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How And Why You Should Start An Online Business Now

Have you been wanting to start your own business but your intended capital would not suffice? Or maybe the thought of leaving your children at home prevents you? Well, that shipped has sailed when people from the Silicon Valley introduced the “Online Business”. Online business (OB) allow you to sell your product or service at the convenience of your own home and your own time.

Here are the other reasons why you should open your own OB now:

1. SPEND LOW COSTS ON THE START-UP

Once you settled the costs of the products or services that you are planning to sell, you can start opening an OB for S$15.48 or free! The S$15.48 only applies if you want your own website domain name. For example instead of having “myshopname.blogspot.com” you can have “myshopname.com” to appear more professional. Go Daddy sells the website’s domain name at S$15.48 for the first year.

2. WORK ON THE PROJECTS YOU LOVE

Not only do you get to explore your interests and hobbies when thinking of a business idea, you also get to work on something you are really passionate about. This will motivate you to improve your business even more.

3. GET BROADER NETWORK OF POTENTIAL CLIENTS

Since you are setting up a business in the Internet where anyone from anywhere can have an access, you gain a wider scope of clients. This will allow you to transact and ship worldwide.

Sold by the idea of an OB? Here is how you can start yours:

1. DO RESEARCH

Know what is available on the market today. See something that interests you? Incorporate that and add something unique. This will be your niche. Also, research on marketing ideas and budget plans by asking your family, colleagues, friends, or even Google.

2. DEVISE YOUR BUSINESS TYPE AND GOALS

Choose the business you would like to start by tapping into your interests, time availability, and accessible funds. Set goals not just for the business but also for your budget plans.

3. FINALIZE YOUR PRODUCTS OR SERVICES

There are a few products that you can sell at a low cost such as essence oils, Ebooks, and stationary. Given that you have sufficient knowledge of Web Designing, you can sell your services online and charge per project.

4. START OPENING YOUR STORE

If you want to set up an online store without spending a dollar, try selling your products and services on either tictail.com or carousell.com. Tictail.com, established in 2012, allows its users to run a nice online store in minutes. Carousell.com, on the otehr hand, allows its users to sell through its mobile App. Both are definitely free and easy to use! Say you are in need of new materials, you may save money by buying bargain items at these websites too.

5. PROMOTE YOUR BUSINESS

To promote your business, you will need to have visibility in various social media websites such as Instagram, Twitter, and Facebook. The good news is that it is totally free to open your accounts in these websites. Also, you can set up a newsletter or a mailing list so people can receive regular updates when promotions or new items are coming up.

Image Credits: springwools via Flickr

As you can see, it is surprisingly cheap to set up your own online business! But, keeping it may take hard work. So, it is important to find a business that follows what your heart desires. 🙂

Things To Do If You Feel Underpaid And Overworked

In 2014, a research showed that 61% of Singaporean employees felt that were underpaid and overworked compared to the existing market rates. To put that in perspective, that is about 6 out of 10 employees. As the increase of talents from all around the world rise, satisfaction of pay and loyalty to the company will be tested. Now, if you feel that you are underpaid and overworked then, here are the 3 things you shall consider doing…

1. ENHANCE YOUR WRITING SKILLS

Your potential can be assessed by how well you construct proposals, e-mails, and reports. Poor writing skills can cost more money or inadvertently offend others especially the valued clients. Proper grammar along with being direct is very important when responding to your superiors and to your clients. Brush up on your English skills by watching free tutorial videos on YouTube.

2. SPEAK UP MORE

Did you know that Narcissists (i.e., overly self-involved individuals) give out a better impression of themselves in the workplace because of their outspoken nature? They like to brag about their tasks and achievements hence, they are perceived by the bosses to be smarter and to have more initiative. But we all know that geniuses that are extremely quiet exist and are often overlooked (e.g., snob in promotions or pay raise).

