Nowadays, a lot of us dream to escape our 9-5 job and start our own venture. However, certain issues are preventing many from getting started, such as lack of capacity, startup fund, networking, the presence of high risk, etc. Singapore has been regarded as the best place for doing business for 10 consecutive years by the World Bank’s Ease of Doing Business Report. Once a British colonial trading post, today Singapore boasts of a market economy that is highly developed, trade-oriented and business-friendly. It has also been ranked as the most open and least corrupt global financial hub, attracting all types of investors locally and internationally.
But before you decide to start a business in Singapore it is important to undertake proper research first because nothing kills a business faster than planning and executing decisions based on assumptions or hearsay, rather than verifiable data and facts. Considering the abundant amount of business opportunities in Singapore for an individual, it is not difficult to follow your passion and make it your business.
Here, we list down such small businesses ideas in Singapore which will have greater potential in the near future.
1. Freight and Courier Services
Due to Singapore’s strategic geographic location lot of international freight companies are naturally drawn to Singapore. The country’s efforts to modernize its infrastructure resulted in a smooth, easy, and fast link from airport harbor to different roads and motorways across the city.
2. Cleaning Service
Everyone knows how to clean as it requires minimal skill to get started. Many individuals get busier with time due to which cleaning their home can be a burden and this can be your chance to kick-start the cleaning service in Singapore. And one of the biggest benefits of providing cleaning services is you don’t have to spend a lot of money on advertisements because your business will probably gain awareness through word-of-mouth.
Even though Singapore has a very limited arable land, the country has relied heavily on agro-technology for agricultural production and consumption. You are very much likely to make huge profits from agriculture in Singapore provided you are ready to bear the costs of technology required for boosting the production.
4. Freelance Writing
Currently, blogging is the most preferred business by most of the individuals as a way of making money online. Blogging as a business thrives when quality content is published consistently. So, if you are very good with words and are a stickler for perfect grammar, you can make lots of money working as a ghostwriter for bloggers as well as handling other writing assignments.
Most of the people in Singapore are too busy to handle their laundry themselves and they would rather pay and get it done. You’d need enough capital to buy a washing machine and other secondary pieces of equipments such as pressing irons, dryers, and so on. If you are interested in starting a low-budget business in Switzerland, laundry business is the way to go.
6. Financial Services
There are many businesses, indigenous and foreign in Singapore. And there is a high demand for individuals that offer professional financial services such as accounting and bookkeeping, auditing, etc. If you think your financial knowledge is top-notch and are well versed with the financial policies of Singapore, starting a Financial Services is an ideal option.
The electronics industry is the largest in Singapore’s manufacturing sector accounting for 48% of the total industrial output. This provides a huge opportunity for businesses that sell electronic products to consumers. With a little capital, you can focus on a narrow range of electronics, but this could be wider depending on your capital.
There is no doubt about the fact that Singapore has something to offer for everyone and can yield some amazing experience for tourists when it comes to their European delight, globally renowned tourist spot, clean and secure environment and entertainment options. If you want to be a part of this healthy environment which is especially good for sustaining a start-up business, then Singapore is your one-stop destination. Contact us today if you are looking for setting up a business in Singapore.