Make Sure That You Are Aware of the Industries That Are in High Demand When You Venture Into Any Business in Singapore
If you are interested to invest in Singapore, it is important that you know which investment opportunities are available for you. As someone who wants to have a good ROI, investing in Singapore is hard to resist because of its stable and advanced economy that is ideal for business growth. In addition, you should have a business that will be successful in the economy of Singapore. There are 10 most profitable businesses in Singapore this 2019 that you should know about.
Singapore only has 0.87% of arable land, and it is used for agricultural purposes only. Despite that, Singapore has a huge demand for food and agricultural products than what it can produce. It would be good to check the possibility of venturing in this industry because you do not have a lot of competitors. Venturing in farming is a very novel way to invest in Singapore, with challenges in innovating and investing in the needed production technology.
Biotechnology is an industry that is rapidly developing in Singapore and it has been attracting foreign attention lately. Their government is promoting this sector a lot because it will be good for investors. Regardless if it is spending on infrastructure development, technology, R&D facilities, or other aspects. The government invests a lot of money on it.
The government of Singapore is very active in fund research, infrastructure, and biotechnology development. Recruiting top scientists is also supported by the government, and with that in mind, there are a lot of opportunities available to anyone who wants to invest in biotechnology. Big capital and solid knowledge are the main factors that can make it easy for you to break into the industry.
Singapore is a major telecom hub whether they are mobile phone connections or internet services, there is an entire market that is not untapped by current telecommunication companies.
Even if private players are prominent, the government owns their radio and television stations. Singapore Press Holdings and MediaCorp dominate the print media. You should think about investing in this sector how because there is a market to tap.
Freight and Courier Services
If you are planning to start a transport service, you are going to realize that the government of Singapore offers stable support for this. You might want to have operations within Singapore and give intercity transport services or enter the free trade zone areas such as airports and terminals. You might also want to get involved in international freights.
This is a new industry in Singapore and it offers scope to businessmen because there are only a few institutes in Southeast Asia that are of good quality.
Singaporean institutes have good quality education but they also high demand courses. This is becoming a preferred destination especially for Southeast Asian students that are looking for higher studies without having to go far.
You can consider setting up a business in a sector that provides accredited courses in tourism, travel, hospitality, business administration, fashion designing science and research, business administration, and more.
Travel and Tourism
The advice of experts against setting up travel agencies, like online hotels and transport booking makes them almost obsolete. However, organizations travel activity is thriving by giving users experiences such as tours and activities. With an exclusive deal and customized options for travel, SMEs have consistently won accolades since it began.
Startups should begin to check big players for lessons on how to succeed in the industry. For instance, 22 countries use the same travel booking platform, and its options extend beyond accommodation and flight, which makes them ideal for customers.
Transport is a necessity that everyone needs and that is the reason why there is always a demand for this kind of business. As someone who wants to invest in Singapore, you can consider a transport business, and this hinges on your capital. If you are earning little capital, a taxi service would be ideal. if there is a bigger capital, you can have an intercity or interstate service.
In comparison to the high rental costs in Singapore, putting up an online shop does not require huge capital, and that is a good platform for a start-up business. You can spend minimal investment of about $3000 and from there you can build it up into a profitable online store.
E-commerce businesses that sell through online websites account for about 38% of the overall commerce purchases. The line of products that e-retailers offer includes apparel, beauty products, fashion accessories, computer hardware, software, and consumer electronics.
Purchasing products from online attract online buyers for a lot of reasons. Online stores are convenient, has flexible payment methods, and online transactions are secure. To improve your store, selling a speciality niche item that is different from others.
The majority of Singaporeans do not have the time to handle their own laundry. That is why they prefer to have someone do this for them. In case you are thinking of a small-scale business, this is a great option. You only need a washing machine and other equipment like dryers, pressing irons, and more.
The electronics industry is about 48% of Singapore’s industrial output in the manufacturing industry. Singapore is a manufacturer of electronic items like smartphones, car navigation, video game consoles, and more. Therefore, this industry provides a great opportunity for businesses that sell electronics.
Any amount of capital is enough for starting an electronics business in Singapore. It is a great way to attract locals and tourists because electronics always have high demand, and you can earn good profits from selling them.
These are 10 of the most profitable businesses in Singapore this 2019 and you will not go wrong if you decide to venture into one of them.