Most Lucrative and Cost-Effective Small Business Ideas in Singapore

Thousands of Small Business Ideas in Singapore Await You!

Asia is a continent with a diversely rich culture, heritage, and natural wonders. It’s impressive to note that Asian nations maintain this high level of propriety while evolving economically and technologically. Singapore is certainly one of these nations. In fact, many consider this nation as an influential giant despite its geographical size. The Lion City has the world’s highest proportion of millionaires, thanks to its wide array of business opportunities. In this article, we’ll be talking about some of the most profitable small business ideas in Singapore. These suggestions would surely help you out in case you’re still wondering where to start.

So, why Singapore then? Well, there are many factors that contribute to this nation’s economic feasibility. For one, this nation does not have a minimum wage. This lowers the employees’ competitiveness and motivates them to work out of passion instead of monetary gain alone. Its urbanization is also the most rapid in Asia, which leads to even more advanced technology. No wonder why the World Economic Forum rates Singapore the most technology-ready country. Any small business ideas in Singapore would turn out to be cost-effective due to such advancement.

Singapore has strong international trading connections, as well as a global commerce, finance, and transport hub. The World Bank considers this country the easiest place to conduct business. In addition, this nation boasts the following:

  • Third largest foreign exchange center in the world
  • Third largest financial center in the world.
  • The country owns the third largest oil refining and trading center
  • Home to one of the top two busiest container ports since the 1990s
  • Forbes recognizes Singapore as Asia’s most influential city and 4th in the world

Here are some small business ideas in Singapore you can try:

 

Transportation Business

Singapore is a busy corporate hub, and transportation is the main bridge that connects all business operations. The demand for transport services is high due to its indispensability. If you already have a car and a little capital, you can easily start a transport business. One of the best small business ideas in Singapore for transport would be a taxi service that transports individuals on local roads. If you can go big, then you may start an intercity or a national transport service. Singapore is a tiny nation, so getting around wouldn’t be too complex and costly (in terms of fuel).

 

Food Business

Food is embedded in a culture, and Singapore is a melting pot of different nationalities. It had been occupied by Britain and inhabited by Malays, Chinese, Indians, and more. These influences made Singapore for what it is today. Hailed as a food paradise, the Lion City is open to various cuisines. Small business ideas in Singapore involving food will definitely hit the spot if you have the dedication and creativity.

Open-air food courts and vendor centers appeal to locals and tourists alike. For starters, you can launch a homegrown bakery or a food stall. Each food business has something different to offer, which makes competition more imminent. With the right skill and planning, you can attract the hungry crowd and win their loyalty.

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If you are more confident in your cooking skills, you may be somebody’s personal chef. Meanwhile, a catering business would be practical if you’re serving groups, events, local businesses, and organizations.

Overall, food businesses are enjoyable endeavors to pursue, especially if you love the culinary world. It also serves as a stepping stool if you are planning to build your restaurant in the future. Take note that the Singaporean government has heavy safety and sanitary regulations for home-based food businesses. Find out these rules and regulations and make sure you conform to them.

 

Electronics Manufacturing and Retailing

As stated earlier, Singapore’s technology boom is due to the nation’s speedy urbanization policies. Its electronics industry produces almost half of the country’s total industrial output, making it the largest manufacturing sector. This entails the demand for businesses that retail electronic products to consumers.

While not necessarily a small business, electronics retailing is still possible since there’s a wide range of gadgets you can sell. Start small with accessories like headphones or computer parts. You can then extend your selection of goods later, upon growing adequate capital.

 

Online Marketer, Advertiser, and Virtual Assistant

The digital marketing platform has been the norm nowadays for selling products and providing services efficiently. It’s amazing how the Internet enables us to reach the world further with just a few clicks. This is the reason why such demand for professionals and businesses offering online marketing services has always been high.

Setting up your very own website is pretty much the first step. You can do it in the comfort of your home, which is convenient. From there, you can start with a few small business ideas in Singapore relative to online marketing. There is a huge variety, from search engine optimization to website design and development. Social media marketing is becoming more relevant as well. Whatever you prefer, there are vast opportunities that await you in Singapore.

Meanwhile, you can also set up a virtual assistant company or be one yourself. It will depend on your proficient with various online tasks. Typically, these tasks are something a business owner or manager doesn’t have time to do. These include answering and sending emails, updating with customers, invoicing receipts, or paying bills.

 

Freelance Writing

One of the most common quotes related to marketing is this: Content is king. Digital marketers know this by heart, but they can’t accomplish everything due to having limited resources. Many hire individuals or companies that specialize in regularly delivering content for their website. Freelance writer jobs are great small business ideas in Singapore. You can go from blogging to ghostwriting; the demand will always be high.

As long as you’re very good with grammar and vocabulary, clients would gladly work with you long-term. Take note that the majority of these businesses use English as a common medium. There are English variations like American or British English. Essentially, versatility is key with freelance writing, from the niches you can cover to the type of English you’re utilizing.

