7 Business Ideas in Singapore for 2022

Singapore is the world’s top jurisdiction to start a new business. Choose from these 7 business ideas to help you earn profits within the city state.

While claiming the top position as the World’s Best Place to Be During Covid, Singapore was also hailed as the top jurisdiction for multinational companies to base subsidiaries. With these favourable conditions the city-state has to offer, it is high time you should start considering the best business ideas you can start here in the coming year.

1. Telemedicine

If you could do something with a headache or a cough and cold without leaving your home or falling in a queue to have a medical expert diagnose you, which one should you choose?

Under the new Health Services Act, Singapore will start licensing telemedicine in 2022. Telemedicine is viewed as the answer to crowded hospitals amid the pandemic. Public hospitals, private health care providers, and even traditional Chinese medicine acknowledge how the pandemic has changed the way of doing business. Thus, there is a high demand to shift toward teleconsultation services is deemed an important and lucrative business venture in the future.

What you should keep in mind:

When starting a telemedicine business, you should keep in mind the important requirements in making the platform more efficient:

  • Healthcare compliance
  • Data security
  • Compatibility
  • Functionality
  • Usability
  • Tech support

2. Affiliate marketing

If there is an online business model that will allow you to take a portion of profits from other small businesses, then that is affiliate marketing.

While the business model is simple to understand and may not require intensive know-how, the ways of getting paid can be a little more complex when you’re an affiliate marketer.

What you should keep in mind:

If you’re eager to earn from this business opportunity, you should know that you’d get paid through the following:

Pay per sale or cost per sale (CPS)
CPS is an arrangement wherein the merchant pays the affiliate once a sale is made through the marketer’s link or ad

cost per sale model
Pay per click (PPC)
PPC allows you to earn for every lead you provide a business. How this online marketing strategy is done? Usually, you create an affiliate ad or link with a tracking code. Once the customer clicks on the link, the tracking code is converted to a number that direct calls to the business. You get paid per traffic coming to the business’ website or contact details.

Pay/cost per acquisition (CPA)
Cost per acquisition allows you to earn even without a sale. Through CPA, you get the customers to sign up with all the required details making them a potential lead. CPA is the cost per lead, in essence. It is a small business idea that lets you maximise the potential of generating information through forms, surveys, and other lead-generating business models.

3. Software as a service

Software as a service or SaaS is a big business plan wherever you are in the world. You can have software that does an important task for another business. You can create SaaS for accounting services, payments automation, SEO, analytics, bookkeeping, or as simple as electronic signature technology.

What you should keep in mind:

SaaS allows small businesses to automate their processes and if you’re going to provide a SaaS platform, you need to synchronise customer accounts. You need a cloud storage space that will store petabytes worth of data.

4. Content marketing and digital marketing

Startups can venture into an online business by providing quality content marketing or digital marketing services. Whether it is blogging or copywriting, you can provide great content to promote a business to a range of potential customers. Digital content marketing is important considering how 67% of leads come from blogs and how 30% of companies that use content marketing have higher growth rates than those companies that are not using it.

What you should keep in mind:

The content you provide should have useful information and marketing strategy in one. The main goal of a copywriting or blog is to give the reader the answer to their questions while encouraging them how to avail themselves of a company’s products and services.

You can establish connections with bloggers, graphic designers, or even copywriters. Your content should take advantage of social media platforms that allow influencers to review, promote or criticize a product or service to influence the audience to make an action.

5. Healthy and sustainable food business

Food delivery business
Getting into the food business when in Singapore entails a nonregulated start. The Singapore Food Authority (SFA) allows start-ups to conduct their small business from private homes and housing board flats. According to a report, there is no need to license a home-based food business.

What you should keep in mind:

While the regulations are not strict for small businesses in the food industry, startups should consider providing innovative sustainable food products that will make them dominate the market. Food trends in 2022 and beyond include the availability of intelligence-powered food and beverage to make these a good business for any would-be business owners.

Singaporeans value convenience and innovation so from alternative proteins or cell-based meats, you can try efficient “hub and spoke” commercial kitchens.

6. Dropshipping

The e-commerce business in Singapore is expected to grow to USD4.079 by 2025 and the dropshipping businesses will potentially grow with this industry.

Dropshipping is a popular online business model that requires little technical knowledge and investment. If you choose to be a drop shipper, you will be selling and promoting goods and services online. Once a sale is closed, the supplier will pack, prepare and ship the goods to the customer. This saves you from buying the products and storing them in your facility.

As a home-based business strategy, dropshipping requires you to develop a sales opportunity and close it. The supplier will do the rest until the paid goods reach the buyer.

What you should keep in mind:

Dropshipping seems like a sound and easy way of earning but the challenge is for you to find a reliable supplier and a good product to sell. You also need to set up your online store through a sales platform or your own website from your own home. However, there are already popular e-commerce websites that you might want to consider like Amazon, eBay, Shopify, and Etsy.

7. Service businesses

With more and more people working or staying at home, there are huge chance homeowners will be considering local businesses that offer services like home cleaning, child care, pet grooming, or gardening. Service businesses allow you to conduct promotions online and offer your services that could improve homes or provide help and convenience to customers.

What you should keep in mind:

Service businesses are profitable business models which need quality service to earn the trust of customers. For instance, if you’re providing house cleaning services, you should find people who will do the job for you that will ensure customer satisfaction.

Final thoughts:

Leveraging the ease of doing e-commerce business in Singapore, you can always start a new business that will potentially grow in 2022 and beyond. Whether you want to have your own business like laundry business, software as a service, care services, biotechnology, freelance writing, or graphic design, you need to assess where your passion is. entrepreneurship is not just about the capital or the location. It is also about knowing where your interest is and how this could translate into profits.

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