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Top 38 Business Ideas With The Most Opportunities in Singapore 2023

  • Updated March 2, 2023

business ideas singapore

Table of Contents

Are you looking for the best business ideas in Singapore to start as a beginner?

Singapore is one of the most attractive hubs for entrepreneurs, offering numerous opportunities and resources. From fintech to education and beyond, plenty of exciting niches have potential.

In this article, we’ll showcase the top business ideas with the most growth potential in Singapore that can generate multiple income streams and create a sustainable future for those who pursue them.

  • Singapore  is a  great place  to  start a business , offering many  opportunities  and  resources  for entrepreneurs.
  • There are various  types of business ideas  that can suit different  skills ,  interests , and  budgets , such as  home-based businesses ,  online businesses ,  service-based businesses , and  product-based businesses .
  • Some of the most  popular  and  profitable business ideas  in Singapore include  baking ,  bookkeeping ,  content creation ,  digital marketing consultancy ,  e-commerce ,  graphic design ,  personal training ,  photography ,  tutoring , and  web development .
  • To  start a business  in Singapore, you need to  register your business  with  ACRA , obtain a valid  business license , and comply with the  legal and tax requirements .
  • You also need to conduct  market research , create a  business plan , secure  funding , build a  website  or  online presence , and  market your business  effectively.

Home-based Businesses

Due to its popularity and simplicity of operation in Singapore, baking is a fantastic home-based business option.

Anyone in Singapore can start their own business from the comfort of their home due to the large range of baking supplies, equipment, and recipes that are accessible. There are many ways to show off your baking skills and get money, from classic cakes and cookies to complicated pastries and bread.

Who doesn’t enjoy the smell of freshly baked food, too?

Bookkeeping

In Singapore, bookkeeping is a great home-based business opportunity. To ensure accuracy and compliance with legal requirements, it is a service that records, tracks, and analyzes financial transactions.

Entrepreneurs may save companies time and money by efficiently arranging their accounts with the correct bookkeeping abilities.

Build An Audience

Entrepreneurs looking to launch their enterprises in Singapore may find that building an audience and making money from it is a viable solution.

Entrepreneurs can build a loyal audience by producing engaging material online, such as blogs, YouTube videos, podcasts, or ebooks, and monetize it through affiliate marketing, sponsorships, and other means. Also, a wider fanbase can be reached at a low cost using social media’s power.

Content Creation

In Singapore, 2023, creating content will be a terrific home-based business option. Entrepreneurs with this kind of business can produce material for websites, social media platforms, and other forms of digital marketing.

Writing, editing, and graphic design are all included in content creation, making it an excellent option for people working from home.

With the correct expertise and abilities, content creation can be a lucrative business in Singapore that allows entrepreneurs to create reliable income streams while giving them creative freedom.

Create Digital Products or Online Courses

In Singapore, starting a business with little capital is possible by producing digital goods or online courses. There are no particular prerequisites for producing digital goods, such as having a physical space or retail store, making it a simple and affordable way to launch a business and an enormously accessible choice.

Digital Marketing Consultancy

How businesses run has altered as a result of the digital revolution.

Unsurprisingly, more business owners are trying to take advantage of this trend by starting their own digital marketing consultancy. Due to its ability to produce significant returns from minimal start-up costs, this business model has grown in popularity in Singapore.

Setting up a digital marketing consultancy in Singapore has many benefits, including access to a sizable clientele actively looking for services, particularly in quickly expanding industries like fintech and e-commerce.

Also, there is enormous development potential as more businesses use digital solutions to connect with new customers and establish their online presence.

Dropshipping on Amazon

Dropshipping on Amazon is an excellent option for launching your business in Singapore. You may quickly start your own business and earn money from it with little initial investment by using e-commerce.

With drop shipping, you must find goods from trustworthy vendors, create Amazon listings, and start selling. You must send orders to your supplier as they come in so that they may ship the goods directly to your clients. Dropshipping is one of the top business concepts in Singapore for 2023, with the best prospects for entrepreneurs.

eCommerce is a profitable business opportunity in Singapore as more people prefer shopping online. Due to its robust digital infrastructure, Singapore is well-positioned to benefit from the expanding eCommerce trend.

Businesses and entrepreneurs in Singapore have an excellent opportunity to take advantage of this trend by building an eCommerce platform. eCommerce can succeed in Singapore with the correct technological know-how and marketing plan.

Graphic Design Service

For individuals wishing to make the most of their artistic and creative abilities, offering graphic design services is a pretty good business option in Singapore.

This kind of work can be extremely rewarding. Given the rising need for digital marketing services, this is an excellent opportunity to enter the market. Businesses and organizations that wish to produce eye-catching images, such as posters, flyers, and logos, need graphic design services.

Let’s say you have a talent for design and are familiar with the latest software programs. If so, this business venture might be ideal for you. ​

Home-Cooked Meal Preparation Services

Services that prepare home-cooked meals have recently grown in popularity in Singapore.

Increasingly individuals and families rely on these services to offer wholesome meals. Given the rising need for freshly prepared, home-cooked food that is delivered fast, this business concept has a lot of promise for people wishing to launch their own businesses in Singapore.

Home-cooked meal preparation services are inexpensive to launch compared to other enterprises, making them a desirable business opportunity for those with tight financial constraints.

As all you need is a kitchen or a space to make meals, along with necessary items like pots and pans, the overhead costs are also rather inexpensive.

Also, you can alter meal programs to accommodate various dietary requirements or preferences thanks to the flexibility of this kind of service. Consider a scenario where clients request vegan food or food made without certain ingredients like garlic or onions. In that situation, specialist recipes can be easily adapted to accommodate these.

Online Tutoring

Online tutoring has become an increasingly popular business for entrepreneurs in Singapore due to its great potential for growth and profitability. With the demand for private tuition rising, it’s no wonder many people are turning to online tutoring to provide additional learning services without setting up a physical classroom.

The benefits of setting up an online tutoring business in Singapore are numerous.

It is cost-effective – with only the cost of computer equipment and internet access required, compared to the traditional brick-and-mortar tutoring model, which requires much higher upfront costs.

These businesses can be easily scaled due to their low overhead costs and lifestyle flexibility, making them ideal for individuals or families who want to start a small business.

Another great advantage of online tutoring is reaching a wider audience.

You can offer your services internationally, giving you access to more students and increasing your chances of success. You also don’t need to worry about the cost of transportation or finding suitable office space – it can all be done from the comfort of your own home!

Moreover, technology has made creating engaging and interactive lessons easier by using tools such as video conferencing software and virtual whiteboards. This makes it possible for tutors in Singapore to provide high-quality teaching experiences over long distances without compromising on quality.

Finally, this industry has tremendous potential for growth: research shows that the demand for private tuition services increases yearly. Businesses offering these services can reap more profits if they focus on providing exceptional value and customer service.

Pet Grooming

For those residing in Singapore, pet grooming presents an excellent business option. With its quickly expanding pet industry, there is an opportunity to offer pet owners high-quality care and services. Pet grooming is becoming more common in the area as a result of the rising demand for pet-related services.

Social Media Management

Social media management is an attractive option for business owners in Singapore wishing to operate from home, especially for those with experience in digital marketing.

It uses social media platforms like Facebook, Twitter, Instagram, and YouTube to interact with online prospects and advertise a business’s goods or services. With this kind of business, you may use technology to reach a large audience without spending an excessive budget on advertising in Singapore .

Translation Services

For those seeking to make a living off of their language capabilities, translation services might be a great home-based business option in Singapore.

Official documents, marketing materials, website content, and other things can all be translated. You can operate this kind of business from home. It aids in bridging the gap between many cultures, languages, and companies worldwide.

Video Editing

For those looking to capitalize on the rising need for original content, video editing is a fantastic home-based business opportunity in Singapore. The demand for high-quality video footage that is simple to edit and manipulate to produce memorable experiences has increased dramatically with the emergence of digital media.

An excellent opportunity to produce captivating and engaging projects that can be utilized for advertising, marketing, promotion, and more are provided by video editing.

Web Design/Development Services

Web design and development services present a pretty good business potential in Singapore because of the city-strong state’s emphasis on digital transformation .

Web design and development services are required to build engaging websites for businesses of all sizes in the expanding online economy. As more companies see the value of having an online presence, there has been a considerable increase in the demand for professional website design and development.

Customers today expect businesses to have a modern, user-friendly website optimized for mobile devices due to the growth of social media.

To ensure that their client’s websites remain competitive in the online market, professional web designers must stay current on the most recent developments.

Including features like interactive elements, content management systems, search engine optimization, and ensuring websites are responsive and simple to use across many platforms is all part of this (SEO).

Furthermore, to create appealing and valuable websites that satisfy user expectations, web developers must thoroughly understand coding languages like HTML, CSS, and JavaScript.

No/Low Capital Businesses

Affiliate marketing.

Due to its simplicity of setup and minimal startup expenses, affiliate marketing is a home-based business option that has grown in popularity in Singapore. It entails promoting goods and services via digital platforms, including websites, blogs, and social media.

You can make money by encouraging clients to buy goods or services from another business through affiliate marketing. This business idea is a fantastic method to generate income without making big capital expenditures.

Blogging/Vlogging

For anyone trying to start a business in Singapore in 2023, blogging and vlogging are great choices.

With the rise in popularity of online media, there is a sizable market in the nation that might be reached by building YouTube channels or websites with tons of material. Building an audience through blogging and vlogging offers the chance to monetize the material using affiliate links and adverts.

Freelancing Services

People have the ability to earn money from the convenience of their own homes thanks to freelance services. Due to its flexibility and possibility for large financial advantages, freelancing has been a popular choice for many people in Singapore. With the development of internet technology, becoming a freelancer is now simpler.

Make and Sell Hand-crafted Goods

In Singapore, handcrafted products are getting increasingly well-liked since they give customers a distinctive and personalized touch.

Also, starting a firm with no upfront financial commitment is affordable. Hand-crafted goods provide a fantastic method to express yourself and show off your talent in ways that regular retail outlets cannot.

Sell Homemade Products

Many Singaporean business owners choose to launch their ventures from the convenience of their homes. Selling handmade goods is a terrific home-based business venture for entrepreneurs.

Handmade goods can include baked goods, jewelry produced by hand, crafts from wood, and more. By selling their homemade goods, ambitious businesspeople can showcase their ingenuity and craftsmanship while earning extra money.

This is not only a fantastic option for parents who remain at home to make money, but it also gives you the flexibility to work at your own pace and on your terms. Selling homemade goods in Singapore is a great business possibility if you seek something enjoyable and lucrative.

Freelance Writing and Editing

Freelance writing and editing are fantastic business options in Singapore because of the city’s thriving literary scene and rising demand for content.

Singaporean enterprises, which have a population of over 5 million, are always searching for writers and editors to aid them with the creation of their digital content needs.

You can start a business in Singapore using your skills to write blog posts, articles, press releases, or modify existing content. This will allow you to earn money while doing what you enjoy.

Sell Photographs

One of Singapore’s most popular and lucrative business ideas is to sell photographs. With no capital required, anyone can start this business and earn an income by selling their pictures to customers.

Other Businesses Opportunities

Home-cleaning company.

Launching a home cleaning service in Singapore is a good business opportunity. There is a rising need for time-saving services as more people attempt to balance work and family obligations.

A house cleaning business can offer this service by taking on the time-consuming process of cleaning homes and offices. By doing away with the trouble of doing it oneself, people may concentrate more on the essential things to them.

Debt Collection

More businesses are looking for reputable and competent agencies to assist them in collecting unpaid debts as the need for debt collection services rises due to consumer debt. Debt collection agencies provide an invaluable service by offering knowledge of laws and regulations, legal counsel, and debt collecting services.

Consulting Services

The need for consulting services is rising in Singapore as more people turn to seasoned professionals for guidance.

Consulting services can cover various subjects, including marketing, financial planning, and corporate strategy. People can create lucrative enterprises with the potential for high returns by providing their expertise on a consulting basis.

Buy an Existing eCommerce Business

Buying an existing ecommerce business can be a great way to get started in the world of online entrepreneurship. This is one of the most popular and effective home-based business ideas for those looking to succeed in their virtual venture in Singapore.

Because you are buying an already established business, you don’t have to worry about creating a website or driving traffic to your online shop.

Air Conditioning Services

In Singapore, providing air conditioning services is a fantastic company to start. Due to the tropical climate and high temperatures, many homes and workplaces now come standard with air conditioning.

The demand for specialists who can offer associated services, including repairs, maintenance, and installation, has increased along with the need for air-conditioning services.

Event Planning and Management

Event planning and management is becoming a popular business opportunity in Singapore due to its potential for high returns.

From weddings to corporate events, event planners are in high demand as they can create experiences that make lasting impressions on their clients. The event industry has snowballed over the last decade, and Singapore has become an ideal destination for entrepreneurs looking to capitalize on the trend.

For starters, Singapore offers a business-friendly environment with low taxes and easy access to capital. This makes it easier for aspiring entrepreneurs to start independently without needing too much upfront investment or risk.

Plenty of great venues, such as convention centers, historic buildings, or even private estates, provide a unique backdrop for any event.

Furthermore, Singapore is well known for its excellent infrastructure and efficient transport system, which makes it easier for people to travel around the country without too much hassle.

This is especially beneficial for event planners since they can easily arrange transportation for their guests from multiple locations without worrying about traffic issues or delays. It also helps them reduce costs since they don’t have to pay extra fees when setting up large-scale events in different parts of the city.

Moreover, plenty of talented professionals in Singapore can help make any event successful – from florists and photographers to caterers and entertainment professionals.

This dramatically simplifies finding suitable vendors who meet your client’s requirements while still maintaining quality standards at an affordable price.

Interior Design Consulting

Given that Singapore is desirable for entrepreneurs due to several advantages, interior design consulting is a great business opportunity here.

The country’s well-developed transportation infrastructure and infrastructure make it simple to get around and reach potential clients without spending a fortune.

A wide range of talented specialists, including architects, designers, interior decorators, and photographers, is also available, thanks to Singapore’s highly educated population.

Print-on-demand Business

Due to its low startup costs and high-profit potential, the print-on-demand industry in Singapore provides excellent home-based business opportunities.

This business employs online printing services to produce custom-printed goods like t-shirts, mugs, and phone cases. The entrepreneur has the option of designing their products or using independent designers. The benefit of this business is that you only receive orders, create the product, and send it out.

You don’t need to hold any inventory. Print-on-demand in Singapore has the potential to be a very lucrative business with a bit of imagination and effort.

Business Opportunities in Singapore for Foreigners

Retail & lifestyle.

Retail and lifestyle businesses in Singapore offer a unique opportunity for foreigners to start a new venture in the city-state. This is because there is immense scope for growth, given that Singapore is one of the world’s most preferred shopping destinations.

With its excellent infrastructure and low barriers to entry, entrepreneurs can capitalize on the country’s retail environment and benefit from the influx of tourists that come to Singapore every year.

For foreigners looking to start a business in Singapore, media provides an ideal platform for creating powerful, engaging content that can reach a global audience.

The media industry in Singapore is highly competitive and fast-paced, requiring an in-depth knowledge of the latest trends and technologies.

Entrepreneurs must stay up-to-date with industry developments and create unique content. They should also use local resources such as government grants, incubator programs, and networking events to help them get their business.

ICT-related business

Information and Communications Technology (ICT)-related business is an increasingly popular option for foreigners starting their businesses in Singapore. ICT-related business can be highly lucrative and has the potential to offer a variety of avenues for success.

The opportunities in this space are vast and diverse, from developing software applications to providing IT services to managing networks and data centers.

With Singapore’s robust infrastructure, high-quality talent pool, government incentives, support from startup incubators and accelerators , this is an excellent choice for entrepreneurs looking to enter the business world.

Trending Businesses in Singapore

Cryptocurrency.

Cryptocurrency will be one of the trendiest businesses in Singapore in 2023.

Cryptocurrency is a digital or virtual currency designed to work as a medium of exchange. It uses cryptography to secure and verify transactions and control the creation of new units of a particular cryptocurrency.

Bitcoin, Ethereum, Litecoin, and Ripple are the most popular and commonly traded cryptocurrencies. With the rise of digital technologies, cryptocurrency has gained much traction in Singapore. Many entrepreneurs are taking advantage of this trend to start their businesses.

Import or Export Business

Of all the potential business ideas, import or export businesses have some of the most promising prospects.

With Singapore’s excellent geographic location and well-established logistics infrastructure, importing or exporting products from overseas has always been challenging. Plus, the country is home to essential ports serving as hubs for global trade. So it’s no wonder many aspiring entrepreneurs are pursuing this venture!

Finance or Stock Trading

Stock trading is one of Singapore’s most popular business ideas for 2023 due to its high potential for earning and low risk compared to other businesses.

Singapore offers unique tax and financial incentives encouraging entrepreneurs to invest in stocks. The city-state is also a hub for investors worldwide, with many international exchanges.

Worst Business to Start in Singapore

Online gambling.

Online gambling is one of the worst business ideas in Singapore because of its risks and drawbacks. While there are potentially lucrative rewards to be gained from running an online gambling business, there are also many legal issues to consider before you take the plunge.

In Singapore, online gambling is illegal and can result in severe fines or imprisonment if found guilty.

Selling Knock-off Goods

Selling knock-off goods is one of the worst business ideas in Singapore, as it violates intellectual property rights and can also be a criminal offense.

The sale of counterfeit products has been on the rise in recent years, and this has caused significant losses for legitimate companies whose products are copied or imitated.

Not only will those selling these fake goods face hefty fines, but they could potentially be liable for damages or even jail time if found guilty.

Furthermore, customers who purchase these knock-off items may find that they last only a short time and may need frequent repairs or replacements due to inferior quality materials used in production.

Multi-level Marketing Schemes

Multi-level marketing schemes are one of the worst business ideas in Singapore due to their high risk and low reward.

These businesses involve recruiting people into a pyramid structure. Those at the top gain most of the profits, while those at the bottom have little chance of making any money. This type of business model is highly frowned upon by regulators, as it can lead to fraudulent activities and unethical practices.

Moreover, multi-level marketing schemes often require significant upfront investments with no guarantee of any returns on these investments.

Coming Up With a Marketing Plan

Consider the risks and rewards associated with these ideas and the potential returns they can generate. With careful planning and a strong determination, you’ll be able to find the right business idea that can enable you to make money while also pursuing your passions.

After choosing which business to start, the next thing you have you consider is a marketing plan.

What is the best business to start in Singapore?

One of the best businesses to start in Singapore is an e-commerce platform. The economy and population are multiplying, creating many opportunities in this sector. Another great business opportunity is developing innovative apps or software solutions tailored to Singapore’s market.

What is the most profitable business in Singapore?

Starting an online business is currently the most profitable business in Singapore. With the growth in eCommerce, more entrepreneurs are leveraging digital platforms to start up and grow their businesses.

What are the top 5 small businesses to start?

The top 5 small businesses to start in Singapore for 2023 include ecommerce, freelancing, online tutoring, selling homemade products, and consulting services.

What business is booming in Singapore?

The businesses booming in Singapore include IT and software, e-commerce, logistics, media and advertising, e-scooter rental services, property management services, and lifestyle businesses.

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7 Small Yet Profitable Business Ideas in Singapore

  • Loan Advisor Team
  • August 4, 2023

Singapore has brought down locally transmitted COVID-19 cases to near zero. According to news reports, Singapore is now the “World’s Best Place to Be During Covid”. Thanks to the government’s border curbs and strict quarantine program, citizens and business owners can now settle into the new normal.

On top of this development, Singapore also ranked the top jurisdiction for multinational companies to base subsidiaries. With these favorable conditions, there are plenty of opportunities for startups and small businesses.

Are you willing to embrace the challenge, strategize, and embark on a new business opportunity in Singapore ? Here are small yet profitable business ideas in Singapore. These business ideas will let you earn profits both in the short and long term.  

What Business Idea Is the Best?

There is no one-size-fits-all when it comes to business ideas. Every idea has great potential but it will depend on the person’s strategy and resources. A person’s resources include the amount of capital, ability to secure loans, as well as their ability to raise funds.

The bottom line is that you need money to get started.

Below is a list of small business ideas as well as the capital needed, revenue expectation, and the skills required for each idea.  

7 Small yet Profitable Business Ideas in Singapore

1. catering business – s$20,000/month.

  • Capital: S$50,000 or more (depending on the size of your establishment)
  • Monthly Income: S$4,000 to S$20,000/month
  • Difficulty: Normal
  • Requires (Skills): Customer service skills, business skills, cooking skills

Few industries are as vital as the food industry. After all, everyone needs to eat.

That said, the high number of food lovers means there is great potential for the food business in Singapore. However, to get into the food business as a first-time merchant, you may need significant capital – depending on the size of your establishment. Another important factor to consider is getting appropriate licenses and registrations, such as:

  • Food shop license
  • Basic food hygiene course to get certified for all food handlers
  • Importing foods through the Food Control Division, Agri-Food & Veterinary Authority of Singapore (AVA)
  • Halal License if you’re planning to serve halal customers

2. Dropshipping Business – S$20,000/month

  • Capital: As little as S$20
  • Monthly Income: S$100 to S$20,000/month
  • Requires (Skills): Marketing, organizational, customer service, and business skills

Dropshipping is growing in popularity in Singapore. This e-commerce business is similar to running an online store but without holding inventory. So how does it work?

With dropshipping, you will be taking orders from clients and forwarding the orders to suppliers. Think of it as being a middle man between customers and suppliers. That said, your main focus should be selling and promoting goods and services online. 

To get started, you may need to set up your own website or sign-up to already popular e-commerce websites, such as Shopify, Etsy, or Amazon. Read to learn how to start your E-commerce business . 

3. Residential Cleaning Services – S$7,500/month

  • Capital: S$600 onwards
  • Monthly Income: S$7,500/month
  • Requires (Skills): Customer service and business skills

A residential and office cleaning business is another profitable business opportunity. Residential cleaning is a good option since there is a large demand to serve. Most cleaning service businesses charge an hourly rate per square foot. Best of all, you don’t need a lot of fancy cleaning equipment to start operating.

To get started, you are required to register your cleaning business with ACRA. Additionally, you’ll also need a cleaning service license from NEA. The application costs around S$130 and will require up to 30 days to receive the license which is valid for a year.

4. Web Design Service – S$6,900/month

  • Capital: startup costs can be zero
  • Monthly Income: S$3,000 to S$6,900/month
  • Difficulty: Difficult
  • Requires (Skills): Coding, design, business, writing and research skills

More and more businesses want to build their online presence. In fact, Singapore is evolving into a major e-commerce market. As such, the web design industry is also becoming an in-demand service.

If you have coding skills like HTML and Javascript and have an eye for graphic design, then consider becoming a freelance web designer. Start-up costs can be practically zero, especially when you start small and work from home. However, there are a few factors you need to consider, such as business fees, equipment and software, web hosting, and software licensing.

Here’s a tip: you can market your skills by creating your own website where you can showcase your sample portfolio.

5. Editorial Services – S$4,300/month

  • Monthly Income: S$4,300/month onwards
  • Requires (Skills): Writing and research, business, and customer service skills

Editorial services can be a completely online business so you don’t need a huge capital to get started. Additionally, with the rise of digital marketing, editorial work has become very diverse. For instance, you can offer the following services:

  • Editing for online and offline content
  • Proofreading manuscripts, white papers, and more
  • Copywriting for an online business to boost digital marketing efforts
  • Content creation for websites, such as blog content, white papers, and general webpage content

You don’t need a lot of equipment to get started. In fact, you can start by reaching out to family and friends or using your social media accounts to reach potential clients. With this online business, you can take on multiple clients, as long as you can deliver.

6. Affiliate Marketing – S$9,000/month

  • Capital: S$50 to S$200/month
  • Requires (Skills): Writing and research, design, marketing, business skills

Affiliate marketing is an online business model where you receive a commission for every sale you make using your affiliate link. This means you’re taking a portion of profits from other businesses. This small business idea doesn’t require intensive know-how and there are plenty of ways to get paid.

To get started, you may want to invest in growing your blog, website, or social media accounts, such as Facebook and Instagram. You can use these platforms to promote affiliate links to products, services, or surveys conducted by your client.

The average pay for a high-ticket affiliate marketer is around S$9,000. You will be earning more or less depending on how strong your online presence is or whether your niche has a strong demand.

7. Content Marketing For Ecommerce Business – S$3,500/month

  • Monthly Income: S$3,500/month onwards, depending on how many clients you take on

Content marketing is a form of online marketing where you provide blogging or copywriting services to promote a business to its target market. This service is growing in demand, especially since 67% of leads come from blogs. That said, more and more business owners are using content marketing to grow their businesses.

As a content marketer, you may want to reach out to bloggers, graphic designers, or copywriters. You may also consider collaborating with social media influencers to review or promote a product or service.

You don’t need huge capital to get started with your content marketing business. In fact, start-up costs can be zero. However, you may need to pay for business fees or take up online courses to refine your skills. Additionally, you may also want to invest in creating your own website to reach more clients.  

How To Fund Your Business in Singapore

Start-up costs vary depending on the kind of business you want to establish. For any legally compliant business in Singapore, you need to register your business which may cost up to S$900.

Thankfully, Singapore makes it easy for start-up entrepreneurs to thrive in the country. The government offers financing programs, tax incentives, and cash grants, to jump start their business ideas. However, no matter what funding opportunity you choose, there will be risks and benefits involved.

Looking for financial assistance for your business? Here are some of the funding opportunities you can consider.  

Government Funding

The Singapore government has several financial schemes to help entrepreneurs. These government funding schemes focus on different markets and industries. Here are a few to consider:

  • Temporary Bridging Loan Programme (TBLP): This government funding scheme provides SMEs with access to working capital. Business owners can loan up to S$1M at a capped interest rate of 5.5% p.a.
  • SME Working Capital Loan (WCL): This is another government-assisted financing loan option that helps SMEs finance operational cash flow needs. This financing scheme offers up to S$300,000 in loan amount.
  • Business Improvement Fund (BIF): For Singapore-registered businesses in the tourism sector. SMEs will receive funding support for up to 70% of qualifying costs. Non-SMEs will receive up to 50% funding.
  • Enterprise Development Grant (EDG): Helps Singapore companies build internal capabilities. Eligible companies receive up to 70% funding support.
  • Startup SG Equity Programme: The government will co-invest with independent, qualified 3 rd party investors into eligible startups.

The eligibility criteria for government SME grants and financing schemes can be very strict. However, they are still worth checking out to find additional support for your business.  

Get a Loan  

Traditional banks.

Most entrepreneurs immediately turn to traditional banks for financial assistance. More than 20 banks and financial institutions in Singapore offer business loans. However, eligibility criteria will vary depending on the bank. Additionally, the maximum loan amount, interest rates, and tenure will also be different depending on the financial product.

Typically, unsecured business loan effective interest rates may range between 7% to 12% p.a. You can use loan comparison tools to compare your financing options.

Unfortunately, most banks don’t offer business loans for startup companies. Most banks require a business to have a minimum of 6 to 12 months of operating experience to apply for financing. That said, startup SMEs can consider Temporary Bridging Loan or SME Working Capital Loan.  

Licensed Money Lenders in Singapore

What if you don’t qualify for a traditional bank business loan?

Another option is to borrow from licensed money lenders in Singapore. They offer business financing loans in Singapore to all eligible SME working and business owners. The business loan can be used for anything, including:

  • Purchasing new equipment to boost production
  • Acquire a new office space
  • To boost cash flow and keep the business afloat

Here are the most basic eligibility requirements:

  • The business must be registered in Singapore
  • It must be operating for at least one year
  • Must have a minimum turnover of S$60,000

But is it safe to borrow from licensed moneylenders in Singapore?

Licensed moneylenders in Singapore are regulated by the Registry of moneylenders. That said, before borrowing from any moneylender, make sure to verify if they are licensed. Check out the complete list of licensed moneylenders on MinLaw’s website.  

Crowdfunding

Looking for other financing options aside from grants and traditional loans? You can also try crowdfunding which is an alternative funding solution for a business venture. It involves raising small amounts of money from a large number of people, typically online.

The contributions will go toward your capital. Crowdfunding helps you raise capital through donations, pre-orders, or investments. There are different types of crowdfunding:

  • Donation-based crowdfunding: This is typically used to support a charitable cause
  • Reward-based crowdfunding: Contributors will receive a “reward”, usually a product by the company.
  • Lending-based crowdfunding: Individuals will lend money to a company. Business owners will then repay the “loan” at a predetermined interest rate and time.
  • Equity-based crowdfunding: Individuals invest in shares sold by the company. They will then receive a share of the profits in the form of dividends or distribution.

Is crowdfunding legal in Singapore?

The Monetary Authority of Singapore (MAS) regulates lending-based and equity-based crowdfunding under the Securities and Futures Act.  

