Most profitable business ideas in Singapore
If you’re endowed with an entrepreneurial spirit and a desire to be your own boss, it could be high time that you started your own business.
Singapore is the perfect country to flex your entrepreneurial muscle, having been named the best city for startups by Forbes. Having reviewed metrics including existing startups, quality of life, salary, cost of living and social security and benefits, Singapore saw off competition from the likes of San Francisco, Helsinki, Berlin and Stockholm to earn the top spot. With a wealth of talented tech employees and proximity to emerging Asian markets, Singapore is certainly an attractive option for any budding businessperson.
But which business ideas are most likely to succeed in the city-state? Here’s our rundown.
Thanks to the technology boom, there is a surplus of addresses in Singapore that need cleaning services, whether its apartments, shops or office buildings. And as the population becomes more wealthy, hiring a cleaner becomes a luxury that more and more people can afford.
Starting a cleaning business requires minimal capital, but the opportunities for growth are enormous if you can find a dedicated team of staff and earn yourself a good reputation. If you are coming from the corporate world it is likely you will have plenty of contacts to get yourself started with your first clients and from there, your business is likely to grow on the power of word of mouth without needing to fork out for advertising.
As we know, Singaporeans are dedicated to learning and achieving, so what better business to start than a private tutoring company to help people achieve their goals. Maybe you are a talented violin player or speak fluent Spanish. Perhaps you’re a maths whizz or you know your way around a history book. Whatever your skill or area of expertise, there are sure to be people who would love to learn from you.
The great thing about this business idea is that you could even start whilst still working your old job, fitting in your tutoring hours around your existing commitments. This gives you the safety net of your old salary whilst you get your business off the ground. Then, when your client base grows, you can say goodbye to your desk job and commit to more clients. A great place to start is on sites such as Tutor.com which allow you to post a profile to attract new clients.
The number of events going on at any one time in the city-state is mind-boggling. From birthday parties to weddings, funerals to corporate occasions, if you’re a person with an organised mindset and a long list of contacts you’re likely to do well as an events planner.
Once again, your client list will likely begin with friends and family or acquaintances but as you build a reputation you can begin to charge more for your services and take on larger and more high-profile events. Perhaps one day you can even hire a team of administrative or junior staff to help with the bigger events. The sky is the limit.
Similarly, if you’ve got an eye for a beautiful picture and know your way around a DSLR camera, your next business venture could be in photography. With all the events that take place around Singapore every day, you will not be short of work and chances to monetise your hobby.
Your business prospects are good, eventually, you will be able to hire a team to make taking wedding photographs or photographs at sprawling corporate events more time-efficient.
If you’ve always fancied the idea of selling products, or have spotted a niche in the market for a hard-to-find item, setting up an e-commerce business will be right up your street. Gone are the days of having to find and rent retail space and pay for expensive startup costs including shop fittings and huge amounts of product. With an e-commerce business, all you need to set up your own shop is a website. Sites like Squarespace make it easy to build your own customised shopfront online and start selling your products right away.
You can start small, buying limited runs of your favourite products before taking things up a notch once your first sales come in and you know what your customers love to buy. Marketing and social media will be essential here as you get your name out to your target audience. Be sure to offer flexible and fair returns policy and inexpensive delivery options to build trust with new customers and attract them away from the big-name retailers.
If you’re an animal lover who has always dreamed of leaving your stuffy desk job behind to spend more time outdoors enjoying nature amongst a gaggle of furry friends, then starting a dog walking company is a great choice.
With few skills required beyond a love of cute pooches, you could be earning up to S$21 per hour per dog to help out dog owners in the city-state. As Singapore is a city where the population works hard and often long hours, there will likely be many dog parents who need your help in caring for their furry companion.
Much like a cleaning company, though you may start small walking the dogs of friends and acquaintances, you will soon grow your business by word of mouth and could be hiring staff to handle your workload before you know it.