4 Low-Cost & Profitable Business Ideas To Start In Singapore
In recent months, Singapore has been reported to have its locally transmitted COVID-19 cases under control, with its DORSCON level lowered to green and mask-wearing no longer being mandatory in most public spaces and public transport. All thanks to the government’s strict quarantine programme and border curbs, individuals and businesses can now settle into the new normal. Moreover, Singapore is still considered a triple-A-rated economy and a hub where companies may expand in a politically stable location. With all of these excellent conditions, there are a lot of opportunities for small businesses and startups in the country.
If you plan to start your own business in the country soon, you first need to identify the most profitable business and corporate services that can help you get started. To assist you in this process, here are some low-cost yet highly in-demand business ideas you can venture into in Singapore.
1. Web design business
An increasing number of businesses want to build their presence online, what with the technological advancements of today. As a matter of fact, Singapore is transforming into a major e-commerce market. For this reason, the web design industry is likewise becoming a profitable service. If you have some coding skills like JavaScript and HTML or have a talent for graphic design, you should definitely consider setting up a web design company.
The startup costs of a web design business can be virtually zero, especially if you begin small and work from home. Nonetheless, there are a couple of factors to consider, such as software and equipment, software licencing, web hosting, and business fees. Once your company is up and running, the average monthly income you can expect to earn for this type of business is typically between S$3,000 to S$6,900.
2. Dropshipping business
Dropshipping is becoming more and more popular in Singapore. This type of e-commerce business is almost the same as operating an online store but without holding inventory. Essentially, with dropshipping, you will need to take orders from clients and forward these orders to suppliers. In essence, you act as the middleman between the customers and the suppliers.
That said, your primary focus is selling and marketing products and services online. To start this business, you will need to set up your own site or sign up under prominent e-commerce sites such as Amazon and Shopify. The capital for this business can be as little as S$20, and you can possibly earn around S$100 to S$20,000 per month, depending on the items you’re selling and the profit you’re looking to acquire.
3. Affiliate marketing business
Affiliate marketing is a type of online business in which you receive a commission for each sale you make through an affiliate link. This way, you are taking a portion of other businesses’ profits. The small business idea does not necessarily require intensive knowledge, and there are many ways to earn money.
To begin, you will need to invest in developing your website, blog, or social media accounts such as Instagram, TikTok, and YouTube. You can utilise these platforms to market affiliate links to the surveys conducted by your client or to the products and services they offer. The capital for this business can be as low as S$50 to as high as S$200, and you may possibly earn around S$4,300 per month, depending on the sales.
4. Residential and office cleaning business
A residential and office cleaning business has become quite the profitable business idea these days, especially following the COVID-19 pandemic. A cleaning business is a superb option since there is a huge demand to serve, with the majority charging an hourly rate per square foot.
An advantage to this business is that you do not need plenty of fancy cleaning equipment to begin operating. To start your business, however, you must register with the Accounting and Corporate Regulatory Authority (ACRA) and get a cleaning service licence from the National Environment Agency (NEA). The starting capital for this type of business is S$600 onwards, and its possible monthly income is about S$7,500.
Conclusion
There is no doubt that Singapore is one of the best places in the world to set up a business. With its great economy and excellent work culture, you will surely earn and learn a lot when you establish a business in the country. Having a limited budget should not stop you from pursuing your entrepreneurial dream; there are plenty of low-cost but profitable business ideas you can always try.
Should you need some valuable corporate services to help get your business started, OneStop Professional is here to assist you! We are a reputable audit firm in Singapore that offers a wide variety of excellent services, including but not limited to accounting, auditing, company incorporation, company secretary, and nominee director in Singapore. To learn more about how we can help jumpstart your business, do not hesitate to contact us anytime.
