Tips for Starting A Business During Covid-19 in Singapore
2020 will be a year to remember not just for Covid-19 and its effect on millions of people – it’ll be the year where the world is caught unprepared for the seismic shifts in how businesses are run.
This global pandemic has caused major disruptions to the economy by forcing governments to take preventive measures in the form of closing or limiting businesses, emptying public spaces or to the point of shutting down certain sectors of the economy.
In Singapore, this is no exception. Covid-19 has caused the implementation of the circuit breaker measures, separating many from their workplaces and children from schools while enforcing stay-at-home policies that most businesses were never prepared for.
But with every crisis comes opportunity. With the right foundation of knowledge, skills, and mindset, this might be a prime time to jumpstart your business or even start your business in Singapore with the help of company formation or company registration services.
How did Singapore’s businesses change with Covid-19?
It has been difficult for Singapore to run businesses with public safety as the top priority in this crisis.
For startups and small businesses, this has affected their cash flow consistently with the many different operating restrictions in place.
Today savvy business owners have either suspended their operations, shifted to remote working for most of their staff, or have developed drastic action plans to combat the financial effects of the pandemic.
What types of businesses are thriving with Covid-19?
While it is fair to say that most Singapore businesses are facing difficulties in the current climate, there are also plenty of sectors that are seeing a surge in demand for their products or services. Starting a business like some of these below can even be made much easier affordable company formation services out there!
Sanitising or disinfection services: Businesses are always looking for professional service providers to effectively sanitise and prevent a COVID-19 outbreak at their premises
Home meal delivery services: Many who are staying at home are also relying on meal delivery to cope with working long or extra hours in their effort to gain more income
Fitness equipment and online fitness classes: While many gyms and fitness centers are closed or limited, many are turning to exercising at home. Hence, there is strong demand for home fitness equipment and digital fitness classes
Mask makers: Wearing masks have become second nature to many, and high quality, safe yet aesthetically pleasing mask are seeing a consistent surge of demand and popularity
Telehealth services: Many have been wary of visiting doctors or clinics in the Covid-19 situation and will only visit upon serious illness. As a result, telehealth services are now growing exponentially.
How do you decide on what business to start in Singapore?
- Research and think about the demand from consumers
If there is a demand that is unfulfilled, it might be a good time to be one of the suppliers. Think about how your product or service can fit into your potential customers’ current lifestyle. It could be about equipping them with fitness equipment that rotates monthly, or even regular home meal delivery that is suited for their specific medical requirements
- Make sure your business is also long-term and recession-proof
While it is a good idea to capitalize on Covid-19, circumstances in this situation will very well change once a cure or vaccine has been developed. That is why your business should have a long-term plan on how to shift after this crisis with solid financial and product or service planning.
- Kickstart your business on the right foot with comprehensive corporate services
Getting the fundamentals established will ensure your business flourishes at the very beginning. Having a reliable corporate service provider like Sprout, you’ll find everything you need to allow your business to thrive. Corporate solutions provided by Sprout include professional accounting & bookkeeping services, company incorporation services with administrative requirements and a top-tier company secretarial service that promises fuss-free management of compliance and reporting requirements.
Arrange for a complimentary consultation if you're interested in learning about Sprout Asia’s comprehensive suite of services!
Schedule a call with Sprout for a complementary consultation. We can provide insights on how we can add value by providing more insight into your business' financial performance and cash flow, allowing you to make better decisions.
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