What You Should Keep in Mind as an Entrepreneur

Being your own boss has its advantages. However, running your own company is not always about having a winning streak. It requires skills, effort, and lots of patience. Aside from learning the numbers and managing finances, being an entrepreneur requires creativity, leadership ability, and grit.

Here are a few things you need to keep in mind:

  • Have a good financial plan: To keep your business running, you need to have a good financial plan. For instance, save enough funds to keep the business afloat as well as invest enough capital to address crises and losses.
  • Learn how to adapt quickly: One of the key abilities that an entrepreneur must have is the ability to look out for potential opportunities. You need to be able to quickly pivot your business, according to industry trends.
  • Develop your social skills: As a business owner, you will be dealing with people every day – whether it’s your clients or your team. Additionally, it’s important to continue networking and creating meaningful connections since this will help grow the business.
  • Have grit and stay focused: Successful entrepreneurs are willing to push harder to make their vision come true. Remember, a successful business isn’t built overnight. It requires an immense amount of effort.

The ease of starting a business in Singapore makes it very attractive for entrepreneurs. Additionally, the current favorable conditions in the country offer a wide range of business opportunities, especially for startups. If you’re thinking of starting your own business, you can consider the small yet profitable business ideas listed above.

Key Takeaways

  • There is no one-size-fits-all when it comes to business ideas. Every idea has great potential but it will depend on the person’s strategy and resources.
  • Start-up costs vary depending on the kind of business you want to establish.
  • The Singapore government has several financial schemes to help entrepreneurs, such as Temporary Bridging Loan and SME Working Capital Loan
  • You can also get a loan from banks or from licensed moneylenders in Singapore

Need financial assistance for your goals but not sure which loan package is the best? Request up to three loan quotes from Loan Advisor to quickly and easily compare different loan offers. Loan Advisor has the most up to date information about the top licensed moneylenders in Singapore. Find the best loan rates, tenure, and terms at the tip of your fingertips.

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33 Small Business Ideas In Singapore (2022 Guide)

by WebsiteDesigner.sg | May 28, 2020 | blog , business

Last Updated on February 19, 2022 by WebsiteDesigner.sg

This is a guide for people who needs a business idea in Singapore.

In fact, there are so many ideas we have organised the ideas into its own categories.

a) Online Businesses

b) Service Businesses

Table of Contents

What is a business?

A business is a commercial activity where profits and losses are made.

Setting up one usually involves a sum of money which is also known as capital. This is used for expenses for things like salaries, web hosting, domain name registration, etc.

What is the end goal of any business?

Ideally, a business owner would want their business to be profitable and eventually selling it for a lump sum of money. However, not all businesses end up that way. For example, there are business owners that incurred large debts due to the nature of their business.

What business idea is the best?

Every business idea can be great but it depends on the person’s resources. A resource would be amount of capital, ability to secure loans based on your assets & ability to raise funds. Basically, you need money to make money. Really? How?

Regardless whether you are a local Singaporean or foreigner/expat, setting up a business in Singapore requires money to

  • rent an office space
  • pay employees’ salaries
  • buy over your competitors
  • buy Google Ads for traffic

Online Business

1 ) dropshipping.

Dropshipping is a model where one sells products without holding inventory. When a customer orders a product, the business owner would place that order with a supplier and earn the margin difference. This can be done on your own website using Woocommerce/Shopify or creating accounts on shopping platforms such as Carousel, Shopee or Qoo10. Dropshipping can be profitable based on certain factors such as:

  • quality of good is good
  • integrity of the supplier
  • speed of delivery
  • customer feedback
  • platform restrictions

  • Dropshipping Singapore Guide

2 ) Advertisements

One of the oldest online business models in the world is placing ads on your website.

There are different ways on how you can earn from this model.

2a) Monthly charges

You may charge a business a monthly fee to place their ads on your website. However, you need to give them a good reason to pay you. One good reason is your website have tons of relevant traffic.

2b) Pay Per Click

A popular program is Google Adsense where Google pays you when a user clicks on an adsense ad placed on your website. How much you get depends on the type of niche you are in. For example, if you have a popular medical blog. The cost per click could be around $12.00. If you have 1000 clicks that is $12 x 1000 = $12000.  However, Google takes a cut from this so it is around 68% of that $12k which is $8160.

2c) Charge per impression

This is a method where you can charge the advertiser by impressions. An impression is counted each time your ad is shown on your website. To pull this off, you will need to have Google Analytics installed on your website. Also, you need to filter the impressions by the page your advertiser has placed their ads on. If you charge $1 per 1000 impressions and you have 1 million impressions for this month, you will earn around $1000.

  • Adsense course in singapore
  • Google analytics course singapore

3) Fulfilment by Amazon (FBA)

A popular business model in Singapore is to sell products through Amazon’s program called Fulfilment By Amazon. It is a simple process where you buy your goods and send to Amazon’s warehouses. Once a customer buys a product from your Amazon product listing, you don’t have to do a single thing. Amazon will receive a notification and processes the fulfilment and delivery to the customer. This is an attractive business and it seems hands-off after you have sent your products. However, you will need to have capital to purchase goods. The success of your FBA business could be determined by these factors

  • cost of goods
  • competition
  • quality of goods
  • supplier integrity
  • shipment timings
  • keyword costs for Amazon’s pay per click ads

  • Amazon FBA course singapore

4) Affiliate Marketing

Affiliate marketing is an online business model where you can earn money when someone takes an action on your affiliate link. There are different types of affiliate marketing:

Free affiliate marketing training worth $237 By John Crestani

4a) CPA (Cost Per Acqusition)

CPA is a variant of affiliate marketing. An action occurs when a website user fills up a short form without any purchases. This is considered as a Lead. There are CPA programs where every lead you send, you will earn a certain amount. For example, a dating program may pay $5 per lead you send to them. The way to get leads is through different traffic methods such as Search Engine Optimisation (SEO), Pay Per Click (PPC), Mobile Ad networks like Airpush and more.

CPS is the short form for Cost Per Sale. Every time a customer buys a product through your affiliate link, you will get a commission from the sale. For example, Amazon has a program called Amazon affiliates where you can sign up as a member and promote products listed on Amazon. You just need to advertise them on your website or on allowed platforms. This program, however, have changed recently where commission rates have decreased from 8% to 3% for home furnishing category . So, do your research on which program you choose and you should be aware that you are subject to the platforms’ business decisions.

4c) PPC Pay Per Call

Pay per click is a business model where you send phone leads to a business. Every phone lead you send you get paid a certain amount. This is workable with a call tracking system like avanser, hoiio or nexmo. For example, if you create a Google Ad for a plastic surgeon, you will need to place a tracking code that will convert to a generic number. This number will redirect calls to the plastic surgeon. The call tracking system is able to track how many calls are there and also, they provide a recording service. You are also able to see how many leads were sent via Google Ads dashboard.

  • Affiliate Marketing Singapore
  • CPA Marketing Singapore
  • Amazon Affiliate Singapore
  • Call Tracking Singapore

5) Local business marketing

This is a fairly straightforward business model where you send leads or sales to a local business in Singapore. For example, you can establish a contract with an air conditioner company to pay you $50 per lead. All you need to do is to drive many leads to your website or social media platform like a Facebook page or Instagram page. The ways to drive many leads would be

  • Search Engine Optimisation
  • Social Media Marketing

A difficulty for some for this business is to establish a relationship with a supplier. The risk of this is the supplier may delay payment since you do not have any control over the leads. One way is to build an escrow website where you collect the payment upfront and distribute the balance payment minus your commission.

  • Build an Escrow website
  • SEO Course Singapore
  • Facebook Ads Course Singapore

6) Directory

A simple business model is to build a directory website and earn money through paid listings. This is similar to the advertisement business model with a twist. To create this business, you will need to

  • create a website
  • import local business listings
  • offer premium business listings on popular pages of your website
  • charge a fee for businesses to claim their listings

To pull this off, you will need to have a website with significant traffic.

  • Web design course singapore
  • Directory website singapore

7) Online Courses

If you have a certain talent or skill, you can create online courses to showcase your knowledge to audiences that would pay for your content.

For example, if you are a talented graphic designer, you can build a graphic design course on how to use Adobe Illustrator to create beautiful graphics.

For this business model, you will need to create a curriculum for your course and create a video for each step. Popular websites to post your course would be Udemy, Pluralsight, Coursera and more.

A great way to start this is to offer free videos on YouTube first to build an audience then you will advertise your paid courses. This way you are able to judge whether people would pay for your course and most likely, they will comment on your free videos by saying “will you be creating a udemy course?”.

https://www.youtube.com/watch?v=6DG6co0Dec0

  • Udemy singapore
  • Online marketing course singapore

If you are on YouTube, you may see advertisements where a person would advertise an eBook publishing course on Amazon. That program is called Amazon kindle where you will create an ebook and upload to Amazon’s Kindle marketplace.

The benefits of amazon kindle is

  • one click purchases

To create an ebook, you will need the following

  • Good copywriting skills
  • Proof reading skills

If you don’t have them, you may outsource these to a third party service.

An ebook business can be very profitable as your cost of creating an ebook is cheap relative to other business models. And after you have published you do not need to resupply unless your audiences requests for updates to your book. That is an indication that your book is popular too.

  • Learn how to create an eBook
  • Copywriting course singapore

9) Video Sharing Platforms

YouTube is a great place to create an online business. To succeed in this business, you will need to produce great content and attract views. There are a few angles to earn money on YouTube

  • Create a product review and get your visitors to use your affiliate links
  • Create a video tutorial to build an audience to remarket
  • Create viral videos to get views and earn money from YouTube

Another great place to advertise is TikTok. Tiktok allows you to put a link in your profile. This means you may be able to put your affiliate link and earn. Tiktok is a strong competitor to YouTube and should be worth a consideration for a new business channel.

  • YouTube video editing course Singapoore

10) Messaging Platforms

Messaging platforms is a great online channel for starting a business. One can setup a group and promote their company products to interested participants. Popular messaging platforms includes

  • WhatsApp Marketing Course
  • WeChat Marketing Course
  • Telegram Marketing Course
  • Line Marketing Course

11) Live Streaming

If you are good at sales and presentation, you may consider setting up a business on live streaming platforms like Facebook Live, YouTube or Tiktok. This is a great way to review products live streamed as it is more genuine compared to a pre-recorded video. To succeed in this business, you will need to provide honest feedback in your stream and promote quality products to build trust with your audience. You can also get to answer your audiences’ queries live.

  • Live stream marketing Singapore
  • Videography course Singapore

12) Social Media Pages

Building a website can be difficult and costly for many. Why not create a Facebook Page to promote your products? You can create a Facebook Page for free. Ways to create traffic to your page are:

  • Facebook Ads
  • Share it with your friends
  • Optimise for Facebook’s Search Engine
  • Social Media Marketing Course Singapore
  • Facebook SEO
  • Google Ads Course Singapore

13) App Business

Creating an App business can be costly but powerful. Imagine you can create an app that goes viral worldwide and receive a lump sum sale or earn passively. That’s what happened to Flappy birds where a solo developer earned $50000 in a single day . Different types of apps includes:

  • Android App
  • Progressive Web App (PWA)
  • Desktop Apps
  • App development course singapore
  • React Native Course Singapore
  • App developer Singapore

14) Software as a service

Software is another big business in the world and can be a great source of recurring income. For example, a company providing SEO tools like Ahrefs charges around $99 for their base plan. If you have a million users, that is 99 million in sales. Of course, there is cost involved in their business, imagine they have to store petabytes worth of data. That would involve many servers and synchronisation to their customers’ accounts.

  • Hire a Software developer in Singapore
  • Learn Software development in Singapore
  • Web Design Course Singapore

15) Content Marketing

A content marketing business is one where you get to promote a business by create great content using their products and services. Some content marketing types are:

  • SEO content writing
  • Infographics creation
  • Promotion video

  • Copywriting course Singapore
  • Infographics marketing singapore
  • Learn how to create a video

16) Ecommerce (Hold stock)

Since the start of the internet, ecommerce is one of the oldest online business models. You just need a website that can connect to a payment gateway to start an ecommerce business. There are many platform options to choose from:

  • Woocommerce
  • Bigcommerce

  • Hire a Woocommerce developer in Singapore
  • Hire a Shopify developer in Singapore
  • Learn how to build a bigcommerce website

17) Domain Name Trading

A domain name trader is one who buys a domain name at a cheap price and resells it to an interested party for a profit margin. This is one of the oldest business models and has been very profitable for some businesses. For example, voice.com was sold for 39 million in 2019 . There are still opportunities to be made in this market. Reason is because there are people who do not renew their domain names and that causes popular domain names to be available in the market.

  • Buy a domain name in Singapore

18) Extensions

Creating extensions for popular platforms can be a profitable business. When you create one, you can charge a one time fee or monthly fees to your customers. Popular platforms includes

  • Google Chrome Web Store
  • Shopify Apps

Some markets are saturated and some are not. You just need to look and see what apps are available.

  • Hire a WordPress Developer in Singapore
  • Hire a Chrome Extensions Developer in Singapore
  • Hire a Shopify Developer in Singapore

19) Hosting business

A web hosting business is one that provides web hosting services like SSL, Database and maintenance for websites. A web hosting business can either be costly or cheap. There are two ways to go about this:

  • rent physical servers in Singapore
  • become a reseller for Singapore hosting companies
  • Web hosting Singapore
  • How to become a web hosting reseller in Singapore

20) Bitcoin trading

Bitcoin is a popular cryptocurrency in the world in recent times. To be a bitcoin trader, you need to buy them at a low price and resell them at a higher price. To start this business you will need to have the following:

  • Multiple bitcoin wallets
  • Capital to purchase bitcoins at a low price
  • Learn what is KYC (Know Your Customer)

  • Buying Bitcoin in Singapore Guide

21 ) Group Buying

You are able to earn money by becoming a group buying host. You just need to have a house to collect the delivered items and manage the collection of the orders. By charging a fee for this service that you provide, you can made some decent money.

  • Learn how to become a group buying host in Singapore

Service Business

1 ) freelance web designer in singapore.

Do you have skills to build a website in WordPress? Or do you know HTML, CSS & JavaScript? Building a website for business owners can be a profitable business. To succeed in this business, you need to be good at listening to your client’s requests if not you will end up redoing the website until you give up on this business. If you have friends or you know of any web designers, you can outsource the job to them and earn a commission too.

  • Sign up to be a freelance web designer in Singapore
  • Build your own website
  • Learn how to build a website

2) Graphic Designer

If you are good with Adobe illustrator, Photoshop, Figma or XD, you can create graphics for many businesses. Some businesses like restaurants needs delicious looking menu designs to attract customers. Also, every business would need a logo design for their name cards. Businesses are also looking for designers that can create beautiful catalogs to showcase their designs.

  • Sign up to be one
  • Learn how to be a graphic designer

3) Interior Designer

  • Eye for design
  • Good at interior designing softwares 3d
  • Common sense such as safety design

  • Learn 3d modelling course on Udemy
  • Learn Photoshop illustrator

4) Digital Marketing

If you are good with digital marketing, you can offer your services as a digital marketing consultant in Singapore . There are many different types of digital marketing:

  • Social Media
  • Digital marketing courses for beginners in Singapore
  • Hire an SEO Consultant in Singapore
  • Engage PPC Services in Singapore

5) Copywriter

  • Persuasive copywriting skills
  • Good grammar n spelling
  • Research ability for facts
  • Freelance copywriter Singapore

If you are good at creating money from stocks or any financial tools, you can become a financial blogger in Singapore. You can create a blog and write about finances like which stock is good to buy or advising when to exit the market. Ways to earn from this is through

  • Affiliate links for trading programs
  • Google adsense
  • Create a website in Singapore
  • Hire a WordPress developer in Singapore

If you are musically inclined and are good with teaching others, you can consider to be a freelance music teacher in Singapore. What you need to have is your instrument and patience for teaching students that could be kids or adults. There are some ways to promote yourself is by

  • SEO course Singapore
  • Social media marketing course Singapore

8) Photographer

  • Corporate headshot
  • Company opening
  • Choose a great camera in Singapore
  • Photography course Singapore
  • Part time photographer assistant
  • Build a portfolio website

9) Freelance accountant in Singapore

  • Good calculating skills
  • Some qualifications as an accountant such as CPA, degree or masters
  • Confidentiality
  • NTU accounting degree

10) Painter

  • Painting skills
  • Namecsrd to pass to your neighbors

11) Freelance Art Teacher in Singapore

  • Kids painting
  • Chinese painting
  • Abstract art painting
  • Showcase your art on a website

12) Freelance Yoga Teacher in Singapore

  • Years of experience
  • Certificate from school
  • Ability to stretch your body
  • Where to learn yoga

13) Grass Cutting

Did you know there are 63k landed properties in Singapore ? If you have a passion for botany and landscaping, this could be an opportunity for you. Just offer a service to any of the landed property owners for grass cutting services. Be warned, this could have rough conditions where temperatures are hot in Singapore. So, offer your services in the day or early in the evening where it is more cooling. Also, you can manage a team of grass cutters and help them market their services in Singapore.

  • Grass Cutting Services Singapore

Whatsapp: 80445399

Email: [email protected]

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15 Profitable Small Business Opportunities in Singapore This 2023

  • Date Posted: 02/01/2023
  • Category: Lifestyle
  • Author: fortunecredit

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The pandemic was no doubt a major global crisis. Aside from greatly affecting health, it also puts many people at risk of losing their jobs and businesses. Amidst a floundering economic climate, many businesses were among the largely affected sectors by the COVID-19 outbreak.

While not every business survived, some thankfully managed to go on. Today we’ll take a look at the businesses that persisted. What is still selling? What kind of products and services, despite the health and economic crises, manage to persevere as a business?

You’ll be surprised to know that enduring and prospering through small and profitable business opportunities is still possible in the short and long term, despite the current challenging business downturn.

15 Small Business Opportunities in Singapore to Consider

You will have to sacrifice and demonstrate courage to start a business, but you will also enjoy the upsides of building a new business from the ground up.

For example, by starting your own online business today, you’ll be able to ditch your traditional 9 to 5 altogether, become your own boss, experience the digital nomad lifestyle, and make a significant income by doing what you love.

Discover these 15 popular small business ideas, as well as some insights for starting your own small business in Singapore in 2022:

Online Marketing

  • Managing Social Media

Graphic Designer

Web designer, virtual assistant, editorial work.

  • Fitness Coaching
  • Affiliate Marketing

Livestreaming

Freelance accounting service, dropshipping, photography.

Online marketing is an umbrella term under which several subsidiary business models are classified. One of them is Search Engine Optimisation (SEO) services, a sub-category of digital marketing. The other is PPC or pay-per-click advertising, a form of internet marketing that uses paid search services (often through Google AdSense) to send traffic to a website.

If you’re skilled in anything that involves using a multi-channel approach in various e-commerce platforms, converting prospects online, market research for online business, and getting constant engagement, this is a high-demand service that you can offer.

Considerations

Due to the pandemic, people are spending more time online, and their engagement with each business in Singapore is currently at an all-time high.

Because a bigger customer base is essential to the success of any business, online marketing is an important part of their overall business activities. This makes it one of Singapore’s most lucrative and profitable business opportunities.

Sell Online / E-commerce

An e-commerce business is one of many ideal small business ideas you can use to earn money. This is especially true if you already have in retail. With this business model, you can sell just about anything from snacks, merchandise, and general knickknacks.

In fact, having a strong digital market for most businesses. It’s not unsurprising to see a big business with many physical storefronts also have an online shop on the internet.

The primary reason e-commerce is a good business model is because digital integration is the natural evolution of commerce. Customers like the convenience of being able to make purchases from their homes.

Social Media Management

Another of the common small business ideas in the digital era is managing social media. The multiple social platforms on the internet present a new frontier for marketing, and many companies have their own respective socials as another arm in getting their brand known.

As a social media manager, you earn money through various means, including creating regular content, running Facebook ads, interacting with your client’s audience, and more, often leading to social media marketing.

Being in the business of social media, any prior experience with running an account, and being familiar with how a given platform’s algorithms work is a big plus. A good business approach is always to be aware of new trends, memes, and how it applies to what a platform has to offer.

Good marketing is the lifeblood of any business, and with marketing comes the need for eye-catching visuals to attract an audience. This is why graphic design among our list of the best small business ideas.

As a designer, your work may involve display ads, either physical or digital, social media graphics, logo designs, and many more.

Going freelance might take a while for a big client base, but a long-term freelance design business is viable. Any background in design will help, but otherwise, you can learn through the various online courses or self-study.

Web Designer

The continued digitisation of businesses includes having to build online identities. More than social media pages and searchable Google addresses, the best way for any business in Singapore to plant a footprint is to have a website. This is why web design is important.

If you have a preexisting knack for using programs like HTML and Javascript and an eye for graphic design and creating good user interfaces, become a freelance web designer.

There is no shortage of businesses that require the assistance of web designers. What’s more, part of being hired as a company’s designer means you can be paid a retainer for website maintenance.

Remember that, much like graphic design, your client’s insight is important; as such, it’s your job to marry their ideas and your knowledge.

Another growing business opportunity is becoming a virtual assistant. Many businesses found online require administrative work that they won’t be able to utilize without an office; as such, they outsource it from others.

Part of the job of virtual assistants centres around taking correspondences, data entry, managing your client’s schedule, scheduling appointments, and more.

This small business idea allows you to work from home and earn income full-time or part-time, even as a student. You can also work for multiple employers at the same time, especially if you have a knack for compartmentalizing.

The demand for this line of work is likely to increase as pandemic demands more remote work, and you also don’t have to generalize your skills and choose to specialize in a particular business niche.

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Another way to maximize your business profit margin is to venture into editorial work.

Content Creation

Write relevant and engaging content for your blogs, emails, and online advertisements. May also include book writing, ghostwriting, technical writing, and more.

Copywriting

Copywriting is a way of crafting words that engage an audience that wants to be part of your brand. It can be gratifying to know how to make a unique and interesting statement that engages your market.

Proofreading/editing

Editing is a more comprehensive task in which you actually go through the entire document, rearrange it, make corrections, and so on. Proofreading focuses on finding and fixing specific mistakes like misspellings, grammatical errors, confusing semantics, and more.

Freelance Writing

Freelance writers can create a highly flexible work schedule while earning money. Let’s assume you don’t have any experience writing, and you’re starting from a blank page. By creating a blog or website, you can showcase your own work to clients to demonstrate that you have some writing experience.

In addition, it allows you to practice writing content on your own where the stakes are a little bit lower. It provides a little bit of freedom to write your own content, get experience, and build an online portfolio while you’re not obligated to create paid content for clients.

Laundry Services

Washing clothes is something that everyone does daily, so it only makes sense to offer this service for people who would rather spend the time doing something else. For this reason, it’s a considerable addition to a list of profitable small business ideas.

For busy people, cleaning bedding, curtains, cushions, and couch covers are also essential tasks. Such chores are not all feasible for everyone. By using this popular business opportunity to your advantage, your finances can benefit positively.

Compared to other small business ideas, however, getting started with offering professional laundry cleaning services is quite capital intensive, as you will need to invest in high-grade laundry equipment to maintain good business.

The good thing is there will be no shortage of demand, especially if you set up shop in a populated area.

Delivery Services

The rise of e-commerce and online shopping demands the transportation of goods, and the pandemic has made this need more prevalent.

Physical products, especially in bulk, require delivery services to get them from suppliers to a customer. As such, landing it among the most popular small business ideas on a global scale.

While there is high demand, starting a delivery service will require a lot of capital for vehicles and other equipment before beginning operations.

Fitness Coach

Fitness Coaching Services

Fitness has always been a prevalent concern, especially in the digital age of social media profiles. But now more than ever, in a pandemic where a personal health concern can easily put one at risk, maintaining health has become an essential part of people’s lives, including Singapore citizens.

You can bank on this desire to be healthy and fit and offer fitness training. Singapore, in particular, has observed a wave of workout-from-home practices which you can make use of.

While in-person sessions are more difficult, you can always go the online route. You can require payment upfront and use online marketing by offering videos, zoom sessions, meal plans, email newsletters, and other digital elements to upscale your business.

‍ Affiliate marketing is a form of marketing that requires you to direct an audience to an affiliate link. You can do this in many ways, such as blogging and social media accounts on Facebook and Instagram.

This link leads to a product, service, a survey conducted by your client, and more. You may earn a commission once the desired action is accomplished or when the link is clicked by someone who came from your content.

Affiliate marketing is great, especially if you already have an established online presence. It also doesn’t require a large amount of capital, but you may need to direct much effort into marketing your content if you are starting.

A common line of work these days is through live streaming. You can do various activities over the internet, such as playing video games, creating artwork, or simply hanging out with your friends for people to watch.

Livestreaming doesn’t require much capital, if at all. The problem lies in how to attract a regular audience. Find your niche, market yourself, and create unique content to get yourself a loyal following, but you can always follow trends and see what clicks.

If you have the talent to keep track of numbers and calculate profits and losses, you should consider offering your services as a freelance accountant.

Your job description will be focused on maintaining your clients’ bookkeeping and keeping their finances in order.

A considerable requirement before offering this service is having taken a CPA course. If you already have that, you work with multiple clients to earn more income. Usually, SMEs will only need minimal accounting only for clearing basic financial matters.

Another type of e-commerce is dropshipping, which is similarly running an online store without holding any inventory. This business involves taking orders from clients and forwarding those orders to suppliers.

As a drop shipper, your main job is to be both middle man and marketer. Your job is to attract business while suppliers focus on production.

Dropshipping shares the benefits of e-commerce, with the bonus of the cost involved in starting a dropshipping business not being very heavy. Your primary capital will be spent on your chosen e-commerce platform and investing in marketing techniques.

photographer

As a photographer and/or videographer, part of your job is to capture physical representations for commercial purposes, often with the addition of post-production editing.

Part of this includes capturing food, events, weddings, and more. It may even include working with advertising companies for product or endorser shoots.

If you take up photography and/or videography, it’s likely something you’re already passionate about. However, the current condition of avoiding physical events may affect demand.

How can I start as a small business owner in Singapore?

  • Figure out what kind of business to run. The first step is choosing a business. It can be something you’re passionate about or a profitable venture among the above list of small business ideas.
  • Work on your capital. Figure out how to finance the entire project from incorporation to management.
  • Create your website. A big part of establishing your company’s identity is creating a website. This not only gives you legitimacy but allows potential clients to find you.
  • Decide on the business structure. Figure out how you will run the business and how you will handle the administration of your staff.
  • Register your business. Starting from your company’s name to the details of the Board of Directors, every aspect of your business needs to be registered.
  • File the necessary paperwork and taxes. There may be permits, documents, and taxes that you need to file before operations.

What if I don’t have enough capital for my own business?

Ultimately, the success of a business depends on the effort and financial stability throughout its growth phase. Once you decide on a business model, always remember to determine how much money you want exactly.

If you have a great business idea but cannot get financial backing, you can get a business loan from the Singapore government or other financial institutions. Read up on our Complete Guide: How to get the best SME business loan in Singapore for more information.

A small business loan is useful for many benefits, ranging from launching business ventures to raising working capital for existing businesses for expansion and buying inventories.

Final Word:

We anticipate the pandemic to come to an end soon so we can go back to normal, but what can you do as a small business owner to make sure your business not just survives but flourishes?

Business loans have helped numerous small business owners secure financial security. They are a great way to take your company to new heights, whether increasing production capacity, upgrading equipment, or expanding into new markets.

So if you’re looking for financial services, Fortune Credit business Loan is the way to go. As one of the leading moneylenders in Singapore, you can trust us to solve all your business financing needs.

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7 Profitable Small Business Opportunities in Singapore 2024

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The Enterprising Spirit: Entrepreneurial Landscape in Singapore

Singapore has long been a vibrant hub for entrepreneurship. Strategically located in the heart of Asia, the city-state offers a conducive environment for businesses to thrive and expand their reach in the dynamic economies of Asia. Its robust infrastructure, progressive government policies, strategic geographical location and highly-skilled talent pool make it a favorable balance for enterprises of all sizes.

Diving into the numbers, the entrepreneurial climate of Singapore shows a promising outlook. According to the Singstat's Services Sector Fourth Quarter 2023 report , Singapore's services sector remains positive. With 18% of firms being optimistic about the business conditions and only 9% foreseeing a downturn, the net weighted balance of firms expecting a favorable business outlook stands at an encouraging 9%.

Moreover, the report reveals an expected increase in operating revenue in all services sectors, indicating a positive financial growth forecast. A net weighted balance of 10% of services sector firms anticipate a higher revenue for Q4 of 2023. On the employment front, firms across industries anticipate an increase in hiring activities, a strong indicator of overall business confidence and expansion plans.

