Top 10 Most Profitable Businesses in Singapore: Best Business Ideas Singapore 2018
Singapore isn’t an unheard name in the world of business. A growing economy and one of the major financial hubs in Southeast Asia, everybody knowing of this fact would wish to have a business in Singapore. And I bet it goes the same for you. Otherwise, you would not even be in this article in the first place. Well, you have a great idea, and you have a lot of opportunities waiting for you as a business owner in Singapore. Anyway, starting a successful business in Singapore would weigh down to choosing the right field to get in, which gives you a lot of opportunities. Good for you, there are a lot of these options for you, and here are the top 10 most profitable businesses in Singapore.
Tourism Industry
Get into the tourism industry. If you are a resident of Singapore, it doesn’t have to be explained why this industry has made it to our list. Singapore Tourism Board (STB) estimated that at least 17.4 million tourists visited Singapore in the year 2017, which is set to grow in the upcoming years. Not only this, there’s an impressive count of internal tourists visiting different places in the country, which gives you a lot of people to serve once you get in the field. Also, getting into the tourism industry, you can undertake a variety of businesses, small and big, all of which are going to be compliant with your investment ability or budget.
Biotechnology
The way that the government of Singapore has held biotechnology so highly, Singapore is known to be one of the most innovative countries in the field of biotechnology. The Scientific American Worldview Scorecard places it third, just behind the United States and Denmark to have some of the most advanced biotech in the world. So, it is no doubt that this field makes it in our list of the top 10 most successful businesses in Singapore not only for domestic investors but for investors or companies all over the world. A great field to have a business if you have a great deal of knowledge about it, you could be big as some of the best biotech companies in the world that come from Singapore.
Childcare/Elderly Care Services
Looking for the top 10 most successful businesses, you should also be able to know the current situation about the places where you are willing to have a startup. For example, take these two services. Reports say that by 2030, there will be about 900,000 seniors in Singapore with an age of more than 65. This means having an elderly care service; you will have a lot of people to look after. Also, with more than 400 childcare centres across the country, you can already see how a childcare facility has been a major need in the market. Having services like these isn’t only about making money, but also receiving a heartfelt appreciation from the world around you.
Education
Not only a way to for a successful business in Singapore, but you will also be helping people around you getting into the field of the education business. Singapore, as a country, is famous for its quality education. Due to this reason, it has been welcoming many students from overseas as well. But, getting into the education business doesn’t only mean you should be investing hugely to open a school or university, you could also open your own private tutoring institute or organise classes to teach specific skills. All in all, helping people learn is one of the top 10 most profitable businesses in Singapore.
Hospitality and Entertainment
First, you have seen that many tourists are visiting Singapore each year. Another is that Singaporeans work hard. People, in the middle of their busy schedule, will always look for a place to hang out, relax and have some fun. This leaves you with a lot of opportunities in the hospitality market in Singapore, and you could get into various fields like the food business, cinema halls, hotels, spa centres, and many more. With the right ideas and procedures, it won’t take much time for you to be an established business owner in the city-state.
Electronics
Ask yourself, how many appliances do you have in your home? How many such devices do you think that every Singaporean combined own? As one of the top 10 businesses to start, here comes the field of electronics. People buy things that make their life easier, that’s the reason the market for Electronic goods will never be obsolete. As time passes, new technologies come, all of which aim to help people live a better life. The market always takes the goods or services which fulfil its need of living life comfortably. And with the help of this fact, you can make a lot of profit.
E-commerce
Computers have been running the world around us. This is the reason technology is a reason for one of the top 10 most profitable businesses in Singapore. Open an e-commerce store; you will have a great business to do without having a business house. All you need to have is a website accessible through the internet, and there you could sell products, which could be your own or other’s, to make money. Also, you could consider being a successful affiliate marketer, meaning that you can sell things to people that a third party offers and receive a commission. People from Singapore are making a lot out of it, and you could do so as well.
Phones/Telecommunications
Singapore has one of the biggest numbers of smartphone users in the world. Talk about radios and TVs, most of the telecommunication companies are owned by the government, with a lot of vacant places left for the private sector to get in. And don’t get me started on internet connection. You already know the fact that it’s an integral part of the day to day lives of Singaporeans. These must be enough to prove the point that telecommunications are one of the most profitable businesses in Singapore. There are many ways you run a business being a part of telecommunication. Big or small, a telecommunications business is going to leave you as a business prodigy in the city-state.
Laundry Services
Well, of course, it doesn’t sound too fancy, but it could be the best business to start in Singapore in 2018. Ask why the revenue that the laundry services generate in Singapore is in billions. According to the reports, there were 30,000 laundry services in Singapore which made a collective income of 10 billion dollars. That number continues to grow in recent days. With people being busier, they will be looking for one of these services. It is your moment to make use of that already.
Flight/Transportation Services
Well, this is another one that combines the fact that Singapore is one of the favourite tourist destinations in the world. The government of Singapore focuses on easier aerial links around the world. This means you have a lot of support backing up if you want to get in this business. Also, don’t forget the growing land transportation services in the city-state. You could be one of them, as investing in transportation in Singapore in most cases, is the right thing to do.
These are the top 10 of the most profitable businesses in Singapore this 2018 and you will not go wrong if you decide to venture into one of them.
