5 Business Ideas to Get You Started as an Entrepreneur in Singapore

Business refers to commercial activities that involve the exchange of goods or services for a profit.

Table Of Content:

1.     Introduction

2.     Why to Launch the Business Ideas in Singapore?

3.     Looking at Business Ideas from Another Dimension:

4.     List of Profitable Business Ideas in Singapore:

5.     Piece of Advice from Other Successful Entrepreneurs in Singapore:

6.     Conclusion

Introduction:

Are you looking for power-packed business ideas to become an entrepreneur?

You have not been left alone as there are plenty of people who wish to pursue the same. But I would say that starting a business not only demands money but there are a lot of other notable things to possess – such as passion, keeping up the quality promise, being dedicated to customer service, and preaching the core values of your business to fellow workers. Missing any of this is like food served without salt.

Why to Launch the Business Ideas in Singapore?

Everyone will agree that Singapore is the best city to launch business innovations. But still, few are left unaware of the reasons behind it. Below are some of the niche reasons which say that Singapore is start-up friendly place.

– According to the BER (Business Environment Rankings), in 2019, Singapore is listed as a top for launching your trade among other Asia Pacific countries.

– Global Innovation Index, in 2018, provides the report that Singapore stands in 5th place, globally, for being a “Best Global Innovation”

– The World Bank was also involved in taking up the survey for the title “Ease of Doing Business Index 2019”. And yet again Singapore holds 2nd place for it.

Surrounded by emerging industry-specific markets, Singapore is a great hub for start-up entrepreneurs to invest in their businesses.

Looking at Business Ideas from Another Dimension:

Well, if you have planned to start a business in Singapore but still wandering around with a few questions like,

–        Is running a business too risky?

–        What if I lose money in business?

–        Will my business strategies work for the current market?

–        Will the market topple overnight?

But I would say that these questions will leave you alone with nightmares. One should not miss the opportunity of thinking about the business from another perspective.

However, if one understands that winning in the business industry will be the game changer for many others in the line then surely, they will think from an optimistic perspective.

List of Profitable Business Ideas in Singapore:

Basically, before getting into business ideas, you must ensure to follow a few significant things. And that is,

–        Start a business that you have an interest in. Do not just become an entrepreneur for the business that you never liked but still holds good market value.

–        You should be really good at things that involve the trade which you start. It can either be learning the technology or meeting the business goals etc.

1^st Business Tip:

You must categorize the business based on three things – capital amount, business type, and turnover within a specific time.

Here the business type can be – either an online business or an offline business. There is a list of online businesses that are in demand in Singapore. To name a few of them – virtual assistance, graphic designing, trading stocks, digital marketing business, book-keeping, e-book publishing, tutoring, etc.

Research these and pick one if you are willing to become an entrepreneur via online business. On the other hand, Offline businesses are also creating neck-neck profits like online businesses in Singapore. Banking, telecommunications, financial services, and food & beverages are a few to note among offline businesses.

On categorizing the business based on investment money – it can be a low-budget business or high investment trade. While checking the type of business, you must also check the capital money required for it, in parallel. If your thoughts are imbalanced between these two parameters then there are some chances for you to rest on the dark side of trading.

For example, if you prefer online business-like stock trading and the capital amount doesn’t meet the demands then a business plan becomes a mere waste of time, at the end of the day. And so, gain knowledge about all these parameters and then take a firm decision.

2^nd Business Tip:

There are several business ideas that are under-estimated, yet perform well in the market. For example,

Cleaning Service: There exists the general perspective that cleaning services are no more a profitable business in the industry. But it is also a hot new business idea, especially after this pandemic situation. The target audience is – offices, restaurants, hospitals, houses, theatres, etc. You can approach those customers with clear-cut ideas about your business. Surely you will succeed in a short duration.

Editorial Services: All you need for this business is a reliable internet connection and your dedication toward work. There are several types of editing services copy editing, proofreading, ghostwriting, copywriting & editing, etc. Be specific in choosing the editorial service in which you are really specialized.

Here, there is another huge advantage that is hidden behind. Yes, you can start with one or two types of editorial services in which you are skilled. And later you can expand the trade by mastering one after the other.

3^rd Business Tip:

You cannot always predict the business changes that might happen in the industry.

Take this incident as an example: You may be running a restaurant business. Sometimes, you might get several orders on the same day. But due to some reason, you will be left with only a few food orders in one unfortunate day. Thus, do not get disappointed by this.

Some may neglect your food delivery since it is not reaching on time. And so, get feedback from customers regularly. And also, genuinely work to overcome negative criticism. You must also educate your staff members about the company’s goal and also specific ways to achieve it.

Your intention about the business must not only render upon money-making. But also improving the trade from all dimensions. Many times, staff members might be disappointed to work with you. Know the reasons and be approachable so that they will be friendly and concerned about your business too.

4^th Business Tip:

Do not run away from your fears. Becoming an entrepreneur needs certain qualities. If you fear asking questions to the employees or fear approaching customers who are yelling at you will degrade your confidence and eventually ruin your trade. Be approachable.

For instance, when a customer is not satisfied with your product then just be cool and handle the situation gracefully. If you get upset, it will be hard to answer the customer. Firstly, apologize to them for the wrong thing that happened. Secondly, request them to be patient and finally explain things from your end. If you fear to explain then probably you might lose a customer.

5^th Business Tip:

Find the resources for capital amount. In order to encourage start-up entrepreneurs, the Singapore government has announced several niche grants and schemes. Even SMEs can also get benefited from those schemes like cash grants, business loans, and equity financing.

In 2020, covid-19 relief scheme and self-employed income relief scheme was also launched to protect the entrepreneurs whose business was greatly affected due to the pandemic. Thus, check whether or not you are eligible to apply and get approval for one such scheme. As grants are available even for setting up a company in Singapore & also to get trained to be an entrepreneur. Do utilize those golden opportunities to develop your trade within the country and also globally.

Picking up a business that demands low investment would be an ideal business idea for entrepreneurs who are suffering from capital amounts to invest in trade. Business like tutoring, digital marketing, and beauty salon needs low investments.

Piece of Advice from Other Successful Entrepreneurs in Singapore:

As a newbie entrepreneur stepping into the business, you might have several doubts regarding the tricks and techniques to handle business with ease. Let us see what the other successful businesses in Singapore say about their experience of trading.

–        Clever entrepreneurs know that massive success in business will not happen overnight. The equal mixture of hard work and technical knowledge will move you toward success. For this to happen, it will take time and patience.

–        Do not forget to take a rest. Though running around the clock is significant for any business, putting yourself relaxed is also important. It also helps you to run even quicker in the race.

–        Never sit back looking upon the past. This is the most important tip for start-ups as you may feel demotivated immediately if something went wrong while climbing the business ladder. Though it is necessary to learn from mistakes, it is not good to get upset about them.

Conclusion:

Each one of us will have an individual approach toward business. However, to become a successful entrepreneur and to develop your start-up company into an overseas business, prepare & follow a steady path. Hopefully, these 5 business ideas will guide you to become a newbie entrepreneur in Singapore.

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Note: The above-mentioned info is subject to respective changes from time to time.

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