These promising trends reflect Singapore's resilience in maintaining its entrepreneurial dynamism amidst an ever-evolving global economic landscape. The market confidence is indicative of the robust growth potential for new businesses entering the Singaporean market in the near future.

low cost business ideas singapore

The Essence of Profitability: Key Metrics and What It Means for Your Business

Profitability is more than just having your revenue outpace your costs. It's a representation of your business's sustainability, the end result of smart strategizing, careful execution, and monitoring key financial metrics. It's also the platform from which you can grow and scale your operations.

As an entrepreneur in the making, it becomes crucial to know what profitability really means and the metrics you need to track, even as a startup or scale-up. In a landscape where there's a shift from growth-at-all-costs to increased emphasis on profitability, knowing these metrics provides an attractive advantage and forms the basis of a fundamentally healthy business.

Here are three key analyses suggested by Index Ventures that can help you on your path to profitability:

  • Cash Burn Efficiency : Most startups and scale-ups burn cash, as it requires significant investment to build and scale an organization. The key is ensuring that the burn is prudent and efficient. A healthy burn ratio of 1 indicates that for each dollar you burn, you earn an incremental dollar of total Net New ARR - this balance shows the health against benchmarks.
  • Incremental Profit Margin : Progression towards profitability is often gradual, and this metric helps to see that progression. It reveals at what rate revenues are converting to Operating Profit. Startups heading towards healthy profitability have an Incremental Profit Margin trending at 20% or above.
  • Pre-S&M Profit Margin : This metric analyses your cost structure before the Sales & Marketing Expense. A Pre-S&M Profit Margin of approximately 20% or higher is considered healthy, as it means the company has the adequate budget to invest in growth-focused operations like Sales & Marketing.

Coupling these metric analyses with the business model guide by Y Combinator provides an optimal foundation for success. However, the key takeaway is that the absolute numbers aren’t as important as ensuring a healthy progression over time.

Exploring Business Models: The Y Combinator Approach

As you embark on your entrepreneurial journey, understanding the various business models is crucial to make informed decisions for your venture. Y Combinator, a prestigious startup accelerator, has pointed out nine common business models seen in successful startups. In this section, we'll explore each of these models, highlighting the key metrics and takeaways to set you on the right path.

Please note, these descriptions are inspired by the Y Combinator guide but have been adapted and expanded to fit our original tone and voice.

1. Software as a Service (SaaS)

SaaS businesses offer cloud-based subscription software to users, primarily targeting businesses. Key metrics for this model include Monthly Recurring Revenue (MRR) or Annual Recurring Revenue (ARR), growth rate, net revenue retention, and Customer Acquisition Costs (CAC). SaaS businesses benefit from recurring revenue, and their growth is typically driven by direct sales, self-serve acquisition channels, or both.

2. Transactional

Transactional businesses facilitate transactions and charge fees for each completed transaction. This model includes companies in the fintech or payment sectors. Key metrics encompass Gross Transaction Value (GTV), net revenue, user retention, and CAC. These businesses usually have high volume, low fees, and provide consistent revenue through high repeat usage.

3. Marketplaces

Marketplaces connect buyers and sellers, making money by taking a percentage of sales. Although such businesses can be challenging to establish due to the chicken & egg problem, network effects at scale often lead to exponential growth and market dominance. Key metrics include Gross Merchandise Value (GMV), net revenue, growth rate, and user retention.

4. Subscription

Subscription businesses sell products or services to consumers on a recurring basis. Key parameters to track are MRR or ARR, growth rate, user retention, and CAC. These businesses rely on recurring revenue from a high volume of customers at usually lower price points and primarily use self-serve acquisition channels.

5. Enterprise

Selling large fixed-term contracts to big companies, enterprise businesses involve high-value deals with relatively fewer clients. The primary metrics for this model include bookings, revenue, Annual Contract Value (ACV), and sales pipeline. Sales cycles are usually long, with many gatekeepers, often involving paid pilots or Letters of Intent (LOIs).

6. Usage-Based

The usage-based model charges customers based on their consumption in a given period. However, don't confuse usage-based revenue with recurring revenue. Monthly revenue, growth rate, revenue retention, and gross margin serve as key measurements. These businesses charge for API requests, the number of records, or data usage and grow alongside their customers.

7. E-commerce

Online stores or Direct-to-Consumer (D2C) brands fall under the e-commerce model. Key metrics for this model are monthly revenue, growth rate, gross margin/unit economics, and CAC. While e-commerce businesses keep 100% of each sale, they often face lower margins due to higher Cost of Goods Sold (COGS).

8. Advertising

Businesses that monetize free users by selling ads to advertisers adopt the advertising model. Daily Active Users (DAU), Monthly Active Users (MAU), user retention, and Cost Per Thousand (CPM) or Cost Per Click (CPC) are key metrics for this model. Although consumer social products with massive scale typically leverage this model, advertisers, not end-users, are actually the customers.

9. Hardtech/Bio/Moonshots

These businesses are characterized by high technical risk, long time horizons, and deal with complex fields like biotech or space exploration. Key metrics involve monitoring progress towards the long-term vision, signed contracts, and Letters of Intent (LOIs). These ventures take years to develop live products, and revenue is often far down the line.

Understanding these nine business models will help you approach your own entrepreneurial venture with greater clarity and confidence, enabling you to select the model that fits best for the specific opportunity you're exploring.

Now that we've expanded on the different types of business models and their unique attributes, we can move forward with exploring the various small business opportunities in Singapore.

With that here are 7 Profitable that might just fetch you a good exit, that we hope - is not too complicated.

I hope this feels exciting for you as it is for us:

  • SaaS Development : Leveraging Singapore's technology-savvy market and its rising demand for efficient digital solutions, starting a Software-as-a-Service company could be a lucrative opportunity. We'll touch on why the SaaS model is suitable for the tech landscape in Singapore, drawing on both the local and regional demand.
  • FinTech Solutions : With Singapore being a global financial hub, there's significant potential for FinTech solutions. We'll explore how ambitious entrepreneurs can tap into this rapidly growing market, providing real-world examples and inspiration.
  • E-commerce : Whether it's niche products or wide-ranging consumer goods, the market for e-commerce in Singapore is robust. We'll delve into how to tailor an e-commerce solution that stands out and caters to the local audience's needs.
  • Green Energy Initiatives : As the global community moves towards sustainable and environmentally friendly solutions, green energy initiatives offer a promising business opportunity. We'll delve into what opportunities lie in this sector and how to turn them into profitable ventures in Singapore.
  • Health and Wellness : The wellness industry, including mental and physical health services, fitness, and nutrition, is booming. We'll provide insights into the growing market demands and tips on carving out a unique niche in this industry.
  • Food & Beverage : F&B is an evergreen sector in Singapore with plenty of scope for innovation. We'll explore how to create a unique concept that fits within this competitive landscape.
  • Education Tech (EdTech) : Digital learning and development tools are being increasingly adopted in Singapore, making EdTech a fruitful venture. We'll illuminate how to develop innovative solutions that truly cater to students' and educators' needs in today's digital-first environment.

The Singaporean market is ready for young, ambitious entrepreneurs to step in and set new benchmarks. In these upcoming sections, we'll dive into these seven profitable business opportunities, providing actionable advice and resources to get you started.

Business Idea 1: Seizing the SaaS Landscape in Singapore: A Guided Exploration

In the vibrant tech ecosystem of Singapore, one particular business model stands head and shoulders above the rest in terms of potential for profit and scalability: Software-as-a-Service or SaaS. So, get comfortable and let's delve into why starting a SaaS company in Singapore might be the golden ticket you've been looking for.

SaaS and Singapore: A Perfect Match

SaaS businesses succeed when they operate in an environment that embraces innovation, supports technological advancements, and has a steady demand for digital solutions. Luckily for entrepreneurs, Singapore checks all those boxes.

As we know, the SaaS model typically revolves around providing cloud-based solutions to businesses, either catering to broad needs or targeting specific niches. This model yields recurring monthly or annual revenue, a prized factor for long term sustainability and profitability.

Singapore and the SaaS Advantage: Why it Works

  • A Tech-Savvy Market : In Singapore, your target audience isn't just comfortable with digital solutions, they expect them. Both individuals and corporations constantly seek out tech-based solutions to streamline their operations and make life easier.
  • Robust Internet Infrastructure : Singapore is known for its world-leading internet infrastructure. This facilitates the smooth operation of SaaS-based services, creating a favorable environment for your SaaS venture.
  • Government Support and Policies : The Singaporean government actively supports tech startups via multiple funding schemes, grants, and subsidies, such as the Technology Adoption Programme (TAP) and the Productivity Solutions Grant (PSG) . This could provide an extra boost to startups looking to establish themselves.
  • Regional Demand : Singapore is a stepping stone to the broader Southeast Asian market, a region witnessing rapid digitization. Your SaaS company can leverage Singapore's strategic location to cater to this rising demand for SaaS solutions in the region.

Now that we've laid out why the SaaS industry has ample room for growth in Singapore, you might be keen to hop on the SaaS train. However, knowing how to do it right is vital to your success.

How to Start Your SaaS Business: A Step-by-Step Guide (Basic Overview)

  • Identify a Problem : SaaS products serve to solve specific problems that businesses or users encounter. Begin by identifying a problem or a set of challenges that your SaaS solution can address effectively.
  • Market Research : Conduct thorough market research to validate your idea. Identify your potential competitors, review their offerings, and look for gaps that your product could fill.
  • Build a Minimum Viable Product (MVP) : An MVP is a basic version of your product with just enough features to satisfy early customers while also providing feedback for future development. Services like Webflow can be a real gamechanger here, allowing you to design, build, and launch your MVP efficiently.
  • Test and Iterate : Release your MVP to your target audience and gather their feedback. Use it to iterate and improve your product.
  • Monetize : Decide on a subscription pricing model and begin your revenue generation! It could be freemium, tiered, or pay-as-you-go, depending on what fits your market best.
  • Scale : Once your SaaS business has achieved product-market fit and you have a steady revenue stream, it's time to think about scaling. This could involve expanding your customer base, targeting new markets, or rolling out additional features.

We're huge fans of SaaS businesses ourselves. If you'd like us to write a fully comprehensive step by step guide we'd be more than happy if there's enough love from our readers 🥰

Running a profitable SaaS business is no small feat. It requires commitment, creativity, and lots of hard work. However, if done right, it can serve as a source of sustainable, scalable income. What's more, in a bustling, tech-forward market like Singapore, entrepreneurs have the unique advantage of being in the right place at the right time.

Seizing the SaaS Landscape in Singapore: A Guided Exploration - Part 2

In the first part of this section, we touched on the SaaS landscape in Singapore and provided a step-by-step guide to starting your SaaS business. Now, let's expand on this knowledge using insights from Unusual VC's customer outreach playbook to help you further refine your approach.

Crafting Your Outreach Message

Reaching out to potential customers for validation is a crucial part of getting your SaaS business off the ground. When you tap out your personal network, cold outreach becomes necessary. Here are some tips, inspired by Unusual VC's guide, for crafting an effective outreach message:

  • Come from a founder or C-level executive : This approach makes the recipient feel special.
  • Be in stealth mode (if applicable) : Use the intrigue to encourage people to take the meeting.
  • Ask for feedback : Frame the message as a request for feedback with a clear value proposition. Avoid coming across as salesy.
  • Use flattery : Compliment the recipient’s expertise and acknowledge the value of their feedback.

You could also try using copy.ai for this to make yourself easier

‍ Organizing Your Outreach Process

When it comes round to the customer outreach process, efficiency is key. The right tools can make all the difference, and we luckily have some excellent suggestions for you to consider. This process might feel a little daunting, but fear not! Just like embarking on a new Webflow project, with ordered steps and a clear structure, it becomes an exciting journey.

Here is our step-by-step guide using some preferred tools:

  • Make a clear target list with SGPGrid : Start your journey with SGPGrid , a comprehensive directory of Singapore's tech ecosystem. Use the robust search features to identify businesses and individuals who fit your ideal customer profile. By referring to company descriptions, business information, and contact details, you can build a comprehensible list of targets for outreach.
  • Personalize your outreach emails with SalesHandy : SalesHandy is here to make sending your outreach emails a breeze. With features like email tracking, scheduling, auto follow-up, and detailed analytics, it's an invaluable tool in any marketer's toolbox. The more personalized your emails, the higher the response rate - so make sure to tweak those email templates to suit your specific audience and their needs.
  • Warmly greet your prospects with Warmly.ai : Warmly.ai helps you set the perfect tone for your outreach. By using data-driven insights about your prospective customers, Warmly.ai enables you to nurture authentic relationships. This tool uses a customer-centric approach, designed to make your potential clients feel well-understood and valued.
  • Monitor, record, and learn with FullStory : Once your outreach begins to direct prospects to your site, you need to understand how they interact with it. That’s where FullStory comes into play. FullStory allows you to monitor and record user sessions on your website. By examining these interactions, you can learn what’s working and, perhaps more importantly, what’s not.
  • Optimize your landing pages with Webflow : Webflow for Startups offers mastering tools to build, design, and launch your saas product’s website. After gaining insights from tools like FullStory, you can apply these findings to optimize your landing pages, ensuring a seamless and engaging user experience. Webflow’s flexibility allows you to make these changes quickly and efficiently, so you can continually improve your site based on user feedback.

Conducting Customer Meetings

When it comes to effectively organizing meetings with potential customers, it's important to conduct user psychology-driven discovery and qualification processes. By incorporating the following pointers into your approach, you will be well-equipped to start and scale a successful SaaS business:

User Psych Framework by Darius Contractor

  • Leverage Darius Contractor's Psych Framework : Applying Darius Contractor's Psych framework in customer interviews can help you better understand and address user emotions associated with your product. This approach can greatly improve your onboarding process, user experience, and conversions.
  • Use Sprig for Research : Sprig is a useful tool to gather valuable customer insights through targeted, real-time research. This data informs your interactions and understanding of user emotions, further enhancing the customer meeting experience.
  • Combine Sprig and FullStory : Integrating Sprig with FullStory means leveraging user data to detect and reduce any signs of frustration during customer meetings or interactions with your product. This pairing will help maintain positive relationships with your customers while promoting a seamless user experience.

Following these tips, your customer meetings should involve:

  • 45-minute meetings : Utilize phone or video conferencing tools, such as Zoom, to minimize travel, reduce costs, and maximize meeting efficiency.
  • Early product demos and addressing questions : Focus on showcasing your product demo and answering inquiries to keep customers engaged and informed.
  • Targeted slide deck :
  • Present problem statements : Ask prospects if the problems resonate with them, which is most important right now, and if any should be added.
  • Summarize your product's magic : Describe what your product does and what sets it apart, using visual aids to support your explanations.
  • Show an early product or demo : Ask the prospect if they think your product would work in their environment and how they would justify it to their boss.

Organize and Act on Customer Feedback

To continually improve your SaaS product, establish a process for collecting, sharing, and analyzing customer feedback within your team. Consider designating a leader to take detailed notes during meetings that are accessible to all team members, using tools like Google Docs or Confluence. This not only ensures that everyone stays informed about customer insights, but also leads to better adjustments and improvements within your product.

By embracing these actionable tactics in the context of conducting customer meetings, your SaaS business will be ready to thrive within Singapore's technology-driven market.

Business Idea 2: Venturing Into the Fintech Arena

Delving into the exciting world of Fintech, it's quickly clear how vast, dynamic, and innovative this industry truly is. With the advancements in technology, we've seen finance and technology blend together to revolutionize everything from banking processes to customer service in finance. And hey, lucky for us, we've worked with some exceptionally impressive Fintech clients who opened our eyes to the limitless possibilities of this sector. Let's dive in!

To help you navigate better, we're breaking down some key areas in Fintech, enriched by the experiences of our very own friends in the space.

1. Digital Payments

Fintech has fundamentally changed the way we carry out transactions. Gone are the days when you had to carry wads of cash or checks around. With digital payment platforms, transactions have become quicker, safer, and--dare we say--more enjoyable.

For instance, take our friends over at DANA . As one of Indonesia's leading digital wallets, they've made it incredibly easy for millions of users to make payments, transfer funds, and even pay bills, right at their fingertips.

2. Cross-Border Transactions

Dealing with international transactions? Fintech is here to help! It's easing the process of sending or receiving money across different currencies, making it smoother and more cost-effective.

Enter Wallex , another brilliant client of ours. Wallex provides businesses with a smarter way to manage their cross-border payments, offering lower rates, faster transactions, and greater transparency. This is Fintech making a real difference in the global business environment.

3. Financial investments and Exchange Systems

We can't talk Fintech without mentioning its role in democratizing access to investment opportunities. With advanced yet user-friendly platforms, anyone can start investing, regardless of their experience level or financial status.

Take, for example, M-DAQ , yet another incredible client we've had the pleasure of working with. Their innovative solutions offer a world without currency borders, enabling investors and businesses to deal seamlessly in their preferred currency.

To build a thriving Fintech platform, you need a robust, flexible, and user-friendly website. Just like the ones our friends have! Cue in Webflow , a great website development tool that allows you to custom design a unique, responsive, and powerful website to meet your specific needs.

To summarize, Fintech is revolutionizing how we interact with money, making financial services more accessible, efficient, and user-friendly. As always, maintaining a customer-centric approach is key here. So take it from our successful friends in Fintech, focus on solving real user problems, and you'll be on your way to creating a valuable product in this advanced landscape.

As we further explore the fintech ecosystem, it's essential to recognize pivotal reports that add invaluable context. A noteworthy contribution is PwC's report on "Fintech Innovation: Sustaining growth in uncertain times in Singapore."

The report amplifies our understanding of fintech's influences in Singapore and offers extensive insights on trends, challenges, and the environment that enables continuous fintech growth.

Emerging Trends

According to the report, the adoption of Artificial Intelligence (AI) across the fintech industry is transforming the way we interact with financial services. This adoption is particularly noticeable in the Regulatory Technology (RegTech) sector, with AI leading innovations in identity verification, fraud detection, and risk management.

The emphasis on sustainability and the rise of digital trust have also emerged as key trends. Fintech companies are under increasing pressure to demonstrate their commitment to Environmental, Social, and Governance (ESG) principles. Simultaneously, with the expansion of the digital economy, the importance of establishing digital trust and robust cyber risk management strategies is evident.

Key Challenges

Despite the immense potential, fintech companies face challenges, particularly in the areas of regulatory expectations and talent availability. Regulations around advanced areas such as Web 3.0 and AI lack clarity, necessitating a proactive approach in understanding and aligning with regulatory standards.

Talent availability has become a significant constraint too, with the burgeoning fintech sector experiencing a talent crunch. Firms are seeking individuals with the right mix of skills — a deep understanding of financial services and proficiency in technology.

Singapore as a Fintech Hub

According to PwC, Singapore has positioned itself as an advantageous hub for fintech companies eyeing the Asian market. It offers a unique blend of advantages, including transparent regulations, ease of setting up a business, a high-quality talent pool, and a supportive fintech ecosystem.

Our friends like Wallex , M-Daq , and Dana serve as real-world examples of fintech firms thriving in this environment, leveraging the infrastructure, strategic geographical location, and fintech supportive ecosystem Singapore offers.

Side note: More stats to add credibility

Bringing even more depth to our exploration of Fintech in Singapore, let's delve into some compelling statistics from Statista . The numbers paint a vivid picture of the growth, acceptance, and potential of Fintech in this dynamic city-state.

  • The Fintech sector in Singapore is showing remarkable growth, with its various subsegments driving this expansion. The Digital Assets segment is projected to top the list with Assets Under Management (AUM) of US$54,090 million in 2024.
  • The average AUM per user in the Digital Investment market is projected to be US$101,700 in 2024, signifying the industry's broad acceptance among investors.
  • The revenue growth in the Digital Investment market is expected to be 18.67% in 2025, indicating strong momentum in the broader Fintech landscape.
  • In Singapore's Digital Payments market, the number of users is anticipated to reach 6,182,000 by 2028, underlining the robust growth in digital transactions.
  • In terms of transaction value, the Fintech industry harbors great potential. Key players that contribute to this growth include Digital Capital Raising, Digital Payments, and Neobanking.

These statistics underline the growth trajectory of the Fintech industry in Singapore. Set against Singapore's progressive regulatory environment and advanced infrastructure, these numbers reflect the increased adoption of Fintech solutions among businesses and consumers. As individuals and businesses adapt to the conveniences of Fintech, the number of users and the transaction value across different Fintech segments is set to rise further.

The fintech arena is vast, characterized by continuous evolution driven by technology, user demands, and regulatory influences. Understanding these dynamics while learning from successful fintech companies can pave the way for noteworthy innovations, particularly in competitive markets like Singapore.

In conclusion, with a strong ecosystem, supportive regulatory environment, and a booming user base, Singapore offers a promising landscape for aspiring Fintech startups. This is corroborated not just by our experiences and our clients' journeys like Wallex , M-Daq , and Dana , but also by hard facts and figures.

Business Idea 3: E-commerce: Digitizing Singapore's Market With A Unique Edge

In 2020, amid a forced retreat to the digital space due to COVID-19, Singapore's e-commerce sector saw its value surge to SGD 3 billion - a remarkable upshot underlining the sector's immense potential. As entrepreneurs eye this promising marketplace, adopting the right set of tools and strategies becomes a game-changer. Among those, Webflow Ecommerce @webflow stands out with its design-driven approach, enabling online stores not just to settle but sparkle.

low cost business ideas singapore

Design A Store, Your Way - With Webflow Ecommerce

In the e-commerce jungle, standing out requires a unique store experience, unlike a conventional off-the-shelf template design. Webflow Ecommerce paves the way for creating such distinctive online shops without writing a single line of code. Entrepreneurs can push the web design limits, developing end-to-end, pixel-perfect customer journeys.

Imagine being able to tailor every customer's experience, from the layout of your homepage to gallery pages, crafting a unique cart and checkout processes, and even customizing transaction emails. Webflow lets you do that, ensuring that every step resonates strongly with your brand's look and feel.

low cost business ideas singapore

Sell With Flexibility and Security

Webflow Ecommerce enables businesses to sell all types of products — physical or digital goods, services, and everything in-between. Increase your reach with custom delivery methods tailored for different product types - ship physical items, offer takeout for eateries, or email digital products.

Adding to its flexibility, Webflow accepts payments from 200 countries via credit card, PayPal, Apple Pay, and Google Pay. Behind the smooth payment experience lies powerful security and fraud protection powered by Stripe and PayPal. Simplifying e-commerce transactions is at the heart of Webflow's approach — instead of wrestling with multiple plugins and platforms, you get a seamless experience.

Gearing for Growth With Intelligent Features

Webflow Ecommerce doesn't confine itself to constructing visually stunning online shops; it encourages online businesses to harness growth opportunities with its built-in features. Advanced SEO setups, impactful marketing campaigns, fully customizable landing pages, and engaging interactions add to your arsenal for attracting, retaining, and delighting customers.

Promote newer products, announce sales, or send discount coupons — Webflow rolls out the red carpet. Analytical insights and data-driven strategies form an integral part of its offering, as it allows easy integration with analytical tools like Google Analytics, Facebook, Hotjar, and Autopilot. Get an end-to-end view of how your customers interact, browse, and purchase on your storefront.

Quick Stats Rundown on Ecommerce

Riding on the back of a robust tech landscape, Singapore's e-commerce sector has gained impressive momentum over the years. According to data from International Trade Administration, Singapore's e-commerce market gross merchandise volume skyrocketed to a whopping US$8.2 billion in 2020, with projections indicating a climb to US$11 billion by 2025. A platform like Webflow Ecommerce fits perfectly in this growing landscape, allowing businesses to design unique, pixel-perfect e-commerce websites that resonate with their brand identities.

Despite its relatively small size, Singapore's e-commerce user base is significant. A 2020 survey found a total of 3.51 million e-commerce users in the country, with the largest share of online shoppers (24%) being between 55 and 64 years old. On the other hand, younger consumers between the ages of 18 to 24 accounted for just 13% of the e-commerce users. This diversified demographic offers an array of opportunities for businesses to cater to varied customer preferences across different product categories.

In 2022, Computer and telecommunications equipment commanded a sizeable 47.4% of online sales, closely followed by furniture and household equipment which secured a 30% share. Other significant e-commerce product categories included fashion, food, cosmetics, personal care, and toys. Webflow Ecommerce can help businesses venture into these domains, allowing them to sell all types of products, whether physical, digital, or any other types of services.

Singapore's digital economy also presents cross-border e-commerce opportunities. An interesting study by PPRO showed that a dominant 62% of cross-border e-commerce in Singapore was from China. Webflow's integrated features can simplify complex cross-border transactions, allowing businesses to reach consumers from various parts of the globe.

Located at the crossroads of international shipping and air routes, Singapore offers a strong logistics and infrastructure network, promoting its stature as a leading e-commerce market in Southeast Asia. Despite the logistical costs posing a challenge to cross-border e-commerce, platforms like Webflow can help businesses streamline operations and manage resources, making e-commerce ventures more profitable.

Singapore's thriving e-commerce landscape, coupled with technological advancements like Webflow Ecommerce, poses a lucrative opportunity for aspiring and established entrepreneurs. By staying aware of market behaviors and leveraging proper digital tools, businesses can create a significant imprint in the e-commerce sector, driving substantial growth and profit.

Concluding Insights

E-commerce is a vast, rapidly-evolving field, and Webflow Ecommerce helps you stay ahead of the curve, turning your e-commerce vision into reality without a hefty investment in time or resources. As Singapore's e-commerce sector blooms, entrepreneurs armed with the right tools like Webflow can make the most of their online ventures.

At the end of the day, with Webflow, you're not just setting up an online store. You're presenting a unique corner of the digital market that carries your brand's flavor, caters to your customers in unexpected ways, and fosters a community bound by shared interests and needs.

Business Idea 4: Education Tech (EdTech) - Empowering Singapore's Learning Ecosystem with Webflow

Singapore, ranked among the top education systems in the world, offers fertile ground for creating and expanding EdTech businesses. The city-state continues to invest in technology-enabled learning solutions, with schools and universities actively seeking out innovative platforms to deliver enhanced educational experiences. This growing demand presents a lucrative opportunity for entrepreneurs yearning to reshape the education landscape and build successful EdTech ventures. With Webflow , the powerful website development platform, you can craft a striking, user-friendly, and engaging online presence for your EdTech business.

Transforming Education with Technology

EdTech creates immersive, accessible, and interactive learning environments that go beyond traditional classroom boundaries. Your EdTech business could span various sub-sectors, including:

  • E-learning platforms
  • Online tutoring
  • Learning management systems
  • Adaptive learning technologies
  • Educational games and apps

Crafting Your EdTech Platform with Webflow

Webflow's comprehensive no-code toolset, combined with its advanced design capabilities, enables you to create a visually impactful and functionally powerful online presence for your EdTech business. Craft a captivating website or platform that includes:

  • Engaging and interactive user interfaces
  • Personalized educational experiences
  • Seamless integrations with external tools and resources
  • Facilitation of data-driven learning and analytics

Building an EdTech Community on Webflow

Apart from developing your EdTech platform, Webflow lets you cultivate and connect with fellow EdTech enthusiasts and potential clients:

  • Blog: Share insightful articles, news, and EdTech innovations on your blog, establishing your business as an industry thought leader.
  • Webinars and Workshops: Organize and promote webinars and workshops through your Webflow website, supporting users on their learning journey.
  • User Forums: Set up discussion forums, encouraging users to collaborate and share their experiences, fostering a sense of community and support.
  • Email Campaigns: Develop email campaigns that share resources and updates with your audience, keeping them engaged and informed.

Expanding Your EdTech Business

As your EdTech business thrives, it's essential to stay agile and evolve with the industry. Webflow makes it easy to modify, add, or update elements on your website or platform, ensuring you keep up with the changing EdTech landscape. Stay active and informed in the community and continue exploring new ways to engage your audience, scale your business, and deliver the best possible educational experiences.

Singapore's booming EdTech environment represents a prosperous opportunity for entrepreneurs looking to make a significant impact. By harnessing the power of Webflow , you can design and develop an inspiring online presence, tapping into your potential and realizing your vision. Let's take the first step together - venture into the world of EdTech and shape the future of learning in Singapore!

Business Idea 5: Health and Wellness - Fortifying Singapore's Journey Towards a Holistic Lifestyle with Webflow

Singapore's emphasis on healthy living resonates strongly in its progressive push for more sophisticated health and wellness facilities. As a result, the health and wellness industry is brimming with opportunities for entrepreneurs looking to create and cultivate businesses tailored to meet the ever-evolving demands of increasingly health-conscious individuals. Webflow, the powerful website development platform, empowers businesses in this landscape to establish a strong online presence, offering personalized experiences and valuable resources to users.

low cost business ideas singapore

Your Vision for Health and Wellness

The health and wellness sphere offers a treasure trove of niches for aspiring entrepreneurs, including:

  • Fitness centers and studios
  • Nutritional coaching
  • Meditation and mindfulness apps
  • Mental health support platforms
  • Holistic therapy centers

Embark on your journey by identifying the segment that resonates most with your vision and passion. Weaving a unique blend of benefits, your venture can encourage Singaporeans to adopt a healthier, happier lifestyle, one virtual interaction at a time.

