As a foreigner, are you considering starting up some business in faraway Singapore? Good idea- keep this in mind: You need to understand the business ideas that work in this much-celebrated Asian nation. Think of it: Today, Singapore boasts the unique distinction of a country with the highest percentage of millionaires globally! Yes, 1 out of 6 Singaporean households has a minimum of a million US dollars in disposable income- at a minimum. And this figure excludes factors like businesses, luxury goods and properties- if these are included then, Singapore would have even more millionaires (remember: owning property in Singapore is considered relatively expensive compared to the situation in many developed nations in the world).
Singapore has some of the most robust international trade and finance links. It's also a renowned transport hub. For decades, experts have classified the country as the easiest place to do business- and the World Bank agrees. The World Economic Forum today ranks Singapore as the most technologically ready country in the world. With these impressive accolades, you're certainly doing well to consider investing there. So, what are some smashing business ideas to take up in Singapore? Think of the following:
Farming
While Singapore has limited arable land, the country has invested a lot in agro-technology, boosting agricultural production and consumption. However, the country has relatively fewer investors in the entire agricultural sector. The demand for food and agro-based products always seems to outweigh the supply. With these factors in mind, anyone investing in the agro-business puts themselves in line to rake in profits. Just get ready to bear the technological costs of investing in agriculture.
Electronics Manufacturing and Retailing
One of the largest single businesses in Singapore is the electronics industry. The sector accounts for well over 48%; of Singapore's total industrial output. Visiting the country, you'll discover enormous opportunities for electronic products and consumer businesses. You don't need too much capital; instead, you merely need to target the narrow range electronics sector.
Biotechnology
Singapore is busy investing in biotechnology; the country's government has put in millions of dollars to improve fund research, infrastructure and development. It has recruited the best international experts in this endeavour. Hence, some of the world's leading drug makers (including Pfizer and GlaxoSmithKline) have put up plants that operate in Singapore. Undoubtedly, there are incredible opportunities for anyone investing in biotechnology.
Fast Food Restaurants
If you want to make some good sales in Singapore, invest in the food and snacks industry. You probably agree that the food business is universal; yes, this is man's most important primary need. Many consider the Lion City a veritable food paradise- this is the one place in the South-East Asian region with many hawker centres and outdoor food courts; yes, investors can make huge profits selling snacks like pizza, barbecue and the like. It requires little capital to start such a business. You don't even need formal certifications. Hence, this is among the easiest business sectors to break into.
Financial Services
There are plenty of businesses in Singapore- this includes foreign and indigenous businesses. The country needs many investors to venture into areas like accounting, finance, bookkeeping, and auditing. Do you have a good background in any of these areas? You can make lots of money here since most businesses require such services and skills.
Eco-Friendly Products
You may consider investing in the eco-friendly products sector. Such products include the online distribution of modern energy-saving light bulbs or recycled items of the same kind. You merely need to keep your site navigation friendly. Continually update your website with fresh articles. This is undoubtedly a great way to rake in some money.
Auto Spare Part sales
One of the things that sell really well in Singapore are cars and other automobile products. You'll quickly discover that foreigners can break easily into this market. Beware, though- you need plenty of capital to make it in this area. For a start, you can try starting an auto spare parts business as you study the ground; yes, you'll find that these sell really well.
Appliances Repair & Janitorial Business
You know that people seek to save costs by repairing essential appliances, equipment or furniture. This can be a fantastic business option. Consider investing in this area. Further, you might consider investing in a small residential upkeep business. For some regular clients, try to target the many commercial establishments around town. You might find that areas like office cleaning business, foreclosure housecleaning services and roof cleaning services are in high demand.