The thought of becoming an entrepreneur is exciting. You are the boss, you make the rules, and you define how to run the company and get some money in the bank. Although a dream of many, it takes an innovative idea to bring your business to life.
And when you live in a competitive and pro-business economy like Singapore, you need to think of something with little chance of going south. The total number of businesses in Singapore went from 273,100 in 2019 to 291,600 in 2021.
99% of these are small and medium-sized companies that support 71% of total employment. 80% of these are locally owned, while 20% are foreign-owned.
So if you’ve got some money and are looking for a great market to tap into, this state’s a good place. Here are some business ideas that’ll almost always be in demand:
1. Funeral Services
It might sound glum to open a business that revolves around dead people and their sad relatives. However, since 65% of the people are Buddhists, Christians, and Muslims In Singapore funeral services will always be needed and your business is sure to take off.
Familiarize yourself with religious practices and try to be inclusive. You may have to collaborate with other small businesses, such as florists and caterers, to provide all-around services. However, try not to lose the human element; while this ma may be your bread and butter, it is still a moment of grief for another family.
2. Health and Fitness
49% of Singaporeans consider themselves moderately health conscious. It means you have a solid chance to enter the health and fitness industry to make a difference. You can invest in opening a gym in your neighborhood and plan to spread awareness and encourage people to take their health seriously.
Similarly, awareness about healthy eating, mindfulness, and wellness can spark interest in the local community.
3. Food truck
Although less common in Singapore than in the US or Canada, a food truck business can take off if you choose the right place and food. The Urban Redevelopment Authority of Singapore recommends getting a permit to open a card at Marina Bay, but for other locations, you just need a license from the property owner to start your business.
But what kind of food would be ideal to sell in a food truck? You can sell a wide variety of Singaporean street food in a food truck; curry laksa is very popular. But since there’s a strong influence of Indian and Malaysian cuisine, there’s quite a lot to choose from.
4. Tech solutions for seniors
Since aging is a real-world problem, most people are not in touch with the latest trends in technology, which puts them in difficult situations. By starting tech solutions for seniors, you can slowly make a mark in your local community.
Having a solution-providing tech business doesn’t have to be confined only to fixing the problem. You can slowly expand it by giving classes on technology to seniors or starting an online community.
5. Virtual Assistant
Virtual assistants, or VAs, are slowly becoming the backbone of online businesses. Since most people who become virtual assistants are freelancers, you can easily find a few clients to set up your stuff and hire people to work with you. If you don’t want to incorporate a team, there’s no difficulty in going solo.
Virtual assistants can help with several tasks, from scheduling and checking emails to writing content, managing social media, and creating a calendar. It also involves some practices of human resources to ensure that your client’s requirements are met.
Because of its diversity, people of any age and experience level can become a VA and create a source of side income.
6. Pet-related business
People adore their fur babies and want them to give the best of both worlds. The pet care business has seen a boom in the past few years through the introduction of pet-friendly cafes, grooming centers, organic snack businesses, and more. If your locality has many pet owners, it’s a great place to start our business.
Besides being in demand, opening such businesses gives an impression that you are a kind and humble person who loves animals and wants to make a difference for them. If you have the vision, this business venture can also lead you to create awareness about animal rights in our society.
7. Grocery deliveries
Grocery delivery services have become common because multinational companies cater to a large audience. It might be hard to achieve if you are just starting this business. So, rather than spending millions of dollars, why don’t you initiate with something small and humble that makes its name in the market?
Consider investing in a website and an app where people in your local community can order their weekly or monthly groceries. You can also advertise protein bars and healthy beverages that people might need while working. Just customize it in any way you like without compromising the quality.
Having a business of your own is a great way to become financially stable and maintain a growing source of income. However, being in a competitive market like Singapore can be quite challenging to make a mark.
To start a business with little margin of failure, opt for something always in demand in the local industry. It can be anything from food to technology. Since this business will be a long-term venture, choosing a business that piques your interest is a good idea.