Constructing Your Online Health and Wellness Platform with Webflow

As your reliable partner in designing, developing, and managing a stunning online space, Webflow provides a comprehensive, no-code platform that equips you with the necessary tools to bring your health and wellness idea to life. With Webflow, create:

  • Immersive and interactive user experiences
  • Tailored membership or subscription plans
  • Accessible and engaging content
  • Integration with external tools and resources (calendars, booking systems, payment gateways, etc.)

These features harmonize, offering a seamless online journey that not only nourishes the body but nurtures the mind.

Engage, Educate, Empower: Building a Health and Wellness Community

Position your business as a dynamic knowledge hub, emphasizing the importance of community support as individuals strive for a holistic way of life. Webflow can help you foster meaningful connections through:

  • Blog and Articles: Curate a library of informative articles, how-tos, and stories that highlight and celebrate diverse health and wellness experiences.
  • Webinars and Podcasts: Organize and host webinars or upload podcasts, prompting conversations around pertinent health and wellness topics.
  • User Generated Content: Share user successes, testimonials, and insights, inspiring others to follow in their footsteps.
  • Social Media Integration: Incorporate social media channels seamlessly into your Webflow site, amplifying reach, and fostering engagement on multiple platforms.

Invigorate and inspire your audience as they embark on their wellness odyssey, lending a supportive digital hand throughout their transformation.

By tapping into Singapore's flourishing health and wellness industry, your entrepreneurial dreams await as you motivate and empower individuals to achieve their holistic goals. With Webflow paving the way, you'll create a visually impactful, technically versatile, and engaging online presence that is just the nudge your audience needs to take charge of their wellbeing. Ready to dive in? Get started with Webflow and kick off your journey into the realm of health and wellness!

Business Idea 6: Green Energy Initiatives - A Profitable Venture within a Sustainable Future

The winds of change are blowing through the business world and driving us towards environmental sustainability. Emerging amidst this transformation are Green Energy Initiatives, shining beacons of opportunity that offer both economic profitability and environmental responsibility. If you've been looking to embark on an entrepreneurial journey that generates revenue and contributes to a sustainable future, these initiatives present an exciting avenue. Let me guide you on how to get there.

Government Support for Sustainability Initiatives

Starting your green energy business venture has never been more supported, with governments worldwide now realising the urgent need for sustainability. In Singapore, the government's commitment to supporting such initiatives is notably demonstrated through the programs provided by Enterprise Singapore .

With Enterprise Singapore, businesses aiming towards sustainability can access a range of resources to help them thrive. Here are some of the key advantages your green energy venture could benefit from:

  • Mitigating Sustainability Risks : You can identify sustainability-related business risks and manage them preemptively. This equips you to turn potential vulnerabilities into avenues for strategic growth.
  • Optimising Business Resources : By embracing sustainable practices, you can improve aspects such as waste reduction, water conservation, and energy efficiency. These changes strengthen your business operations, boosting cost-effectiveness alongside environmental consciousness.
  • Capturing Growth Opportunities : Enterprise Singapore helps you gear up for the increasing demand for sustainable solutions, providing resources, guidance, and support needed to position your business at the forefront of the green economy.

Key Support Programs:  Explore our grant navigator for more

  • Enterprise Sustainability Programme : This program supports Singapore enterprises with their sustainability ventures and helps them tap into the lucrative green economy.
  • Enterprise Development Grant (EDG) : This grant nurtures enterprises intending to upgrade their businesses, innovate, and transform. Green energy ventures can benefit greatly from such financial support.
  • Resource Optimization and Sustainability Standards : These programs identify gaps, opportunities, and develop strategic planning for sustainability. They also provide a framework to adopt sustainable standards recognized by the industry.
  • Financial Support : Enterprise Singapore provides various financing schemes like the Enterprise Financing Scheme - Green and Energy Efficiency Grant to encourage the development and adoption of sustainable solutions.

In short, government support like this makes it all the more viable to turn your green energy initiative into a profitable venture. By aligning your business with these sustainability programs, you can not only make a significant impact on environmental preservation but also create a successful and future-proof enterprise. It's time to leverage these resources and make your mark in the burgeoning green industry.

Identifying Your Green Energy Niche

The green energy sector is robust and eclectic, with numerous innovative avenues to explore:

  • Solar Power Solutions: Ranging from the manufacturing of solar panels to the development of efficient energy storage solutions.
  • Wind Energy Harvesting: Wind turbine production or wind farm management offer lucrative opportunities.
  • Green Energy Consultation: Become a knowledgeable resource for businesses and households looking to transition towards green energy.
  • Green Tech Development: Design and create software or hardware that aids renewable energy production, conservation, or usage analytics.

Before you dive in, take time to research the domain that resonates with your vision and passion. Sharp focus and strong domain knowledge will be your keys to success.

Leveraging Webflow to Establish a Strong Digital Presence

Once you've identified your green energy niche, it's time to create a compelling digital presence. With Webflow, you get a comprehensive toolset to build a website that reflects your brand essence and connects with your audience.

  • Share Your Vision: Use Webflow's drag-and-drop design functionalities to create a visually engaging website. Tell your story, share your mission, and establish your brand's sustainable agenda.
  • Educate and Update: Create dedicated sections to educate visitors about the importance of green energy. Maintain a blog to share updates on industry advancements, new service offerings, or company milestones.
  • Showcase Your Products or Services: Webflow's flexible layout and navigation options allow you to design product or service pages that effectively highlight their unique advantages.
  • Customer Engagement: Design intuitive user journeys, provide ample channels for interaction, and build customer trust with testimonials and success stories.

Accelerating Success with Devhaus' Martech Services

Even as you bring your green initiative to life with Webflow, employing the right Martech strategies can propel your growth. Devhaus offers an array of services designed to enhance your marketing effectiveness and business proficiency.

  • Audit & Planning: Align your business objectives with a coherent data/tech roadmap.
  • Technical Training: Enhance your team's competencies on platform administration and other technical areas.
  • Campaign Automation: Automate your marketing efforts to reach a wider audience with relevant, personalized content.
  • C-Suite Advisory: Steer your business wisely with expert guidance on solution comparisons, implementation planning, and optimization cadence.

Bringing a green energy initiative to life is a challenging but rewarding journey. As you combine your entrepreneurial spirit with the business-centric capabilities of Webflow and the strategic insights of Devhaus, you're set to carve a niche of your own in the thriving sector of green energy. Ready to spring into action? Begin your journey with a free Webflow account today!

Business Idea 7: Whipping Up Success in the Evergreen F&B Sector: A Recipe for Creating a Profitable Online Presence

The Food and Beverage (F&B) industry stands as one of the most resilient sectors around. It combines the universal love for flavorful experiences with the demand for convenience, making it an evergreen field for entrepreneurs. Here, we'll explore how to carve out your own space in this bustling industry with the power of Webflow for website development and Devhaus' Martech expertise.

Starter: Identifying Your F&B Specialty

Begin your entrepreneurial journey in the F&B industry by zeroing in on your unique offering. From artisanal coffee shops and multi-cuisine bistros, to vegan food delivery and global snack subscriptions, the flavorful world of F&B is filled with opportunities. A few key considerations include:

  • Market Demand: Research into consumer trends and demands in your intended locale or audience.
  • Personal Passion: A passion for your chosen area of the F&B field can fuel those long entrepreneurial hours and inspire creativity.
  • Unique Selling Proposition: What sets your food or beverages apart? Is it locally sourced, globally inspired, tech-enabled, or offers a one-of-a-kind dining experience?

Soup: Designing a Mouth-Watering Online Presence with Webflow

Once the business concept is whipped to perfection, it's time to serve it up to the world with a dazzling online presence. Using Webflow, you can create a bespoke website that is as visually appealing as your F&B offerings. A few ways Webflow can enhance your digital presence:

  • Eye-Catching Visuals: Use Webflow's visual design tools to create a feast for the eyes with high-quality images of your mouth-watering food or refreshing beverages.
  • Interactive Menus: Build interactive menus that provide detailed descriptions and stunning visuals of your available culinary delights.
  • Easy Updates: Change your daily specials, add seasonal delight, or highlight signature dishes using Webflow's user-friendly content management system.
  • Bookings or Orders: Integrate easy-to-use booking systems for dine-in customers or eCommerce functionality for takeaways and deliveries.

Main Course: Enhancing Your Digital Strategy with Devhaus

To truly thrive in the online F&B space, a well-rounded digital marketing strategy is essential. That's where Devhaus' robust suite of services come into play:

  • Audit & Planning: Develop a viable roadmap that aligns your business goals with data and technology.
  • Martech Administration: Keep your online platform efficiently ticking over, from resolving issues to managing routine updates and new releases.
  • Campaign Management: Design and execute impactful campaigns to attract new customers and retain existing ones.
  • Commercial Analytics: Assess your marketing performance with detailed analytics, guiding data-driven decision-making.

Success in the F&B Sector

Keep in mind that success in the F&B industry isn't just about having palatable offerings. It also requires a well-crafted and maintained online presence, paired with smart marketing strategies. Combining the flexible web development capabilities of Webflow and the strategic acumen of Devhaus, there's a whole world of gastronomes waiting to be enthralled by your delectable venture.

Ready to cook up some success? Start crafting your digital F&B experience with Webflow today!

Turning Your Business Ideas into Reality with Devhaus

As we wrap up this comprehensive guide on expediting your entrepreneurial journey across various sectors, we hope you now grasp the immense potential that lies ahead. With the right approach, innovative strategies, and dedicated resources, your business ideas can truly take form, grow, and make a significant impact in your chosen field.

At this juncture, don't just stop at ideation. It's time to breathe life into your concepts. Take your exciting business propositions to the next level with Devhaus . As a comprehensive service and solution platform specializing in marketing technology ecosystems, Devhaus has a variety of offerings tailored to meet your unique business needs.

Watch our walkthrough video below to understand more on what we do

Why Engage with Devhaus?

Our range of services are designed to amplify your business ideas, streamline your operations, and sky-rocket your growth:

  • Audit & Planning : We help outline your commercial objectives, architect aligned data/tech roadmaps, and conduct maturity assessments.
  • Technical Training : Enhance your team's proficiency across various platforms and technologies.
  • C-Suite Advisory : Our expert advisors act as virtual CTO/CMO guiding you through solution comparisons, implementation planning, and optimization cadence.
  • Implementation Services : Our dedicated resources focus on enabling your ambition through deploying modern marketing technology capabilities.
  • Managed Programs :  By embedding trusted expertise across critical capability pillars, we cultivate high-velocity recurring value through maximizing adoption and impact of existing or newly implemented capabilities.

Our 100% focus on marketing technology, hands-on implementation experience, and vendor-agnostic approach set us apart. Our team is ready to work with you to balance current and future tech requirements, ensuring that your business is prepared to thrive in an ever-evolving technological landscape.

Book a Chat with us

Ready to kick start your journey and unravel the potential of your unique business idea? It's time to dive in. Don't miss out on the opportunity to speak directly with Armcel from Devhaus. With his vast experience and deep understanding of technology-driven growth strategies, a conversation with him can set you firmly on the path to success.

Book a slot as per your convenience using this link . Let's explore how we can work together to transform your business idea into a reality that not only innovative but also sustainable and profitable.

"The Future Belongs To The Curious…"

…those willing to challenge norms, push boundaries, and create anew. Your business idea combined with our strategic insight and technological prowess can spawn success stories that have yet to be written. The future is yours to create, and we at Devhaus are excited to be part of your journey!

So here's to building future-ready businesses, embarking on a journey of growth, and creating a legacy of innovation. Together, we can shape a future beyond ordinary. Let's start today!

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30 Profitable Small Business Ideas in Singapore

Are you in pursuit of small business ideas in Singapore? This prosperous Asian nation, known for its strong economy, offers abundant opportunities for launching a successful small-scale enterprise. The objective of this article is to alleviate your predicament by presenting 30 popular and profitable small business ideas that are well-suited for Singapore. By meticulously planning and executing your business venture, you can pave the way for a successful small business in Singapore.

If you are interested in exploring business opportunities in other parts of the world, we also offer insights into small business ideas in Hong Kong, Denmark, Italy, and other locations.

What We Covered In This Article

How easy is it to start a business in Singapore?

Ease of establishing a business .

Entrepreneurs find it remarkably convenient to launch their enterprises in Singapore, thanks to the streamlined process implemented by the government. The availability of abundant resources and supportive systems further facilitates the effective establishment and successful launch of businesses.

Business’s market potential

Although Singapore has a population of slightly over 5 million, it stands as an exceptionally affluent nation with a high per capita income. Consequently, businesses can seize the opportunity to tap into this thriving local market and yield significant profits.

Costs of operating a business in Singapore 

In contrast to neighboring countries in the region, the costs associated with initiating and operating a business in Singapore are comparatively lower. This favourable aspect makes Singapore an attractive destination for entrepreneurs aspiring to establish profitable small-scale enterprises.

Is Singapore a good business place?

Yes, Singapore is an excellent place to start a small business. The city-state has a highly developed economy and is ranked as the easiest place to do business by the World Bank. The government also supports businesses, including funding and tax incentives. Additionally, English is one of the official languages in Singapore, making it easier for foreign entrepreneurs to communicate with local partners and customers.

There are many different types of businesses that can be successful in Singapore. One popular option is to start an e-commerce business. This can be done by setting up an online store or partnering with a local retailer. Another option is to provide consulting, marketing, or IT support services. There is also a great demand for food and beverage businesses, especially those that offer healthy or organic products.

To be successful in Singapore, it is important to have a well-thought-out business plan. This should include market research, a financial analysis, and a clear marketing strategy. Having a strong team of experienced professionals is also important to help you get your business off the ground.

There are a few things to remember when starting a business as a foreigner in Singapore. Firstly, you will need to obtain an EntrePass from the Singapore Economic Development Board (EDB). This pass is for entrepreneurs who want to start and operate a new business in Singapore. To be eligible for an EntrePass, your business must have growth potential and create new jobs in Singapore.

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You will also need to set up a company in Singapore. This can be done through the Accounting and Corporate Regulatory Authority (ACRA). Once your company is registered, you must open a bank account and apply for a work visa.

It is important to research the market before starting a business in Singapore. You should identify potential customers and competitors and assess the feasibility of your business idea. You may also consider hiring a consultant to help market research and set up your business.

Business ideas to start in Singapore without money

Start a blog : .

If you’re passionate about a subject, why not start a blog about it? You can do this for free using platforms like WordPress or Blogger. All you need is some time and effort to write quality content. Once your blog gets traffic, you can start monetizing it with advertising or affiliate marketing.

Offer consulting services

Got a skill or experience that others could benefit from? Why not offer your services as a consultant? You can do this online or in person, and there’s usually no need to invest any money to get started.

Be a virtual assistant

With more and more businesses going online, there’s a growing demand for virtual assistants to help with tasks like customer service, data entry, social media management, and more. This could be a great option for you if you have some basic administrative skills.

Sell products online

Have some products you want to sell? You can set up an online store quickly and easily using platforms like Shopify or WooCommerce. You’ll just need to pay for hosting and transaction fees.

Offer freelance services

Many businesses, such as graphic design, need freelance services.

Tech business opportunities in Singapore

There are many tech business opportunities in Singapore. The city-state is a world leader in technology and innovation. There are many startups and established tech companies in the city-state.

One of the most promising tech business opportunities in Singapore is artificial intelligence (AI). The city-state is home to many AI startups and established companies. These companies are working on developing new and innovative AI applications.

Another promising area for tech businesses in Singapore is the area of digital health. The city-state has a world-class healthcare system. Many digital health startups and established companies are based in the city-state. These companies are working on developing new and innovative digital health solutions.

Overall, there are many promising tech business opportunities in Singapore. The city-state is a world leader in technology and innovation. There are many startups and established tech companies in the city-state.

Benefits of doing business in Singapore

There are many reasons why doing business in Singapore can be profitable. The country has a stable political environment, a strong economy, and a well-educated workforce. Additionally, there are many opportunities for businesses to access government funding and grants.

Singapore also offers a favorable tax environment for businesses. Corporate tax rates are relatively low, and many tax incentives are available for businesses that meet certain criteria. Additionally, the government provides a one-stop service for businesses to obtain the necessary licenses and permits.

The country also has excellent infrastructure, a world-class transportation system, and a telecommunications network. These factors make it easy for businesses to operate in Singapore.

In summary, there are many advantages to doing business in Singapore. The country has a stable political environment, a strong economy, favorable tax conditions, and excellent infrastructure. These factors make it an attractive destination for businesses looking to expand their operations.

Challenges of starting a business in Singapore

While there are many business opportunities in Singapore, there are also some challenges that potential business owners should be aware of.

One of the biggest challenges of starting a business in Singapore is the high cost of living. This can make it difficult to find affordable office space and to pay employees. The cost of living is also one of the reasons why businesses in Singapore have a high failure rate.

Another challenge of starting a business in Singapore is the competition. There are already many established businesses in Singapore, so it can be difficult to stand out from the crowd. Businesses in Singapore also have to deal with strict regulations from the government.

Despite these challenges, starting a business in Singapore can be a very rewarding experience. With careful planning and execution, businesses in Singapore can be successful.

Here are 30 profitable small business ideas that you can start in Singapore. These businesses are easy to set up and have a low initial investment.

#1. Online Marketing

With the rise of digitalization, online marketing has become one of Singapore’s most profitable small business ideas. If you have a knack for marketing and know how to reach out to your target audience, online marketing could be a very lucrative business venture.

Some popular online marketing strategies include social media marketing, search engine optimization (SEO), and content marketing. You can also start an e-commerce store or offer digital marketing services to businesses in Singapore.

#2. E-Commerce

Setting up an eCommerce business is a great way to start making money online. With a growing economy and a large population of internet users, Singapore is a great place to start selling products or services online.

There are many different types of eCommerce businesses that you can start, and the sky’s the limit when it comes to potential earnings. Here are a few ideas to get you started:

  • Sell physical products : If you have a product or service that you can sell online, setting up an eCommerce store is a great way to reach a wider audience and boost your profits.
  • Sell digital products : If you’re creative or have the knowledge to share, selling digital products is a great way to make money online. This could include anything from eBooks and online courses to software and plugins.
  • Sell services : If you offer a service, such as a web design or marketing, you can sell your services online and reach a global market of potential clients.
  • Dropshipping : Dropshipping is a type of eCommerce business where you sell products shipped directly from the supplier to the customer.

#3. Managing Social Media

As a small business owner in Singapore, one of your top priorities should be to create and maintain a strong social media presence.

Social media is a powerful tool to help you reach new customers, build brand awareness, and drive sales.

There are a few things you should keep in mind when managing your social media accounts:

  • Post regularly and consistently.
  • Use engaging visuals.
  • Create compelling content.
  • Respond to comments and messages promptly.
  • Monitor your activity and analytics.

By following these tips, you can maximize the impact of your social media marketing and grow your business in Singapore!

#4. Graphic Designer

If you’re a creative individual with a passion for design, starting your own graphic design business could be a great way to earn a living in Singapore.

There is a growing demand for graphic designers in Singapore as businesses increasingly recognize the importance of good design. You can work freelance or become part of an agency as a graphic designer.

#5. Web Designer

You will be responsible for creating and designing websites as a web designer. This can involve working on the front-end design, which is what the user sees when they visit a website, or the back-end design, which is the code that runs the website.

To be a successful web designer, you need to understand design and coding well. You should also be able to work with different software programs, such as Photoshop and Dreamweaver.

#6. Virtual Assistant

Are you looking for a small business idea that you can start in Singapore? If you have administrative or secretarial skills, you may consider starting a virtual assistant (VA) business.

As a VA, you will provide support services to businesses and entrepreneurs who need assistance with tasks such as email management, appointment scheduling, social media management, and data entry.

#7. Editorial Work

If you have a knack for writing and editing, you can consider starting an editorial business in Singapore. This can be a great way to earn extra income, especially if you have a good network of clients.

You can offer many different types of editorial services, such as copywriting, proofreading, and editing. You can also specialize in a particular type of writing, such as technical or creative writing.

#8. Laundry

Are you looking for small business ideas in Singapore that are profitable and easy to start? Then look no further than starting your laundry service!

Many laundry services are already in operation in Singapore, but there is always room for more. The key to this business idea’s success is finding a niche market and offering a unique selling proposition.

#9. Delivery

If you have a vehicle, starting a delivery service can be a great way to earn extra income. many businesses in Singapore require delivery services, and you can choose to work with one or multiple businesses.

One of the great things about starting a delivery service is that it can be tailored to fit your schedule. You can choose to work only during certain hours or days and take on as many or as few deliveries as you want. This makes it a great option for those who want to earn extra income without making a huge commitment.

#10. Fitness Coaching

There is a growing trend of people wanting to get fit and healthy, and what better way to do that than to hire a fitness coach? As a fitness coach, you will be responsible for helping your clients reach their fitness goals.

This can be a very rewarding business, both financially and emotionally. You will need to be passionate about fitness and health, and you will also need to be able to motivate and encourage your clients.

#11. Affiliate Marketing

Affiliate marketing is a great way to start a small business in Singapore. Many companies offer affiliate programs, and you can earn commission by promoting their products and services.

To be successful in affiliate marketing, you need to have a good understanding of how the system works and be able to drive traffic to your affiliate links. You can create informative content that will attract readers to click on your links.

#12. Livestreaming

Live streaming has become increasingly popular in recent years, especially among younger audiences. And it’s no surprise why – it’s a great way to connect with people in real-time and can be a lot of fun.

If you’re looking for profitable small Business Ideas in Singapore, why not start a live-streaming channel? You can use many platforms to Livestream, such as YouTube, Twitch, and Facebook Live.

#13. Freelance Accounting Service

Many small businesses are profitable in Singapore. One of the most profitable small businesses is a freelance accounting service.

There are many opportunities for freelance accountants in Singapore. You can work with businesses of all sizes, from small startups to large corporations.

#14. Dropshipping

Dropshipping is a business model in which e-commerce entrepreneurs sell products without carrying any inventory. When a store owner receives an order from a customer, they simply contact the supplier, who will ship the products directly to the customer’s doorsteps.

One of the great things about dropshipping is that it’s relatively easy to start. You can create a dropshipping store in a few days, and you don’t need to worry about manufacturing or storing products.

#15. Photography

With a passion for photography and an eye for detail, you could be running a successful photography business in Singapore!

There are many opportunities for photographers in Singapore, from weddings to corporate events. You could also specialize in portrait or landscape photography.

You will need a good camera and some basic editing skills to get started. You can then start marketing your services to potential clients.

#16. Telemedicine

Telemedicine is the provision of medical care and services via telecommunications technology. This includes telephone consultations, video conferencing, and online diagnosis and treatment.

With the right planning and execution, telemedicine can be one of Singapore’s highly profitable Business Ideas.

#17. Software as a service

Software as a service, or SaaS, is one of Singapore’s most popular and profitable small business ideas. SaaS businesses provide software that customers access over the internet.

If you are looking for a high-growth business opportunity, SaaS is a great option to consider. You can build a successful and profitable business in Singapore with the right idea and execution.

#18. Content marketing and digital marketing

Are you looking for some profitable small business ideas in Singapore? If so, consider venturing into content marketing or digital marketing.

Content marketing might be a good option for you if you’re good at writing or creating videos. You can start by creating blog posts or videos for businesses in your niche. Once you’ve built up a following, you can start offering your services to other businesses.

#19. Healthy and sustainable food business

There are many opportunities for those looking to start a healthy and sustainable food business in Singapore. With a growing interest in healthy eating, there is a demand for fresh, locally sourced food.

Healthy and sustainable food businesses are a great way to tap into the growing demand for healthy eating options. If you are passionate about healthy food, starting your own business in this area is a great way to make a profit while making a difference.

#20. Baking

There is always a demand for good bakeries in Singapore. Starting your bakery could be a great business idea if you are passionate about baking.

There are many different types of baked goods that you can sell, such as cakes, pies, pastries, and loaves of bread. You must ensure a good selection of products to offer your customers.

#21. Consulting

You can start your own consulting business if you have expertise in a particular area. This can be a great way to earn extra income or even replace your current income if you can build up a large client base.

Starting a consulting business can be a great option if you are looking for profitable small business ideas in Singapore.

#22. Tutoring

Start your own home-based tutoring business in Singapore!

If you have a passion for teaching and helping others to learn, then starting your own tutoring business could be a great way to earn a living. There are many different types of tutoring businesses that you can start, and the best part is that you can do it all from the comfort of your own home.

If you are looking for profitable and rewarding Business Ideas in Singapore, then starting a tutoring business in Singapore is worth considering!

#23. DIY Craft-Making

If you’re creative and enjoy making things with your hands, then starting a DIY craft business could be a great option.

There are all sorts of DIY crafts you can make and sell, such as jewelry, cards, clothes, and home decor items.

If you’re looking for profitable small business ideas in Singapore, then starting a DIY craft business could be a great option!

#24. Taking Online Surveys

Many online survey companies in Singapore are always looking for new participants. Joining one or more of these companies is a great way to make extra cash in your spare time.

To get started, simply sign up with one or more online survey companies and start completing surveys. Remember to be honest in your answers, as this will help the companies to provide better results for their clients.

#25. Cryptocurrency Trading

Cryptocurrency trading is one of the profitable small business ideas in Singapore. Cryptocurrencies, such as Bitcoin and Ethereum, have become increasingly popular in recent years.

Cryptocurrency trading involves buying and selling cryptocurrencies on online exchanges. It is important to do your research before starting to trade, as many risks are involved.

#26. Translation services

With Singapore being a global business hub, there is a growing demand for translation services. This could be a profitable business idea if you are bilingual or have a good command of multiple languages.

To get started, you will need to invest in quality translation software and build a portfolio of previous work. Once you have that, you can start marketing your services to potential clients.

#27. Bookkeeping

As a small business owner, keeping track of your finances and ensuring that your books are in order is important. This can be daunting, but luckily, many bookkeeping services can help.

Bookkeeping services can handle all of the financial transactions for your business, including invoicing, payables, receivables, and more. They can also prepare financial statements and reports that will give you a clear picture of your business’s financial health.

#28. Pet grooming

A pet is a man’s best friend, and in Singapore, more than enough people own pets. So, if you like animals and have a knack for caring for them, then starting a pet grooming business could be a perfect idea!

You will be responsible for cleaning and trimming pets’ fur as a pet groomer. You may also be required to do light bathing and cleaning the pet’s ears and nails.

#29. Debt collection

There are many profitable small Business Ideas in Singapore. One of these is debt collection.

Debt collection is a process of collecting money that is owed to another person or entity. This can be done through various means, such as phone calls, emails, or even personal visits.

#30. Sell photographs

Have a knack for photography? Why not sell your photos and make some money?

There are many ways to sell photographs. You can sell them online through stock photo websites, or you can sell them directly to businesses or individuals.

To sell your photos online, you must create an account with a stock photo website. Once you have done that, you can upload your photos and set a price for each. When someone buys your photo, you will receive a commission.

Selling photographs is a great way to make money from your hobby. If you enjoy taking pictures, why not give it a try?

Starting a small business in Singapore can be a great way to tap into the city’s booming economy. With so many opportunities for growth and profitability, it’s no wonder that small businesses are thriving in this Southeast Asian metropolis.

If you’re looking for small Business Ideas in Singapore, we’ve got 30 great ideas for you to consider. There’s sure to be an option that fits your interests and skillset.

So what are you waiting for? Start planning your small business today!

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11 Business Ideas to Kickstart in Singapore in 2023

1. start an e-commerce business on amazon, 2. dropshipping on amazon, 3. affiliate marketing, 4. content creation, 6. freelancing services, 7. dog walking, 8. pet sitting, 9. babysitting, 10. tutoring.

  • 11. Photography and videography

FAQs on business ideas in Singapore

Home-based business ideas.

  • Easy to set up: Signing up for a seller account and listing your products can be relatively quick and simple.
  • Established customer base: Instead of building up your customer base from scratch, we provide access to a large local and global audience.
  • Availability of online tools and resources: We offer various tools and resources that you can leverage to improve and optimize your product listings.
  • Access to service expertise: Through Fulfillment by Amazon (FBA) , you can tap on our expertise to manage customer enquiries and order fulfillment.

1a. Sell original merchandise

Start selling on amazon singapore, 1b. buy and resell products.

  • has existing demand,
  • is not easily available to customers, and
  • is easy to ship and store.

1c. Sell handmade products

1d. sell print-on-demand goods, print on demand with amazon merch on demand.

