Have you set your eyes on the bustling city-state and robust economy of Singapore for your new company? Well, with Singapore’s business-friendly regulations, tax benefits, and flexible market, it really isn’t a surprise that you have decided to become one of those people who are enthusiastic and optimistic about incorporating a small business in The Lion City.
If you’re just too excited to become your own boss and start living as one of Singapore’s entrepreneurs like Tech Engage, do you already have an idea of what kind of small business you’d like to venture in this year? If not, there’s no need to panic.
Enterprise Assurance PAC has come up with the top 5 small businesses to setup and incorporate in Singapore for 2018. You might want to take a look and consider these business ideas as one of them could provide you the ultimate chance to make more money and to build your dream empire:
Food is somewhat always a given when you are thinking of opening a new business. No matter where you are in the planet, food will always sell. But what really makes food businesses thrive in Singapore is the fact that locals, expats, and tourists love the variety of sumptuous delicacies found in this city-state. Apart from the traditional Singaporean food, there are also street food, fusion cuisine, epicurean meals, Michelin star-worthy dishes, and a whole lot more. Name it and Singapore definitely has it. No wonder Singapore is also popular for being a “food paradise”.
So if you have that deep passion for food, and you really want to setup and incorporate a food business in Singapore, our recommendation is this. Apart from capitalizing on your own specialty (if ever you have one), you must also search for and choose an untapped food market that you can market and really push for despite the tough competition – one that’s innovative yet appealing to both locals and visitors.
Who doesn’t enjoy online shopping nowadays? It’s so easy and convenient. That is why more and more people in Singapore opt to purchase their needs and wants online. Even if they’re in the middle of their hectic schedules, they can do their shopping and just have their items delivered right to their doorsteps.
There are 2 ways in starting an eCommerce business. One is to setup your own website and sell your own products. And the other one is to setup a website and gather up suppliers and consignees to sell their products. Whichever you choose between the two, setting up is technically easy. With minimal budget, all you’re going to need is a domain, web hosting, and web design, your fully functional eCommerce site will be ready to go.
Added tip: No need to bulk up stocks for every item you can think of. The key to a successful eCommerce business is knowing actually what sells at the current time. Sell the right kind of products at the right time.
Are you the type of person who simply loves parties and mingling with different kinds of people? Do you want to start your own company with very minimal capital? Then this might be the answer to your prayers. Set up a company that provides event planning and coordination services. With the Singaporeans’ fast-paced and busy lifestyles, organizing special events could be a pain. Thus, apart from weddings, you can easily earn money from helping people organize kids’ birthday parties, conferences, concerts, trade fairs, and not to mention, the religious and traditional holidays celebrated in Singapore every year.
Basically, you’ll just need capital for company registration and or incorporation, a few employees (or even some of your friends), connections as in vendor contacts, and you’ll be as ready to take on your first event already. Start off with offering just event planning and on-the-day coordination services. Then if you have already accumulated enough capital, you can hire more employees and venture into other services like event styling, custom party favors, and more.
Singapore is best known for having an organized and world-class public transportation system. However, as Singapore’s population grows, the need for more transportation options increases as well. Also, the boom in the eCommerce industry has driven an upward demand for logistics and goods transport. Thus, there is a stronger need for more reliable transport companies.
Now if you are a foreign investor who basically has the capital to venture on in a business that provides a necessity such as transportation, your chances of success and getting ROI are relatively high. You may opt to get a franchise of a local transport business, join a transport sharing service like Uber, or even start your own taxi company.
Digital Marketing & Advertising Firm
In this digital age, almost anything and everything can be done through the internet. Thus, companies are becoming more and more aggressive in their digital marketing and advertising efforts to promote their company and sell their products and services. With that in mind, they seek help from people who are simply experts on this.
If you have a network of digital marketing and advertising experts, including yourself, forming a digital marketing agency wouldn’t be so difficult. With just little capital you may offer a wide range of services to private and corporate clients like: web design and development, SEO optimization, content writing, social media marketing, Facebook and Google ads, and a lot more.
Think you are drawn to even one of these small business ideas? Then don’t hesitate and get on with planning your small business in Singapore. Turn your ideas, passion, and interests into a successful money-making business here in The Lion City.