It is not a secret that all of us make the utmost efforts to be a successful entrepreneur. A business becomes successful or gains importance in the market not only due to the efforts of the entrepreneur, but also the business environment associated with it. The word business environment here certainly means the status of the country in business terms.
Now, as we discuss about the business ideas in Singapore, it is mandatory to have an overview on the country’s business environment. Fortunately, Singapore is proven to be a country best suited for any business. Here you can easily register your companies, and the cost of registering a company in Singapore is relatively low also.
- According to the World Bank Doing Business, Singapore has been recognised as the world’s easiest place to do business.
- Singapore has been rewarded with the title of best business environment in Asia Pacific and Worldwide by Economist Intelligence Unit
Apart from these, there is a report which says that it takes only 6 working days to get a business licensed. I feel all these together will bring you a step ahead while planning for a new business in Singapore. Below listed are some of the top listed businesses which has the potential to generate a very decent income in just a few days after the start of the business.
Agriculture
A wise idea in any business, is to provide the most demanded product or service. Having said that, let us know a little about the demand for agriculture in Singapore. Singapore is not so famous for its land availability, especially land for agriculture. There arises the need for you to enter the ground and showcase your business. A total of 0.87% of land has been allotted by the Singapore Government for agriculture.
Thus, the existence of the country with this huge demand makes your part inevitable. The probability of hitting success is 100% as the demand speaks all about the survival of the business. Of all the types of farming, vertical farming stands number one in the list. Thus, adopting this technique will make your business creative as well as technologically-supported.
Related article:- Start a Food Truck in Singapore – Complete Guide
Bio-technology
This is quite a unique topic to be discussed about, but yes it has an immensely great demand from the market. One drawback of the business is that it demands a well learned person in the stream of bio-technology to be the owner of the same. This is probably due to the fact the business will have a number of restrictions laid in operating it.
Involvement of health makes it even more particular when it comes to having a learned person as a head. Briefing you all about the need for a biotechnologically supported business in Singapore, the statistics of the use of drugs will be the best factor to explain.
There has been a consistent increase in the intake of medicines and other healthy drugs in Singapore. Now, that’s your market. Here is where you will trace your potential customers. Above all these, Bio-Singapore will be your greatest support to travel through the business.
Courier Services / Logistics Company
Singapore has a very good value of imports and exports. Also, the movement of goods within the country is enormous in count. This shows the need and importance to have a well-structured and planned logistics. There is a report stating the unbelievable demand for logistics and courier services in Singapore. Freight forwarding, logistics and courier services are all in the pursuit of goods transportation. If you choose this business, you can choose among three different locations.
- Intercity transport service
- International transport service
- Singapore free trade zones
Freight forwarding services will always be the most wanted business in Singapore. This is because, Singapore is a country with a number of products imported and exported.
Electronics
While choosing any business, it is important to know the state of popularity of your variety of product in your country. This might sound a bit confusing, but is the simplest. For instance, lets take China. China is famous for toys and there is a huge demand for it from different countries. Most of the toys sold are imported from China. Likewise, your product should also be one of those kinds.
Singapore reminds everybody of the electronics manufactured in the country. The exclusive features of these electronic items have made the other countries prefer Singapore as a source for these items. So why not a business in this stream? Here, I’m mentioning the industry alone and it is in your decision to choose the right product under this industry. On the whole, electronics industry has been the most lucrative industry of all.
Elderly Care Services
This is a service-based business involving less tension and planning. It is surprising to know the emergence of such a business, but yes there is a need for this business too. It is shown in records that Singapore has got too many elderly people as of 2018.
The figures though not accurately calculated, does make a major difference from the previous records. Now, these figures and statistics are for you to know with whom you will be working and what size of business should be operated. By 2030, Singapore is expected to have about 900000 senior citizens in the country.
You will provide your service for these people at the prevailing market price or even lesser if possible. Remember, pricing plans should be made favourable to your customers if you wish to make a hassle -free entry into the market. Some of the services in this business are,
- Housekeeping
- Meal preparation
- Health maintenance
- Physical rehabilitation
Tour Guides
It is totally not wrong if I say Singapore is one of the countries having huge number of tourists. Being a place where things are bit cheaper, Singapore has been attracting global visitors at an appreciable rate. You can start a tourism company, where the guides you appoint will be taking the foreigners for a trip around Singapore.
On the other end, people from Singapore may also look for a company like yours to book their travel tickets and arrange for other documentations to visit another country. Either way, you will be benefitted. Irrespective of the country, tourism business will flourish.
Thus, taking a long leap here will never let you in financial risks. All you have to do is plan for interesting packages. Tourism industry has been existing for a very long time. There is nothing in it to be amazed. But, as an entrepreneur make differences by creating unique trip experiences and packages. Strategies like these will help in pulling the customers to your company.
Spa Services
Most of the population in Singapore come under the category of employed people. Changing lifestyle has made people expect for relaxing services to prevent them from being stressed due to work. Entertainment industry in this case has earned a lot of importance and has topped all the industries.
Another industry which can give the same relaxation is, the spa and massage industry. Absolutely almost 75% of the working people in Singapore take a spa treatment at least once in a month. This great scope in the country is never expected to decline and there is surely a future for all those looking to start a spa centre here.
Being transparent in terms of profits, the business requires a very less investment. But the profits it can make might hit the roof. Lastly, remember to get a Massage Establishment License to establish a spa centre.
Laundry Kiosks
As mentioned earlier, most of the citizens in Singapore are working. They are undoubtedly in need of services which could make their day easier. Assistance in washing clothes is one among the most wanted service. In that domain, the country has been encouraging a number of laundry kiosks.
It is also found that the business is doing great and the industry as a whole has generated about 1 billion dollars in a year. You can run the business either by handling it with cash or coins (tokens to operate the washing machines). The main advantage of the business is that it is not labour oriented.
Interior Designing
A lot of residential and commercial clients are waiting for new interior designers in Singapore. The country is also famous for the buildings and residential places. Thus, there is a very good scope for interior designing business in Singapore. Fortunately, the country has a very good support from the technological domain. The increasing technological inventions have enhanced building creations.
Cleaning Services
Lastly, the country’s most famous feature stands as a reason for the creation of yet another business. It is clearly the cleanliness of the country. The country is quite popular for its clean environment and I presume that such a fame is due to the cleaning services available in the country. Having said this, I arrive at my statement that there is definitely a place for cleaning service business. You can tie up with the Singapore Government after initiating the business. This might sound a little hard, but has in itself high chances of success.
