5 most profitable businesses in Singapore

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Written By Loanbuddy Singapore
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5 most profitable businesses in Singapore

Singapore is regarded as a popular ‘business hub’ over the globe. Reasons include favorable tax conditions, a business-friendly environment, fantastic infrastructure, government support and highly skilled talent.

Singapore’s business climate makes it an entryway to the Asian market hence many entrepreneurs seek advantages to start their profitable businesses here. Eastern as well western businesses intersect in Singapore resulting in diversified and exponential business growth opportunities. These are the reasons why each class of people want to set up a business in Singapore and take advantage of it.

From small to global entrepreneurs, resident to non-resident proprietors, many enterprises are incorporated every day here in Singapore. Despite the highly competitive and saturated market of Singapore, profitable businesses seek opportunities to plan and execute their business strategies.

If you are looking to start your entrepreneurial journey with a profitable business, then this article will help you in figuring out what are the top 5 profitable businesses in Singapore currently.

How Does The Post Covid Market Look Like?

You will be amazed to know that new industries took extraordinary growth during lockdowns. The pandemic became a boon for those who had innovative business ideas linked with technology.

There’s no doubt that Covid forced many companies to close their operations. Because everything was closed, companies were left with no option except to stop their business activities. On the other hand, when everything converted to online, new tech sectors took birth worldwide.

Are you among those who want to blossom among challenges a business may face in Singapore?

Here’s the list of the top 5 profitable businesses to start in Singapore:

  1. EdTech

Singapore’s education system is one of the best in the world. It has consistently received a top ranking from the OECD (Organization for Economic Co-operation and Development) over the years. The education curriculum in Singapore is not only uniform but it encourages young minds to approaches like problem-solving, creative thinking and real-time projects. These are the top factors contributing to shaping Singapore’s economy.

Digital learning was present for the last two decades already. Thanks to Covid-19, the meaning of it turned around. Earlier it was just a secondary tool to deliver complimentary learning material. Now it has become the primary channel for learning and education. 

During the hit of the pandemic, Education technology aka Edtech became the major source of content delivery and conducting digital classrooms. Digital learning has solved the problems of many educational institutions including schools and colleges to keep studies going.

Due to the high growing demand for online learning platforms, the Edtech industry has flourished its growth in terms of various online courses, and workshops. Not only government agencies, but many corporates have also tied up with Edtech companies to provide learning programs through their creative and engaging content in form of games, assignments, videos, etc. Many Edtech companies took the advantage of the internet and introduced worldwide courses and programs remotely. It became a win-win situation for both students and companies.

Due to manifold courses, any student can now pursue the course of his/her choice without moving abroad and without investing a huge amount of money. On the other hand, the Edtech companies have generated tremendous student traffic and has been generated profits even in the early stages of business.

It is very noteworthy that to start a business in the edtech industry, you need to take care of these things first and foremost-

  • You may require bigger funds to start a business in edtech as compared to any other business.
  • The Edtech industry has become highly competitive over the last 3 years. So you need to choose your differentiator to survive and make money in the market.
  • It may take more than usual time and effort to collaborate with government and trusted agencies to enter into the ed-tech market.

If your passion lies in education then what are you waiting for? Turn your passion into a business and Singapore is one of the most suitable and profitable markets to explore this field.

  •  E-commerce
profitable businesses e-commerce

Technology has pushed boundaries in almost all industries so how can it leave behind the E-commerce industry? E-commerce businesses are the ones amongst all that get most affected due to continuous changes in technology. The E-commerce industry has only grown after the pandemic.

E-commerce industry was highly operative during several lockdowns. It was catering for the needs of people for buying essential commodities and food. Because physical stores and malls were all closed during the pandemic, people had no choice left but to shift to online purchases. Many E-Commerce big players like Carousell, and Zalora have found immense success during the pandemic and it’s going up now too.                

Gradually over the last few years, people have become habitual to purchase almost everything online. So the industry will only witness growth in the years to come. E-commerce transactions are rising every day. Many websites are being opened daily to take advantage of consumer behaviour of purchasing. Purchasing activities are not restricted to groceries and essentials. A large portion of the Singapore population is moving towards an online purchases for other items as well.

As long as the behavioural pattern of the customers continues to change, Singapore will continue to see positive growth in E-commerce platforms. It has become one of the biggest E-commerce hubs where newcomers are taking entrance into the market now and then.

However, you must consider the following factors before starting your E-commerce platform:

  • A big marketing stunt is required to make people notice you. For that, you will require marketing experts to run online ads and maybe promotional videos.
  • Huge money goes into marketing for an online brand, so be prepared.
  • The E-commerce industry is also very competitive. You need to have a uniqueness to stay ahead in the market.

If you are good at understanding online business, then take your move by opening your E-commerce company in Singapore and start earning huge margins.

