Want to start a business in Singapore? Here is a list of businesses that can earn you a great profit.
From technology, infrastructure, skilled manpower to government friendly policies, Singapore has everything that support the business growth.
It is clear why it is the home to some 3,000 MNCs. The World Bank has considered Singapore as the second best place in the world to do business.
While there is a scope for all businesses in Singapore, here is a rundown of the trending businesses that can get you more revenue.
1. Online Marketing
Many businesses are going online to leverage the ever increasing Internet users in Singapore. And even online businesses need marketing to get competitive edge. Here comes digital marketing. Digital marketing helps them improve their visibility and get traffic. Whether you are social media marketing expert, website developer or a copywriter, you have a great opportunity to make big as a Digital Marketing Company in Singapore.
2. Tuition Centre
Tuition industry in Singapore is on the rise. 70% of kids have some form of tuition, from a tuition centre, education coach to a personal tutor. Once termed as a cottage industry, tuition centers have become brand with flashy outlets in upscale settings across the Island. It is a billion dollar industry while many tutors are earning in millions. Thanks to the ever competitive academic environment, challenging school syllabus and kiasu factor.
Setting up a big tuition centre is profitable. However, you can still earn big by being a private tutor or run small tuition in your place with little to no investment.
Given that the industry is fiercely competitive, make sure to market your tuition services in Singapore efficiently.
Despite having 0.87 percent agrarian land, Singapore presents bright opportunities for agriculture based businesses.
The demand for food and other agriculture products is bigger, even bigger than the supply. And there are a very few industries in this field. Therefore, it is a less competitive and high profitable business at the same time.
Vertical farming is a good way to get into agriculture business. It is a unique and creative way of farming. Vertical farming has higher production due to the involvement of sophisticated technology and controlled indoor environments.
4. Freight and Courier Services
Don’t worry if you are not an online marketing expert.
What about starting a transport business?
The strategic geographical location of Singapore gives easy access to the East and West. Besides, its modern motorways and roads ensure a smooth and fast access to airport, harbour and major points across the city.
Such positives have attracted many international freight companies to operate in Singapore. Besides, the government provides full support to the transport operations.
Logistics or parcel delivery service is an easy way to start with. It involves the shipping, storage, documentation and tracking of the parcels.
You are required to register your business with the Accounting and Corporate Regulatory Authority of Singapore (ACRA). Opt for a Crane Operator License from MOM if heavy lifting of goods is also involved. For the transportation of toxic chemicals or flammable materials, make sure to carry a Hazardous Materials Transport Driver Permit (HDTP).
5. Fashion Retail
Singapore is counted among the world’s leading cities for fashion. Fashion is a big business in the country, with nearly 4,818 establishments are belonged to the clothing genre. High end brands like H&M, Levis and Zara are making big profits in the nation. Shopping is one of the favourite activities of the tourists in Singapore.
You can dive into this profitable business by opting for a franchise or retail outlets. Even having a small shop in popular street markets can ensure you profits.
6. Fitness Trainer
More Singaporeans want to stay fit and healthy. And this desire has triggered the overwhelming growth of fitness industry in the city. People from all walks of life are joining fitness centers or opting for personal trainer.
You may like to set up a gym or fitness centre to meet the specific fitness needs of each customer and to encourage them to come back and do workout regularly. A fitness trainer, on the other hand, can provide people customized fitness sessions at their place. They also suggest them right diet. As a personal fitness trainer, you can earn $35,785 per year.
Laundry is one of the profitable businesses in Singapore. According to one survey, 30,000 companies earned over 10 billion dollars in 2014-15.
30% of them were laundry kiosks or coin operated models.
The growth of laundry services are mainly driven by the “inability” of washing/drying of the bulk items like sofa covers, blankets and curtains at HDB home.
Coin operated laundry system is great for the start-ups with a limited budget as it requires the machines instead of labours.
(HERE is How You Can Market Your Laundry or Other Cleaning Services in Singapore.)
BEFORE YOU START….
No doubt that these are the profitable businesses in Singapore. However, you shouldn’t pick any of them randomly. First of all, choose the field of your interest or that can go well with your budget. Once you decide the field, consider getting some basic training in operation and management. This way, you can run a successful venture. One more thing—don’t forget to register your business in Singapore with the respective authority.
Best of luck!
Do you have other business ideas to tell? Do share with us by commenting below.