Top 10 Most Profitable Businesses in Singapore: Best Business Ideas Singapore 2020
If you want to become an entrepreneur, it’s an important step to come up with a clever business idea. The potential of success depends on the unlimited demand backed by a feasible business plan. Yet, it’s hard to find inspiration sometimes, especially if you know that being a startup requires a lot of time, energy, and capital. All you need is a spark from experienced individuals.
We’ve compiled a list of the top 10 most profitable businesses in Singapore this 2020, and these types could grow up quickly considering the contribution of the new normal. Remember that a successful business comes with the right strategy, hard work, and resourcefulness. In that way, you could foresee an abundance of progress and earnings.
Amid Pandemics: Emerging Business Sectors & Creative Solutions
Government and private institutions imposed safety measures to grapple with the spread of the COVID-19 pandemic. However, this has limited the progress and development of the global market. The disruptions even reshaped consumer habits and waved the needs of society. And as a response, the commerce improvised tactics to indulge with the participating change.
Despite being a country home of successful businesses and investments, Singapore is not exempted from the economic triggers. The fear of contracting the virus has restricted close contact, eventually scarring firms deeper than other industries. People have turned themselves to the utilization of technology. And this means that the demand for specific services has accelerated, allowing them to flourish in the continuing years. Here are the following.
1. Education (Tutoring)
Singaporeans hold a strong value to educational excellence and achievement, and this national focus has resulted in global acknowledgment. Pandemics and restrictions won’t halt this commitment in continuing to unleash the competence of every student. That is why residents have demanded private tutors and competitive schooling.
Providing additional schooling support is necessary for the community to ensure the best of students. Parents have been tracking newfound resources, especially during times of limited contact and new modes of learning. Tutors are needed to build up an individual’s academic excellence, providing the best learning strategies to motivate them.
Consumers nowadays prefer digital platforms as their primary purchasing tool, allowing local startups to thrive in the competitive market. According to Fintechnews Singapore, the country’s e-commerce in 2025 will be worth S$7.5 billion. The continuing rise of online users has contributed to the projected growth.
Convenience and smooth transactions bring the best of shopping experiences. And it would be possible with the help of e-commerce websites and home deliveries. Online businesses have set a place in the market, upgrading the trading exchange.
3. Information Technology (IT) Support
Since the community shifted to modern applications and advanced technologies, the demand for technical support increases. Effective and reliable technical services allow a wide range of functions and services to become productive, may it be at home or other activities. IT support and solution providers are needed now more than ever.
There are different levels of a support structure, and each system resolves problems depending on the level of complexity. This includes upgrading digital platforms, automated processes, home setup and maintenance, and other software operations.
4. Medical Technologies (MedTech)
MedTech products and services are extensive, ranging from formulations of medicine, clinical trials to hospital machinery and equipment. And the consumption and access for so have expanded since the spread of the virus. People are warier of emerging risk, and consuming such products supports them to treat or further prevent health conditions.
Anyone feeling unwell could be checked and treated by healthcare professionals with diagnostics and pharmaceutical devices. The community has always hoped for convenient and faster access to healthcare. And the progression of medical technology serves the idea in every way possible.
5. Advanced Manufacturing
Utilizing innovative technologies allow manufacturing businesses to produce and supply products in a faster and more convenient approach. Advanced manufacturing saves a significant amount of resources while providing several Small-Medium Enterprises (SMEs) a modern and detailed supply.
More importantly, it has become a tool to produce and customize the consumers’ preferences. People would prefer flexible and advanced delivery performance compared to its traditional counterparts and old systems.
6. Real Estate (Real Estate Agencies)
Although it’s not mandatory to hire a real estate agent in Singapore when doing property transactions, residents choose to purchase their services for a legal and seamless process. The country is renowned for successful investments and establishments, and it is achieved with the assistance of real estate agencies. Giving accurate advice with the best of knowledge allows them to align the expectations with results.
Thousands of deals and transactions unveil the value of property agents. People only want the best of agreements, and no other than incentive workers get the better price using their knowledge and expertise.
7. Business Consulting Services
The new normal readjusted the industrial process, resulting in most businesses and startups coping with a new standard. The pre-pandemic strategies struggle with unforeseen challenges and misalignments. Business owners need consultations and pieces of advice from experts.
Providing business consultation services would support organizations to boost their performance while identifying the real concerns. Objective criticisms offer a fresh and relevant perspective for better decision-making. Creative and innovative solutions would help enterprises revive from the negative impact as well.
8. Child-Oriented Businesses (Daycare, Holiday & Sports Camps)
Investing capital in kid-focused businesses has a higher success rate among other retail enterprises. There is no shortage of consumers since parents love spending money on their kids, ensuring the most competent treatment and needs they could offer. Other baby products and services assist them in nurturing their children.
There is also value in flourishing the best versions of the children through summer camps, daycare centers, sports camps, and other experiences that develop their minds and body. No parent would want their children to grow up dependent and disempowered.
9. Delivery Services
Thousands of businesses and e-commerce platforms have surfaced online, and the most creative response in this opportunity is to start delivery services. Customers prefer convenient and faster transactions without hustling outside. Moreover, online firms have always depended on the distribution of their products in this service.
Since online purchase has become a necessity and a rising trend in the continuing years, couriers and deliveries are expected to become profitable. People want their orders and want to be delivered straight to their doorsteps. It has become significant in the food and retail industries.
10. Personalized Services (Dry Cleaning, Repair)
A broad-ranging service is sometimes a disadvantage itself. Not everyone could fall under the umbrella type of business, disallowing you to provide customers efficient assistance. On the other hand, providing personalized services exhibit customer satisfaction which brings you closer to them.
Serve them the best and most creative solutions when taking care of their matters while constantly improving their skill set. Understanding everyday hustle is the primary startup. Remember that meeting their expectations is the goal of this idea. It doesn’t only become profitable but also helps you to establish a reputation.
Now that you have information about the top 10 most profitable businesses in Singapore this 2020, will you be able to apply such knowledge during our current situation?
Businesses and companies thrive in resisting economic disruptions. While others needed to halt operations, others worked well with the newfound form of consumer demand. You are most likely to progress and gain more revenue this year if your investments are mentioned in the list.
On the other side, it’s time to adapt to the advancement of technology and utilize modern tools as part of setting back in the market. It enables your business to cultivate new, innovative programs while upgrading your marketing plans and application. Expect an abundance of demand and added value as you prepare your firm for the participating change.