  • Accept orders from customers
  • Forward orders to the supplier
  • Sell and market the product
  • Assist customers with any enquiries
  • Sign up for an affiliate program like Amazon Associates .
  • After your application has been approved, generate a unique affiliate link to the product or service you wish to sell.
  • Insert the link onto your website, social media or other relevant platforms and promote it.
  • When someone purchases the product or service that you are promoting, a commission will be credited to your account.
  • Choose a niche to focus on
  • Find your target audience and understand their consumption patterns
  • Establish a unique voice that will help you stand out from competitors
  • Release content consistently to engage your audience

Businesses with varying working locations

11. photography or videography.

  • Demand: Is there a demand for your product or service?
  • Competition: Is the competition for your product or service offering intense?
  • Capital: Do you have the capital required to start your business?
  • Readiness: Are you prepared to invest the necessary time and effort into running your own business?
  • Soft skills: Do you have the necessary expertise and skill set for running the business?
  • Processes: What are the processes involved in starting your business? E.g. Do you need to register your business and file taxes?

Start a business that meets your needs and goals

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8 Affordable Fields To Start A Business in Singapore

Affordable Businesses to Start in Singapore

Some of us have an entrepreneurial spirit, however, the biggest obstacle many of us face is the significant costs when we start a business in Singapore . However, with many opportunities in present times, several small business ideas can be pursued that require little or even no funding. As long as you are invested in your business and willing to put in some hard work, it is possible to succeed as a business owner in Singapore.

Here are possible suggestions of some of the more affordable business fields in Singapore that you can pursue successfully as a sole proprietor .

Related Read: Singapore Sole Proprietorship Guide »

Table of Contents

  • Content Creation
  • Personal or Virtual Assistant
  • Event Planning Services
  • Concierge or Errand Services
  • Social Media Consultant
  • Online Courses & Tutoring
  • Personal Chef
  • Elderly Care Services

1. Content Creation

One of the affordable ways to start a business in Singapore is to be a content creator. The existing 24-hour news cycle and the exponential growth of social media have resulted in a perfect business opportunity for creative professionals such as graphic designers and writers. These individuals have found that it is possible to use their talents to create shareable and high-quality content for various media and business outlets. The growing economy of contract and freelance workers has made it easier for individuals to market themselves as professional service providers.

2. Personal or Virtual Assistant

A virtual or personal assistant performs front desk or secretarial functions online without actually being onsite. This kind of work allows you to work from the comfort of your home while attending to the needs of different clients. The tasks involved may involve doing clerical work, making flight arrangements, and keeping track of calendars. As long as you possess good organizational skills, entrepreneurs like yourself can start a business in Singapore at low cost.

Related Read: How do I register a business in Singapore? »

3. Event Planning Services

Keen to start a business as an event planner in Singapore? Event planning businesses are suitable for individuals who are highly organized, detail-oriented and who can put together parties, class reunions, weddings, funerals, etc. This kind of work entails services that make it easy for others to host events. To succeed at launching an event planning business, you may first start by doing a few events pro bono to gain experience, and then use cold calling or LinkedIn to build up a solid listing of contacts and vendors that will provide whatever you may need to orchestrate various kinds of events. As your business grows, do keep track of your bookkeeping and accounting as well.

4. Concierge or Errand Services

Between handling professional responsibilities and caring for their families, most parents are left with very little or no time to attend to other personal tasks such as mailing packages, grocery shopping and making returns at the mall. This is where errand services come into play. All it takes is for a driven individual to start a business in Singapore that aims to take care of and handle such time-consuming errands for their clients. If this is the kind of business for you, you will need to decide earlier on whether to charge for each task or whether to charge hourly. Also, be sure to factor in travel expenses when setting your rates.

Related Read: Why Entrepreneurs Are Choosing to Do Business in Singapore »

5. Social Media Consultant

Many large companies in Singapore can hire agencies or full-time employees to run their Twitter and Facebook blogs and accounts, while small businesses on the other hand usually prefer to take care of their social media marketing. However, more and more business owners are finding it increasingly difficult to attend to their businesses while at the same time designing and creating social media strategies. Thus the need for the services offered by social media consultants to assist these companies to determine the best content, tactics, and posting schedules for their target audiences.

6. Online Courses and Tutoring 

In this day and age, more consumers are turning to the internet to learn and acquire skills in all sorts of fields, such as in web design , baking, yoga, etc. With this in mind, you could opt to start a business in Singapore that offers virtual classes in areas where you are skilled or start up a home-based or virtual tutoring service. You can create instructional videos and packets, or even hold real-time lessons over Skype or Zoom with your clients.

7. Personal Chef

This kind of business requires that you prepare and plan daily or weekly meals for your clients. To start such a business in Singapore, you will need to have acquired excellent cooking skills and have good knowledge of nutrition and various kinds of diets. The business will entail travel to and from your clients’ homes and various supermarkets to collect the required ingredients, however, all these can be factored in and included in your charges. Do take note that as a self-employed individual, you will be subjected to Singapore personal income taxation .

Related Read: Guide to Singapore Personal Income Tax 2021 »

8. Elderly Care Services

It has been estimated that by the year 2030, the number of people aged 65 and above will be more than 900,000, making Singapore one of the most aged societies in the world. This translates into a high demand for high-quality health care options for these senior citizens. By leveraging this trend, you can start a business in Singapore that provides elderly care services. This business option is very lucrative and involves tasks such as housekeeping, meal preparation, physical rehabilitation, hygiene maintenance, and other related tasks.

Related Read: Business Startup Checklist for Entrepreneurs »

To sum up, you can start a business in Singapore easily and at an affordable rate. At Rikvin, we offer personalized services to help you register your business in Singapore and ensure all regulatory compliances are met. So what are you waiting for? Engage us today and kickstart your entrepreneurship journey!

If I start a business in Singapore as a sole proprietorship, how will I be taxed?

Individuals who start their business as a sole proprietor will have their earnings taxed at the progressive Singapore personal income tax rates.

How old must I be in order to register my own business in Singapore as a sole proprietor?

You must be at least 18 years old to register a business in Singapore as a sole proprietor.

What factors should you consider when deciding on the kind of business to start in Singapore?

Before you start a business in Singapore, you will first have to consider several factors. Here are some key considerations:

  • Suitability of your business structure
  • Your potential competitors
  • Amount of financial capital required
  • Kind of governmental support available for you
  • Costs involved in running the business
  • Any potential barriers you might face

How long does it take to register my business in Singapore?

You can register your sole proprietorship business in Singapore with Rikvin easily in just under 10 minutes.

Register Your Singapore Sole Proprietorship Today!

Register your business in under 10 minutes today. Our incorporation specialists will guide you in every step!

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7 Business Ideas in Singapore for 2022

Singapore is the world’s top jurisdiction to start a new business. Choose from these 7 business ideas to help you earn profits within the city state.

While claiming the top position as the World’s Best Place to Be During Covid, Singapore was also hailed as the top jurisdiction for multinational companies to base subsidiaries. With these favourable conditions the city-state has to offer, it is high time you should start considering the best business ideas you can start here in the coming year.

1. Telemedicine

If you could do something with a headache or a cough and cold without leaving your home or falling in a queue to have a medical expert diagnose you, which one should you choose?

Under the new Health Services Act, Singapore will start licensing telemedicine in 2022. Telemedicine is viewed as the answer to crowded hospitals amid the pandemic. Public hospitals, private health care providers, and even traditional Chinese medicine acknowledge how the pandemic has changed the way of doing business. Thus, there is a high demand to shift toward teleconsultation services is deemed an important and lucrative business venture in the future.

What you should keep in mind:

When starting a telemedicine business, you should keep in mind the important requirements in making the platform more efficient:

  • Healthcare compliance
  • Data security
  • Compatibility
  • Functionality
  • Tech support

2. Affiliate marketing

If there is an online business model that will allow you to take a portion of profits from other small businesses, then that is affiliate marketing.

While the business model is simple to understand and may not require intensive know-how, the ways of getting paid can be a little more complex when you’re an affiliate marketer.

If you’re eager to earn from this business opportunity, you should know that you’d get paid through the following:

Pay per sale or cost per sale (CPS) CPS is an arrangement wherein the merchant pays the affiliate once a sale is made through the marketer’s link or ad

cost per sale model

Pay/cost per acquisition (CPA) Cost per acquisition allows you to earn even without a sale. Through CPA, you get the customers to sign up with all the required details making them a potential lead. CPA is the cost per lead, in essence. It is a small business idea that lets you maximise the potential of generating information through forms, surveys, and other lead-generating business models.

3. Software as a service

Software as a service or SaaS is a big business plan wherever you are in the world. You can have software that does an important task for another business. You can create SaaS for accounting services, payments automation, SEO, analytics, bookkeeping, or as simple as electronic signature technology.

SaaS allows small businesses to automate their processes and if you’re going to provide a SaaS platform, you need to synchronise customer accounts. You need a cloud storage space that will store petabytes worth of data.

4. Content marketing and digital marketing

Startups can venture into an online business by providing quality content marketing or digital marketing services. Whether it is blogging or copywriting, you can provide great content to promote a business to a range of potential customers. Digital content marketing is important considering how 67% of leads come from blogs and how 30% of companies that use content marketing have higher growth rates than those companies that are not using it.

The content you provide should have useful information and marketing strategy in one. The main goal of a copywriting or blog is to give the reader the answer to their questions while encouraging them how to avail themselves of a company’s products and services.

You can establish connections with bloggers, graphic designers, or even copywriters. Your content should take advantage of social media platforms that allow influencers to review, promote or criticize a product or service to influence the audience to make an action.

5. Healthy and sustainable food business

Food delivery business

While the regulations are not strict for small businesses in the food industry, startups should consider providing innovative sustainable food products that will make them dominate the market. Food trends in 2022 and beyond include the availability of intelligence-powered food and beverage to make these a good business for any would-be business owners.

Singaporeans value convenience and innovation so from alternative proteins or cell-based meats, you can try efficient “hub and spoke” commercial kitchens .

6. Dropshipping

The e-commerce business in Singapore is expected to grow to USD4.079 by 2025 and the dropshipping businesses will potentially grow with this industry.

Dropshipping is a popular online business model that requires little technical knowledge and investment. If you choose to be a drop shipper, you will be selling and promoting goods and services online. Once a sale is closed, the supplier will pack, prepare and ship the goods to the customer. This saves you from buying the products and storing them in your facility.

As a home-based business strategy, dropshipping requires you to develop a sales opportunity and close it. The supplier will do the rest until the paid goods reach the buyer.

Dropshipping seems like a sound and easy way of earning but the challenge is for you to find a reliable supplier and a good product to sell. You also need to set up your online store through a sales platform or your own website from your own home. However, there are already popular e-commerce websites that you might want to consider like Amazon, eBay, Shopify, and Etsy.

7. Service businesses

With more and more people working or staying at home, there are huge chance homeowners will be considering local businesses that offer services like home cleaning, child care, pet grooming, or gardening. Service businesses allow you to conduct promotions online and offer your services that could improve homes or provide help and convenience to customers.

Service businesses are profitable business models which need quality service to earn the trust of customers. For instance, if you’re providing house cleaning services, you should find people who will do the job for you that will ensure customer satisfaction.

Final thoughts:

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8 Reasons Why You Should Incorporate in Singapore

Singapore is attractive to business owners. If you own a business, learn the top reasons why you should incorporate it in Singapore.

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Top 15 Small Business Ideas to Start in Singapore TODAY! 2022 EDITION

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7. Cryptocurrency Trading

best business to start in singapore, retail business

Many people, however, get hung up on considering what type of businesses they may start. While we have given some ideas here in this article, all of it will be for nought if you do not lace up your shoes and prepare for the new adventure. Keep in mind that there is no shortcut to hard effort.

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61+ Most Successful Small Business Ideas in Singapore 2023

Starting of Most Successful Small Business Ideas in Singapore Provides You With Many Business Opportunities That Help to Encourage and Enlarge Your Business in the Most Developed Asian Economy.

Singapore is One of the Most Developed Countries in Southeast Asia With a Nominal GDP of $424.431 Billion .

Lower Tax Rate, Transparent Business Policy, Well-developed Infrastructure, Skilled Workforce, and Many Tax Exemption Schemes Make the Country Business Friendly and Also Attract Both Foreign Countries to Set Up They Are Businesses in Singapore in 2023.

The Economy Majorly Depends Upon Infotech Businesses, Fintech Businesses, Tourism , and Others.

Small Business Ideas in Singapore

List of 61+ Most Successful Small Business Ideas in Singapore

From Manufacturing Business to Online Business We Have Added Everything for You by Choosing the Best Small Business Ideas Which Are Future Proof as Well.

Work on Startup

Online Startup

There Are Many Small and Online Startup Ideas That You Can Start in 2023 Ans Some of Them Are Niche Based on Blogging, Ads Marketing, E-commerce, Ai & Ml, Delivery , and Other Online Start Up Business

With the Use of Digital Marketing and Social Media Marketing, You Can Get More Sales and Services With the Customer Acquisition.

Singapore Tourism

low cost business ideas singapore

Some of The Most Visited Place In Singapore are Gardens by the Bay, Singapore Flyer, Sentosa Island, Merlion Park, and Pulau Ubin .

With a Low Investment You Can Start a Small Tour and Travel Business and Help People to Reach There Destination, You Can Help Them in Booking Hotels, Restaurants, Train or Flight Tickets, and Reach Their Destination Under a Good Budget.

Along With You Can Provide a Tourist Guide and Rental Services to Make Money From It, Also Starting a Website of Your Business Will Help Tourists to Register and Get Help Online. It Will Increase Your Brand Awareness and Helps to Get More Clients.

Open a Chocolate Bakery

Bakery Business

In Singapore, There Are Many People Who Like to Consume Bakery Food Like Chocolate Cookies, Cakes, Cheesecakes, Buns, Rolls, and Biscuits and You Can Start a Small Business Related to It.

Open an Online Store or Offline Store to Sell Your Food Products. There Are Many Online Food Platforms, Are You Can List Your Bakery Products and Sell It Throughout the Country.

High Profitable Small Business Ideas in Singapore 2023

Affiliate blogging.

Affiliate Marketing

To Start Blogging You Need to Learn Article Writing, Basic SEO, and Content Optimization for the Better Growth of Your Blog and to Drive More People.

All the Physical Products Come With One Time Affiliate Marketing but Most of the Online Products Like Hosting, Software, Online Tools, and Themes, Plugins Are Comes With Recording Based Earnings Which Are Very Profitable and Come at Rates Above 60%.

So Start Your Affiliate Marketing Journey in 2023, and Generate Income Online From Home.

Small Restaurant in Singapore

Restaurant

It is One of the Most Profitable Local Business That You Can Start on the Road Side, in School & College Areas, Office Places, and Markets Place to Attract More Customers.

Serve Different Types of Dishes Like Italian, Chinese, and Others.

It is a Customer and Service Based Business That Need Cleanness and Proper Hospitality to Attract More Customers.

Ecommerce Business

low cost business ideas singapore

So There is Huge Potential for Online Ecommerce Business, Where Small Business List Their Products and Sell Them With the Help of Digital Marketing.

With a Minimum Investment, You Can Launch Your Ecommerce Platform and Sell Products Online in 2023 With the Help of Digital and Social Media Marketing.

Social Media Management

Social Media Management

That is a Huge Number of Young Audiences on Social Media Platform Like Facebook, Instagram, and Twitter and You Can Directly Each Different Type of Brand by Aware Them the Benefits of Social Media Presence, and You Can Also Ask Them to Hire You for This Management Business.

There is a Huge Potential for This Business as the Growing of Online Media Consumption and With Proper Knowledge and Pitching Ideas, You Can Get Multiple Clients for This Business.

Become a Handyman in Singapore

Handyman

In Singapore, There is a Huge Demand for Handyman Services, and With Your Skills, You Can Complete This Job, Provide Services in Your Local Area and Help People to Fix They Are Home Equipment of All Demands.

With the Proper Service, You Can Earn On a Session Basis and Provide Discount Prices at the Starting of Your Business.

Mid Scale Auto Parts Manufacturing Hub

Starting of Mid Scale Auto Vehicle Spares Parts Manufacturing Business is Another Profitable Business.

There is a High Growth of Automobile Industry From Car to Bikes and You Can Start This Most Profitable Mid Scale Business With a Good Investment.

There is a Widely Available of Raw Materials, Roadway Communication, and Tax Benefit That Enhance Your Business and Helps to Take It to Global Level.

Consultancy Service in Singapore

Business Consultancy

So if You Have Any Skills Then You Can Start a Consultancy Service Related to It. So Starting a Consultancy Service Requires Low Investment and You Can Start Watch Online and Offline Consultancy Services and Help People to Solve Issues in Both Personal and Professional Life.

Consultancy Services Are Growing Rapidly and With Proper Skills, You Can Attract More Clients to You.

Bags and Shoe Production

Bags and Shoes

There Are Many Popular Brands Related to Source and Handbags, So With a Low Investment, You Can Start This Business and Make It Profitable by Selling Your Products Online.

You Can Use Instagram to Target the Young Customer for Your Products and Sell Them Products Online. Take Your Business to the Global Level With the Help of Digital Marketing and Make It the Next Unicorn.

Attorney Business

Attorney Business

No Matter When It Comes to Company Registration, Tax Benefits Claims, Copyright Protection, Deal With Legal Issues It Need Lawyers and You Can Help Them With These Issues and Help Them to Protect They Are Business and Grow Them by Making Money From Them.

At the Same Time, You Can Work for Multiple Small Businesses by Opening Your Small Law Firm in Your City.

Human Resource Business

There Are Many Business Where is a Great Demand for Human Resources, So if You Have Some Human Power Then You Can Start Different Types of Human Resource Businesses With Low Investment.

With Man Power, You Can Start Different Types of Business as Like Delivery Businesses, Hiring Business, Manufacturing Business, Processing Business, and Others.

Top 10 Low Investment Business Ideas in Singapore (No Cost Business Ideas)

Singapore Provide Many Small Business to Start With Its, Infrastructure, Technology, and High Pirchaaging Power People.

Some of The Low Cost and Profitable Small Businesses are:-

  • Car Cleaning
  • Affiliate Marketing
  • SEO Specialist
  • Service Based Business
  • Career Counselling
  • Landscaping Service
  • Security Services
  • Courier Service

Top 10+ Side Hustle Business Ideas (Part-time Business in Singapore)

  • Dog Walking
  • Become a Freelancer
  • Part time Trading
  • Sell Images Online
  • Earn From Survey Sites
  • Deliver food
  • Groceries Delivery
  • Tutor online
  • Freelance Writing
  • Become a Blogger
  • Sell Services
  • Night Watchman
  • Part time Sales Man At Shop

Top 10 Best Work From Home Business Ideas to Start in Singapore

  • Freelance designer
  • Social media manager
  • Cloud Kitchen
  • Transcriptionist
  • Cyber security consultant
  • Proof Reading
  • Online tutor
  • Freelancing

Frequently Asked Questions

Q1- is singapore a good place to start a business.

Singapore is a Business Friendly Country, That Support All Types of Businesses Started in the Country. It Also Welcomes Foreign Investors and Companies to Set Up Their Business in the Country.

With Its Excellent Infrastructure, It is Possible to Start Different Types of It Businesses, Transportation Businesses, Manufacturing, and Processing Businesses.

It is a Zero Corruption Country Where is It Clean and Transparent Financial Policy for All the Businesses.

Q2.- How to Start a Business in Singapore?

Developed Infrastructure, Business Friendly Nature, Skilled Workforce, and Modern Technology Attract Many Foreign Investors to Set Up Their Business in Singapore.

From Large Scale Businesses to Meet Scale Businesses There is a Huge Opportunity to Start by Taking the Advantages Provided by the Government. So We Know Are the Few Steps That You Can Follow to Set of Your Business and Register in Singapore:-

  • Select a Business Plan
  • Find a Name for the Business
  • Register Business With Acra
  • Get Licenses and Permits
  • Open a Business Bank Account in Singapore
  • Online & Offline Presence
  • Market Research & Competitor Analysis
  • Raise Capital
  • Understanding Tax Obligations
  • Have a Marketing Plan

Q3.- What Are the Best Locations to Start a New Business in Singapore?

There Are Many Growing Cities in Singapore Where You Can Set of Your Business Were the Availability of Different Types of Raw Materials for Transportation.

So Some of the Major Cities Are

  • Raffles Place
  • Collyer Quay
  • Clifford Pier
  • Cecil Street
  • Shenton Way

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  • Start Business
  • Grow Business
  • Earn Online

Top 27 Business Ideas in Singapore for 2024

Do you want to start a business in Singapore? If yes, you have landed at the right place. Here in this post, we have listed the most profitable small business ideas in Singapore with little money.

The World Bank’s Ease of Doing Business Report has ranked Singapore as the 2nd best place for doing business for 10 consecutive years. There are many advantages to setting up a business in Singapore. It includes tax exemption schemes, low corporate tax rates, government grants, a straightforward company registration process, transparent policies, and a 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, competitors, barriers to entry, government support, costs to run, etc.

Why Start a Business in Singapore?

Singapore, a bustling cosmopolitan city-state, is a prime destination for entrepreneurs seeking a vibrant and business-friendly environment. Here are compelling reasons why starting a business in Singapore is a strategic move:

  • Global Business Hub: Nestled in the heart of Southeast Asia, Singapore serves as a gateway to the region, connecting businesses to diverse markets.
  • Political Stability: The country has a stable political climate. It provides a safe and secure environment for businesses to thrive.
  • Robust Infrastructure: The city boasts state-of-the-art infrastructure, supporting businesses with top-notch facilities and connectivity.
  • Financial Hub: Singapore’s robust financial sector offers access to international capital and excellent banking services.
  • Tax Advantages: Attractive Tax Policies: With competitive tax rates and incentives, Singapore is an appealing destination for businesses aiming to optimize their financials.
  • Skilled Workforce: The city is home to a highly educated and skilled workforce, contributing to the success of diverse industries.
  • Quality of Life: Singapore offers a high quality of life, making it an attractive destination for professionals and their families.
  • Legal System: The city’s legal system is transparent and upholds the rule of law, ensuring a fair business environment.
  • Government Support: The government actively supports businesses through pro-business policies and incentives.

Whether you are a resident or a foreigner, if you are interested in starting a business in Singapore, you can look into the following business opportunities.

27 Small 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 can select the right niche, the profit potential is unlimited. You need to dedicate yourself a year.

There are many bloggers in Singapore earning millions. If you are interested, check our detailed guide on starting a blog and making 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 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.

Read:   How to Start Affiliate Marketing Business

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 with 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. Many online tutoring sites 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 in making 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 is 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.

8. Biotechnology

The government is heavily investing in Science and 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 very infrastructure costs. In addition, this business demands very little equipment to operate.

10. Consulting

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. 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.

13. Export-Import

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.

14. Florist

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 function’s floral needs includes planning, design, delivery, setup, and removing waste. Another way is opening a flower shop.

15. Home-Based Manufacturing Business

You can start a small-scale home-based manufacturing business in Singapore. In addition, this type of business demands a 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 demands with changing lifestyle habits 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 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 speciality, any business can be operated from any location using technology and the Internet. A virtual office provides significant financial savings to 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-ageing 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 Repair

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 Repair

Most people in Singapore have a computer in their homes in Singapore. The market for computer repair 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 must procure a tourist guide license to operate this business.

26. E-commerce Store

The demand for unique, locally-made products is rising in Singapore. You can tap this market by creating an online marketplace showcasing local artisanal products. Consider building a user-friendly website, collaborating with artisans, and marketing through social media.

27. Language Tutoring for Expats

Expats in Singapore often seek language tutoring to adapt to their new environment. Offer language tutoring services for expatriates. You need to be proficient in multiple languages, create engaging lessons, and target the expat community.

Frequently Asked Questions

How to start a business in singapore.

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 local entrepreneurs and foreigners are 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 help you in making an informed decision.

low cost business ideas singapore

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 businesses.

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The 79 Best Businesses To Start In Singapore [2024]

Interested in starting a business in Singapore in 2024?

We put together 79 of the best businesses you can start in Singapore today.

In this list of ideas, you can find:

  • Home-based businesses to start in Singapore
  • Profitable online business ideas
  • Unique business opportunities for Singapore
  • Low investment business ideas (under $5k to start)
  • Easy businesses you can start in Singapore today

For each business idea, we’ll show you real-world examples, revenue expectations for each idea, + a step-by-step on how to start your small business in Singapore.

Here's the full list:

1. Start a catering business

A catering business is responsible for providing food & beverage-related services for vast types of events.

Catering businesses are known to be more flexible than other businesses because they don’t have to worry about location or pricing and can even work 24/7. They can cater anywhere and offer any price point that they want.

However, starting a catering business requires a lot of planning.

To start a successful catering business in Singapore, you'll need to plan and prepare menus, manage budgets, handle clients, and more.

In addition, catering allows you to meet more people and show off your cooking skills.

How much you can make: $3,750 — $48,333/month

How much does it cost to start: $500 (?)

How long does it take to build: 90 days (?)

low cost business ideas singapore

Elegante Catering founder, Nestor Nidome, details his journey from failed DJ business to a $20k/month catering company, emphasizing the importance of online marketing and customer feedback as key contributors to his success.

low cost business ideas singapore

2. Start a tutoring business

Starting a tutoring side hustle is a great way for teachers and students to earn extra monthly income.

If you are considering becoming a tutor, find an ideal tutoring niche, and craft a tutoring website.

Then, find your tutoring clients and market your side hustle online. You can choose to offer online tutoring as a part-time or full-time engagement.

How much you can make: $1,000 — $375,000/month

How much does it cost to start: $100 (?)

How long does it take to build: 15 days (?)

Time commitment per week: Min. 5 hours/week

low cost business ideas singapore

Founder of Lingoci shares how he launched his online language tutoring platform with just $300 and no coding skills, and has since grown it to around $60k/month in revenue, mostly through Google Ads and a focus on continuous improvement.

low cost business ideas singapore

3. Start a marketing agency

Marketing agencies can be a great option for businesses looking to advertise in different ways. For businesses, hiring a marketing company can help them achieve success as they don't have to spend money on employees or needed equipment. Marketing agencies are not inexpensive and there are many different variables that come into play when deciding which one is the best fit for your business.

You want to start a marketing agency, but don't know where to begin. You're not alone, there are thousands of entrepreneurs across the globe that have the same ambition. Luckily for you, compiled a list of how other agencies were able to grow their agency and scale effectively.

How much you can make: $1,300 — $465,583,333/month

How much does it cost to start: $1,000 (?)

How long does it take to build: 45 days (?)

low cost business ideas singapore

Giulia Cian Seren, founder of Juicy Pickles, offers digital marketing consulting, training, and coaching to small businesses and has grown her monthly revenue to an average of $20,000 by focusing on long-term relationships over short-term gains and helping small, traditional businesses transition into the digital world.

low cost business ideas singapore

4. Start a lead generation business

Lead generation business aggregates consumer and business information that it can sell to businesses wishing to purchase new leads. A lead generation company earns money for every lead it generates for a client.

As the business landscape becomes more competitive, entrepreneurs prefer hiring a lead generation company to help increase sales. Therefore, if you understand how digital marketing works to attract customers, you can start your lead generation business.

How much you can make: $1,000 — $1,500,000/month

How much does it cost to start: $2,000 (?)

How long does it take to build: 120 days (?)

low cost business ideas singapore

LinkedIn lead generation and relationship-building tool, LinkHelp, used by entrepreneurs and small-to-medium businesses across different industries in more than 90 countries, boasts a diverse user base and an ARR of $50k, with a pricing model that's economical compared to competitors.

low cost business ideas singapore

5. Start a software business

How much you can make: $1,000 — $4,200,000/month

low cost business ideas singapore

Salonist.io is a one-stop software solution for businesses in the health, beauty, and wellness industries, with around 10,000 customers worldwide, offering everything from customer management to Point of Sale, online bookings, multi-location management, marketing, and much more.

low cost business ideas singapore

6. Start an antique business

Owning an antique and vintage business can be fulfilling and profitable for those targeting the elite.

Antique businesses focus on procuring items at a low price and restoring them, then selling them at a profit. The items can include old toys, cars, bikes, household items, crafts, vintage jewelry, etc.

Opening an antique item store in Singapore may seem somewhat daunting. However, once you have researched the items available and acquired the necessary skills and expertise, you will be ready to kick off.

For some, a storefront with enough storage for antique items might fit the bill. For others, an online store will work pretty well. Regardless of your approach, the secret is applying your entrepreneurship strategies to an overall framework for success.

How much you can make: $15,000/month

How a former educator built a successful antique restoration business from scratch, growing from a 2-car garage to a 2200 sq. ft. space over seven years, thanks to communication skills, dedication to organization, regular website updates, and utilization of Google My Business and Maps.

low cost business ideas singapore

7. Become a property manager

A property manager is responsible for the day-to-day operations of a property. This can include tasks such as marketing and leasing units, collecting rent, and maintaining the property.