To assert yourself more, try to join Public Speaking Workshops. In fact, there is an on going deal for a 3 Hour Public Speaking Workshop at GROUPON for only S$15. Grab it now, as it is valid until June 2015 only.

3. ASK FOR A RAISE

Living in Singapore with a deeply rooted Asian culture, it is usual for us to be silent and underrate our worth. Hence, it is not surprising how many people hardly negotiate pay at interview. During employment, they fail to negotiate a pay raise too. But, if you do not ask then you would not get it. You are more valuable than you think; otherwise, they would have fired you a long time ago. Realize that your bargaining strength is all in your head. You can do it! 🙂

For detailed ways to negotiate salary increase efficiently, read my other article here.

Recruiting Millenials (Gen Ys) In Singapore’s Workplace

BACKGROUND

In a detailed survey by Robert Half, more than half of the local bosses in Singapore felt that people from the Generation Y (Gen Y) are hardest to recruit because of their unrealistic expectations. Following Gen Y is the Gen X and the Baby Boomers.

With a whopping population of about 90 million individuals of Millennials all over the world, the range of the generation is still debatable. Scholars defined the beginning of Generation Y as 1977 – 1981 while its end as 2002 – 2008. Studies on Gen Y, that are mainly comparisons of the different generations, are continuing to surface.

ISSUES AND SOLUTIONS

To prevent the costly process of recruitment and training here are some issues and solutions that may help…

1. UNREALISTIC EXPECTATIONS

Issue: Going back to the study done by Robert Half, it showed that the major challenges faced to retain Gen Y employees were unrealistic expectations on career advancement and wages.

Solution: Stella Tang, director of Robert Half Singapore, imparted that it is optimal for companies to engage the Millenial employees and give them roles that challenge their strengths in order to keep them. Also, employers must draw a comprehensive promotion path. While, Gen Y employees need to pace themselves and gain more experience before expecting a promotion

2. TECHNOLOGY DEPENDENCE

Issue: Employees from Gen Y often find the “shortcuts” to achieve tasks with the help of technology.

Solution: Embrace and accept technology. There is nothing wrong with going with the new tides because some of the marketing tools online can help your company advance. While, Gen Y employees need to perform the job effectively – even by shying away from technology at times.

3. CRITICISMS AND FEEDBACKS

Issue: Some Gen Y employees complain when given criticisms and feedback about their work.

Solution: Coming from the Gen Y, I know that we are more opinionated and outspoken about our rights than the previous generations. But, it is important to realize that constructive criticisms and feedbacks improve the company – its dynamics, products, and services. On the other hand, employers must approach them differently by giving constructive criticisms and feedbacks that instill confidence and direction.

Image Credits: Robin Hutton via Flickr

Ultimately, these are just guidelines that vary on every situation. I laud Gen Y for their enthusiasm and drive! Employees in Singapore and in the world must not be judge by their generation groups. Rather, they must be judge by their work ethics, experience, abilities, and growth.

Opening A Franchise in Singapore? Know These 5 Things First

Starting a business in Singapore cannot only be expensive but also difficult. As Albert Kong, CEO and chairman of Asiawide Franchise Consultants that advised 650 franchise clients in Asia, once said: “Starting a business in Singapore is much tougher than other countries in the region especially when it comes to dealing with landlords and managing employees.”

1. SAVE LOADS OF MONEY FOR FUTURE EXPENSES

You must save for the franchise fee, renovation of the space, rent requirements, raw materials, and employee salary. Regardless of whether you are making a huge profit or not, the franchisor will request a share in your revenues.

For example, the franchise fee for a cafe is about S$50, 000 for a 3-year contract. The renovation costs may hit about S$100, 000 for only a 600 sq ft place. The rent of this 600 sq ft place costs about S$7, 000 a month. Additionally, the raw materials and employee salary for the first few months costs an extra S$100, 000. These costs heavily depend on your franchisor and landlord.

