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Singapore is one of the most business-friendly countries in Asia. Thanks to its strategic location, low tax rates, and highly-educated workforce, it’s one of the best places in Asia and the world to start your journey as an entrepreneur.
If you’re planning on starting a business in Singapore but are struggling to come up with a good idea, consider these five trending business ideas to give you inspiration for your next venture.
What Are the Benefits of Being an Entrepreneur?
Before we discuss these ideas though, let’s discuss two important benefits of entrepreneurship. Since you are your own boss, the key upside to being an entrepreneur is the flexibility in your daily schedule. This is can be especially beneficial for parents with young families who need the flexibility to take care of their kids during the day.
The second benefit of being an entrepreneur is the positive impact it has on society. By creating jobs, new markets for goods and services, and wealth for yourself and associated businesses, entrepreneurship has a tremendously positive impact on Singaporean economy. With that said, let's explore some trending business ideas:
Idea #1: Digital Marketing
The pandemic forced consumers in Singapore and all over the world to conduct the majority of their lives on the Internet. Telehealth, online shopping and banking, streaming services; the pandemic supercharged the use of the Internet for almost everything we do. As businesses compete to attract a larger online customer base, digital marketing has become an extremely lucrative sector for new businesses.
Idea #2: Delivery Services
Due to quarantine and social distancing rules, it’s harder for people to get products in-person at brick-and-mortar stores. As a result, the demand for delivery services has increased dramatically, which makes it another high growth sector of the Singaporean economy. Though this occupation will require you to have access to a vehicle and a valid license to drive.
Idea #3: Export-Import Business
Even though Singapore is a small country, it’s currently the fifteenth-largest trading partner of the United States and is rapidly increasing its trade with major trading partners like Malaysia, Indonesia, China, and South Korea.
Hence, starting an export-import business for products like tea, silk, and organic food or services like compliance and auditing and specialised marketing services to other export-import businesses is another great business idea. When working in this industry it is important to take into consideration the permits/licenses required, for more information regarding this, read our article here.
Idea #4: Web Design
We’ve talked about how the pandemic has forced Singaporean businesses to sell their products and services through the Internet. However, you can’t do this without a website and strong online identity besides a few social media pages and searchable Google addresses. This is why web design is important and another thriving industry for entrepreneurs to enter.
Idea #5: Freelance Accounting Services
If there’s one thing that every single business in Singapore needs, it’s an accountant. This means that if you choose to offer freelance accounting services through your business, there’s a thriving demand for your services. In order to effectively succeed in this industry, it may be beneficial to get certified as a chartered accountant.
Why Is a Business Plan Important?
Having a good idea isn’t enough to be a successful entrepreneur. To improve your chances of success, it’s incredibly important to have a solid business plan. A business plan is a 15 to 20 page document that states your business objective and outlines how this can be attained. Typically, an effective business plan contains the following elements:
- Executive summary / description of business activities
- Market analysis
- Competitive analysis
- Management and organisational structure
- Financial projections / budgeting
- Marketing strategy
Starting a business without a business plan is, therefore, like going on a journey without a map.
Why Is a Budget Important?
Many businesses fail because they don’t know where their money is coming from or what they’re spending it on. Creating a budget is the best way to keep your business and its finances on track. Without one, it can be very difficult to make informed business decisions and manage your money effectively and productively.
When in Doubt, Reach Out!
Sprout Asia offers budget-friendly incorporation services to help you establish your business in Singapore with ease! A large benefit of registering your business as a Pte Ltd is its lower tax rates, allowing for the ability to raise funds and better credibility.
Feel free to reach out to us with any questions about our services, we’ll respond within 24 hours.