Small businesses are the backbone of every economy, and Singapore is no different. An important part of the ecosystem in Singapore, it that has been recognized by both the government and other independent parties like banks and investors. The country's Small & Medium Enterprise (SME) sector provides more than half of its GDP and employs three out of four workers in Singapore.
This guide will help you find out which type of small business would be most suited to your skillset, interests and financial situation so you can start on your entrepreneurial journey with confidence!
If you're looking for a business idea that will allow you to start with little investment, online courses are a great option. You can teach a skill that you already have and use it as the basis for building your brand and earning money. They don’t require as much capital as other types of businesses
Online courses are also an excellent way to build up your skills if they aren't quite at the level required by employers in Singapore. For example, if there's one area of your job search where things haven't been going well--perhaps LinkedIn or job hunting--then creating an online course on how best to use these platforms could be very helpful!
Consideration: While there are many benefits to starting an online course business, you must consider the other aspects as well. The biggest one being that it takes longer for the business owner to see any income coming in since they must wait until someone purchases their product before getting paid.
Graphic design is a field of visual art that encompasses the creation of images, symbols and/or words to communicate a message. Graphic designers create original graphics to be used in advertising and marketing materials, websites, presentations and more.
Graphic designers are often hired by companies to design logos and branding elements for their products or services. They may also work with photographers or illustrators to create images for advertisements or other publications such as magazines or newspapers.
Consideration: The competition is high, so it might be difficult to get clients. You need a lot of patience and persistence if you want to succeed as a graphic designer.
The best small businesses to start in Singapore are those that have a large market, can be scaled up easily, and have low start-up costs.
Virtual assistant businesses are one such example. They provide administrative services remotely to clients who hire them through an online platform.
One of the main benefits of starting a virtual assistant business is that no upfront investment is required. There is no need to hire employees or rent office spaces as its a completely remote model.
Consideration: Starting out as a virtual assistant has a low earning potential as compared to other digital marketing jobs such as SEO and social media management, because you won't be directly interacting with clients on a regular basis.
Dropshipping is a business model
Dropshipping is an e-commerce fulfillment method that allows online retailers to carry inventory, or stock, and sell it to customers without having to pay for the product until it's ordered by the customer. The retailer only pays for the cost of shipping when an order is placed.
Because dropshipping eliminates the need for inventory storage and management, it's more cost-effective than other methods of conducting business.
Considerations: There are some downsides to starting a dropshipping business in Singapore. The margins are thin as selling on an online platform attracts a flat fee for each purchase. Moreover, there is no control over inventory and cannot predict how much stock to order at any given time.
Affiliate marketing is a commission-based business model that has been around for years. The concept is simple: you promote products from other companies through your site, and when someone buys something using your affiliate link, you get paid by the company whose product was purchased.
With no upfront costs and minimal startup expenses, it’s possible to earn substantial income with this business model. You don’t have to buy inventory or rent space.
Considerations: There are some downsides to starting an affiliate marketing business. You have to find products and brands that are right for you, which isn't always easy. You also have to spend time promoting your offers each month, which can be time-consuming.
Social media management and marketing
If you're looking for a low-cost, high-impact business idea, consider social media management and marketing. It's one of the most popular small business ideas right now — and it's easy to see why.
Social media has become an essential part of the modern consumer experience, and businesses that aren't using it are missing out on potential customers. The good news is that it doesn't take much money or experience to start a social media management and marketing business — just a bit of knowledge, enthusiasm and drive!
For starters, you can consume free courses and guides available online. Devhaus has developed a library of resources to help you learn how to develop and grow your digital marketing campaigns.
Considerations: Social media marketing is not an easy business to get into, especially if you're just starting out. You need to have knowledge about how to use and grow your online presence, as well as how to build relationships with your clients.
Online shop and eCommerce business in Singapore
An online shop is a great business to start in Singapore. There are many reasons why an ecommerce business is good for small businesses. You don't need a storefront, so you can run it from anywhere. It's easier than ever before to market your products online through social media and other channels, allowing you to reach a wider audience.
Considerations: The only downside to this type of small business is that it requires a lot of time investment. You also need strong marketing skills so that people will find your store and buy from it regularly.
These are some of the best small businesses to start in Singapore.
Starting a business in Singapore is a great opportunity to build a profitable and rewarding career. The country has an abundance of opportunities for entrepreneurs, especially those who are willing to work hard and take risks.
Singapore is one of the most prosperous nations in Asia and has been recognized as one of the freest economies in the world by The Heritage Foundation/Wall Street Journal Index of Economic Freedom since 1995.
Businesses can be started here either through incorporation or self-employment registration depending on your preference; however if you want your company name registered as an intellectual property right then it must be incorporated under Singapore law before filing any application with IP rights office at MDA (Ministry Of Law).
The government already provides generous perks and grants, which will only improve over time. More importantly, the landscape of retail and professionalism has been changing rapidly in recent years, particularly with the emergence of an entrepreneurship culture in our society. With the government's full support—and even encouragement!—this can only be for the better.