Starting your business right in Singapore: 3 business ideas to consider as a first time entrepreneur
"Business opportunities are like buses, there's always another one coming." - Richard Branson
Choosing the right industry
From the onset, you need to identify the products and services that you need to offer. There is an abundance of options in the entrepreneurship scene. It can be an F&B, Software, or healthcare solutions business. However, you’ll need to be clear about what you offer and why it’s essential to provide the said product and service.
The Food and Beverage Industry
Singapore is a well-known food capital in Asia. The F&B industry plays a huge role in our economy, contributing 0.8% of Singapore’s GDP and employed nearly 180,000 workers in 2016. Aspiring F&B entrepreneurs with atypical food concepts strive to turn ideas into a profit-making endeavour. Nevertheless, the F&B sector has evolved over the years, with small and medium-sized enterprises (SMEs) adapting newfound business trends of today.
Currently, many analysts have voiced the importance of digitalisation and investments in technology as the future for the F&B business. This is evident from the countless F&B businesses being incorporated in recent years with innovative technologies coupled with never-ending food ideas. Singapore government leaders joined in to urge F&B business owners to accelerate their digitalisation efforts, while providing grants for business owners to gain advantage in the ever-competitive and changing industry.
Young entrepreneurs of today have come into the industry, seizing the slightest opportunities with their hunger for success. With a good balance of digitalisation and social media, you will be able to market your business effectively. Starting with a home-based F&B concept seems to be popular. They tend to have seemingly lower risks, involving less financial commitment, and allows the business owner to slowly expand as they gain a following. Ultimately, once they have got traction, converting to brick-and-mortar outlets with a stronger foothold and presence is a natural next step. Some business ideas include Café, Bakery, Bistro, Dessert Shop, and many more with the wide variety of cuisines that can be explored.
Excellent service and quality food in any F&B business is crucial and it turns out to be a continuous challenge for business owners today. Hiring qualified and dedicated staff is instrumental for the growth of your business. However, there will always be a challenge in manpower, with locals not keen in applying for service positions in the F&B industry and the fast turnover rate that “plagues” the industry. Furthermore, the Singaporean government has implemented stern measures to manage influx of foreign talents, who have to be strictly adhered to. Nevertheless, being an F&B business owner, you have to always be on a lookout to bridge the gap between local manpower and restrictions in hiring foreign workers.
The Education Industry
Today there are over 1,200 private education organisations that offer a diverse mix of high-quality education services, making Singapore a trusted brand name in this field. On the global scale, education technology (edtech) is a rapid growing area. Singapore, being academically-driven and with a worldwide reputation for providing quality education, provides a stable and beneficial ground for such businesses to grow. A huge factor of edtech’s growth is from the increasing demand from Asia Pacific, potentially representing 54% of the global edtech market by 2020.
Today, edtech has evolved to include many aspects like social learning, personalised learning solutions, data analysis and gamification to increase effectiveness of learning. With the high usage of the internet, business owners in the Education industry will be able to incorporate newfound ideas to make online learning an engaging and immersive experience. Some business ideas include Home Tuition, Tuition Centre and Specialized Institute, all with a possibility of value adding with technologies.
A great deal of funding is required for edtech companies due to the involvement of technologies and a product. Being able to secure a sufficient amount of capital for your business may be necessary to break into edtech. Still, with sufficient funding, perseverance and an innovative idea, you will be able to strive in the industry in the long-run.
The Retail Industry
New technology, changing consumer tastes and borderless competition from e-commerce are shaking up the retail industry. Many businesses begin to embrace the “new retail” era to cash in on newfound business opportunities. Singapore is home to many retail services that draw eager crowds ready to explore new products. There is also an abundance of retail space that is ideal for businesses that are start-ups, SMEs, events or even pop up stores.
Digitalisation has a drastic impact on how people shop today. Many businesses are taking up e-commerce routes to amplify their visibility in a short time frame. For example, start-ups can utilize eBooks and social media platforms to generate leads while showcasing their products online. Furthermore, Singapore is one of ASEAN’s top e-commerce hubs, with an innovation-first focus and strong infrastructural support. The Singapore government has also launched initiatives and grants to help entrepreneurs like you, looking into entering the e-commerce Retail industry, to set up and expand. Some Retail businesses include Specialty Retailing like florist and fashion and Lifestyle Retailing like entertainment and sport. Many of which have great potential in the e-commerce market.
There is a wide magnitude of competition and– Business owners have to understand that the competition is ever-intensive and trends come and go in a blink of an eye. It is a game-changer to fully understand your business and its business models, while having the ability to build strong foresight in pinpointing the changes in needs and trends of the industry.
Starting your business right
All in all, when planning to set up a business in Singapore, you should know that everything is regulated. You will require licenses and permits to fully operate your business. The government has made it easy for local and foreign entrepreneurs to set up businesses locally, with different grants and legislations in place to propel entrepreneurs and their businesses. Business consultants like us are here to advice your business from its incorporation, to helping your business on the side with anything accounting and finance.
Begin with the end goal in mind. Be focus on setting & achieving small incremental goals rather than trying to start a business and instantly build your vision of what the company should be in the years to come. Setting realistic goals and milestones are important in keeping your sanity.
Anthony Wang
Starting your business right in Singapore: 3 business ideas to consider as a first time entrepreneur
"Business opportunities are like buses, there's always another one coming." - Richard Branson
Choosing the right industry
From the onset, you need to identify the products and services that you need to offer. There is an abundance of options in the entrepreneurship scene. It can be an F&B, Software, or healthcare solutions business. However, you’ll need to be clear about what you offer and why it’s essential to provide the said product and service.
