Are you considering having an online business? Do you want to have a business that is profitable? Do you want a business run at home?
A lot of people today consider having an online business. One reason is you do not need to have a huge investment compared to a traditional business. It is simple and if you get it right, you will have big returns.
What is an Online Business?
Online business is a kind of business that operates through the internet. It is very popular now that consumer behavior changes throughout the time.
We entered the time where people don’t have enough time to shop. Thanks to the internet, we now have online shopping platforms. There are also online courses available to take even if you are away from your coaches.
The best countries to do Online Business
This is an overview of the online business industry in Singapore. It is a fast-growing industry in this country. Many entrepreneurs started their business on the internet rather than having a “brick and mortar” shops.
Start your Online Business in Singapore
- Find your niche. Specialty items are what stand out in Singapore.
- Flexible payment methods. Aside from Paypal and credit card payment, Singapore has internet bank transfer. It is one of the most convenient ways of paying online.
- Secured online transactions. If you have TrustSg mark on your website, it will help your website wins customer’s confidence. If you have this mark it means that you are a trustworthy online business owner.
Thinking of Canada to start an online business? You must follow all their provincial regulations before conducting your business there.
In Canada, they have different regulations from having an eCommerce site to online sales and advertising.
Like a traditional business, as an online business owner you should do the following:
- Extra-provincial registration. Register your business in the province you are operating and to the location of your clients.
- Incorporation. Go to a professional who can explain the benefits you will get if you incorporate your online business.
- Consumer Protection Acts. Each city and areas in Canada has different laws when it comes to consumer protection. If you will conduct business outside your location make sure to know the law in that area.
- Terms and conditions for online sales. As an online business owner, one must have a detailed terms and conditions policy. You must have your customer accept the terms and conditions to be sure that they understand it.
- Taxes. Double check your platform if they have the correct amount of tax especially if you are selling out of your province.
- Anti-spam laws. For your marketing efforts, be aware of what you can and cannot do.
In India you do not need a great idea for a business, you need a smart idea. There are many innovative individuals in this country that is taking their ideas to reality. Most of them do these to start their online business:
Give your business a name that will make customer identifies with your brand.
- Business Structure
Choose from this three structure:
- Sole Proprietorship
- Business License
Apply for a business license and permit. Although not mandatory, it is recommendable to have a Business License even if you are selling goods or services online.
- Payment Option
In India, an online business owner must have a current account. They will use it for making and receiving payments for their business.
Why choose Portugal to start an internet business? Their government realized that active small business owners are what creates growth and jobs.
In the recent Economia Digital 2017 study, they found out that only 39% of businesses in Portugal has an online presence. This is a great opportunity for online business owners to extend their presence in this country.
- Business Registration
You can do this through personal appearance or you can access the registration online. The difference is if you register personally you can finish in 1 to 2 hours while online registration will take 1-2 days.
- Get a BIN(Bank Identification Number)
Open a bank account and you will get your own BIN.
- Seek professional advice from a Portuguese administrator
Get a broker who is familiar with Portugal’s administrative procedure. Getting a professional will help you with your taxes and bureaucratic process.
If you are looking to expand your online business, France is worth checking out. According to Fevad, the eCommerce market in France will exceed 80 billion Euro by 2017. Here are things to consider if you will sell products or services online in France:
- France is not an English language country. French is their primary language. Make sure that you have a website that can be well translated into French. If you don’t, your success in this country is very slim
- Payment Option. Debit and credit cards are still the preferred payment option when doing their online shopping.
- Tax. Before invoicing, assess all CIT, VAT and other tax that will impact the process.
Each of these five countries has its own rules and regulations. If you are going to start doing business with any of them, make sure to be aware of what to do and what not to do.
What sells online in these 5 countries?
Common items that sell online are the following:
- Hardware and software for computers and laptops
- Gadgets and Devices
- Books, toys, and games
- Health and beauty products
- Clothing and fashion accessories.
- Educational Products. Purchasing of educational products have risen since there is a high percentage of parents homeschooling their children.
- Sporting Goods. Clothing such as jerseys, and workout apparels. Sports equipment for indoor and outdoor games.
- Pet Care Products. In Canada, at least one-third of the household has one pet may it be a dog or cat.
- Food Subscription Boxes. These stores provide convenience for clients to have a taste of healthy and satisfying food.
- Information Products: eBooks, newspapers, and online courses.
- Custom made items. Hand carved goods, handcrafted products or vintage merchandise these are some of the things you can sell online.
- Online Subscription. Monthly subscriptions for magazines, and newspapers. E-books, software as service, music, videos, online certification courses, training lectures, online memberships.
- Food, Health & Beauty Supplements. Diet and nutrition are on trend nowadays. People search for weight loss products and detox items.
- Clothing. Garments and Apparel
- Jewelry. Fashion jewelry, accessories, and ornaments for ladies.
- Beauty Health and Fitness
- Gaming Stuff
- Computer Accessories
- Media and Entertainment. Subscriptions for Spotify, downloads, and streaming of movies and TV series.
- Electronics. Photo, Video, TV, Computer and Music Equipment
- Clothing. Shoes and Apparel
- Toys. Indoor and outdoor toys
- Sports and Recreation. Sports apparel, accessories, and articles for outdoor camping
- Food. Packaged goods, fresh produce, and beverages
- Travels. Packaged and private bookings
- Insurance. Life and Non-life
- Services. Online subscriptions
How to sell in these Countries?
There are a lot of marketplaces you can explore. There are Amazon, and eBay to start with. These five countries also have preferences.
- The mobile-first C2C marketplace. It is Singapore’s version of eBay.
- Customers can contact you on this platform by email and phone.
- A B2C marketplace.
- Online retailer of computer hardware and electronics.
Best Buy Canada
- Canada’s largest online retailer
- Canadian version of the famous eBay
- India’s version of the famous eBay
- Biggest B2C e-commerce site
- The third most popular marketplace in France
- France’s online department store
- Number one online department store and 6th leading fashion site
Why sell in these Countries?
Singapore, Canada, Portugal, India, and France are among the countries with the least online fraud. There are countries that are prone to online fraud because of the level of online security. These five countries earned the trust of consumers because of their ability to access illegal credit card usage in a faster manner.
India and Singapore may have limited resources but it is stable and located in Southeast Asia. They have the highest frequency of Internet access in the region. These two developing countries are suitable for those who are seeking new online opportunities.
In Canada, one of the challenges you will face is what niche to choose. Within this region, there is minimal competition compared to big companies from the US. You have to select what is in demand and execute in a smart way.
There is an increase by over 12 percent this year, for Portugal’s eCommerce market. In every three Portuguese, two shopped online. This data goes to show that online business in Portugal is worth venturing to.
French continue to spend money online each year. This behavior creates a potential for growth in your online business. It is a great starter for your cross-border online journey in France.
Have a conscious effort to know the requirements that you need before you sell your products or services online. It will help you lessen the risk of disagreements, legal responsibility, and cancellations that can happen with online transactions across the country.