Best Businesses to Start in Singapore
Starting a business is one thing, but choosing the right kind of business is what makes the difference between a business that is mediocre, and one that is successful. Even in a country like Singapore where opportunities are aplenty and every business has the potential for success, you would still want to pick the right kind of business if you want to improve your chances of success.
What Kind of Business Should I Start in Singapore?
Singapore has no shortage of opportunity for the up and coming entrepreneur with the right mindset and determination to succeed. Here are a couple of lucrative business areas in Singapore to consider if you’re thinking about opening your own business venture in this bustling Asian hub:
- Tourism & Travel – Singapore’s travel and tourism is a lucrative market indeed, with around 50% of Singaporeans above the age of 15 who are travelling at least once a year. If you’ve got a great travel activity or organizational business which aims to give users different kinds of experiences such as activities and tours, this could be the one for you to tap into.
- Hospitality – Closely linked with travel and tourism is hospitality, especially in a country which is a major tourist destination like Singapore. With tourists consistently flocking to the island, hospitality could be the way to go for you if you’ve been eyeing this sector for a while.
- E-Commerce Business – Perfect for the new entrepreneur who is venturing into the business world for the first time and looking to save cost in the initial stages, an e-commerce business is definitely the way to go. A smaller start-up cost compared to brick and mortar establishments, being online is the best way to start especially if you’re new and looking to gain momentum.
- Information Technology – IT is an ever-growing and booming sector which is only going to get bigger from here on out. Our lives, both work and personal, have come to heavily rely on the convenience of modern technology and the IT industry in Singapore is already globally-renown, having many IT firms which have already made a base for themselves in Singapore.
- Fashion & Retail – Fashion never sleeps in Singapore, and neither will your business if it is involved in the fashion and retail industry. Tourists flock from around the world to stock up on some of these major brand names in Singapore which boast some of the most fashion-forward trends in the region.
Singapore holds tremendous potential for the would-be investor, all you have to do is pick the right industry and have the right business plan to back it up.