If you’re looking for the best small businesses in Singapore, here are some of the most profitable ones. Singapore ranks first among 189 countries for ease of doing business. Singapore offers numerous benefits for companies looking to set up shop there.
If you decide to start a business in any of the abovementioned fields, be sure to consider all the necessary factors before making a final commitment.
The Best Small Business Ideas in Singapore
If you’re looking for an opportunity to start a business in Singapore, there are several options available to you.
There are lots of online business ideas in Singapore for people who want to earn
You may read:Â The Best Small Business Ideas in Sydney
Start a Blog
Starting a blog is one of Singapore’s best online business ideas. It requires minimal investment but if you know what you’re doing, the profits are limitless. You need to devote a full year of your life to it.
There are many bloggers who earn millions in Singapore. If you’re interested, read our detailed post on starting a blogging business and making money for more details.
Affiliate Marketing
Affiliate marketing is among the best ways to make money online. You can earn commissions by referring people to a particular website where they can buy something.
In order to do that, you must promote a certain product on your own site. Once you sell a product, you’ll receive a commission based on the sale price.
Read: How to start an affiliate marketing business
Create an Online Classified Site
Online classified websites in Singapore are currently doing well. All you need to do is create an online classified site where people can list their products and services.
Dropshipping Business
Dropshippers offer a good way for people who don’t have time to stock inventory to sell their products online. Read our article on how to get started with a drop-shipped eCommerce site.
Online Tutoring
If you want to get started without any investment, there are many websites offering online tutoring jobs.
Automobile Dealership
Singapore is one of the best places for starting an auto dealership business. If you want to earn a good income by selling automobiles, then you can open a car dealership in Singapore.
Beauty & Personal Care: What’s new
As the world’s population becomes increasingly connected through online platforms, the global beauty market is growing at a fast pace.
Online retail and beauty specialists are enabling international brands to penetrate the local market. Launches are becoming faster and digital marketing is speeding up the delivery of news about new products.
Biotechnology
The government has been investing heavily in science and technology in order to achieve its goal of becoming the first smart nation. It is actively promoting and developing its biotech industry.
Therefore, you can launch a business in biotechnologies in the food or pharmaceutical segments.
Cleaning Business
A residential and commercial janitorial service is an excellent business opportunity. It requires no capital investment and minimal startup cost. It also offers great profit potential.
To begin your own janitorial service, you must purchase the following items:1) Cleaners (cleanser/disinfectant)
Consulting
Consulting is an old practice that continues to grow today. Consultants are hired to help businesses and people achieve specific goals. They often provide advice on how to solve problems and make decisions.
In general, consultants do not offer solutions; rather, they identify issues and suggest ways to deal with them.
Digital Book Library
The Digital Book Library is one of the best businesses for startups to enter in Singapore. It requires an initial large upfront capital investment though.
Electrical & Electronics
The electrical and electronic industry is promising in Singapore, and starting a small company in this industry requires a significant initial investment.
But there are some opportunities for people who want to get into this field but don’t have a large amount of cash at hand.
Export-Import
With its small population, Singapore is currently the 15th largest exporter of goods to the US. Singapore’s exports to major countries such as Malaysia, China, Indonesia, and South Korea are growing rapidly.
So starting an import/export business is a great option.
Florist
Any individual can start a florist store in two methods. One is to operate it out of your own house and also part-time.
Providing solutions to the neighborhood clients in regards to their floral requirements such as arranging, designing, delivering, setting up, and eliminating waste. A second method is to open a florist store.
Home-Based Manufacturing
If you want to run a small-scale manufacturing enterprise at home, then you could consider starting one in Singapore.
It requires a relatively smaller infraÂstructure and comparatively less startup capital investment than setting up an industrial unit.
Interior Designing
Interior decorating is a perfect job choice for people who are passionate about design and interior decoration. It doesn’t matter if you’re young or old; anyone can start an interior decorating business from their own homes.
Retail Store
Both offline and online retailing are very promising industries in SingaÂpore. In addition, entering foreign brand names into the local market has helped add extra fuel.
Finally, with modest initial investments, you can set up a retail shop in the country.
Transportation-Related Business
Transport has been one of the world‘s biggest industries for centuries. However, recent innovations and changes in lifestyles have created new business models and lucrative startups within the transportation sector.
Travel & Tourism
Tourism in Singapore is an important sector of the local economy, bringing in millions of dollars each year.
Starting a new company in the tourism industry would be a great opportunity for anyone looking to get into entrepreneurship.
Virtual Office Space Renting
A virtual office is an online business facility that allows companies to operate their business from anywhere they want. It offers significant cost savings compared to traditional office rentals.
Elderly Care
By 2030, the cost of caring for the elderly in Singapore could reach $50 billion. As a result, there will be an increasing demand for elder care services.
Digital Marketing
Singapore is probably the least internet-savvy region in Southeast Asia. But if you’re an expert in any aspect of digital marketing, Singapore could be a good place for you to start a digital venture.
Mobile Phone Repairing
Mobile phone sales are increasing in Singapore. As a result, the need for mobile repair services is growing. While the market is slightly competitive, there is still a lot of room for expert mobile repair service providers in the country.
Computer Repairing
Computers are common in most households in Singapore. There is a growing demand for repair services for computers.
Tour Guide
Singapore is an attractive destination for tourists from across the globe. If you want to start a tourism guide service, you must obtain a tourist guide license first.
Frequently Asked Questions
How to start a business in Singapore?
For people who want to open a business in Singapore, here are some important things to keep in mind.
- Understand the local market
- Pick a business idea based on market demands
- 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 to start a small retail store in Singapore?
The startup costs vary depending on what type of company you’re starting. For a legal company in Singapore, incorporation service fees range from $900-$1,200.
Where would be the best place to start a new business?
There are several good options for starting a business in Singapore. Here are some of them:
- Marina Bay.
- Orchard Road.
- Tanjong Pagar.
- River Valley.
- Suntec City.
Are foreign companies allowed to operate in Singapore?
Foreign entrepreneurs can set up their own companies in Singapore, even if they’re not citizens. They need to appoint a local director though.
Singapore is one of the best countries for starting a new business. Here we provide some useful resources to get started.
You may like to read:Â The Best Innovative Small Business Ideas in Germany
