Top 10 Most Profitable Businesses in Singapore: Best Business Ideas Singapore 2021
Industries thrive in Singapore because of its ideal and business-friendly location, infrastructure, government support, and workforce. Moreover, with the country being the gateway to Asia, many would want to use the sustainable business environment here. Singapore is where the eastern and western businesses converge, creating a diverse and attractive business network. For these reasons, resident, non-resident, small and multinational entrepreneurs opt to incorporate or settle in Singapore- to take advantage of the many opportunities.
As a result, many aspiring entrepreneurs look up to which industries and businesses flourish in Singapore. Even with the competitive and saturated markets, many entrants still want to make a mark on Singapore’. With the right plans and strategy, many entrants make it through the initial difficulties of running a business and grow to maturity.
Resilient Markets Amidst the Pandemic
The COVID-19 pandemic hit the world with devastating effects. It interrupted the normal ways of business and pushed many companies into closing. However, even though there are many awful changes that people had to accept, the pandemic also pushed various industries into leaping forward. Businesses bringing innovative solutions became the frontrunners of the economy. With the new normal, harbingers of technological solutions are the new shapers in the world of business.
Are you one of the aspirant entrepreneurs in Singapore who want to thrive amidst today’s challenges? We got just the right information you need: the top 10 hottest businesses in 2021.
1. Education (Edtech Solutions)
Digital learning was already a thing for at least the past two decades. But when the pandemic hit, digital learning got an entirely new meaning. It’s more than just a tool now to supplement learning objectives. Rather, it has become the primary channel of education.
Edtech refers to the integration of technology and education. Edtech solutions create digital classrooms and reimagine the traditional learning setup in interactive projection screens and online content delivery. It may be a lot challenging for the students to focus and absorb the lessons compared to the actual classroom setup. But the technology is already reshaping the capacity of education and the possibilities of using technology in learning.
With technology continuing to push boundaries, the e-commerce industry is one industry that will never lose its viability. The progress of e-commerce activities only heightened upon the onset of the pandemic. In fact, e-commerce was a very functional industry, aiding people in their purchase of food and necessities during lockdowns.
Even now that things are getting a lot better, e-commerce activities are continuing to rise. And it’s still expected to boom in the years forward. The positive trends in this sector are not left unnoticed by the state and will be taken into consideration in the plans to make Singapore a regional and global e-commerce hub. This direction will surely open many more opportunities for entrepreneurs in the industry.
3. Information Technology (IT) Support
People and businesses turning to technology to complete usual daily activities in the pandemic have increased the demand for information technology (IT) support. But even before the pandemic, people are growing to realize the importance of tech support. Examples of significant IT support include cloud backup, firewall, cybersecurity, business intelligence, communication management, and data analytics services. With companies now investing heavily in tech products, IT support is even more crucial.
Moreover, specializations in IT services are also becoming widespread now that many IT companies are growing. With this strategy, the specialized company narrows down the market into distinct companies that require the services they offer. It builds a company’s competitive edge while increasing its power to negotiate better service fees.
4. Advanced Manufacturing
When one speaks of manufacturing, it is most likely that he imagines a factory that processes materials through manual and mechanized techniques. However, manufacturing has now come so far it is more likely that these factories currently employ robots to mass-produce. This new generation of transforming materials into finished products is called advanced manufacturing.
Advanced manufacturing is at the top of the list of the hottest businesses in Singapore because of its competitive market that makes the industry evergreen. Many entrepreneurs still see manufacturing as a very in-demand business. And the integration of new technologies like automation and robotics makes operations more efficient, productive, and profitable. Singapore’s advanced manufacturing sector accelerates innovation, not just locally but globally.
5. Virtual And Telehealthcare
The United Kingdom is considered the home to the most established telemedicine market in the European Union (EU). When it comes to regulations, reimbursement, and platforms, the UK’s digital health services are top quality. Before the pandemic, the UK already has mature markets for these healthcare services. Today, almost everyone is turning to virtual care and telehealthcare, and this market growth is expected to continue skyrocketing.
Furthermore, even now that situations with the pandemic are better than last year, telemedicine will be here to stay. Many patients have discovered the benefits of virtual and telehealthcare. Now that they have this new solution that works for them, it is very likely that they’ll discontinue doing it.
Singapore’s brilliant initiative covers robotics as its primary technology and economy movers. Determined to create a sustainable and innovative country, Singapore leverages technological advancements like robotics to achieve this. Because of this initiative, businesses in robotics have access to opportunity and growth. And now the industry is growing larger as entrepreneurs compete to take advantage of the opportunities.
Singapore sees robotics as the answer to the long problem of safety and labor shortage. Additionally, robotics bring forth benefits like efficiency and meeting consumer expectations better. And it is with these advantages that more companies invest in robotics, propelling the industry further onwards.
7. Cleaning Services
The pandemic has made everybody cautious and smarter in staying healthy. And it is for these reasons that the income of cleaning services companies skyrocketed in 2020 and 2021. However, the increase in demand has put a lot of pressure on existing companies to cater to requests. Shortage in manpower and getting the tools that can kill viruses became a challenge. But the companies came forth successful, training more workers to specialize in deep cleaning services.
Furthermore, the cleaning service industry is also benefiting from the advancements in technology. Already, new cleaning equipment helps make the work easier for the workers. In the future, we’ll bear witness to how the internet of things (IoT), robotics, and artificial intelligence (AI) will transform the cleaning service industry.
8. Digital Marketing Services
The world has turned to the internet for many deals like music, films, and business. This movement is what prompted the new channel of marketing to emerge. Digital marketing allows companies to reach wider and more diverse audiences. It is also a very cost-saving way to market to global consumers without acquiring overseas connections.
Almost every business in this age is acquiring digital marketing services for the great benefits it provides. Not only does it boost the business, but it also prompts improvement to offer better products and services. And with the latest customer relationship management (CRM) and data analytics technology, digital marketing is even more comprehensive.
9. Real Estate (Real Estate Agencies)
Singapore’s property market suffered when the pandemic hit. However, the damage was not very grave as to come close to the disaster of the global financial crisis in 2008. Real estate companies managed to stay afloat with Singapore’s COVID-19 response effectiveness and the property market’s sound foundations. The demand for specific properties, on the other hand, cannot be prevented from changing.
Upon the start of 2021, demand for warehouses doubled, while rental offices fell harder than expected. Moreover, there are increasing prospects in healthcare-related real estate. And with the economy reopening and businesses recovering, the state expects asset prices and demand of hotels and offices will restabilize to normal.
10. F&B Franchise
The food and beverage (F&B) companies’ ability to adapt has proved fundamental when the pandemic hit. Aside from this, the existing and even new food and beverage brands’ popularity cannot be thwarted even by a pandemic. And it is for these reasons why the franchise activities of F&B business are gaining momentum this year.
The trends in the FB franchising business are also pushing the industry forward. Marketing their brands as more of an experience than just a simple meal touches the consumers and creates a brand-to-customer connection. Additionally, with the increase in food delivery services, access to these products has become even more convenient for customers.
Smarter Entrepreneurs in the New Normal
2021 is indeed a year of adjustments for everyone, from businesses to customers. Current research trends prove that the industries above are the top 10 profitable businesses in Singapore this 2021. They signify how certain industries flourish because they adapt to the changing times. So if you are worried about your company not falling under any of the aforementioned businesses, maybe it’s time to let go of the old ways.
Challenging times call for more robust and innovative strategies. You can start by looking for technology and innovative solutions that can help you with your situation. Take advantage of every opportunity in Singapore and invest your resources, time, and efforts wisely!