Singapore has experienced a good deal of economic growth in recent years. Due in part to factors such as increased use of technology and healthy levels of foreign investment, younger generations are presented with more opportunities than ever before. One promising industry involves online business. There are currently more than 219,000 small- to medium-sized enterprises throughout the country and a sizeable portion of this number use the Internet to their advantage1. So, is starting an online enterprise the right career choice? Let’s take a look at some significant advantages as well as a handful of hurdles that will need to be overcome along the way.
The Advantages of Starting a Business Online
You are likely already aware that an online enterprise represents a very flexible employment option. Those who create an e-commerce website can often dictate their hours as well as the types of products that they wish to sell. This is an excellent choice if you are looking for a part-time source of income or if you are a full-time parent. However, we are only beginning to scratch the surface.
Online businesses are no longer restricted by traditional boundaries and geographic borders. You can just as easily market your services to the United Kingdom as to Singapore or Asia. The only limitations are those which you set for yourself. As a result, you might be able to generate a significant amount of income within a relatively short period. This observation has attracted a younger Singaporean generation defined by motivation and a desire to succeed.
Some Obstacles to Take Into Account
To be fair, you will face some challenges if you choose to start an online business. The first (and most common) hurdle that needs to be overcome is knowing how to establish and design a website. Assuming that you do not have any previous technical experience, this could be a bit confusing. The good news is that new e-commerce portals such as shopify.com.sg will provide you with some intuitive tools and utilities from the very beginning. Whether you hope to market smartphone applications or you are instead the owner of a small clothing shop, Shopify provides you with the insight and clarity that are required for success.
While such packages are essential if you hope to transform your dream into a reality, you also have to be very honest in regards to what you are trying to achieve. The main takeaway point here is that you need to construct a sound business plan if you hope to avoid future issues. On a final note, never forget that Rome was not built in a single day. Success within the online business community will take time and effort; regardless of what the so-called “experts” may claim.
Singaporean youth can leverage a wealth of opportunities, and a growing number are looking into the online business community.