Are you scouting out a place to start your business in the international scene? Singapore is one of the best places to set up your venture. According to the World Bank’s Ease of Doing Business Rank for 2018, Singapore obtained the second position out of 190 countries.
The former British colony prides itself on being well developed, technologically advanced, trade-oriented, and business-friendly. Also, it is known for being one of the most open countries as well as having the lowest corruption levels, thus attracting investors both locally and globally.
So, what are some of the top business options in Singapore that are lucrative and promise exponential growth?
Biotechnology is among the rapidly growing industries in Singapore. In recent years, it has attracted much attention, especially from foreign investors.
Also, the Singaporean government is massively supporting the industry as a knowledge-based area. You may consider investing in the sector, be it in development of infrastructure, or by offering technology or research and development, in order to benefit from government support, as the government is pumping a lot of finances into it.
Some international firms that have ventured into biotechnology include GlaxoSmithKline and Novartis. You can also strive to make a mark in the sector.
2. Education and training
The education and training sector is also growing pretty quickly and is offering more opportunities for entrepreneurs than was previously the case.
The demand is quite high for pre-school education, training for working professionals, and vocational training for youth at high school, bachelor’s, and postgraduate levels.
Some possible areas of investment in the education sector include becoming a franchisee of a renowned brand that is involved in children and even adults.
The government supports education and training massively, for example through the SkillsFuture Initiative, which gives citizens a credit of $500 that they can utilize for continued professional training.
With a massive demand for education and training centers, innovative entrepreneurs who venture into it can reap handsome benefits.
3. Niche e-commerce
Thanks to the high rate of Internet accessibility among consumers in Singapore, e-commerce is becoming a mature market.
According to statistics, the e-commerce sector revenue is projected to grow at an annual rate of 11.2% to hit USD 5.086B by 2021. Most new ventures are going online to reach customers who are located anywhere.
You can establish a lucrative venture if you identify a suitable niche market for your business. Having come up with a good idea, you should then do your research, identify your unique selling point (USP), and carry out the necessary analysis and planning to set up your venture.
You should then incorporate your business to form a private limited company. For a hassle-free incorporation process, engage Visa Express and tap in on their diverse and vast experience.
To have a successful online store, position yourself as an authority in a particular segment and identify the members and needs of the niche.
Some of the merchandise that is common in the Singapore e-commerce industry includes books, computer hardware and software, consumer electronics, music, beauty products, and fashion apparel.
It is critical to ensure that before you start your e-commerce business, you have the necessary infrastructure, such as IT, inventory, flexible modes of payment, and suitable workers and business processes, for seamless operations.
Also, ensure you adhere to all the rules and regulations for such businesses, as well as copyright laws. E-commerce can be so rewarding if you start on the right path and maintain your momentum.
4. Elderly care services
Due to economic development and significant advancements in healthcare, Singaporeans are expected to live to a ripe age of 80-90 years, with one in every five citizens expected to be 65 years old by 2030.
The effect of this trend is an increased demand for healthcare services and care for the elderly. Although the Singapore Program for Integrated Care for the Elderly (SPICE) mobilizes public and private assistance to operate day-care and rehabilitation centers, there is an unfulfilled demand for compassionate homes where the aged can spend their time other than in nursing homes.
Also, there is a rising demand for integrated day care centers and facilities for special needs patients. You need to come up with a relevant product and then look for funding. Examples of sources of support include the National Volunteer and Philanthropy Center, which offers funds and idea development.
5. Travel and tourism
Tourism and travel contribute to a significant portion of the economy of the island state. The country has attractive flora, fauna, and heritage sites and structures that bring hordes of tourists.
Also, the stability and security of the country make it a favorable destination. As an investor, you can explore several business options, like starting a travel agency or tour guide services, which can enable you to take advantage of domestic and international tourists.
6. Digital marketing
There has been remarkable growth in digital marketing, and it is expected to keep on rising with the emergence of technologies until all spheres of digital marketing are significantly covered.
So far, the Internet has been a crucial tool in acquiring customers and will continue playing that role in an even more significant way. Opportunities that you may consider in this sector in Singapore may include social media marketing, apps and/or web designing, development and marketing, copywriting, and more.
7. Mentorship in business
If you have experience in successfully running a business, especially in Southeast Asia, you can consider mentoring upcoming entrepreneurs and cash in on it.
You need to share your knowledge and tested ideas, and help your mentees to grow their skills and mentor emerging business persons. You can impart knowledge on the mentees in areas like making a business plan, marketing, and product development.
You may guide established entrepreneurs in things like data analytics, financial technology, and supply chain management. Can you become a mentor in entrepreneurship? If yes, go ahead and begin a mentorship program. You can also establish an accelerator, which you can register under Startup SG Founder Scheme.
In this era where everything is digitized in Singapore, it is more crucial than ever before to secure systems related to information and operational technologies.
Also, attacks have nowadays moved online, so cybersecurity is the only way to protect military information, healthcare systems, transportation and communication systems, and other crucial areas. The general population needs protection in their private networks as well, and cybersecurity is the one to offer this.
The sector is to a large extent unexploited. If you are a business innovator who has knowledge or skills in computing, coding, technology, and algorithms, you can venture into it. Also, cybercrime prevention experience is needed.
9. Fashion retail
Singaporeans are very fashion-conscious people who keep up with the latest trends and love looking their best. Also, visitors to the country, such as tourists and business people, like shopping in Singapore for their outfits.
International brands like Levis, Zara, and H&M are already making a killing in the city-state. You could start a retail fashion outlet or get into a franchise arrangement with some great global brands to get a share of the profits.
10. Fitness training
More people in Singapore are becoming conscious of their health and fitness. You have opportunities as a fitness trainer to establish a fitness center that offers customized and specialized training sessions.
With personalized fitness training services, more clients are likely to come back again and again, and to even refer their friends and relatives. Besides gym facilities, you can offer holistic weight-loss solutions that integrate nutritional guidance alongside weight management workouts.