The Prospects are Enormous When People Start Home-based Businesses in Singapore
Singapore is famous for many success stories in the business. Today, there is a paradigm shift to home-based businesses in Singapore cultivated by the bristling entrepreneurial spirit. Starting a business is not easy, and it could sometimes be frustrating. But why do people start home-based businesses in Singapore?
What is the attraction (if any) that comes along with the whole idea?
More often, people hate the idea of being stuck in the office premises from 9 to 5 — they’d prefer working from home. Think of it this way: you don’t have to wrestle with the daily commuter traffic, your time to work is at your disposal, you’re shy away from office politics, and no grappling with running to pay office rent.
You might as well work in your pajamas at the comfort of your couch, which certainly explains why there this emerging trend of home-based businesses in Singapore.
So, what are some of the main reasons why Singaporeans start home-based businesses?
If you’d ask a young mother what she’d trade off between working from home and spending time in the office, she’d rather go for the former. Working from home especially for mothers gives them the flexibility to engage in other interests and spend time with her young ones.
What it means is that you can schedule your time in the day, for example, nail stylist for five hours and still have time to attend to other things. ‘Mumpreneurs’ is a term now used to refer mothers who work from home and attend their household duties.
A Way of Testing the Market
The emerges of home-based businesses in Singapore can be associated with the ailing retail industry. Sadly though, entrepreneurs are treading carefully by being risk aversive to cut on unnecessary costs. This has essentially led to people first experimenting the markets before rolling to a full-fledged business. By having a home-based salon, for example, you have an opportunity to identify and understand if people like your style and skills. Something that you’d replicate over and over before deciding to open a business premise.
Many businesses are out to cut cost to the lowest levels possible. Even though some costs are inevitable, a lot of home-based businesses avoid some of the expenses. The cost of running a home-based business in Singapore is less compared to a retail shop within the same sector. A home-based business owner will not incur any advertisements costs (forbidden), no rent or transport cost incurred. As a business owner, you can revert to social media such as Facebook, Instagram, and LinkedIn to market your business.
Easy Registration Requirements
To start a home-based business in Singapore has been made easier. Since the introduction of HDB Home Office Scheme in the wake of 2013, potential business owners can get approval instantly. What you’re supposed to do is register with the Accounting and Corporate Regulatory Authority (ACRA) using your HDB address and then seek approval from the HDB. The moment you’ve met HDB’s requirements and confirmed that your business does not fall on the non-permissible businesses list you can begin trading.
The exact numbers of home-based businesses have over 20,000 since 2008. The Singapore government through its authorities are making it easier for people to start home-based businesses. If you’re passionate about a business idea, think of going the home-based way.