion, find that beautiful fashionable girl who is able to deliver to the masses.

Influencers might come at a cost for some, whereas some are happy to try out new products.

Find those that fit in the best to your product and get them to advertise for you.

Work with brands that are complimentary to yours and you might be able to ride on their branding or marketing efforts. It better to have friends on the battle field than to go alone.

 

KCA works closely with brands and businesses to deliver high quality business advise and services for SMEs and startups.

Our accounting services through Xero is one of the best rated and lowest in fees. Find out more from us today!

 

 

How to set up an ECommerce Online Store in Singapore

Why you should consider cloud bookkeeping over traditional bookkeeping

Why you should consider cloud bookkeeping over traditional bookkeeping – Traditional bookkeeping went from having just the pen and paper to the computerised excel spreadsheet and then the  desktop based accounting software entry. Accounting has changed and moved up the productivity range by quite a bit since the good old days. Gone are the days when you have to spend days just to do up the bookkeeping work for a business that is running well.

You can complete most bookkeeping and accounting work within the day and if you are proficient, in an even shorter time than that. Over the years there are new innovations that continuously help this industry to improve and at the same time help to allow the accounting industry to save on cost by being more productive. We will explore this changes and also look into the advent of cloud accounting and cloud bookkeeping software that are able to improve the productivity of accountants even more than what it already is.

Why you should consider cloud bookkeeping over traditional bookkeeping

So why you should consider cloud bookkeeping over traditional bookkeeping:

Reason 1: Cloud Accounting allows your customer to partake in the bookkeeping process

Most business owners have accounting software or they will use excel or words to issue their invoices. This is something that can be done through cloud accounting software like XERO accounting. Cloud accounting software allows your customer to look into doing up their invoicing from the software that you are also using to do your bookkeeping and accounting work.

You customer will also be able to save time and increase their productivity when they need to issue new invoices through this system. This is something that most business owners will really love. When you are running around trying to close deals, the most convenient way is to be able to issue quotations and invoices on the move.

The fact that you are able to issue quotes from your mobile devices is one of the main advantages why you should consider using cloud accounting software. You are able to email the quote straight to your customer while your are chatting with them. And when they confirm the quote, immediately use your mobile application to issue the invoices, this saves you time and effort and your customers will be impressed with your efficiency.

Reason 2: Cloud Accounting allows access into accounting data wherever you are

In the past, when you need to find out how much you made for that month or how much you spent for that month, you will need to wait until the end of the month after the accounts are done and then you will need to wait for the reports to be generated for you and then sent to you. This takes up too much time because for a business owner, the most important thing is when they have information that is able to help you make decisions to help you improve your business.

Decisions that are made early in the business can help you to grow faster than your competitors and win in the long run.

You will also be able to access your bank data early on so that you can check on how much there is in your bank through this application as well.

This not only helps with bank reconciliation but also how your money is moving in and out of your business.

You can also view your information across platforms such as your phone, your laptop, your desktop and your tablets.

 

Reason 3: Cloud Accounting allows you to operate even when there are updates on the software

The problem with my desktop based software is that there are down times that you have to factor in. You have to download patches as they come which takes a lot of time and when you are installing the patches, you are not able to work on the accounting of the company.

Businesses do not have such luxury of time and if the team is a 4 man team, 4 man time is wasted while the system is updated.

This is something that most business will have to face if they are using software that require updating on a regular basis. If there are security breaches, its even more important that you get them updated immediately.

Down time is unavoidable in this case and this is something that many have to consider with the traditional accounting methods.

 

Reason 4: Cloud Accounting allows you to be at the forefront of technological changes

As the updates are updated in the dead of night when most users are not using it, you do not need to worry about down time. You will also be able to use new features as they are updated to your system. The good thing about cloud based system is that you get changes as they are being improved for your use.

Cloud Accounting allows you to try out new functions that the company wishes for your to try. For example, Xero has recently added the function of receipt scanning for users who wish to try them out. This allows you to save time and also effort in getting your receipt data into the system. At the same time you are able to compute and finish up the bookkeeping work at a faster pace than usual.

You also get pushed new data which may become useful for you as your business grows. You might not find a use for it right now but eventually you might. So why not have that option open for you.

With new technology comes extra advantage over your competitors, with that you will be able to ensure you can win easier than the rest of them.

Reason 5: Cloud Accounting is cheaper to start off with

Accounting Software that are desktop based can cost a lot to start off with. With most system costing in the thousands, you might not have that kind of funds to use them in the first place.

Most businesses start off with very little financial support and this is something that is limited. You will be better off spending money on other more useful products and services than on an accounting software.

Cloud Accounting software has a benefit where it is subscription basis and they cost you just $30 usd a month to run and operate on. If you require less features it can even cost you even lesser.

You will also get to try out new functions along the way. This leaves you with more funds for other uses and you will not have to get a headache from trying to find out how to find funds to just buy an accounting software.

 


Starting a business is not easy, there are many issues that you have to work on and iron out before you are able to get into profitability. There are also decisions that are tough but necessary and if it involved cutting cost you will have to do it.

