Are you looking for the most successful business ideas in Singapore? Here in this post, we put a list of the most profitable small business opportunities in Singapore.
The World Bank’s Ease of Doing Business Report has ranked Singapore as the best place for doing business for 10 consecutive years. There are many advantages to setting up shop in Singapore – tax exemption schemes, low corporate tax rate, government grants, straightforward company registration process, transparent policies, talented workforce, to name a few. Singapore has a highly developed trade-oriented market economy.
Of course, starting a business in any of these industries is only a good decision if you have considered all the necessary factors. Here are just a few: financial capital, your availability, timing, competitor, barriers to entry, government support, costs to run, etc.
List of Profitable 25 Small Business Ideas in Singapore
Whether you are a resident or a foreigner, if you are interested in starting a business in Singapore, you can look into the following opportunities.
Online Home-Based Business Ideas in Singapore
1. Start a Blog
If you have some skills in writing, starting a blog is one of the most profitable online businesses you can start in Singapore. It requires minimal investment, but if are able to select the right niche, the profit potential is unlimited. You need to dedicate yourself a year’s time.
There are many bloggers in Singapore earning millions. If you are interested, check our detailed guide on starting a blog and make money to learn more.
2. Affiliate Marketing
Affiliate marketing is one of the most popular home-based online businesses across the globe. And so is in Singapore. The concept is simple. As an affiliate marketer, you will be promoting products of other companies on online social media pages and through your blog. When someone buys your promoted product, you get a commission out of it.
3. Create an Online Classified Site
Online classified sites in Singapore are making good money presently. You just need to create a website providing users the option of listing their products and services.
4. Dropshipping Business
If you want to create an online product store without taking the headache of stocking inventories, dropshipping offers you good money-making business opportunities online. Check our guide on the steps to start a dropshipping business.
5. Online Tutoring
You can start online tutoring with absolutely no money from your home in Singapore. There are many online tutoring sites that offer online tutor jobs.
6. Automobile Dealership
Singapore is one of the best places to start an automobile business. You can start a dealership business selling cars and vehicles here if you are interested to make money in the automobile industry.
7. Beauty & Personal Care
Beauty is an industry that is increasing rapidly worldwide. The rise of internet retailing and beauty specialist retailers are facilitating international brands to enter Singapore. Product launches are rapid and digital marketing is accelerating the speed by which consumers receive news of new products.
The government is heavily investing in Science & Technology in line with its goal to become the world’s first Smart Nation. The country is aggressively promoting and developing its biotechnology industry. So you can start a business in biotechnology in the food or pharma segment.
9. Cleaning Business
A residential and office cleaning business is a profitable opportunity and has good income potential. You can start the business from home. A home-based cleaning business demands ver infrastructure costs. In addition, this business demands very little equipment to operate.
Consulting is not a new phenomenon. It has been around for years. The consulting trend is continuing to build as companies are staying as lean as possible in tough economic times. Generally, consultants work best for those organizations or individuals who know what they are seeking and have clearly defined projects or objectives.
11. Digital Book Library
The Digital book library is one of the best digital businesses to start in Singapore. However, this business demands a substantial upfront capital investment.
12. Electrical & Electronics
The Electrical and electronics industry is promising in Singapore. And starting a business in this industry definitely, demands a substantial capital investment. However, there are some opportunities you can consider to start with moderate capital investment.
Despite its small size, Singapore is currently the fifteenth-largest trading partner of the United States. Singapore’s trade with major trading partners such as Malaysia, China, Indonesia, and South Korea is increasing rapidly. So starting an export-import business is a great option for entrepreneurs.
Any individual can initiate a flower shop business in two ways. You can initiate it on a home-based and part-time basis. Giving services to the local customers at any kind of function’s floral needs including planning, design, delivery, setup, and removing waste. Another way is opening a flower shop.
15. Home Based Manufacturing
You can start a small-scale home-based manufacturing business in Singapore. In addition, this type of business demands small infrastructure and comparatively small startup capital investment.
16. Interior Designing
Interior designing is a perfect career option for individuals who are passionate about design, art, and home decoration. In addition, any individual of any age can start this business from home.
17. Retail Store
Offline and online retail both are very promising industries in Singapore. In addition, entering some foreign brands into the market has added extra fuel. Furthermore, with moderate capital investment, you can start a retail store business in the country.
18. Transportation-Related Business
Transportation is one of the world’s largest industries. Different types of specific demand with the changing lifestyle habit have introduced several innovative and profitable startup opportunities in the transport industry.
19. Travel & Tourism
Tourism in Singapore is a major industry and contributor to the Singaporean economy, attracting 15,231,469 international tourists in 2015, over thrice of Singapore’s total population. And earns a major revenue from this segment. Therefore, starting a business in the tourism industry is a great opportunity for entrepreneurs.
20. Virtual Office Space Renting
A virtual office is a business location that only exists on the web. With this specialty, any business can be operated from any location by using technology and the internet. A virtual office provides significant financial savings to the entrepreneurs compared to traditional space renting.
21. Elderly Care
It is estimated within the year 2030, the costs for elderly care in Singapore may cross $50 billion dollars. Singapore is projected to be one of the fastest aging countries in the world. This will create a wide scope for elderly care service businesses to grow.
22. Digital Marketing
Singapore is probably the most internet-savvy country in southeast Asia. More than 85% of the population are active internet users here in this part of the world. If you have expertise in any area of digital marketing, Singapore is one of the best places to start a digital business.
23. Mobile Phone Repairing
The sale of mobile phones is on the rise in Singapore. The demand for repairing mobiles, as a result, is growing. Though the market is a little competitive, still there is a wide scope for expert mobile repairers in the country.
24. Computer Repairing
Most people in Singapore have a computer in their homes in Singapore. The market for computer repairing is big and is expected to grow here.
25. Tour Guide
Singapore is one of the most attractive tourist destinations for travel-loving people from across the world. Tour guide service is one of the most profitable business ideas in Singapore. However, you need to procure a tourist guide license to operate this business.
Frequently Asked Questions
How to start a business in Singapore?
For beginners looking forward to opening a business in Singapore, are advised to follow some essential steps. The most important steps are listed below:
- Understand the local market
- Select a business idea based on the market demand
- Create a business plan
- Register your business
- Select a business name
- Procure licenses and permits
- Arrange funds, if needed
- Develop a promotional plan
What is the cost of starting a business in Singapore?
The startup cost will depend on what kind of business you are going to run. However, for a legally compliant company in Singapore, registration of the business entity is a must. The company incorporation services for a local entrepreneur and foreigner is around $900.
What are the best locations to start a new business in Singapore?
Some of the most popular locations in Singapore to start a business are the following:
- Marina Bay.
- Orchard Road.
- Tanjong Pagar.
- River Valley.
- Suntec City.
Can foreigners do business in Singapore?
Yes, foreigners can open a business in Singapore. Even foreigners can register a business outside the country without immigrating to Singapore. A foreign entrepreneur in that case needs to appoint a local director.
Singapore is one of the best places to start a small business within your budget. We hope this list of business ideas in Singapore will definitely help you in making an informed decision.
About the Author: 99businessideas.com led by Rupak Chakrabarty is committed to helping beginners, entrepreneurs, and small business owners in starting, managing, and growing their business. Our aim is to educate the entrepreneur on the various stages of entrepreneurship.