  1.  IT (Information Technology) Support and Maintenance

Profitable businesses as well as people have realized the significance of IT support over the last decade in Singapore. Everyone on daily basis is completely engaged in technology-driven activities. This has increased the demand for IT maintenance and support exponentially.

IT support is majorly used in:

  • Cloud backup services
  • Firewall
  • Cybersecurity services
  • BI (Business Intelligence)
  • Data mining and analytics
  • Communication management
  • Human resource management

Companies are dependent on their technology products which makes the IT industry to be on high demand. We may expect a decline in any other industry but never in IT. Reasons include updated and upgraded products companies consistently need to make sales.

IT industry has segmented down into multiple industries based on their specialization. Distinct IT companies offer distinct services to clients which helps them to achieve a competitive advantage and to get better deals from clients.

If you are someone who specializes in a certain IT area, it’s the perfect time for you to set up an IT support business in Singapore. However, beware of these factors:

  • You must have a USP (Unique Selling Product) to stand out in the market.
  • You are required to keep yourself and your business up to date.
  • Chances of errors and defects must be nil to maintain your business reputation.
  • Robotics

Automation is increasingly grasping space across the globe. Singapore is regarded as a technology and financial hub for its fantastic innovations worldwide.

In terms of robot production, Singapore always ranks at the top. Companies dealing in robots have been dedicatedly working on robot research and development. The country has installed 488 robots per 10,000 till now. This density is higher than the average robot density worldwide.

This reason pushes many entrepreneurs to take advantage of growing robotic production and set up their robotics profitable businesses in Singapore.

The country has been seeing robotics as the solution to the labour shortage and labour safety. Not only this, but it also targets achieving long-term efficiency and creating better expectations for customers in comparison to other nations. This attitude motivates those who possess a strong interest and skills in robots to manufacture robots and make money in the Singapore market.

Let us have an eye on the factors while setting up a robotics production/trading company in Singapore:

  • The robotics business requires a huge amount of capital in its initial phases.
  • Producing error-free products in this business is the only key to survival.
  • Robotics businesses require a highly efficient and robust team on board. You must make sure you are acquiring the best talent.

  • Social Media and Digital Marketing

Amongst the population of over 6 million, nearly 5 million are actively using social media in Singapore. It is needless to say why profitable businesses are targeting customers online on their social media platforms.

If a business itself will take over this task, it won’t be able to handle its core business activities. Here is when social media management companies come into the picture. Most profitable businesses outsource the work of handling their social media and attracting customers. This saves the time that is essentially required to stay in the market.

Social media management companies formulate a tailored approach to target audiences and help profitable businesses generate sales. These companies with minimum investments can start making profits in the starting phase of their business only.

What are the necessary factors to take care of when starting a social media management business?

  • A strong prior experience in handling social media accounts
  • Strong analytical skills
  • High-quality and consistent content delivery  

If you do not hold these qualities, you can consider starting your business in digital marketing. You can attract audiences for your clients through creative films, ads, and music. This is a cost-effective and time-saving approach for a business to reach out to a wider section of customers.

Digital marketing not only helps in boosting sales but in understanding the specific requirements of the customers in a better way. Through the latest CRM (Customer Relationship Management) and data analytical tools, you can ace the digital marketing business and earn huge profits.

Alternative profitable businesses

If you do not fit into any of the above categories, you should note that it’s not an exclusive list to start a profitable business. If you can identify the gaps and problems, Singapore offers multiple opportunities to come up with solutions. Some of the other industries you may want to earn profits in are:

Cleaning services

Everyone became more cautious about health and sanity since the hit of covid pandemic. It is the main reason why cleaning service companies escalated their growth in the past 3 years. Due to high demand, manpower shortages and tools that kill viruses effectively have been the biggest gap in the cleaning industry.

If you specialize in training manpower and educating how new cleaning equipment can make work easily done, you can consider starting a cleaning service business.

Advanced Manufacturing

When one imagines how a manufacturing plant looks life, one is very likely to imagine processes done with men and machines. Now it’s not the case anymore. Automation has pushed manufacturing businesses to be on the list of most profitable businesses in Singapore.

If you can make operations more productive, efficient and timely, you can enter into the advanced manufacturing industry with help of artificial intelligence, robotics and IoT.

Virtual Healthcare services

Many patients have discovered the benefits of virtual and telehealth care after the pandemic. There are least chances they will move to physical consultation from online services.

The virtual healthcare industry has great potential in the years to come. So you can think of entering into such type of services to make profits.

To make any business profitable in Singapore, you are required to follow legal and regulatory requirements. In addition, it takes time and the right local talent to attract opportunities in the market. If you are worried about your business idea not falling under any of the profitable businesses mentioned, maybe you should reconsider and let go of the old ways.

Innovation and technology is the key to staying ahead and among the top players in Singapore. You must grab profitable opportunities and invest your time and efforts into them wisely.

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