Singapore is a highly developed economy for business. Any business person with this knowledge would think twice while deciding the best business to operate. It is wise to run a trade that enables to take advantage of this economic status fully. There are many small business ideas in Singapore, that can bring you financial success.
Before we plunge into these business ideas, let’s understand the ambiance of Singapore for business.
Singapore Economic History
Singapore has been a key player in entrepot trade along with its counterparts, South Korea, Taiwan, and Hong Kong. It has the highest GDP per capita amongst the other Asian trade tigers. This country’s financial environment is one of its kind, the freest, innovative, competitive and business friendly. World Economic Forum ranked Singapore as the second best in their 2018 edition of Global Competitiveness Report.
There is more to this country. The World Bank Ease of Doing Business (WBEDB) report ranked Singapore as the best country for business for ten consecutive years. Singapore stands as the least corrupt zones recognized in the World. This nation has the eleventh biggest foreign reserves in the World. Also, It is among the highest net international investment status per capita.
Out of every six Singaporean households, at least one is a millionaire. All the above economic positions denote that Singapore is a country conducive for business. It suits both Singaporean nationalities and foreigners. It is not unwise to plan to pursue your business in this country even as a foreigner. You never know, it may be the place to make you a millionaire if you are not one already.
Here are the top successful business ideas in Singapore.
Tours and Travel
Singapore’s strategic geographical location attracts many tourists in the country. This nation is set for tourism businesses with a vast number of tourist attractions. Its modernized infrastructure only makes the state more conducive for tourism. Therefore, you can set up a company to facilitate the movement of internal and external tourists.
After company establishment and passing all legal requirements, you can start with the simplest service. You can assist individuals to travel by selling transport payment tickets and hotel lodging reservations. Later on, you can set to provide travel services, sightseeing, ticketing agent for airlines among others. This is a quite booming business with travel bookings soaring from locals and foreigners.
Cleaning offices and residences is another profitable opportunity. It is a cheap venture as there is no need for training how to clean. It also requires little infrastructure and equipment costs, and you can start from home. As busy as the Singapore nation is, you can’t lack clients to serve. Working fellows find cleaning a house tedious and time-consuming chores. So they will opt to source out those who can clean on their behalf.
However, the cleaning business is becoming quite competitive; thus, you need to seek more clients through solid marketing. There are a handful of ways to stay abreast of the competition. Decide the one which you are more comfortable with. You can promote your business using social media, offer promotions and discounts among others.
The good thing about editorial business is that you can start without initial capital commitment. Editorial services include book writing, copyediting, proofreading, copywriting and web-page content writing. Most of these services are sought after online. Research on websites that advertise such contracts and you can acquire as many clients as you want.
You only need to offer impeccable services, and you will continue earning yourself repeat and referral business. This essentially means that you must possess quality writing skills. You will not only win local clients but also internationally. The best way to up your game in this business is by opening a website and start blogging. It helps you to get a significant online presence, and you can win a lot of business.
There being many businesses both local and foreign, there is high demand for professional financial services. Such services include accounting, bookkeeping, auditing, and tax-related services. This business is suitable for you if you have financial competencies and you understand Singapore financial accounting standards.
Many Singaporeans are so tied in businesses that they can’t afford to run house chores like cleaning clothes. The number of those who require laundry service continue to increase. Therefore, you can open a Laundry Service Business and cater to the increasing service demand. Real estate developers are also considering this demand while building residential homes and flats. They are setting aside a space to host Laundromats.
There are two major laundry businesses you can set up in Singapore. They include self-operated and coin-operated laundry services. Many residents like the coin-operated ones as they tend to offer cheap services. Such businesses own coin-operated token machines which accept the use of S$2, S$5 and S$10 denominations. You need to conceive carefully which option suits you best.
The electronics industry is the largest comprising 48% of total industrial output in the manufacturing sector. Singapore is a great manufacturer of many electronic items such as smartphones, video game consoles, car navigation system among others. Thus, this industrial activity provides an excellent opportunity for businesses to sell these products.
Any size of capital is sufficient for a certain range of electronics. It is an excellent opportunity to sell to locals and tourists. Electronic gadgets are always in demand, and there is a possibility of earning good profits. You can establish a company to do exports as the electronics demand continues to expand.
Freight and Courier Services
If you want to start a transport service, you will realize that the Singapore government offer a lot of support in this sector. You may join the freight forwarding industry by venturing into logistics and parcel delivery. You may decide to operate within Singapore and provide intercity transport services or engage in free trade zone areas like airports and terminals. Also, you may involve yourself in international freights.
The Singapore economy offers the opportunity to run the above lucrative businesses. You don’t necessarily need employment to earn income. You can explore these business ideas to find your best fit and live a financially decent life.
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(By Racheal Muriithi)