To succeed in this business, you’ll need to have strong people skills and be comfortable working with various clients. You’ll also need to be organized and detail-oriented. If you have these skills, starting your own property management business can be a great way to make money in the real estate industry.

The average property manager's salary in the United States is $54,183/year. The low-end range falls between 36k at 12% below to 79K+, which represents 24%.

With the recent craze of people wanting to invest in real estate, property management has never been more popular than now. Property managers often have the opportunity to work from home, making it an excellent option for those who want the flexibility of being their own boss.

The property management business is a great way to make money if you’re familiar with the real estate market and have strong people skills. You can make a lot of money by managing properties for investors.

How much you can make: $200,000/month

How long does it take to build: 362 days (?)

low cost business ideas singapore

Casa Mia Coliving, a sustainable and modern co-living and property management company in Singapore offering affordable accommodation, has an annualized revenue of $2.5M with 150 bedrooms across popular neighborhoods, attracting young professionals and boasting a 10x LTV/CAC ratio, all while focusing on unit economics and profitable growth.

low cost business ideas singapore

8. Start a sign business

How much you can make: $20,000 — $800,000/month

low cost business ideas singapore

CocoSign is a digital signature platform generating a monthly revenue of 67.3K from 2000 sales, boasting a 5% increase in customers each month, and offering valuable features such as customer rewards, API integrations, helpful customer service, and simple & effective marketing strategies.

low cost business ideas singapore

9. Become a gift basket seller

A gift basket is typically a bundled gift filled with presents and delivered to the recipient at home or the workplace.

The gifting ritual is an old practice, and regardless of the occasion, people love giving each other gifts (and receiving them). According to data, the global gift market’s worth is estimated at $62 billion , with 62% of Americans preferring to give personalized gift markets over expensive items.

If you love unique gifting, starting a gift basket business in Singapore could be a gratifying and fun business idea. Many gift basket shops choose to operate entirely online since an online business allows them to work from anywhere, while customers can also purchase at their convenience.

How much you can make: $400/month

low cost business ideas singapore

Vowed Box Co. is a line of curated, quirky gift boxes with non-traditional brides in mind, offering four different products that have helped the business become profitable most months since its launch in 2018, with a monthly income of roughly $600.

low cost business ideas singapore

10. Start a pool cleaning business

Pool cleaning services serve affluent homes and commercial places. Their service involves adding and testing chemical levels and catching debris to keep the swimming pools clean. A pool cleaning company ensures the swimming pool water stays clear and inhibits the growth of microorganisms.

Starting a pool cleaning business fulfills your entrepreneurial spirit and is also profitable. Suppose you are starting a pool cleaning business in Singapore. In that case, you need a basic understanding of how to mix pool cleaning chemicals, invest in professional pool cleaning equipment, and market your pool cleaning business.

How much you can make: $8,000 — $50,000/month

How long does it take to build: 7 days (?)

low cost business ideas singapore

Learn how a third generation business owner started a profitable pool service and installation business in Southern Ontario, earning an average of $8000/month net revenue during peak season and growing from servicing 0 to 350+ pools since May 2016 by doing things that don't scale, such as manually talking to customers and focusing on the ideal customer.

low cost business ideas singapore

11. Start a carpet cleaning service

One of the most common household decorative items is a floor carpet. Carpets are extensively used in commercial and residential spaces to provide an aesthetic look. The increased use of carpets has influenced the demand for carpet cleaning services.

If you are starting a carpet cleaning company in Singapore, you will need quality equipment and an on-point marketing strategy to stand out from the competition. You will be challenged by managing customer quoting, invoicing, allocating labor, and collecting payments. Therefore, invest in the right software for managing business operations and tracking invoicing.

How much you can make: $250,000/month

How much does it cost to start: $23 (?)

12. Become a freelance app developer

A freelance app developer is a programmer who creates mobile apps for Android and iOS devices. Freelance app development business targets creating various apps that give a user-friendly experience.

To become a freelance app developer in Singapore, first, touch up on your skills. There are several courses available online. Once you obtain the certification, choose your niche and focus on your skill set.

Then the best way to showcase your work is to build a portfolio website where you will display your skills, projects, and testimonials. Another way to promote yourself is to create your brand and blog. This will, in turn, build a network, and you will be able to connect with people and attract more clients.

How much you can make: $10,000 — $91,000/month

How much does it cost to start: $350 (?)

How long does it take to build: 60 days (?)

low cost business ideas singapore

A software agency started by a non-technical founder helps diverse clients with their minimum lovable product, boasting a revenue of over $700,000 this year with a 20% profit margin and a team of 8.

low cost business ideas singapore

13. Start a coffee shop

Starting a coffee shop is an exciting and rewarding venture. It's a business that can be started with relatively little capital, and there are many ways to make it profitable. Coffee shops feature a low-cost stock but are profitable businesses.

If you plan to open a coffee shop in Singapore, you may purchase a franchise, buy an existing business, or start from scratch. Whichever the decision, ensure a strategic location and renovate the space to create an inviting atmosphere. Develop a fantastic offering and begin marketing the business even before you open.

How much you can make: $15,000 — $52,500/month

How much does it cost to start: $5,000 (?)

How long does it take to build: 180 days (?)

low cost business ideas singapore

This case study follows the co-founder of Camper Cafe, a mobile coffee van business which started as a hobby and now has 6 units that supply the UK's biggest sporting events, commercial and film shoots, generating around £150k from working only 70 days of the year.

low cost business ideas singapore

14. Start a real estate business

Are you a qualified architect with a broad range of knowledge in the real estate field? Starting a real estate business can be a profitable venture.

Real estate involves purchasing, selling, managing, or investing in land and buildings.

To become a successful real estate business owner, you must have finely honed visual awareness and a strong understanding of various building materials and structures.

How much you can make: $5,000 — $1,500,000/month

low cost business ideas singapore

15. Start a graphic design business

Graphic designers create logos, brochures, ads, and other marketing materials for companies and organizations. They also design websites and other digital content, including social media graphics.

Graphic designers may specialize in one type of design (such as print or web design), or they can be generalists who do everything from logo design to social media graphics.

Starting a graphic design business can be one of the most rewarding things you’ll ever do. It’s not easy, but if you’re passionate about design and want to make a living, starting your own graphic design business is a great way to go.

Consider a suitable pricing structure when starting a graphic design business in Singapore. You may charge the customers per hour or fixed pricing based on the project’s nature.

How much you can make: $2,500 — $1,000,000/month

How long does it take to build: 87 days (?)

low cost business ideas singapore

MeetAnders is a productized graphic design company offering unlimited graphic designs for just one fixed-fee a month, with a three-man team and $7,000 in monthly recurring revenue, all started without any upfront capital.

low cost business ideas singapore

16. Start a digital marketing business

Digital marketing businesses serve local and international companies to expand their reach and grow revenue. A top reason digital marketing is so exciting is that the field is constantly evolving and is easy to learn.

If you plan to start a digital marketing business in Singapore, educate yourself and understand how digital marketing agencies work. Then, focus on building your digital skills and advancing your career through online digital marketing courses.

To stand out, find a digital marketing niche and focus on the audience interested in your services.

How much you can make: $2,000 — $6,660,000/month

How much does it cost to start: $1,260 (?)

How long does it take to build: 58 days (?)

low cost business ideas singapore

H-supertools founder Hasan developed a set of free SEO and digital marketing tools generating $2k per month in profit using Google Adsense, affiliate marketing, selling ad spaces, and email, plans to launch a membership option, and has attained over 80k registered users and 300k monthly visits in less than two years.

low cost business ideas singapore

17. Start a car rental business

Starting a car rental business can be a profitable venture for those interested in the auto industry.

Retail and corporate are the main segments within the car rental industry. Retail car rentals focus on individuals who rent cars for shorter periods, while corporate car rental targets companies that want to transport clients or employees.

If you are starting a car rental business in Singapore, target airports, hotels, railway stations, commercial offices, and other high-traffic areas.

Market your business, hire employees who will manage the operations and keep records, and purchase business insurance for both cars and employees.

How much you can make: $2,000 — $583,333/month

low cost business ideas singapore

ROAMERICA, a campervan rental company founded by Taylor Hood and Gretchen Bayless who quit their full-time jobs to focus on their business and have expanded their fleet quickly to meet the demand of adventure-seeking customers, with most of their web traffic coming from organic Google searches and a focus on social media and brand awareness.

low cost business ideas singapore

18. Start an auto parts shop

If you want to start a retail business in the automobile industry, consider an auto parts business in Singapore.

The auto parts business is one of the most successful businesses in the world. There are many Auto Parts Businesses in the United States, Canada, and the UK, where most are part-time.

Listed are the steps on how to start an auto parts shop business.

  • Pick a location
  • Do your market research
  • Secure all permits and licenses
  • Open a bank account for business transactions

How much you can make: $45,000 — $600,000/month

low cost business ideas singapore

This case study follows an inspiring 22-year-old entrepreneur who started an eCommerce store for aftermarket vehicle accessories, making 5x the amount of money he used to make per month, and generated over $90,000 in sales last year.

low cost business ideas singapore

19. Start a transportation service

Transportation businesses offer ridesharing services, haul consumer goods, or ship supplies and products from one location to another. They target individual passengers, other companies, or global business partners.

If you are starting a transportation service in Singapore, decide who and what you will serve, set up the business structure, register the business, and apply for the required business licenses or permits. To ensure a profitable business, incorporate proper hiring procedures and keep up with maintenance and recertifications.

How much you can make: $12,000 — $364,000/month

How long does it take to build: 410 days (?)

low cost business ideas singapore

Mirai Flights is an app-forward private jet booking service with a focus on UK, Europe, Middle East and CIS states, that allows customers to bypass the long wait times with more than 30 parameters analysed in less than 30 seconds, achieving $4.37m turnover from March to December 2021, and planning to increase it up to $10.2m and expand internationally in the future.

low cost business ideas singapore

20. Become a mobile makeup artist

A makeup artist is a beautician who offers general makeup services, including facial aesthetics, thorough makeup, and creating custom looks for celebrities and even actors on movie sets.

You can serve clients from their homes or offices as a makeup artist. Therefore, makeup artists avoid paying rent or paying expensive licenses. Besides, makeup artists get to meet different famous people.

To stand out as a professional makeup artist in Singapore, keep up with the developments in the cosmetology industry, and focus on providing personalized customer service.

21. Start a mobile photography business

Want to start your own photography business? You're not alone. With the rise of social media and photo-sharing, blogging, and online retailing, it's never been easier to start making money behind your camera.

There are photographers shooting weddings, creating images for ad campaigns, freelancing for magazines, touring the world, taking photographs of destinations — the list is endless!

To start mobile photography in Singapore, research the target audience and determine which specialization area is more lucrative. Invest in high-quality, professional cameras, lenses, and a computer with professional software photo-editing software.

How much you can make: $2,000 — $500,000/month

How long does it take to build: 200 days (?)

low cost business ideas singapore

Photobooth Supply Co. offers a profitable business opportunity through their sleek and portable photo booths, with up to 97% satisfaction rate and a focus on customer experience, in a fast-growing event industry where photo booths are exploding.

low cost business ideas singapore

22. Become a social media consultant

Social media has become popular due to its ability to link businesses to their target customers. Social media consultants are professionals who help their clients improve, optimize and grow their social media presence. Becoming a social media consultant comes with work flexibility and higher earning potential, but it also takes time and work commitment to grow the business.

To become a social media consultant in Singapore, you must first become adept at using social media platforms and industry tools. Take online or offline courses like content marketing, public relations, and communication skills. Social media experts can choose a general practice or opt to focus on a niche.

How much you can make: $100 — $990,000/month

How long does it take to build: 30 days (?)

low cost business ideas singapore

MeetEdgar, a bootstrapped social media automation tool founded in 2014 by Laura Roeder, has grown to $4 million in annual recurring revenue and more than 5,000 customers, with a team size of two dozen, achieved through content marketing, social media marketing, and organic search.

low cost business ideas singapore

23. Start a language translation service

Language translation services bridge the linguistic barriers, helping businesses reach a wider audience outside of a single language. A language translation job is an opportunity to cover a wide range of topics and meet people from different cultures.

To become a language translator in Singapore, master a second language and earn some experience so you become fluent in the second language.

How much you can make: $40,000 — $550,000/month

How long does it take to build: 70 days (?)

low cost business ideas singapore

DEMAN Translations grew from 6 employees and 1.5 million euros in turnover in 2015 to 17 team members and 3.5 million euros in sales in 2020 after acquiring 12 other translation agencies, with a goal to reach 6 million euros this year and 10 million euros in 2022.

low cost business ideas singapore

24. Start a moving company

Moving companies help people move their belongings from one location to another. The services can involve packing and shipping household items to physically moving them from one place to another. The moving can include anything from local moves to long-distance relocations.

Moving companies typically charge by the hour or job, so you’ll need to price your services accordingly. You’ll also need to invest in moving equipment, such as trucks and dollies.

How much you can make: $60,000 — $2,500,000/month

low cost business ideas singapore

A 23-year-old founder started a moving company that now averages $115,000 a month in revenue and has record monthly sales of $158,000 by prioritizing customer service and using simple, common sense practices like friendly movers and a transparent pricing structure.

low cost business ideas singapore

25. Become a mobile personal trainer

Do you love helping people through their fitness journey? If you want a great side hustle to earn extra income, consider becoming a personal trainer.

The fitness trainer side hustle can be an adamant industry to earn good money. However, once you develop a reputation as a good trainer, you can get more clients through referrals. You need to register for the certification course to start offering personal trainer services in Singapore.

To attract your first clients, consider online advertising, and seek referrals from every customer.

How much you can make: $600 — $8,333,333/month

How long does it take to build: 532 days (?)

Time commitment per week: Min. 4 hours/week

low cost business ideas singapore

Live Fit, a personal training company founded in 2011, grew from earning $80,000 in their first year with two trainers to earning over $760,000 in 2019 with 12 trainers and two locations, thanks to a focus on building trusting relationships and providing a variety of services to clients.

low cost business ideas singapore

26. Start a stock photography business

Stock photography is typically sold on an exclusive basis to one buyer for a single usage fee. Stock photos are often available in different sizes, resolutions, and file formats. Businesses most commonly use stock photos for marketing purposes.

Stock photography is the supply of photographs often licensed for specific uses. Stock photos are the perfect marketing and advertising resource for website owners and bloggers.

You can build an impressive portfolio and earn a passive income by uploading high-quality stock photos.

To start a stock photography business in Singapore, invest in some good photography gear and learn how to take stock photos. An excellent online presence can help you sell your stock photos faster and at profitable margins.

How much you can make: $1,200 — $45,000/month

How much does it cost to start: $3,500 (?)

low cost business ideas singapore

Pro Photo Studio founder Tsour Lee Adato shares how she turned a $5k investment into a business that services over 500 clients annually and makes approximately $350k per year with plans to expand and become a 7-figure business while offering advice to fellow entrepreneurs to always be innovating, learning and growing, and not to undervalue themselves.

low cost business ideas singapore

27. Start a bookkeeping service

As the nature of business changes, bookkeeping is an essential function that is on-demand across all business sectors.

Bookkeeping services support businesses by handling their accounts receivables, creating and sending invoices to the correct accounts, and processing accounts payable to ensure business owners settle them when due.

To become a bookkeeper in Singapore, pick the niche market, choose a bookkeeping software, and set up the necessary business infrastructure. You need a website, an address, client database software, and file-sharing tools where your clients can access records on demand.

How much you can make: $8,000/month

How much does it cost to start: $515 (?)

low cost business ideas singapore

A4E, a full-service accounting business, grew five times from when it started about a year ago when it was only offering tax services, and its current MRR is around $8k with a targeted MRR of $13k, providing 100% done-for-you accounting solutions that combine bookkeeping, taxes and CFO services under one roof and for an amazing value for US-based businesses in tech-related industries and services.

low cost business ideas singapore

28. Open an ice cream parlour

Ice cream is something that people of all ages equally enjoy globally, making it a profitable business to venture into.

This frozen dessert industry has registered massive growth in recent years, a trend that shows the industry’s potential.

If you are looking to start your ice cream business in Singapore, follow these steps:

  • Decide whether to make your ice cream or to source from established ice cream brands
  • Write an effective business plan for the ice cream shop detailing the goals, strategies, and plans
  • Fund your business idea
  • Choose a spacious shop in an area with plenty of foot traffic
  • Offer different ice cream flavors

Opening an ice cream parlor is not easy work. However, if you do it right, it is rewarding and can be a lot of fun.

How much you can make: $16,000/month

low cost business ideas singapore

The Good Scoop, a California-based artisanal ice cream shop, started with a small Italian countertop ice cream maker and now has a production facility, wholesaling to various venues, offering frequent scooper programs, and using Instagram as their primary advertising platform.

low cost business ideas singapore

29. Start a hair salon

Hair salons offer a wide range of beauty services including hair-cutting, waxing, nail treatment, massages, and complementary care such as aromatherapy.

With the increased demand for high fashion beauty services, starting a hair salon could be a profitable venture.

To start a hair salon in Singapore, you need a strong business plan and find a niche that attracts a local client base. To succeed, hire knowledgeable and experienced employees, and encourage them to maintain a good customer service culture,

How much you can make: $550,000/month

low cost business ideas singapore

This case study follows the founder of Urban Betty, who started her salon business with only one contractor, and now has two locations with over 50 employees, growing from 1.5 million to 3.4 million in revenue from 2014-2018, and investing around 2% of its gross income every year in Yelp, Google, and Facebook Ads.

low cost business ideas singapore

30. Start a transcription business

A transcription service converts live or recorded speech into a written or electronic text document. Transcription service is in demand globally across industries.

Becoming a transcriptionist can be a side hustle or a full-time job, so long as you have the right gear.

Do you plan to become a transcriber in Singapore? Take an online transcriptionist course and work on your listening skills. To succeed, you need a good typing speed and excellent language command.

How much you can make: $100,000 — $200,000/month

How long does it take to build: 75 days (?)

low cost business ideas singapore

How this founder started a $100K/month guaranteed transcription service for medical, legal, law enforcement, financial, academic and general business industries, winning the NASPO ValuePoint transcription services contract over 26 other companies and learning valuable lessons about getting a coach and getting as much PR as possible.

low cost business ideas singapore

31. Start a restaurant

If you love cooking and are passionate about entrepreneurship, starting a restaurant can be a fun and lucrative business.

To get started, choose a great location, and hire an excellent support team. You will need a chef to inspect the food and line cooks, waiters, and waitresses to serve the customers. No matter the restaurant type, you need great culinary and business skills to make your dream come true.

If you plan to open a restaurant in Singapore, gain insight from consumer preferences and focus on serving modern consumers what they need.

How much you can make: $48,333 — $61,650,000/month

low cost business ideas singapore

One Life Meals is a Toronto-based healthy meal delivery service that made 14,500 meals per month and generated $130k in monthly sales in 2018 through their one-on-one consultation, lean protein and seasonal veggies-based meals, and their focus on the client experience.

low cost business ideas singapore

32. Start a ticket reselling business

Ticket reselling is a brokering business where you purchase event tickets in bulk and resell them at a higher price. Ticket reselling allows you to make more money within less time, so long as you target the busiest times and market well.

To become a professional ticket reseller in Singapore, join a ticket broker association and choose a specialty niche. Obtain necessary business licensure, build a professional website, and market your ticket broker business.

33. Become a temporary tattoo artist

Starting a tattoo business is not as difficult as you might think. If you have the talent, ability, and guts, you already have the essential qualities for starting your own tattoo company. The Tattoo Artists market size in the US in 2022 is $1.4B .

The tattooing business is profitable and famous, and it is one of the most rewarding careers that you can have. However, becoming a tattoo artist in Singapore requires a lot of commitment and hard work.

Tattoo shops have strict standards for artists who work in shops, so to have an ideal career as an artist, you might have to go the freelance route. It can be a short-term or long-term career, so you must be prepared before taking on such a responsibility. It won’t come with a million-dollar salary at first, but once you’ve developed a good reputation and have completed enough work, the money will start rolling in.

How much you can make: $1,000/month

low cost business ideas singapore

Forgotten Mermaids creator Anslea shares how she started a passive income business while living out of a van, creating mermaid temporary tattoos and accessories, and has grown to average $1,000 per month in mostly passive income over the last six months.

low cost business ideas singapore

34. Start a cleaning service

A housecleaning side business is a beautiful idea for people with free time on weekends or even weekdays. The side hustle idea requires little capital to start. During the launch, you can choose to offer the service to your neighbors and scale as you gain experience. The average salary for a house cleaner is $17.32 per hour.

By starting a house cleaning business in Singapore, you are tapping into an enormous market with plenty of clientele. There could always be demand for your cleaning service, which keeps you in business as you help homeowners keep their homes spotless.

How much you can make: $3,000 — $600,000/month

How long does it take to build: 80 days (?)

Time commitment per week: Min. 7 hours/week

low cost business ideas singapore

MaidThis®, launched by Neel Parekh in Los Angeles with just one cleaner in 2013, has achieved over $10 million in total revenue by focusing on cleaning Airbnbs and vacation rentals, thanks to its successful remote business model and new-age marketing tactics, and has now launched MaidThis Franchise to expand the business further.

low cost business ideas singapore

35. Start a dropshipping business

Dropshipping is a business model where you sell products to customers without holding inventory.

Instead, when a customer makes a purchase, you buy the product from a third-party supplier, who then ships it directly to the customer.

To start a dropshipping business on a budget, choose a niche or category of products you want to sell.

Next, set up an online store using platforms like Shopify or WooCommerce. Then, find reliable suppliers from platforms like AliExpress, list their products on your store, and focus on marketing and customer service to grow your business.

Remember to carefully manage your expenses and monitor your profit margins to ensure profitability.

How much you can make: $6,000 — $3,000,000/month

How much does it cost to start: $6,000 (?)

Time commitment per week: Min. 10 hours/week

low cost business ideas singapore

Entrepreneur Kamil Sattar has developed multiple six-figure drop shipping businesses, and his company, e-commerce mentoring, specializes in helping others create their own successful companies, with favorite platforms including using Shopify and apps such as Loox reviews and SMSBump.

low cost business ideas singapore

36. Start a meal prep business

A meal preparation business is a service that delivers prepared meals to its clients in the comfort of their own homes. The meal preparation business is a fast-emerging niche that offers a real opportunity to earn good money. To succeed, the starter must be efficient in the meal preparation and ensure proper communication skills. Besides, the entrepreneur must keep time when it comes to delivery to avoid customer disappointment.

A global survey shows that demand for food delivery service is on the rise. This is as people get busier with their careers and other more important tasks, leaving limited time to prepare meals and bond with friends.

Therefore, starting a meal preparation business in Singapore can be a great way to earn extra monies.

How much you can make: $5,000 — $4,170,000/month

low cost business ideas singapore

Healthy Chew is a profitable weekly meal preparation service that grew from 200 to 10,000 weekly bowls in just over 3 years, with an overall sales figure of $1.8 million, achieved through effective branding and personalised customer service.

low cost business ideas singapore

37. Start a cooking class

Online cooking classes can be a great side hustle for seasoned chefs or cooking enthusiasts looking for a way to earn some extra cash. You can create content and teach your audience how to prepare meals.

Consider creating members-only content to earn more from your cooking class side hustle. Alternatively, you can sell recipes for a small fee as well. To grow your reach, consider offering some free content on your social media pages as a way to build curiosity among potential audiences. You can charge your audiences a subscription fee so they can have exclusive access to your content.

To start cooking classes in Singapore, choose a niche and follow your passion. Create a website and maintain an active social media presence. Apart from online cooking classes or live sessions you can also offer exclusive offline weekend classes to give your audience a hands-on personal experience.

How much you can make: $7,500 — $100,000/month

low cost business ideas singapore

Hipcooks is a 7-location cooking school business that has grown organically to reach $100k/month in revenue, and attracts and retains customers through their communal approach, vibrant online presence, and updated Google and Yelp business pages.

low cost business ideas singapore

38. Start a cleaning & maintenance business

A Cleaning & Maintenance business is a service-based business in which you are the owner, operator, and lone employee. In a cleaning and maintenance business, you provide a specific service such as carpet servicing or pest control. It's important to note that although it seems straightforward, this business type can grow very quickly if done properly.

Cleaning and maintenance can be a real hassle, especially if you have a lot of employees or just your own staff. The cleaning and maintenance industry generates over $40B a year in the US alone. This makes it one of the largest, most competitive industries in the USA.

Starting a cleaning and maintenance business in Singapore is pretty easy. You can start small with residential clients or businesses. Just make sure you check with your local government to ensure licensing (or certification) requirements.

How much you can make: $60,000 — $250,000/month

How much does it cost to start: $425 (?)

low cost business ideas singapore

39. Start a mobile auto detailing service

A mobile carwash business reaches clients whenever possible and offers its services conveniently. Therefore, car owners do not need to drive to different locations looking for a car wash, as the mobile service provider is there for the client.

The advantage of offering a mobile car wash business in Singapore is that clients will call you to their location whenever they need their vehicles cleaned. You can serve more customers based on convenience compared to an immobile car detailing business.

How much you can make: $5,000 — $20,000/month

How much does it cost to start: $2,500 (?)

low cost business ideas singapore

Learn how former tech salesman, Matt Paskow, left the industry to start Fresh Look Mobile Auto Detailing, a profitable mobile auto detailing business generating around $5k per month that focuses solely on SEO, Google AdWords, and Google My Business for marketing.

low cost business ideas singapore

40. Become a nutritionist

As individuals seek to adopt healthier lifestyles, there is an increasing demand for professional nutritionists who can offer tailored advice.

A nutritionist offers personalized nutrition advice and guidance to individuals or groups, helping them achieve their health and wellness goals through dietary recommendations and education.

This may include creating meal plans, conducting assessments, and providing ongoing support to clients seeking to improve their nutritional habits.

To become a nutritionist, consider obtaining relevant certifications and gaining practical experience through internships or supervised practice.

How much you can make: $600 — $500,000/month

How much does it cost to start: $300 (?)

Time commitment per week: Min. 3 hours/week

low cost business ideas singapore

RDRx Nutrition is a successful private practice that offers individual nutrition coaching, boasting profits of $1,800-$2,100 per month after just one year of business, and achieving a client base of over 2200 followers on Instagram alone.

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41. Start a cryptocurrency business

How much you can make: $3,699 — $900,000/month

low cost business ideas singapore

CBlocks is a cryptocurrency startup that generates random wallets of the top 100 cryptocurrencies, funds them, and ships them on a USB drive alongside software to manage them, with $32k made in the first 30 days and almost $3k on their second day from being featured in TheNextWeb, Forbes, The Outline & LifeHacker all within their first 3 weeks.

low cost business ideas singapore

42. Start a tour company

Starting a tour company is a great way to bring your love of travel to life. You can share your passion with others and help make their dream vacations come true!

There are many types of tour businesses, so choosing something you are passionate about and knowledgeable about is best. Here are a few of the most popular tour companies to start in Singapore:

  • Food & Drink Tours
  • Adventure & Sporting Tours
  • Sightseeing & Historical Tours
  • Shopping Tours
  • and many more!

It’s also essential to determine what mode of transportation you want for your tour company, as this will determine the initial startup costs needed for your company.

To get started, find out if you need a license to operate in your state. Some states require tour companies to be licensed, while others do not. If you are required to be licensed, talk with the licensing agency to find out what steps must be taken before you can apply for that license.

How much you can make: $3,750 — $43,300,000/month

low cost business ideas singapore

How Jessica Baumgart founded a successful food tour business in Denver, which broke even and started making a profit after just three months, generating $20,000/month in revenue from offering different food tour experiences.

low cost business ideas singapore

43. Start a bed and breakfast business

Bed and breakfasts have been around for a long time. Owners interact with customers while they benefit from affordable lodging.

Travelers nowadays have a high interest in experiencing local culture, ready to take on the adventure of meeting and interacting with others from different backgrounds and perspectives in order to get a unique taste of how a small town or even neighborhood might live.

The great thing about starting at home B&B in Singapore is that you don’t need a degree in business. You only need enough capital to purchase essential items needed to open your very first one.

Listed are the steps to start a bed and breakfast business.

  • Plan your business plan
  • Secure needed permits, licenses, and certifications
  • Prepare your business for operation -Promote your business

44. Start a gardening business

A gardening business makes money by planting trees, growing specific produce, maintaining landscapes, and more.

Gardening companies work with homeowners to install, maintain and repair their landscaping areas. For instance, a typical gardening business provides all-inclusive services to create and maintain a lawn, such as mowing, fertilizing, and edging.

Owning a gardening business can be a very flexible and profitable business venture.