2. EMPLOYEE EXPENSES ENTAILS HIGH COSTS

Employees in Singapore are among the highest paid workers in the world. Not to mention, as an employer, you will have to contribute a given amount to the Central Provident Fund (CPF). Employees can leave you whenever they want and because of it, you will have to spend more resources to hire and train again. To avoid this, layout a 1-month waiver for employees that want to resign.

3. FAMOUS BRANDS ARE THE SAFEST

A household name such as 7-Eleven is your safest bet if you are franchising for the first time. First, the landlord will be more lenient to you as they know the “required look” of the establishment. Second, consumers tend to buy brands that they are most familiar with. In Singapore, the famous F&B franchises are Subway and Ya Kun Kaya Toast.

4. FOLLOW YOUR PASSION

Follow your passion so you do not feel the stress of costs too much especially during the first few months. If you are motivated by your happiness then, you are more likely to succeed in what you do. Furthermore, you may consider franchising a unique business with a popular brand to avoid the competition.

5. BUILD GOOD BUSINESS RELATIONSHIPS

It pays to have a good business relationship that is open and honest with the suppliers and the landlord so that if disagreement and troubles arise, you can settle it out in a friendly manner.

Image Credits: 드림포유
via Flickr

Sources: Business Insider Singapore

6 Tips That Every Intern Should Know To Succeed

More and more business establishments are willing to hire interns especially because of their youthful digital-savvy nature. If you are preparing for an internship, you want to be as irreplaceable and knowledgeable as possible. Once you get in, you seek respect from your co-workers and employers. Here are some good tips to help your succeed as an intern…

PREPARATION

1. RESEARCH ABOUT THE INDUSTRY

Applying for an internship for advertising? Read Advertising Week or to Google the Heineken commercials as these companies are innovative and creative. Aside that, you must be knowledgeable about the existing advertising agencies in the country. Here are the Top 10 Advertising Agencies in Singapore, research further on what brought their success.

While if you are a planning to intern in finance then, read the Wall Street Journal. Again, here are the Top 10 Finance Companies in Singapore. Focus on the overall industry and a specific topic too. Be the wittiest person in the room on that certain topic.

2. EMBRACE TECHNOLOGY

Most interns are from the younger generation; hence, some employers expect that technology is second nature to you. If not, there is still time to change. You need to understand how social media works or if it is relevant to your industry, study SEO (Search Engine Optimization) tools. Observe what the public wants through media data and recognize the form of medium that is of value to you.

3. SAY THANKS

Always send a gratitude email to the person who assisted you or your interviewer. If you want to take the extra mile then write “Thank You” notes that you can pass onto these people. And when your internship comes to a close end, thank everyone for their help and include what you had learned from them.

DURING

4. ALWAYS SAY YES

Say “YES” to work tasks given to you (although some may be tedious) as they are part of your learning experience. Have tricks up your sleeve by learning how to make a good cup of coffee or tea by searching for it in YouTube or by mastering simple things. Occasionally, ask your boss if he/she needs any help from you. Do your best and do your work quickly. Someday, it will all be worth it.

5. IF YOU ARE NOT SURE, ASK

Ask honest questions rather than making assumptions. It is better to ask your boss or superior on how issues are managed. Everybody makes mistakes; the good news is that everything is fixable. If you were respectful enough, people would want to help you and see you improve. But, make sure that you never make that mistake again.

6. BLEND IN TO YOUR ENVIRONMENT

Adapt to the company’s ideal work clothing. If you are in a corporate environment then, it is better to wear long skirts or slacks. While, if you work inn a boutique where you stand and look for product stocks then, it is better to wear flats.

Image Credits: Juhan Sonin via Flickr

There is no right or wrong way to dress for an internship except if the company provides the uniforms. Nonetheless, the best thing for you to do is to wear conservative or non-revealing clothes in the first few days then adjust from there – depending on how your co-workers dresses.

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