We are glad you spent time to read out article on “Why you should consider cloud bookkeeping over traditional bookkeeping”.

Decisions are made in the best way possible when you have information to back those decisions.

K Cloud Accounting is focused in assisting Startups and SMEs in this journey through our dedicated Xero Cloud Accounting services for Singapore.

K Cloud Accounting is also able to assist in Taxation, Incorporation, Corporate Secretarial and Payroll Services.

Visit our site now: http://kca.sg/

 

Why you should consider cloud bookkeeping over traditional bookkeeping

5 reasons to headquarter in Singapore to reach out to South East Asia

5 reasons to headquarter in Singapore to reach out to South East Asia

5 reasons to headquarter in Singapore to reach out to South East Asia – Singapore is a great place to grow up and live in. Singapore has one of the highest education literacy rates, lowest crime rates and also one of the best place to make money.

Being the central position of the whole South East Asia region, Singapore sits on a very unique position not just for the region but for the world. Being one of the turning points for the main sea trade routes, Singapore has grown over the year into one of the major financial headquarters of the world. Singapore has taken advantage of this and turn the nation into a strong finance hub for people who are trading in the region but also at the same time for players in the region.

5 reasons to headquarter in Singapore to reach out to South East Asia

So we shall now explore what are the 5 reasons to headquarter in Singapore to reach out to South East Asia:

Reason 1: Singapore is one of the top financial hubs in the world

Singapore is one of the top financial hubs after that of New York, London and Hong Kong. Being one of the core nations in South East Asia, most of the funds of the area are parked in Singapore. Business owners take advantage of the closeness of all the financial services in Singapore to manage their funds for their personal investments and corporate investments.

Having the status of a financial hub also means that you can get your currency exchanged done quite easy and with good rates in Singapore because most of the funds are in Singapore. Singapore is also able to handle your financial work close to 24/7 with a strong and never sleeping financial sector that is in place for the wealthy and powerful to grow their money at a constant rate.

 

Reason 2: Singapore has a strong rule of law and court system

Rule of law is what is lacking in the region. There is still rampant corruption in most countries in the region and this is something that many business owners are worried about. It is well known that contracts for transactions in other countries are signed in Singapore. Since both companies can set up base in Singapore, they can sign their contracts in Singapore for execution in the home country. In such situation, if one of the members decide to go against their word, the victim company can use the laws of Singapore to take the other party to court and recover some losses.

Being a country that places a lot of focus on the execution of the law and strictly going by the book, business owners can be assured that they will also face a fair trial if they have to appear in court.

This fair system allows both parties to have a better chance as compared to money politics and money law that can be in place in other countries in the region.

 

Reason 3: Singapore has a very well educated employee pool

Head quartering a company means you need to have strong executive and also administrative team in that country. Singapore has the best educated pool of employees in the world. Being ranked one of the top for education, Singapore is able to handle the needs of most demanding companies that might need someone who is good in accounting, economics or finance to manage their businesses remotely.

Hiring is also easy for most companies, you will be able to find a local who will be happy to travel around the region for work. You will also be able to bring in employees from the region to work full time here, after you have fulfilled quota requirements.

 

Reasons 4: Singapore has a strong and stable currency 

Currency can mean profits or loss depending on which side you are. This is also one of the worst fears of the businessman in the region. There are economies where the fluctuation of the currency can be 10% , you will be safe to have your hands on the Singapore dollar. One of the most stable in the world and controlled closely by the MAS, the Singapore dollar is a great way to hedge against losses in currency exchanges.

Singapore needs to maintain a strong currency structure because it is highly dependent on trade and this is something that you can be assured to not change for a long time. You would also be safe to hold your cash in Singapore for your savings and investment as Singapore is also one of the best countries in terms of security. 

 

Reason 5: Singapore is position right in the middle, traveling in the region is mostly within 2 to 4 hours 

Travel can be a big headache if you are on the far end of the area.

Singapore is right smack in the middle and Singapore Changi Airport is also one of the biggest aviation hubs of the world. You can get to most parts of the South East Asian region within 2 to 4 hours and most business owners fly to have their meetings and return within the day which makes business doing in the region very easy and smooth. Coordination with them over time zones is also easier because since you are in the middle, you are not distracted too much by the extremes of time zones.

Singapore is also aligned to the time zones of Hong Kong and Shanghai which makes doing business with this major business hubs easier since you can make phone calls and having meetings with them easily. 


 

K Cloud Accounting is a Singapore based management services company. We closely assist local and regional entrepreneurs to manage their government submissions and requirements. We also work closely to help our customers maximize their profits in this challenging business environment.

K Cloud Accounting provides payroll services, accounting services, taxation services, corporate secretarial services and audit services for our clients ranging from Startups to mid size SMEs.

K Cloud Accounting looks forward to assist you with your Singapore Company Incorporation Services or you can visit: http://kca.sg/

5 reasons to headquarter in Singapore to reach out to South East Asia