How much you can make: $27,000 — $150,000/month

How long does it take to build: 560 days (?)

low cost business ideas singapore

Founder of RinseKit shares how he designed a portable pressurized shower that generates over $1.5M in sales per year and achieved great success with Kickstarter and appearing on Shark Tank, while providing advice on designing, prototyping, and manufacturing your first product.

low cost business ideas singapore

45. Start a bakery

Everyone loves baked goods, be it sweet items like cakes, muffins, and cookies or savory baked food like pizzas, buns, bread, and puff pastry. Baking takes a lot of effort and patience, which is why many people buy baked items from stores or restaurants instead of baking them at home.

Starting a bakery can be a rewarding business opportunity if you have a passion for baking. If you plan to start a bakery, consider that happy customers often become repeat customers. Therefore, always focus on quality and work on customer satisfaction.

To start a bakery in Singapore, pick an ideal format. Some options include:

  • Counter-style bakery
  • A hybrid bakery with a cafe,
  • Food truck with a bakery
  • Home bakery.

Write a suitable business plan and choose the correct location.

How much you can make: $2,500 — $25,000/month

French chef and founder of online bakery Pastreez, Anthony Rosemond, shares keys to success including validating ideas with the market, focusing on SEO and organic growth, building customer relationships through email and SMS, never offering discounts but offering freebies, and diversifying the business with new products and content on social media.

low cost business ideas singapore

46. Start a window cleaning business

If you are ambitious about cleaning spaces, you may consider the window cleaning business opportunity.

Starting a window cleaning business in Singapore offers several advantages. First, you get to choose a suitable work schedule. Also, you have access to repeat business since windows need regular cleaning to keep their shiny appearance.

Besides, starting a window cleaning service is not capital-intensive and comes with minimal overhead costs.

How much you can make: $60,000/month

How much does it cost to start: $50 (?)

47. Start a book store

Starting a bookstore is a great way to start a small business.

Bookstores are found anywhere, from the smallest towns to the largest cities. Perhaps you have thought of running your bookstore in Singapore. People need to read and buy books, and that’s been true for thousands of years. A bookstore is also a great central location where people can browse and purchase books.

Listed are the steps to start a bookstore business.

  • Register your business
  • Get all required permits and licenses.
  • Organize your business operational flow
  • Promote your business

48. Become a delivery driver

The delivery driver side hustle can be a fantastic idea if you own a delivery car and a valid driver’s license. Receiving deliveries at home or at the office has become an almost undeniable convenience for most people. There are more and more platforms that deliver all kinds of products and, therefore, the demand for couriers is also increasing.

As an independent delivery driver in Singapore, you choose your most convenient working hours, and the more deliveries you complete, the more your earnings. Besides, you interact with a wide range of people from different backgrounds.

Your core roles will include loading and unloading cargo, delivering goods to the customer, accepting any payments for shipments, and handling paperwork.

How much you can make: $4,000 — $25,000/month

low cost business ideas singapore

Muver is a mobile app for gig workers allowing them to multi-app seamlessly between Uber, Uber Eats, Doordash, Grubhub, Lyft, Instacart, and more within a single app with over $270k revenue in the past 12 months.

low cost business ideas singapore

49. Become a massage therapist

Massage is a growing industry, and as such, many business options exist for those who want to enter this field. The most typical form of massage therapist business is an independent operation. This can be either out of one's home or a massage studio rented on an hourly basis.

Building a successful massage therapy business in Singapore is not as difficult as you might think. Massage therapists offer much-needed services to communities and clientele. If you are looking for a new career or want to increase your income while delivering an important service, then starting a new massage therapist business can be an excellent choice.

Turn your massage therapy practice into a successful business by applying core business skills that lead to success.

How much you can make: $3,500 — $275,000/month

low cost business ideas singapore

Professional cuddler, Sam Varnerin, developed her successful one-to-one cuddle service, Snuggle with Sam, as a result of recognising the universal human need for connection and touch, which also led to her opening Sam’s Snuggle School, a course for aspiring professional cuddlers.

low cost business ideas singapore

50. Start a daycare

Daycares provide educational, medical, and social services for the children of working parents either during school hours or when the parents are out of the home for an extended period of time. This can be a lucrative enterprise if you start a daycare in an area where it is needed.

As the growth of families has become dependent on two incomes, the need for quality daycare has skyrocketed. Starting a daycare business in Singapore is challenging but rewarding. You will face many challenges but can overcome them as long as you are ready to make the sacrifices required.

51. Start a content writing company

Content writing involves writing, editing, and publishing content in a digital format. Examples of content include a blog post, product description, and podcast script—eBooks, press releases, or landing page content.

Becoming a content writer allows you to work as your boss. Therefore, you choose whatever working schedule suits you and take a manageable workload. Moreover, content writing helps you develop essential skills you may not obtain from regular writing.

Content writing is a highly-on-demand service, as companies compete for the online audience who often begin their shopping journey by searching for relevant and educative content online. Therefore, a content writing company is an excellent source of passive income.

To start a content writing company in Singapore, research the market and choose a suitable niche. Sketch a proper business plan and create a website. Hire a pool of talented writers and leverage modern technology to streamline operations.

How much you can make: $1,000 — $250,000/month

How much does it cost to start: $600 (?)

low cost business ideas singapore

A Singapore-based content marketing agency, With Content, co-founded by Daniel Tay, generates a monthly revenue of $30k and recently crossed the million-dollar mark in total revenue, thanks to its focus on narrow content marketing services, transparency in pricing, and expanding the marketing funnel through various content marketing channels.

low cost business ideas singapore

52. Become a wedding planner

A wedding planner assists with designing, planning, and managing a wedding, so the bride and groom have the happiest day. Wedding planners enjoy a flexible working schedule and opportunities to travel locally and globally, and it’s a great career with numerous growth opportunities.

To start a wedding planning business in Singapore, identify your target clientele and study their wedding cultures so you can offer the clients excellent service. Remember, excellent wedding planning is all about having the passion and knowing how to harness that passion for designing weddings that bring out the emotions of those in attendance.

How much you can make: $2,000 — $50,000/month

low cost business ideas singapore

This husband and wife duo started a wedding consultancy agency, 'Getting Married in Denmark', which has gone from doing 5-10 weddings a month to 80-100 weddings a month in just 4 years, massively growing their revenue.

low cost business ideas singapore

53. Start a courier business

Courier service is a premium, all-inclusive service that collects and delivers shipments within the shortest possible time frame. Courier services serve individuals, e-commerce stores, law offices, banks, hospitals, etc.

If you dream of owning a courier service, you can start as a delivery driver and rely on self-employed delivery drivers to get the goods to customers. As the business grows, you can invest in delivery vans to handle bulky deliveries.

To run a convenient courier service in Singapore, ensure you have a reliable delivery car and proper time management skills.

How much you can make: $5,000/month

low cost business ideas singapore

Bangladesh-based logistics company Parcelmagic has onboarded over 100 merchants and delivers 10,000 parcels each month within just six months of operation, offering technology-based end-to-end services for small to medium business parcel delivery, individual document and parcel couriers, and corporate logistics service solutions.

low cost business ideas singapore

54. Start a home tutoring business

A home tutoring company is an educational company that offers private tutoring from a tutor who visits the students at the student’s home.

Home tutoring is a growing business opportunity for motivated people and comes with the flexibility of working anytime, anywhere, and creates a passive income.

If you love teaching and helping others, one way to make money is to start a home tutoring business in Singapore. Whether you want to tutor kids or adults, there’s a niche for you.

Once you have started your home tutoring business, promote it by putting fliers at other stores and on bulletin boards at colleges and libraries. Also, engage parents and guardians for home tutoring opportunities.

55. Create an online course

An online course business involves creating and selling digital classes teaching specialized skills or knowledge to subscribed students.

As an entrepreneurial course creator, you identify educational gaps around topics you have expertise in and develop engaging video lessons and supplementary materials.

With flexibility around self-paced or cohort-based structures, building a student base provides passive income potential.

For founders who enjoy information-sharing, launching an online course platform presents a lucrative way to monetize your instructional talents with small startup costs by serving eager lifelong learners seeking convenient access to emerging subjects.

How much you can make: $350 — $3,735,000/month

How much does it cost to start: $1,700 (?)

low cost business ideas singapore

Learn how one couple created a successful personal finance blog, The Savvy Couple, that now makes over $20,000 per month and has sold thousands of digital workbooks and courses, by focusing on purposeful content and optimizing their ROI with efficient time management.

low cost business ideas singapore

56. Start an errand service

Errand services help people and businesses who have daily errands to run but need an extra hand. So, they seek professional help who can do their chores on time with utmost efficiency.

You can provide various services as an errand business, including grocery shopping, picking up + sorting through mail, going to the bank, and much more.

Starting an errand business in Singapore is relatively easy. Consider offering package deals as a way of getting and retaining customers. Most errand businesses charge per hour, and you may charge per mileage if the task involves driving.

57. Become a nutritionist

low cost business ideas singapore

58. Become a massage therapist

low cost business ideas singapore

59. Become a temporary tattoo artist

low cost business ideas singapore

60. Start a moving company

low cost business ideas singapore

61. Start a mobile auto detailing service

low cost business ideas singapore

62. Start a bakery

63. start a meal prep business.

low cost business ideas singapore

64. Start a mobile photography business

low cost business ideas singapore

65. Become a virtual assistant

Virtual assistants support businesses, teams, or individuals by performing administrative tasks remotely. As businesses these days tend to outsource their tasks, the demand for virtual assistants is growing rapidly.

Becoming a virtual assistant is flexible, as you can choose a work schedule and location at your convenience. Many virtual assistants in Singapore have a dedicated home office where they work in a quiet and distraction-free environment.

To become a virtual assistant, identify a niche you like and undertake any training. Then, figure out how much to charge your customers and create an online presence where you can apply for jobs. As a virtual assistant, you can define your work schedule depending on your availability.

How much you can make: $1,000 — $1,000,000/month

low cost business ideas singapore

Filipino Virtual Assistance by FVA Business Consultancy, founded by Julmar Grace Locsin, offers online and offline training to empower marketers, enable businesses, and equip freelancers which has trained 25,000 students from their 31 courses, has 16 coaches assigned from different territories, and fifteen in the FVA team for global digital leadership that will impact the world through digitalization, one life at a time.

low cost business ideas singapore

66. Open an ice cream parlour

67. start a cooking class.

low cost business ideas singapore

68. Start a language translation service

69. start a hair salon, 70. start a courier business.

low cost business ideas singapore

71. Become a social media consultant

low cost business ideas singapore

72. Start a tour company

73. start a leather bags business.

How much you can make: $45,000 — $2,000,000/month

low cost business ideas singapore

Faire Leather Co. is an online leather goods label with a total revenue of approximately $2.3 million, started with a Kickstarter campaign that overfunded eight times, and now operates as a direct-to-consumer (DTC) business that is fully, vertically integrated, saving on costs and able to offer quality products.

74. Start a credit card comparison website

A credit card comparison website is a business that allows users to compare and contrast different credit cards to find the best fit for their financial needs. This business operates by gathering information about various credit cards and their features, such as interest rates, rewards programs, annual fees, and other benefits. The website then presents this information in a clear and easy-to-understand format, allowing users to compare the different options and decide which credit card to apply for.

To run a successful credit card comparison website, it is essential to keep the information on the site up-to-date and accurate. This requires constantly researching and gathering new data about credit cards and their features and regularly updating the website with the most current information. Additionally, it is important to provide a user-friendly interface that allows users to compare different credit cards and find the information they need.

Another key to business success is establishing partnerships with credit card companies and financial institutions. By partnering with these companies, the website can offer exclusive deals and promotions to users, which can help to drive traffic to the site. Additionally, partnering with these companies can provide the website with valuable resources and expertise, which can help to improve the quality and accuracy of the information on the site.

Finally, to run a successful credit card comparison website, it is essential to focus on marketing and promoting the site to attract users. This can be done through various methods, such as social media marketing, search engine optimization, and paid advertising. By effectively promoting the site, entrepreneurs can increase visibility and drive traffic, leading to increased revenue and success.

low cost business ideas singapore

Finty, Singapore’s first rewards-based financial marketplace focused on credit cards and personal loans, was acquired by Australia financial comparison leader, Credit Card Compare (CCC) for a seven-figure sum, just 15 months after launching.

low cost business ideas singapore

75. Develop a mac app

Are you a passionate and skilled mobile app developer? You can start an Apple app development business as a part-time or a full-time job and earn from your passion.

According to a report published in CIO magazine , Mobile app developers are among the top 10 most in-demand technology jobs. In addition, the US Bureau of Labor Statistics, app developer jobs will grow by 22% over the next decade.

Therefore, starting a mobile app coding business can be a rewarding business. iOS app developers mostly use Swift and Objective-C programming languages.

How much you can make: $21 — $200,000/month

How much does it cost to start: $200 (?)

low cost business ideas singapore

An iOS engineer based in Singapore created DisplayBuddy, a Mac app that allows users to control external displays from their menu bar, which has now reached an average MRR of $600 and garnered 900 happy customers and 6,000+ users on SetApp.

low cost business ideas singapore

76. Start an email automation platform

How much you can make: $3,500 — $400,000/month

low cost business ideas singapore

Parseur, the data extraction tool, helps businesses automate their data entry process, catering to multiple industries such as food delivery, real estate and marketing, and has grown to over $40k in revenue per month since its launch in 2017.

low cost business ideas singapore

77. Start an ecommerce platform

Over the past decade, eCommerce has become an indispensable part of the global retail framework. According to statistics, over 2 billion people prefer shopping online.

While brick-and-mortar stores are still making more sales compared to online sales, the adoption of eCommerce is still rising, mainly because of the increased speed and convenience of online shopping.

Therefore, starting an eCommerce platform could set you on the right path to building a futuristic business.

How much you can make: $100 — $83,333,333/month

How long does it take to build: 110 days (?)

low cost business ideas singapore

DataCue helps eCommerce entrepreneurs sell more and improve conversion with their personalization platform, which has generated over $2m in additional revenue for eCommerce businesses in 2019, and is growing at 40% m/m after being founded just 18 months ago, with a goal for 2020 being profitability.

low cost business ideas singapore

78. Start a fashion supply business

How much you can make: $5,000 — $40,480,000/month

How long does it take to build: 81 days (?)

low cost business ideas singapore

Bryden is a clothing manufacturing agency that offers an end-to-end service to fashion brands all over the world, serving customers in over 20 countries and bringing in an average monthly revenue of $74,000 within just a few years of launching.

low cost business ideas singapore

79. Start a business management platform

How much you can make: $10,821 — $4,333,333/month

low cost business ideas singapore

Forma is a no-code platform workflow builder digitizing and automating businesses; co-founded by Elston, this 1-year-old business has garnered over 700 sign-ups since launching its public beta in April 2021 with 5-10 sign-ups daily, and includes interactive product tours powered by Userflow.

low cost business ideas singapore

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ProfitableVenture

50 Best Business ideas in Singapore You Can Start Today

By: Author Tony Martins Ajaero

Home » Asia

Do you want to start a business in Singapore as a foreigner? If YES, here are 50 small business ideas and investment opportunities in Singapore . Singapore has the world’s highest percentage of millionaires, with one out of every six households having at least one million US dollars in disposable wealth.

This excludes property, businesses, and luxury goods, which if included would increase the number of millionaires, especially as property in Singapore is among the world’s most expensive. Singapore does not have a minimum wage, believing that it would lower its competitiveness. It also has one of the highest income inequalities among developed countries.

  • Singapore has strong international trading links, as its port is one of the world’s busiest regarding tonnage handled.
  • Singapore is a global commerce, finance, and transport hub.
  • For ten consecutive years, it was regarded as the easiest place to do business by the World Bank.
  • The World Economic Forum (WEF) also considered the country as the most technology ready country.
  • The WEF also viewed it as the 2 nd most competitive country in the world.
  • It is also the 3rd-largest foreign exchange center.
  • Singapore is the 3rd-largest financial center in the world.
  • The country possesses the 3rd-largest oil refining and trading center.
  • It also has one of the top two busiest container ports since the 1990s.
  • For the past decade, it has been the only Asian country with the top AAA sovereign rating from all the leading credit rating agencies, including S&P, Moody’s and Fitch.
  • Singapore is Asia’s most influential city and 4th in the world by Forbes.

Best Business ideas in Singapore for Foreigners

Although Singapore has very limited arable land, the country has relied heavily on agro-technology for agricultural production and consumption. But the demand for food and other agricultural products seem to be outweighing the supply with each passing day because there are very few players in the agriculture sector.

You are very likely to make huge profits from agriculture in Singapore provided you’re ready to bear the costs of the technology required for boosting production.

Biotechnology Business

Singapore is aggressively promoting and developing its biotechnology industry. The government has spent hundreds of millions of dollars on infrastructure, fund research, development, and recruitment of top international scientists. In addition, leading drug makers like GlaxoSmithKline and Pfizer have set up plants in Singapore.

So, there are huge opportunities for investors in the biotechnology sector. However, breaking into this industry requires solid background knowledge and a huge capital.

Fast Food eateries

Fast foods and snacks sell very well in Singapore. This means investors can really make lots of profit from businesses that sell snacks such as barbecue, pizza, and so on. This business requires little capital and no formal academic certifications. So, it’s one you can easy break into.

Transportation Business

Transportation is one of the necessities that are almost indispensable in every economy, and this is why the demand for transport services is high almost everywhere. As a foreign investor in Singapore, you can start a transport business, the scope of which hinges on your capital.

If you have little capital, start a taxi service that transports people within local routes. With bigger capital, you can start an inter-city or inter-state transport service.

Food Business

Food business is probably the best business to start not just in Singapore, but all over the world. This is because there is a universal need for food, and it is the most important basic need of man. The Lion City is hailed as a food paradise.

It is one destination in Southeast Asia teeming with outdoor food courts and hawker centers that appeal to locals and visitors from all walks of life. So if you are thinking about venturing into the top 10 small business opportunities in Singapore, notably food; then you are in for tough competition.

Electronics Manufacturing and Retailing

The electronics industry is the largest in Singapore’s manufacturing sector, accounting for a whopping 48% of the total industrial output.

This high production rate notwithstanding, there are huge opportunities for businesses that sell electronic products to consumers. With a little capital, you can focus on a narrow range of electronics, but this could be wider depending on your capital.

Online Marketing and Advertising

With increasing need by businesses to attract customers and sell their offers via the internet comes the booming demand for professionals and businesses that offer online marketing services. These services range from copywriting to search engine optimization.

If you are a seasoned copywriter, or a website designer and developer, or a search engine optimization specialist, or a social media marketing expert, then huge opportunities are awaiting you in Singapore.

Freelance Writing

With the increase in number of individuals and businesses that have adopted blogging as a way of making money online comes the escalating demand for creative ghostwriters. Blogging as a business thrives only when quality content is published consistently, a condition that many bloggers would never meet on their own.

So, if you are very good with words and are a stickler for perfect grammar, you can make lots of money working as a ghostwriter for bloggers as well as handling other writing assignments.

Laundry and Dry Cleaning

Most Singaporeans are just too busy to handle their laundry themselves. So, they would rather pay to get this done for them. If you are looking to start a small-scale business in Singapore, consider this option. To start a laundry business, you need no more than a washing machine and a few other equipment such as pressing irons, dryers, and so on.

Financial Services

Because there are many businesses, both indigenous and foreign in Singapore, there is high demand for individuals that offer professional financial services such as accounting, auditing, and bookkeeping. If you have a solid background in any of these services, you can make a lot of money in Singapore by helping other businesses with your skills.

Auto Spare Part sales

Cars and other automobiles sell very well in Singapore. And foreigners can easily break into the business. But capital remains the main issue, as the business requires huge capital. However, if you are having little capital, you can start a business that sells auto spare parts instead. They sell well, too.

Appliances Repairing

Individuals who need to have their appliances or furniture repaired can save costs. Hence, a repair service business can be a good business option. In any economy, whether good or bad, people will always have things to fix as fixing an item cost less than buying a brand new one.

Janitorial and Cleaning business

Running a small business that provides residential upkeep can be a good business. Commercial establishments that need to keep their premises clean can also be regular clients. You can provide housecleaning services , office cleaning services, foreclosure housecleaning, roof cleaning, etc.

Home Tutoring

Heads of families in Singapore tend to arrange for home tutoring for their kids, making it a good business option. You can even choose to teach English language or accounting, as these two subjects are highly in demand.

Elder Care Business

In Singapore, there is a law that mandates children to take care of their elderly parents and indirectly, this law has created a demand for elderly home healthcare services .

Providing quality care for seniors, like preparing meals, running errands or housekeeping, can be lucrative business, especially in households with busy working professionals. After all, no one would like to spend time in jail for neglecting their elderly ones.

Fitness Trainer

More and more people are realizing the importance of having a fit body. A fitness trainer can get his share of clients. Products that enhance health may likewise have huge demand. You will need to first of all learn the skills by being fit yourself.

Eco Friendly Product retailing

Distributing eco-friendly products online such as light bulbs and recycled items may be a great business move. Just be sure to keep your site navigation-friendly and updated with fresh articles. This is a good way to make good money.

Telecommunication business

Singapore is also known to be one of the major telecom hubs in the Southeast Asian region. Be it mobile phone connections or providing internet services, there is a whole market that has been left untapped by existing telecommunications players.

Although the existence of private players is very prominent, facilities such as radio and television stations are all government-owned bodies. The print media is dominated by Singapore Press Holdings and MediaCorp. This is a good time to think about investing in this sector and tap the market that is waiting to be catered to.

Fashion Retailing

Singaporeans are a very fashionable bunch of people. They love keeping up with the latest trends and looking their best at all times. International high street fashion brands such as H&M, Aldo, Levis, Zara and the ilk are already making their chunk of profits here.

Tourists coming from all over the world shop in Singapore and stock up on these brands, the products of which are available at reasonable prices. As the fashion retail industry in Singapore is bound to flourish, you could open a retail outlet/franchisee and make your pile of profits too.

Professional Course Training

This is an up-and-coming industry in the world of business in Singapore. It offers a lot of scope to businessmen as there are very few institutes within Southeast Asia that provide quality education. Not only do Singaporean institutes provide good quality education but their courses are also in high demand.

This is turning out to be a preferred destination especially for Southeast Asian students who want to go for higher studies but without venturing far away from home. You could consider setting up business in this sector that provides accredited courses in travel and tourism, hospitality, fashion designing, business administration, science and research and so on.

Information Technology Services

Many globally-renowned IT firms have already set up businesses in Singapore owing to the growing potential and skilled labor available in this arena. The infrastructure in Singapore has also been established keeping in mind the support that IT businesses would require in the years to come.

You could set up a business that provides a variety of IT services such as wireless networks, or web development, social networking , website designing or other businesses depending on your interest. Cyber laws here are well-equipped to regulate the internet and are updated on a regular basis.

Hospitality Business

Any destination that has a booming tourism industry will most definitely have a growing hospitality industry. This includes small-time bars and cafes to large multinational chains of hotels and resorts to the food and beverage industry here.

As Singapore is a major tourist destination, boutiques as well as major luxury hotels have great scope for business – not only from the business perspective but also from the employee perspective. Maybe you too should make hay while the sun shines and invest in this sector.

Travel and Tourism Business

The travel and tourism industry is one of the largest contributors to the Singapore economy. The country’s natural beauty, flora and fauna as well as heritage structures are pleasant to the eyes. Singapore is known to be a safe tourist haven bundled with pocket-friendly shopping options.

If the 2012 statistics provided by the Singapore Tourism Board are to be believed, then Singapore tourism receipts registered a staggering S$23 billion, with International Visitor Arrivals alone at around 14.4 million.

Career Coaching

Want to help and inspire people for a living? Starting a career coaching practice could be the key to doing what you love and making a difference.

Through career coaching you can work with clients of all ages, from young people who don’t know what career path to pursue or how to land their dream job, to older people looking for a career change. Help prep clients for interviews, improve their résumés and find their passions.

Online Retail Consultant

If you’re knowledgeable about popular selling platforms like Etsy and eBay, you can help other people turn their online businesses into successes.

Help sellers set up and improve their stores, advise them on product photo best practices and how to write better product descriptions. You can also show clients how to use social media to promote their shops and how to get their products featured in publications to help them boost sales.

Upcycling Services

You’ve heard the saying, “one man’s trash is another man’s treasure,” but have you ever thought of turning it into an actual business? If you’re an artist or just have a knack for crafts, try turning items that would otherwise be thrown out into useful products and selling them at craft fairs or on a website like Etsy.

You can also offer to turn other people’s unwanted items into upcycled projects, like refreshing outdated clothes to make them more stylish or turning old T-shirts into quilts, for example.

You don’t have to be a big-box retailer to start an online store. Whether you sell directly to consumers or use a drop-shipping service, all you need is a website and the right e-commerce software to get started. You can sell your own products or items from niche suppliers. Alternatively, if you’re crafty, you can also sell your own handcrafted creations on online marketplaces.

Event Planner

Do you love throwing parties and organizing meetings? Start an event planning business and turn your passion into a profitable small business.

Everyone needs event planners, from individuals to organizations and corporations — and with the U.S. Bureau of Labor Statistics predicting 44 percent growth in the meeting, convention and event-planning industry between 2010 and 2022, there will certainly be no shortage in demand for your services. As an event planner, you will need to be resourceful and have a keen eye for detail.

Homed Based Restaurant

If baking or cooking is in your DNA, consider launching a home-based bakery , personal chef or catering business . You can whip up your concoctions for individuals, events, and local businesses and organizations.

Not only is it a rewarding opportunity to make money doing what you love, but it’s also a great way to test your culinary chops before investing in a full-fledged brick-and-mortar establishment. Keep in mind that home-based food businesses are heavily regulated, so start by figuring out the rules and regulations in your area.

Day Care Services

In most places in Singapore, you don’t need a license to run a babysitting service from home if you keep your child headcount below a certain number. With more parents needing to work, offering a home-based child care situation can be a great way to start a business and stay home with your own kids, too.

Errand Services

In some ways, the recession has made people busier than ever. Between working long hours, cooking more at home and juggling responsibilities, there’s a lot that gets left undone. A service that runs errands ( including dropping off dry cleaning, paying bills, etc. ) requires just a car and cell phone. Start small, do a good job and word of mouth will spread quickly.

Computer Maintenance

G2t a tech background? With the proliferation of tablets, smartphones and laptops for every member of the family, there are lots of opportunities to provide private computer services such as anti-virus software installation, desktop cleanups, software downloads and printer hookups.

Energy Efficiency Consultant

Homeowners and businesses all over Singapore are looking for any way they can to cut costs, but figuring out how to lower energy expenses isn’t as easy as you might think. Anyone who has a background in utilities or construction and can advise homeowners or businesses on how to better insulate, install smart meters, reduce water usage, etc., has a valuable service to offer.

Your laptop could be a gold mine. Steel, copper and computer components are all worth more than ever. But, your average homeowner doesn’t always know where or how to recycle the stuff they’ve got.

A good local advertising campaign and a pickup truck are all you’d need to start buying or simply offering to remove scrap metal , old computers, electronics, ink cartridges and other recyclable materials. You’ll be making a profit and doing the Earth a favor, too.

If there’s one thing to be learned from the glut of reality shows dealing with hoarding, it’s that Americans have too much stuff. And, many junk collectors don’t have the time or skills required to organize it all. If you like to organize and create order out of chaos, then starting an organizing business could be for you.

Virtual Assistants

Virtual assistants are all the rage. All you need to get started is a laptop and a good website. A social media presence doesn’t hurt, either. If you’ve got a background in administrative work but want to work for yourself, this might be a perfect opportunity for you.

Virtual assistants work remotely and do all the things a business owner or manager doesn’t have time to do, such as open and answer emails, follow up with customers, invoice customers or pay bills. All of these tasks and more can all be done from your own home via the cloud.

Remote Bookkeeper

During the recession, many companies cut their employee headcount to the bare minimum. Very few businesses, however, can live without a bookkeeper. But, that doesn’t mean they have to have one on staff. If you’ve got a background in accounting or bookkeeping, you can offer remote bookkeeping services and, in many cases, do most of the work from home.

Most businesses can’t afford to keep a translator on staff, even though they may need one from time to time. Singapore is a multilingual society, everyone from doctors to insurance companies find themselves in need of foreign language speakers to help interact with their customers.

If you can speak a foreign language, are organized and can come up with a good marketing plan, you may find you have more work than you can handle.

Cost cutter

Ever notice how your phone bill seems to creep up ever so slowly and before you know it, you’re paying 500 SGD more a month than you agreed to? So does everyone else. The problem is that few people have time to go over their bills with a fine-tooth comb and call and argue with the provider.

A cost cutter does this for businesses and can help them save thousands. Cost cutters need an eye for detail and a good sales pitch. Once you’ve proven your worth to a client, word of mouth will spread quickly.