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Janitorial and Cleaning Business

Daily cleaning and maintenance can be a pain. However, it’s basically a necessity for every business owner to ensure a tidy workplace. Opening up cleaning services for agencies, retail shops, and even residential properties is probably going to be your best bet. Services include housecleaning, office cleaning, foreclosure housecleaning, roof cleaning, and more.

What’s good about providing these services is that it requires minimal skills to get started. In other words, you don’t have to invest much in training, provided that you hire the right people for the job. In addition, you don’t have to worry about spending a lot of money on advertisements either. Satisfied clientele would just spread the word instead.

 

Hospitality Business

Singapore may be lacking beach hotspots, yet many tourists are still interested in visiting the country. Many people attribute it to its destinations, proximity (to nearby nations like Malaysia), and a rich food hub. Capitalize on this opportunity by putting up hospitality and wellness establishments. A small capital may not be enough, but this is surely a great prospective action you may consider eventually.

For instance, spa and massage services have a strong business potential. Singaporean employees would want to enjoy relaxation after hours of grueling work, for a change. Pampering them with luxurious treatments seems to be a good idea, isn’t it?

According to the Massage Establishment Act, the owner must obtain a Massage Establishment License before launching a spa or massage business. The law covers services including massage, spa baths, reflexology services, and other relaxation treatments.

 

Travel and Tourism Business

According to the 2017 Travel and Tourism Competitiveness Report, Singapore gets the 13th spot for being the most visited country, out of 136 nations. In the first few months of 2017 alone, the Singapore Tourism Board (STB) revealed a total tourist population of approximately 5.79 million visitors. China has the most number of tourists, amounting to 1.1 million individuals.

Singapore’s natural beauty, historical sites, and rich culture are very appealing to foreign visitors. Singaporean tourist providers know this all too well, that’s why they are offering affordable services for everyone to freely enjoy. You can start by offering personal tour guide services. When you’re ready, set up your own tourism website. Do this while hiring Singaporean locals who know the place like the back of their hand. This nature of business has the potential to yield revenue of more than $50,000 per year.

To acquire an operating license, you need to complete the Workforce Skills Qualifications Course for tourist guides. An agency known as Workforce Singapore provides this certification. In addition, there are other assessments you need to pass to increase your reputation as a tour guide.

 

Event Planner

No matter what the occasion, events never run out of demands. People would definitely have a reason for gathering, whether it’s a simple party, a grand wedding, or a regular corporate meeting. If you have an aptitude for materializing pertinent details, then you can start an event planning business. You can even turn these small business ideas in Singapore into a moneymaking organization. Everyone needs event planners, from individuals to organizations and corporations.

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According to a Payscale survey, event planner earns a salary range from S$10K to S$54K annually, with an average salary of S$30,952. It’s ideal for you to begin with a birthday party if you’re still relatively new. This is because the materials and equipment required to set up a birthday party are comparatively lower than other events. Once you amassed more profit, you can hold larger gatherings for better revenue.

Most Lucrative and Cost-Effective Small Business Ideas in Singapore

Recycler

Every resource in this earth has value, and this includes even waste materials. For instance, your old laptop alone could be a gold mine, like in the literal sense. You can find steel, copper, gold, and a few components you can still sell for cash. However, the problem does not lie in the overabundance of these materials. Most individuals and companies just don’t know where or how to recycle this stuff.

This is exactly how recycling small business ideas in Singapore could be a good idea. Technological and industrial waste in the nation has been growing along with its advancement, after all. Typically, you’ll only need an effective local advertising campaign and a pickup truck. These resources are enough to start removing, transporting, and reselling scrap metal, old computers, electronics, ink cartridges, and other recyclable materials. Not only you’ll be making a profit, but you’re also doing Mother Nature a favor.

Converting waste materials into eco-friendly products is another alternative, as environmental concerns are becoming more prevalent. Just be sure to keep your place clean and organized at all times. Make sure to update your inventory regularly. This is a simple yet efficient way of making good money without spending too much.

 

Child and Elderly Care Services

There is a growing need of securing the well-being of children and the elderly in every nation. Usually, people rely on professionals or settlements to get the job done, due to a busy working schedule. If you regard highly on family-oriented standards, starting a business in this industry is suitable for you. Not only it will provide you profit, but you will also win the trust of those who are in need.

There are currently more than 400 childcare centers in Singapore, a 50 percent rise from 2012 statistics. Additionally, four mega child centers are under construction this year. Meanwhile, Singapore is one of the fastest aging societies in the world. By 2030, there will have more than 900,000 people with the age bracket of 65 and above. making it one of. Singaporean law mandates the younger generation to provide the essential care and supervision for their elderly parents.

To set up these agencies, you must secure a license from the appropriate authorities. You’ll also be needing to purchase equipment, tools, amenities, and medicine. It’s important to prepare yourself with conducting a continual cycle of day-to-day tasks. These include meal preparation, housekeeping, hygiene maintenance, physical rehabilitation, and many others. Above all, patience and understanding are key characteristics you need to possess


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