10 Profitable Small Business in Singapore 2021

10 Profitable Small Business in Singapore 2021

The Covid-19 pandemic has negatively impacted the world by causing havoc with their economies. It has caused supply chain disruptions and put a halt into the production of much-needed products. 

Singapore has also been severely affected. The pandemic has caused one of the worst economic contractions on record. And businesses are going to be feeling its effects for years to come.

This pandemic should teach us that no job is secure. So, we need to think about starting a small business in Singapore as a side hustle. 

There are many small businesses that you can start after setting up a company in Singapore. Small business ideas are plentiful. Social media should serve as your inspiration.

Starting a business does not have to involve many people. All it takes is one person to implement a good small business idea.

In Singapore, set up a company that is a sole proprietorship and be the one to run it. Then offer a high demand product or service and you are good to go. Your talent will provide you with the business opportunity you can take advantage of.

Here are a few ideas you can implement to start a business:

1. Baking

Do you love to bake? Are you always watching baking shows and trying to do better than your presenters? Do people love to talk about your baked products? 

Then it’s time to consider turning your baking skill into a business. In 2019, the global bakery products market value stood at $478.4 billion. So, there is room for you to make money.

Your family and friends can help your business take off. Ask them if they need someone to bake for a loved one’s birthday party, or inquire whether your friends need baked workplace party treats. You can also offer to bake simple wedding cakes for friends and family operating on a budget.

Take advantage of social media to advertise your baking skills. Show people what you can do through your Instagram page. 

You can also run regular baking classes via Facebook to a limited audience. Baking offers lots of business opportunities if you are willing to be creative in how you implement your small business ideas.

2. Online Selling

There is a reason as to why Jeff Bezos, Amazon’s majority shareholder, has seen such a drastic increase in wealth during this Covid-19 pandemic. With movement outside limited across the world, people have moved their activities online. 

As a result, internet-based purchases have increased. The average small business in Singapore can take advantage of this by moving its operations online.

You may want to think about taking advantage of the popularity of e commerce businesses right now. Online marketing will help you sell online. You can even offer a chance for products to be picked up at a brick-and-mortar store or alternative location.

Products that you can sell include food, which is a necessity always. Other products you should think about selling are those that are in huge demand right now due to stay-at-home requirements. They include indoor plants, vegetable growing kits, and urban garden tools among others. 

You can even create your own book teaching people about indoor gardening all rights reserved. Sell it as a digital book and make money.

You could also sell any service of your choice. For example, you could offer cleaning services online. Online marketing can help you reach more people. Let people book your services when they need them. Then you could show up, clean their homes, and get paid for your efforts. It’s all about selling what people need.

3. Financial Planning

Two businessman discussing their chart

It is now dawning on many people just how quickly their hold on financial security can disappear. If you have a passion for personal finance, think about offering financial advice as a service for sale. Right now it is among the small business ideas that make sense.

To enhance your credibility, pursue the right kinds of certification. The Financial Planning Association of Singapore offers the Chartered Financial Planner (CFP) certification.

Once you are certified as a planner, you could start offering financial coaching sessions online as a business. You can charge by the hour and make a decent income. And the best thing about it is that you will be providing a valuable service to your clients looking to improve their financial situations.

4. Consulting

If you are not qualified to offer financial advice as a business in Singapore, that’s okay. You probably have other academic qualifications or hands-on skills. Your area of expertise, not matter what it is, can become a fully-fledged business. 

Consider offering consulting services based on what you are good at. For example, if you are a graphic designer, you could help business owners design new company logos digitally. 

You could also help people who want to write memoirs with their book writing needs. Even event planning can be done online. As a consultant, you could help coordinate small events in Singapore right from the comfort of your own home.

If you prefer freelancing, then a simple web search could lead you to the right business platform. A good example is using the term “Singapore freelance writer.” Some of the platforms you can access this way include Jooble, JobsDB.com, etc.

5. Tutoring

If you are a trained teacher or believe that you can teach, consider tutoring. There are many adults and children across the world, staying home at the moment.

You could teach anything that people want to learn. There are opportunities for both individual and group classes.

The subjects you could tutor people on include mathematics, science, art, and crafts, etc. You could also tutor English as a second language to students from within and outside Singapore. If you know another language like Spanish or French, you could tutor that too.

6. Health & Wellness Coaching

The Covid-19 pandemic has made people more aware of their health. At the same time, it has forced people to limit how they can exercise. These two issues have fueled the demand for health and wellness products and services.

If you are a qualified nutritionist, dietician, or gym instructor this is your time. You can offer online-based health and wellness classes as a business. If you are a medical doctor you can provide online consultations with your patients if the health issues they have don’t warrant hospitalizations. 

There is also the option of offering free Q & A sessions with the general public. Allow people worried about their health to ask you all the questions they need to depending on your expertise. It’s an excellent way of marketing yourself while providing much-needed help to others.

7. Blogging 

Blogging can be a very lucrative small business if you manage it well. You can blog about anything you are passionate about. You could use your blog to review games, beauty products, technology, etc. 

You can also use your blog to provide teaching services by sharing your expertise regardless of what you do. Once you increase your number of followers and subscribers, you will be able to attract any business – small or big – that wants to advertise to your audience. 

You can also incorporate ads through ad networks such as Google Ads.

8. Photography Teaching

Photography is also another skill that you can turn into a small business. Most people take photos of themselves or their loved ones at some point in their lives. But not all of them are happy with the kind of photos they produce. 

That’s why teaching photography can help you increase your income. You could start a business that teaches beginner photographers tricks of the trade. Create a series of videos that show them each aspect of photography that you want to teach.

You could also sell your services as a photographer to a wider audience. Build your portfolio by photographing your friends and family to market yourself. That’s how business start.

There is always the option of selling a limited number of beautiful photographic prints to a discerning clientele. You can tuck in the delivery fee in your final price. People are looking for beauty during turmoil. A beautiful photo is a work of art many people will appreciate.

9. DIY Craft-Making 

Think of turning your crafts-making skill into a money-making opportunity. You could make many things. These include pottery, candles, soap, or even gift boxes. There will always be someone who appreciates your creativity. 

Market your products as hand-made or unique one-of-a-kind items to attract the best prices. Advertise them on your blog, YouTube channel, or social media. Your skill could lead to a successful business venture.

10. Participate In Online Surveys Regularly

Knowing what people need is something many entrepreneurs are always looking for. That is how a business starts. 

Your opinion as a customer matters so much that companies are willing to pay for it. Your side hustle could be making money just for giving your opinion on products and services.

Here are some paid online survey sites in Singapore that you can check out and join: Toluna Singapore , LifePoints Panel SG , YSense, PrizeRebel, Viewfruit 

Conclusion

The above businesses can be done if you have the expertise and the capital required to start them. However, sometimes that is easier said than done.

The good news is that there are financial institutions that can help you get started. Instant Loan is a loan comparison site that helps you receive free quotes from top loan providers so you can make smarter financial decisions. You can start on a small budget and grow from there.

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