If you are an entrepreneur, you probably know that Singapore, the Silicon Valley, and Hong Kong are among the best startup hubs in the world. Foreigners who are looking for business opportunities in Singapore have numerous choices. However, they must know the top in-demand business opportunities to increase their chances of success.
In 2018, the Lion City was awarded second place in ease of doing business according to the World Bank. This gives hope to both local and foreign entrepreneurs looking for opportunities. Without further discussion, here are the top in-demand business opportunities in Singapore.
E-Commerce
Doing business online in Singapore is easier than you think. With everyone embracing technology and the use of the internet, your online retail business will pick up within a short time. Essentially, you need to prepare your products, create a website and social media pages, add popular cashless payment systems, and market your business. Soon, your ordering center will start getting busy, and you will be busy filling orders.
Agriculture
The ever-growing population in Singapore enjoys healthy food and drinks. Sustainable agriculture is highly promoted in Singapore since it provides food to the population while conserving and protecting the environment at the same time. As such, you can venture into this sector as an entrepreneur to bridge this gap. It is prudent to conduct thorough research to know which products you will grow and how they will reach the intended market.
Manufacturing
Singapore tries to provide entrepreneurs with the best environment to thrive. Although manufacturing seems like a tough startup for many, you will be surprised by how many in Singapore are willing to support you in your venture. Simply, you can manufacture anything that has demand in Singapore and overseas. Since manufacturing requires skilled expertise, you can visit this page for more information on how to get work permits for yourself and the employees you intend to hire abroad.
Biotechnology
Singapore has yet again earned itself a top position here. In 2016, the state earned the second position in biotechnology innovation with the USA leading on the list. As an entrepreneur, you can take advantage of this fact and start a biotechnology venture. The state also allows companies in any area to relocate from their home country to Singapore or open a branch here. Such a business is likely to succeed when you start on the right foot.
Hospitality
Whether you intend to open a hotel or a cafe, you are likely to do well in Singapore. The country has high traffic from both local and foreign tourism with many traveling for business and leisure. All you need is a great location that favors your business and excellent service that will make customers come back again. Although the competition in this sector is high, most succeed since the demand is ever increasing.
Digital Marketing
With an increasing number of businesses in Singapore, there is a significant demand for digital marketing companies. As we all know, every business wants to have online visibility whether they are involved in e-commerce or not. That is why this business will not fail especially if the marketing package offered is compelling and practical.
With all the above opportunities for potential entrepreneurs in Singapore, the sky is the limit. Research more to understand what is needed of you before you start the business.