The Food and Beverage Industry
Singapore is a well-known food capital in Asia. The F&B industry plays a huge role in our economy, contributing 0.8% of Singapore’s GDP and employed nearly 180,000 workers in 2016. Aspiring F&B entrepreneurs with atypical food concepts strive to turn ideas into a profit-making endeavour. Nevertheless, the F&B sector has evolved over the years, with small and medium-sized enterprises (SMEs) adapting newfound business trends of today.
Currently, many analysts have voiced the importance of digitalisation and investments in technology as the future for the F&B business. This is evident from the countless F&B businesses being incorporated in recent years with innovative technologies coupled with never-ending food ideas. Singapore government leaders joined in to urge F&B business owners to accelerate their digitalisation efforts, while providing grants for business owners to gain advantage in the ever-competitive and changing industry.
Young entrepreneurs of today have come into the industry, seizing the slightest opportunities with their hunger for success. With a good balance of digitalisation and social media, you will be able to market your business effectively. Starting with a home-based F&B concept seems to be popular. They tend to have seemingly lower risks, involving less financial commitment, and allows the business owner to slowly expand as they gain a following. Ultimately, once they have got traction, converting to brick-and-mortar outlets with a stronger foothold and presence is a natural next step. Some business ideas include Café, Bakery, Bistro, Dessert Shop, and many more with the wide variety of cuisines that can be explored.
Excellent service and quality food in any F&B business is crucial and it turns out to be a continuous challenge for business owners today. Hiring qualified and dedicated staff is instrumental for the growth of your business. However, there will always be a challenge in manpower, with locals not keen in applying for service positions in the F&B industry and the fast turnover rate that “plagues” the industry. Furthermore, the Singaporean government has implemented stern measures to manage influx of foreign talents, who have to be strictly adhered to. Nevertheless, being an F&B business owner, you have to always be on a lookout to bridge the gap between local manpower and restrictions in hiring foreign workers.
The Education Industry
Today there are over 1,200 private education organisations that offer a diverse mix of high-quality education services, making Singapore a trusted brand name in this field. On the global scale, education technology (edtech) is a rapid growing area. Singapore, being academically-driven and with a worldwide reputation for providing quality education, provides a stable and beneficial ground for such businesses to grow. A huge factor of edtech’s growth is from the increasing demand from Asia Pacific, potentially representing 54% of the global edtech market by 2020.
Today, edtech has evolved to include many aspects like social learning, personalised learning solutions, data analysis and gamification to increase effectiveness of learning. With the high usage of the internet, business owners in the Education industry will be able to incorporate newfound ideas to make online learning an engaging and immersive experience. Some business ideas include Home Tuition, Tuition Centre and Specialized Institute, all with a possibility of value adding with technologies.
A great deal of funding is required for edtech companies due to the involvement of technologies and a product. Being able to secure a sufficient amount of capital for your business may be necessary to break into edtech. Still, with sufficient funding, perseverance and an innovative idea, you will be able to strive in the industry in the long-run.
The Retail Industry
New technology, changing consumer tastes and borderless competition from e-commerce are shaking up the retail industry. Many businesses begin to embrace the “new retail” era to cash in on newfound business opportunities. Singapore is home to many retail services that draw eager crowds ready to explore new products. There is also an abundance of retail space that is ideal for businesses that are start-ups, SMEs, events or even pop up stores.
Digitalisation has a drastic impact on how people shop today. Many businesses are taking up e-commerce routes to amplify their visibility in a short time frame. For example, start-ups can utilize eBooks and social media platforms to generate leads while showcasing their products online. Furthermore, Singapore is one of ASEAN’s top e-commerce hubs, with an innovation-first focus and strong infrastructural support. The Singapore government has also launched initiatives and grants to help entrepreneurs like you, looking into entering the e-commerce Retail industry, to set up and expand. Some Retail businesses include Specialty Retailing like florist and fashion and Lifestyle Retailing like entertainment and sport. Many of which have great potential in the e-commerce market.
There is a wide magnitude of competition and– Business owners have to understand that the competition is ever-intensive and trends come and go in a blink of an eye. It is a game-changer to fully understand your business and its business models, while having the ability to build strong foresight in pinpointing the changes in needs and trends of the industry.
Starting your business right
All in all, when planning to set up a business in Singapore, you should know that everything is regulated. You will require licenses and permits to fully operate your business. The government has made it easy for local and foreign entrepreneurs to set up businesses locally, with different grants and legislations in place to propel entrepreneurs and their businesses. Business consultants like us are here to advice your business from its incorporation, to helping your business on the side with anything accounting and finance.
Begin with the end goal in mind. Be focus on setting & achieving small incremental goals rather than trying to start a business and instantly build your vision of what the company should be in the years to come. Setting realistic goals and milestones are important in keeping your sanity.
Anthony Wang
How we helped
At Tisch Global, we are professionals of over 30 combined years in anything Accounting and Finance. Being your modern business advising firm, we bring the best-in-class knowledge and tools to support the startup, growth and maturity of businesses in the many industries throughout Singapore.
We are your growth partners at different business stages:
✅ If you are a Young StartUp, let us materialise your vision.
✅ If you are a Fast-Growing Small Business, let us support your business goals.
✅ If you are a Mature SME, let us give you that competitive edge.
How we helped
At Tisch Global, we are professionals of over 30 combined years in anything Accounting and Finance. Being your modern business advising firm, we bring the best-in-class knowledge and tools to support the startup, growth and maturity of businesses in the many industries throughout Singapore.
We are your growth partners at different business stages:
✅ If you are a Young StartUp, let us materialise your vision.
✅ If you are a Fast-Growing Small Business, let us support your business goals.
✅ If you are a Mature SME, let us give you that competitive edge.
Written by, Sai Prema | Starting Your Business Right | 09 June, 2022 | #TGInsights