Social Media Consultant

If you’re one of those Gen Y types to whom using social media comes as naturally as breathing, you may have a career as a social media consultant. There’s no doubt that social media presents an unprecedented marketing opportunity for businesses, but only if they know how to use it.

If you can help existing businesses integrate social media into their other marketing campaigns, you should have no trouble making a go of it.

Anyone with a website will tell you they have one constant need: new content. Search engines favor websites with new, relevant and constantly updated content and most businesses don’t have time to devote to generating copy all day. If you’ve got a background in writing, English or journalism, you might find there’s a lot of demand for your services. Between Web content, blog entries and press releases, there’s lots of writing to be done.

Health Insurance Consultant

The problem is that many companies can’t afford a full- time human resources person, and dealing with the complicated nuances of health insurance is more than most administrative assistants have time to deal with.

That’s why more and more companies will be looking for outside services to help them wade through the minutia of health plans and premiums. If you have a background in human resources or insurance, healthcare reform could present big opportunities for you.

Handmade Jewelry Maker

Can you string pretty beads and retail them ? Then you can start a jewelry making business from home if you have the skill and passion for it. Single ladies in Singapore have a high taste for these items and you can make a fortune out of it.

Thrift and Vintage Store

Singapore has lots of clothing stores, but your very own thrift shop or vintage clothing and accessories store can possibly stand out in one of the bustling neighborhoods. You can take advantage of this business and earn some good money for yourself.

Photography

Do you have the passion for taking great pictures ? If you do, then you can probably put up your home studio and offer photography services to people around you and even those from afar. If you could offer the most affordable and better pictures than those commercialized photo studios, people will come to you whether you are just a stay-at-home.

Meal Delivery Services

Capitalize on people too busy or too lazy to cook by offering to deliver delicious dishes of their liking, home-cooked by you. There are a whole lot of people who prefer to eat out that eat homemade food. You can leverage on that fact and build a meal delivery business.

Consignment Cloth Stall

Get yourself down to a retro clothes market in a university town, armed with piles of 70s, 80s and 90s clothes from charity shops, and you’ll find you can charge anything from 50 SGD to 100 SGD an item.

CV Consultant and Resume writer

If you’ve made it through the rat race and come out the other side older and wiser, you can help newbies tidy up their CV’s.

Gardening and Landscaping

Got green fingers? Put them to use by offering your services to people in your area. Show them sketches of how you think the garden could be improved and you become a landscape gardener to boot (though you’ll need to do careful research on what grows well in which places and at what times of year).

Personal Chef Business

Invest in a good cookery courses, and then start offering your services to friends of friends in need of dinner party assistance. This is a good way to make your business offerings known to people who might be in dire need of your services.

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17 Profitable Business Ideas & Opportunities in Singapore (2024)

Excited business owner looking towards the sky with a profitable business idea in Singapore

You’ve come to the right place if you want to start a small business in Singapore! The city is one of the most developed in Asia, so starting a business can be very profitable.

With so many feasible business ideas available, it can be tiring to decide which one to go with. In this article, we’ll provide you with 17 different new business ideas in Singapore that are not only popular and align with the most recent trends, but can be very profitable too!

How Effortless Is It to Open a Business in Singapore?

There are plenty of factors that need to be considered before starting a business in Singapore. The government has made it very easy to incorporate a business in Singapore. Several support systems and resources are available to help entrepreneurs push their business ideas off the ground, making it an ideal place to start a business. 

In addition to the ease of setting up a business, Singapore also provides a favorable tax regime for businesses. Coupled with a favorable tax regime, Singapore stands out as an ideal destination for local and international business.

When deciding if Singapore is the right place to set up your business, another essential factor to consider is the market potential. With a population of just over five million and an equally high per capita income, Singapore has made it possible for businesses to generate good profits by entering the local market.

Starting and running profitable business ideas in Singapore is relatively affordable when compared to other Asian countries. The easiness of doing business makes it an attractive destination for entrepreneurs to execute their business ideas in Singapore. 

Additionally, the costs of setting up and running a business in Singapore are often lower than the costs of doing business in many other countries.

Benefits of Doing Business in Singapore

There are plenty of reasons to do business in Singapore – it’s a politically and economically stable country with a well-educated workforce. Additionally, businesses can access government funding and grants quite easily. All of these aspects make Singapore an attractive option for those looking to do business in Southeast Asia.

Singapore offers a very attractive tax environment for businesses, with low corporate tax rates and numerous tax incentives available. Additionally, the government provides a streamlined process for businesses to obtain the necessary licenses and permits. This makes Singapore an ideal place to set up a business.

Singapore boasts an excellent infrastructure, top-tier transportation, and a state-of-the-art telecommunications network – making it an ideal place for businesses to set up shop. With such advanced facilities, businesses can be sure to enjoy a smooth and seamless operation in Singapore.

Overall, there are plenty of reasons why Singapore is such a great place to do business. The country has a stable political environment, a strong economy, including favorable tax conditions and amazing infrastructure.

Challenges of Starting a Business in Singapore

Singapore is a great place to start a business, but there are some challenges you should be aware of before taking the plunge.

The high cost of living is one of the most difficult issues. This might make finding reasonable office space and paying personnel challenging. One of the causes for Singapore’s high failure rate is the high expense of living.

If you’re considering starting a business in Singapore, be sure to do your research and plan carefully to overcome these challenges.

Despite the fact that Singapore has many established businesses and strict regulations, starting a business in Singapore can be a very rewarding experience. Singapore businesses can be successful with careful planning and execution.

Below we have listed 17 Profitable Business Ideas & Opportunities in Singapore for you to start as an entrepreneur.

17 Best Business Ideas to Start In Singapore to Start in 2023

1. work-from-home businesses.

Working from home is now more accepted than ever globally, due in part to advancements in technology as well as the widespread telecommuting seen during the peak of the COVID-19 pandemic. You can now run a wide variety of businesses from the comfort of your own home – here are just a few examples:

  • Consulting services

With the dramatic shift from on-site work to remote work, consulting work has adapted to the realities of recent years. It offers flexibility in both time and location. Since this job doesn’t require a lot of face-to-face communication, all you need to worry about is your communication tools.

  • Planning and strategy

Strategic Planner defines the goals of the company and the project to understand in which direction to develop. If you are a confident expert in the field you work in or feel you can provide a development plan for larger companies, then this is the business for you. Planning from home is also less time-consuming than traditional office jobs.

  • Project management

If you have skills such as analytics, project evaluation, project budget planning, project reporting, or forming a work strategy after project implementation, then you can count on working in this area as an independent business . Project managers in Singapore receive an average monthly salary of S$16K depending on the skills they have; so when you become your own boss you can charge customers keeping this figure in mind.

  • Outsourcing support

Businesses can hire a third party to perform tasks that are usually performed by the company’s staff. For example , if the specialist who accepted the support request feels that the knowledge they have is not enough, they redirect the call to the third-party specialist. That specialist answers the most common questions, thus, outsourcing support can relieve the customer’s company from standard questions, thereby taking on the main work of communicating with potential clients. Working as an outsourcing specialist allows you to improve your customer service skills as well as develop deeper knowledge in a field you are asked to provide support with.

  • Grant Consulting

If you have a familiarity with grant issuing procedures and practices , know how to find and compile the necessary estimates, submit an application and receive grant funding, you can build up a consulting business as a grant specialist.

  • Fund management

In today’s environment, advances in technology and online platforms have made it increasingly possible for entrepreneurs to delve into the world of fund management without the need for a traditional office. If you are well-versed in financial strategy and skilled at managing investments, then this is the right opportunity for you. With the ability to generate significant income from the convenience of a home, you can professionally manage financial assets on behalf of investors. Please keep in mind certain licensing requirements that can be applicable to investment-related businesses, depending on the model and scale .

2. Translation services

Singapore is a hub for trade and commerce, making it the perfect place to start a translation business. With so many global businesses operating in the city-state, there is a constant demand for high-quality translation services. A translator in Singapore can expect to earn starting S$3,500 on average every month, depending on the complexity of the job. 

Translation businesses do not require any certification, however, it is always best to have certificates such as  ISO 9001 or individual certification by the relevant organizations. For example, a certificate of “Accredited Professional Translator from Chinese to English” can be issued by the Singapore University of Social Sciences.  A compiled portfolio of previous work is beneficial too. This will give your clients the confidence they need to trust in your work.

3. Video editing

If you have a knack for creativity and attention to detail, you might want to think about starting a video editing business. In today’s business world, video has become a key marketing tool for companies, big and small. More and more companies implement video production as a part of their marketing strategy, so the demand for professionally produced videos keeps growing.

Companies charge from $200 per hour for a simple video shoot up to a few thousand dollars for a completed video clip. If you have the necessary video software skills and good communication skills, you have good chances of penetrating this market.

4. Bookkeeping

If you have the experience and expertise, you can generate an income of at least $50,000 per year from your bookkeeping business as a single owner/accountant . With more staff and solid marketing strategy your income in this field can be much higher. With many affordable online accounting systems, you can easily manage your bookkeeping business from home. Bookkeeping is a profitable field in Singapore, where you can charge per transaction or a fixed monthly rate.

When embarking on a small business venture as an owner, you might discover that engaging the services of external accountants proves more beneficial than assembling an entire in-house accounting department. Your services can help businesses maintain impeccable financial records while navigating Singapore’s evolving business landscape.

5. Writing Blogs

A blogging business is where you write and publish different types of media content on your blog website. Blogs are usually updated frequently, which allows you to interact with your readers. You can earn gently from your blog through affiliate links, ad networks and selling digital products on your blog. Blogging requires time and effort to become profitable.

Such a venture is especially beneficial to those who are looking at diverse writing careers. It serves as a foundation for developing your writing and content skills, as well as establishing a dedicated fan base.

6. Digital marketing

With over 93% of Singaporeans owning mobile devices and having access to the internet, it’s now more important than ever for businesses to have a presence online. In today’s digital age, people all over the world look for products and services online, so businesses must have a digital marketing strategy. Such business owners need to be familiar with the latest trends, tools and techniques. By having a strong online presence, businesses can reach a wider audience and create more growth opportunities.

The best way to start with digital marketing business is to get familiar with Social Media Marketing (SMM). More than 84% of Singapore’s total population uses social media platforms, making its integration into your digital marketing strategy a logical choice.

7. Affiliate marketing

Affiliate marketing is a type of online sales tactic where companies allow third-party affiliates to sell their products in exchange for a commission. It’s one of the easiest businesses to start because there’s no need to create your products – you can simply promote someone else’s product and earn a commission from every sale you make.

According to recent statistics, more than 80% of businesses that have an online presence offer affiliate marketing programs as a way of boosting their sales. If you wish to start your own affiliate marketing business, follow these steps:

  • Identify products that solve a problem for your target market.
  • Promote the products through social media.

8. E-commerce

With the increased cost of marketing and the pandemic, many business owners are looking into eCommerce as a way to sell their products. It’s a great way to reach customers both locally and internationally. If you’re thinking about starting an eCommerce business, here are a few things you need to do:

  • Research your target market.  Who are you selling to? What do they want? How will you reach them?
  • Find a niche market.  Don’t try to be everything to everyone – focus on a specific group of people and give them what they want.
  • Create a great product or service.  This is the foundation of your business, so make sure it’s something people will actually want to buy.
  • Build a website or online store.  Your customers need somewhere to actually buy your product, so make sure your site is user-friendly and easy to navigate.
  • Promote your business online.  Use social media, SEO, and other digital marketing techniques to get the word out about your eCommerce business.

9. Social media management

A social media management business is a great option for those looking to be their own boss, as it requires very little start-up capital. By designing social media management packages with appropriate pricing, and advertising on your platforms, you can attract customers and begin to build your business. While not required, a social media management certification can help to increase confidence and trust in your business.

10. Pet grooming

You may be surprised at how much you can do every month by keeping animals clean and well-groomed. The pet grooming business promises stable profitability as the demand for services in this area is constantly growing. With an increasing number of pet lovers who treat their pets as family members, offering professional pet grooming services has become a necessity. You do not need any specific qualifications to run this business, however, having an official certificate will increase the trust of the clients. With a supporting document, you will also be able to build a reliable customer base, which is a key factor in ensuring the stability of your business.

To get started, simply register and pick a business structure that defines your goals. With so many different dogs and cat breeds in Singapore, there’s sure to be a market for your services. Offer well-priced packages and advertise your business through word-of-mouth or online. Before you know it, you’ll have a loyal customer base of furry friends!

11. Debt collection

In order to start a debt collection agency in Singapore, you first need to register your company with the Credit Collection Association of Singapore (CCAS) . You can offer services for personal or corporate debt recovery. With such a large number of businesses currently operating in Singapore, you’re almost guaranteed to find clients willing to work with you.

12. Graphic design

As the number of online businesses continues to grow, so does the demand for high-quality visuals. If you’re skilled in programs like Photoshop, Illustrator and InDesign, starting a graphic design business could be a great way to earn a living.

Graphic design is a relatively low-cost business to set up, and you can charge a decent hourly rate to produce great results for your clients. If you also have coding skills, you’ll be even more in demand by business owners.

13. Create online courses

There are quite a few benefits to running an online course business. Owning your online programs brings in regular income even if a long time has passed since its creation. If you have confidence in a particular field, such as sales, languages or business marketing, you can easily start with individual sessions on these topics. Over time, when your courses begin to grow in popularity and income increases, you can open a course center and enter the global market.

Once you’ve created your program, you can sell it through education platforms or on your website. And if you’re a creative person, there are endless possibilities when it comes to online courses.

14. Build an audience and monetize it

Monetizing your following is a great way to make some extra money. If you have a large and engaged fan base, you can use social media to monetize your following. You can opt for sponsorship, creating in-feed ads, and selling merchandise.

15. Professional photography

If you can capture perfect compositions, you can consider starting a photography company. As a professional photographer, you can offer a variety of different services such as family photography, wedding photography, commercial photography or fashion photography. To promote your services, building a dedicated website would be your main priority. Posting on social media and having your own portfolio, can boost your chances of starting a successful photography business.

Start with your business plan and be as detailed as possible. It may include elements such as:

  • A description of the services you provide and who they are suitable for.
  • Thinking through a solid marketing strategy where you consider factors such as branding, social media presence, pricing and sales tactics.
  • The process of tracking your business performance and adapting to the local market.

Next, build your network. The more people you know, the better your chances at promotion are. Actively participate in local photography communities, attend industry events and collaborate with other professionals to expand your network.

Lastly, register your business . It is a very easy process in Singapore and we’re here to help you with it.

16. IT support

Mobile IT support services are ideal for businesses as they allow employees to work remotely from home. To start this type of business, you will need to be certified and have experience in dealing with common IT issues.

To get started, you need to register your IT support business and brand it. Advertise your business online and offline to reach as many potential customers as possible. With advanced technology, you can offer your services both locally and internationally.

17. Dropshipping

Another low-cost startup business idea to consider in 2024. As a retailer, you do not need to keep the goods in stock, you only need to transfer orders and delivery details to the supplier, who directly ships the goods to the buyer. Create your web page or use social media platforms to attract buyers and find a reliable supplier to start your dropshipping journey.

Wrapping Up

If you’re thinking about starting a small business, there’s no better time than now to do it in Singapore. The city’s economy is booming, and there are plenty of good business ideas that are ripe for growth and profitability.

Many of these businesses will require setting up a small private company, especially if you are a foregner. The good news is that Singapore provides low-cost company registration framework which helps keep running costs low.

So what are you waiting for? Get started on planning your business in Singapore today!

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Table of Contents

The Info Worth

Business Ideas

The 10 most profitable business ideas in singapore.

low cost business ideas singapore

Have you been thinking of starting a business in Singapore? Read this article to the end. In today’s post, we will list the most profitable business ideas you can start in Singapore whether as an immigrant or citizen. This list will be comprehensive.

It will range from businesses you can start with low investment in Singapore to service businesses and growing businesses you can start now and begin to make profits within a few weeks of starting.

Why should you start a Business in Singapore? 

If you are thinking about why you should invest in Singapore, well, there are many reasons why you should start a business here today. Some of them are;

1. Protection of Intellectual Property Rights

This is one of the best reasons to start a business in Singapore today. If you have a business idea or technology that has never existed before, Singapore is the right country to develop that idea without fear of it being stolen. The country’s laws highly protect the intellectual property of people as long as it is duly registered and punishes its offenders. 

2. Abundance of Skilled Resources 

Are you going into a manufacturing business or a business that requires lots of labor whether human labor or otherwise? Singapore is the right country for you to develop or grow your business. The country also has developed machines and engineers that are capable of any form of production requirement.

As long as you have the capital and you are duly registered your business will grow after commencing.

3. Efficient and Open Economy 

Singapore’s economy is open to everyone no matter who you are or your race. The economy is also predictable. This is why many investors from other countries take their money there. 

10 Profitable Business Ideas in Singapore

Below are businesses in Singapore that are very profitable as of today.

1. Real Estate Business

The real estate business is one of the most profitable businesses in Singapore. It is a business that yields lots of profits within a short while. And guess what? You do not need lots of money to start. You can start small by becoming an agent – helping sellers to advertise and get buyers for their property.

You can also go into the part of the real estate business that helps people to build houses or simply go into the business of selling building materials. There are many ways you can make money from the real estate industry in Singapore.

And if you feel all these options we mentioned above are not for you then you should consider an interior design business. Singapore is one of the most super-developed countries in the world and its real estate industry is growing rapidly.

Singaporeans that can afford luxury homes really want to be comfortable and live a good life. You can build houses for these sets of people and be rich solely from it.

2. Betting Business 

Singapore’s nightlife is predictable and very addictive in fact, when many businesses close for the day other sets of businesses open for the night. Businesses like nightclubs, restaurants, gyms, and all sorts of betting houses.

Whether a casino, sports betting, or any other type of betting this is a good investment as Singaporeans love to bet. They always have spare money to use to play bets. This is another reason why the betting business is another profitable business in Singapore.

To start any type of online betting business you need to first register your business with the right authorities. After doing this, you can set up your betting center to start receiving customers. Gambling is very addictive. Most times, even when gamblers are losing they do not stop playing till they get to their last coin.

For example, as a casino owner, you can make lots of Singaporean dollars every night from your physical or online casinos.

3. Cleaning Business 

Another successful business idea in Singapore is the cleaning business. The best part about this business is that it is easy to start and you do not need any formal education before you can start. As long as you clean your home you can be a janitor.

The reason why the cleaning service business is a profitable business in Singapore is that both homes and offices require cleaning to make their environment hygienic – free from all sorts of infectious diseases. To start a cleaning business in Singapore all you need to do is register your business and buy the equipment (machines) needed then you are good to go.

In a country like Singapore, the reason why the healthcare system is not stressed is because cleaning services are working 24/7.

4. E-commerce Business 

If you are looking for a business that involves buying and selling that you can run online you should consider an e-commerce business. Big brands like Amazon and Alibaba started small but see where they are today. As an e-commerce business, you can decide to sell only one type of product or sell different types of products.

For example, you can sell only clothes – having an online clothing store or you can sell everything ranging from electronics, food, fashion items, and more. From the front end, it looks easy to manage or run an ecommerce business but it is not. You need to be able to manage your inventory to avoid delays and complaints from customers. You also need a 24-hour online store.

5. IT Business 

Another profitable business idea in Singapore is Information Technology Business – rendering IT solutions to all companies and businesses, especially startups. Many businesses just starting will need computers and installations. They will also need security cameras and other IT solutions to make the day-to-day running of their business easy and safe.

You can provide these products and make money selling and installing them for businesses and homeowners. To start an IT business in Singapore you need to have a level of education on information technology so that you can know how to install gadgets. You also need to register your company as a business entity.

6. Digital Marketing 

Digital marketing is a profitable business in Singapore that you can start with low capital. Despite the fact that Singapore is a developed country, many startups and new businesses still spring up daily. These businesses need digital marketing agencies to promote their businesses online and offline. 

As a digital marketer, you can make money by making sure these small advertisements appear online and on billboards. You can also help big firms that do want to stress themselves with advertisements to create promotional content and make profits.

7. Franchise Business 

This type of business idea is well-known in Singapore but it is not for everyone. This is because the business demands lots of capital and lots of skill. If you do not know what franchising means it is the legal permission given to anybody whether an individual or a firm to sell a company’s products or render its unique service at a particular location for a given period. 

The license franchise to do this is not free. You must pay money to the company of choice which will allow you to use their name, brand, and trademark as yours. Most of the popular brands like KFC, Macdonald and others franchise their business.

If you are passionate about this business and you believe Singaporeans like the brand of choice you can franchise it to make a good amount of money.

8. Education Business 

Do you have an informative app that educates children or students? You can use this app to make money in Singapore. The education business is another profitable business in Singapore because Singaporeans love to go to school. To make money with your educational app you can ask for contributions, convince students to pay for subscriptions, or use any other type of billing system.

This money might not look enough but when you have up to 1,000,0000 students paying and using the app, this can make you a millionaire within a short while.

9. Production Business

There are majorly three types of businesses in Singapore. These are the production business, buying and selling business, and service rendering business. A production business is a business where you manufacture goods from start to finish before you sell them to consumers. You can start a production business today in Singapore.

This could be any product that you love and is demanded for from clothing to food. With the latest development in information technology, you can produce these products easily and at cheaper prices.

10. Auto Mechanic Business

Are you highly skilled ? Do you know how to learn things within a short while and understand how they work? You should consider the auto mechanic business. The business is highly lucrative because many Singaporeans love to use cars. Celebrities love to use luxury cars.

You can make money by establishing your workshop and repairing cars. Before you can start this business you need to be licensed and you need a space to repair cars.

Successful businesses are not successful because the business possesses this ability. They are successful because their owners have done their due diligence and they are persistent and consistent. These are the most profitable businesses in Singapore.

Are there other businesses you feel should be on this list? Share them with us in the comment section below.

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COMMENTS

  1. 23 Best Business Ideas To Start In Singapore For Your ...

    1. Consulting services Singapore is known for its low corporate tax, making it a very popular business hub. Many global firms have set up their offices in the country, creating an opportunity for consultants. As a Singapore citizen, you can help global firms in the following ways: Planning and strategy

  2. Business to Start in Singapore (38 Profitable Ideas)

    Some of the most popular and profitable business ideas in Singapore include baking , bookkeeping , content creation , digital marketing consultancy , e-commerce , graphic design , personal training , photography , tutoring, and web development.

  3. 7 Small Yet Profitable Business Ideas in Singapore

    1. Catering Business - S$20,000/month Capital: S$50,000 or more (depending on the size of your establishment) Monthly Income: S$4,000 to S$20,000/month Difficulty: Normal Requires (Skills): Customer service skills, business skills, cooking skills Few industries are as vital as the food industry. After all, everyone needs to eat.

  4. 33 Small Business Ideas In Singapore (2022 Guide)

    33 Small Business Ideas In Singapore (2022 Guide) by WebsiteDesigner.sg | May 28, 2020 | blog, business Last Updated on February 19, 2022 by WebsiteDesigner.sg This is a guide for people who needs a business idea in Singapore. In fact, there are so many ideas we have organised the ideas into its own categories. a) Online Businesses

  5. 15 Profitable Small Business Opportunities in Singapore 2024

    Discover these 15 popular small business ideas, as well as some insights for starting your own small business in Singapore in 2022: Online Marketing ECommerce Managing Social Media Graphic Designer Web Designer Virtual Assistant Editorial Work Laundry Delivery Fitness Coaching Affiliate Marketing Livestreaming Freelance Accounting Service

  6. 7 Profitable Small Business Opportunities in Singapore 2024

    The revenue growth in the Digital Investment market is expected to be 18.67% in 2025, indicating strong momentum in the broader Fintech landscape. In Singapore's Digital Payments market, the number of users is anticipated to reach 6,182,000 by 2028, underlining the robust growth in digital transactions.

  7. 30 Profitable Small Business Ideas in Singapore

    30 Profitable Small Business Ideas in Singapore #1. Online Marketing #2. E-Commerce #3. Managing Social Media #4. Graphic Designer #5. Web Designer #6. Virtual Assistant #7. Editorial Work #8. Laundry #9. Delivery #10.

  8. 9 steps to starting a small business in Singapore

    8. Hiring - registering with CPF. Once your business is off the ground it may be time to get some extra help. If you're planning on hiring employees in Singapore, the first thing to do is to apply for a Central Provident Fund (CPF) submission number. You can do this online through BizFile for convenience.

  9. 11 Business Ideas in Singapore in 2022: Home-based & Online

    1. Start an e-commerce business on Amazon Starting an e-commerce business on Amazon can potentially be a cost-saving way of running your business as you can avoid overhead costs such as rental and utilities. There are various benefits that come with selling on Amazon:

  10. 8 Most Affordable Ways To Start A Business in Singapore

    1. Content Creation One of the affordable ways to start a business in Singapore is to be a content creator. The existing 24-hour news cycle and the exponential growth of social media have resulted in a perfect business opportunity for creative professionals such as graphic designers and writers.

  11. 7 Business Ideas in Singapore for 2022

    6. Dropshipping. The e-commerce business in Singapore is expected to grow to USD4.079 by 2025 and the dropshipping businesses will potentially grow with this industry. Dropshipping is a popular online business model that requires little technical knowledge and investment.

  12. 60+ Small Business Ideas To Start in 2024

    7 Lucrative and Low-Cost Small Business Ideas to Start This Year Easy-to-start small businesses You can easily launch a small business with the right idea, such as selling custom t-shirts or providing specialized services, leveraging your skills and using turnkey solutions. Here are some small business ideas easiest to start now. 1.

  13. Top 15 Small Business Ideas to Start in Singapore TODAY ...

    1. Tutoring Tutoring is a good small business concept if you want to use your skills in a similar way. Tutoring, like creating a consulting firm, is something you can do with your own experience. You can begin instructing by determining your area of expertise.

  14. 61+ Most Successful Small Business Ideas in Singapore 2023

    If You Have a Low Budget Then You Can Start a Small and Evergreen Foods and Restaurant Business. It is One of the Most Profitable Local Business That You Can Start on the Road Side, in School & College Areas, Office Places, and Markets Place to Attract More Customers. Serve Different Types of Dishes Like Italian, Chinese, and Others.

  15. Best 27 Small Business Ideas in Singapore for 2024

    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 can select the right niche, the profit potential is unlimited. You need to dedicate yourself a year. There are many bloggers in Singapore earning millions.

  16. The 79 Best Businesses To Start In Singapore [2024]

    Low investment business ideas (under $5k to start) Easy businesses you can start in Singapore today For each business idea, we'll show you real-world examples, revenue expectations for each idea, + a step-by-step on how to start your small business in Singapore. Here's the full list: Best Business Opportunities To Start In Singapore 1.

  17. How To Start a Small Business at Home (40 Ideas for 2024)

    40 best home business ideas. 1. Buy products in bulk and sell them online. When you're starting your first home business, don't reinvent the wheel. Instead, try an existing, reliable small business model, such as importing popular products in bulk and selling them individually for a profit.

  18. 50 Best Business ideas in Singapore You Can Start Today

    Fast Food eateries. Fast foods and snacks sell very well in Singapore. This means investors can really make lots of profit from businesses that sell snacks such as barbecue, pizza, and so on. This business requires little capital and no formal academic certifications. So, it's one you can easy break into.

  19. Explore 5 Great Low-cost Business Ideas

    Here are five great low-cost businesses you can start right away. 1. Accounting services. It's a well‐known fact that bookkeeping is a chore for many business owners. That's good news if you're an independent accountant - despite the proliferation of accounting software, small businesses often need help with their accounts and prefer ...

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    Starting and running profitable business ideas in Singapore is relatively affordable when compared to other Asian countries. The easiness of doing business makes it an attractive destination for entrepreneurs to execute their business ideas in Singapore. ... Another low-cost startup business idea to consider in 2024. As a retailer, you do not ...

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    Most times, even when gamblers are losing they do not stop playing till they get to their last coin. For example, as a casino owner, you can make lots of Singaporean dollars every night from your physical or online casinos. 3. Cleaning Business. Another successful business idea in Singapore is the cleaning business.

  22. Low-Cost Business Ideas With High Profit Potential

    Low-Cost Business Ideas With High Profit Potential (2024) Start your business Build your brand Create your website Online store editor Customize your store Store themes Find business apps Shopify app store Own your site domain Domains & hosting Explore free business tools Tools to run your business Sell Sell your products Sell online or in person

  23. 60+ Small Business Ideas To Start in 2024

    7 Lucrative and Low-Cost Small Business Ideas to Start This Year Easy-to-start small businesses You can easily launch a small business with the right idea, such as selling custom t-shirts or providing specialized services, leveraging your skills and using turnkey solutions. Here are some small business ideas easiest to start now. 1.