If you are interested in setting up a company in Singapore, it is highly recommended that you conduct a significant amount of research first in order to know the needs of consumers and what type of business have the potential to successfully take off in the country. Being a major startup hub in Southeast Asia, starting a business in Singapore is a lucrative idea so long as you invest in the right kind of business.
The list of possible investment opportunities in the city-state is almost endless. If you are still undecided on the kind of business to establish, here are a few ideas that do not require huge capital and can easily be started.
Food and Beverage
Singapore has a vibrant food and beverage industry that is made up of 6,751 establishments as of 2013, thereby supporting the city-state’s reputation as Asia Pacific’s culinary capital. A small food business usually does not require much capital but can bring about a significant potential for income. Anywhere in the world, there is a demand for food and people are willing to spend for it.
If you are interested in entering the industry, here are 7 essential tips that may be useful to you in starting an F&B business in Singapore.
E-Commerce
Accounting for more than half of the smartphones at present, the Asia Pacific region is becoming the home of more and more tech startups, including e-commerce sites. Nowadays, majority of consumers prefer the convenience of shopping online as opposed to going to physical stores.
With this, the e-commerce industry in Singapore is growing at a rapid pace because of entrepreneurs who are launching their online businesses. The most common items that are being sold online are computer hardware and software, consumer electronics, clothes and beauty products.
Travel and Tourism
Singapore is one of the major tourist destinations in Southeast Asia. Out of 15.1 million international visitors who arrived in the country in 2014, the Singapore Tourism Board observed that there is an increasing number of tourists who have been staying longer and spending more money during their trip.
Just this year, Singapore gained international recognition as the Lonely Planet’s top country to visit, one of CNN’s 10 top destinations to visit, and one of New York Times’ 52 places to go to in 2015. Given these accolades, the demand for high quality tourism services will be increasing in the coming years.
Moreover, the Singapore Tourism Board is very active in promoting Singapore to potential visitors from other countries, in this manner contributing to the stability of the tourism sector.
Hospitality
Any country with a thriving tourism industry will definitely have an increased demand for businesses in the hospitality industry. The Singapore visiting population is made up not only by tourists but also by business travelers with a need for a place to stay while in town.
Elderly Care Services
As the country’s population is growing old, the need for elderly care services is significantly increasing. Singapore’s Maintenance of Parents Act states that Singapore residents who are aged 60 and above and who are unable to live independently are entitled to financial support from their children that is given as a lump-sum payment, or monthly allowances.
Given this ruling, one can start a small business that caters to senior citizens who opt not to stay in elderly homes but could use some help in day-to-day activities such as running errands, cooking and preparing meals, and housekeeping.
Laundry and Cleaning Services
Where there are people, there is always be a need to clean. Singapore has a diverse cleaning industry that is made up of companies that provide general and specialized cleaning services to business establishments and individual households.
As a fast-paced country, most Singaporeans are glued to their day-to-day jobs, leaving them little time to handle cleaning chores. Regardless if your business will be targeting establishments or individuals, this low cost business idea would only entail capital expenditures for washing machines, cleaning equipment, and advertising materials.
Aside from the low capital requirement, things are looking up for the cleaning industry because the Singapore government is actively pursuing its initiative to raise the cleaning industry standards, more specifically on productivity and professionalism.
Your success of embarking on a new business venture will greatly depend on your vision, and on how you leverage your company’s strengths to provide what the consumers need. Having a very open environment for new entrants, Singapore offers a lotf of investment opportunities to aspiring entrepreneurs.
