Some of us have an entrepreneurial spirit, however, the biggest obstacle many of us face is the significant costs when we start a business in Singapore. However, with many opportunities in present times, several small business ideas can be pursued that require little or even no funding. As long as you are invested in your business and willing to put in some hard work, it is possible to succeed as a business owner in Singapore.
Here are possible suggestions of some of the more affordable business fields in Singapore that you can pursue successfully as a sole proprietor.
Related Read: Singapore Sole Proprietorship Guide »
Table of Contents
1. Content Creation
One of the affordable ways to start a business in Singapore is to be a content creator. The existing 24-hour news cycle and the exponential growth of social media have resulted in a perfect business opportunity for creative professionals such as graphic designers and writers. These individuals have found that it is possible to use their talents to create shareable and high-quality content for various media and business outlets. The growing economy of contract and freelance workers has made it easier for individuals to market themselves as professional service providers.
2. Personal or Virtual Assistant
A virtual or personal assistant performs front desk or secretarial functions online without actually being onsite. This kind of work allows you to work from the comfort of your home while attending to the needs of different clients. The tasks involved may involve doing clerical work, making flight arrangements, and keeping track of calendars. As long as you possess good organizational skills, entrepreneurs like yourself can start a business in Singapore at low cost.
3. Event Planning Services
Keen to start a business as an event planner in Singapore? Event planning businesses are suitable for individuals who are highly organized, detail-oriented and who can put together parties, class reunions, weddings, funerals, etc. This kind of work entails services that make it easy for others to host events. To succeed at launching an event planning business, you may first start by doing a few events pro bono to gain experience, and then use cold calling or LinkedIn to build up a solid listing of contacts and vendors that will provide whatever you may need to orchestrate various kinds of events. As your business grows, do keep track of your bookkeeping and accounting as well.
4. Concierge or Errand Services
Between handling professional responsibilities and caring for their families, most parents are left with very little or no time to attend to other personal tasks such as mailing packages, grocery shopping and making returns at the mall. This is where errand services come into play. All it takes is for a driven individual to start a business in Singapore that aims to take care of and handle such time-consuming errands for their clients. If this is the kind of business for you, you will need to decide earlier on whether to charge for each task or whether to charge hourly. Also, be sure to factor in travel expenses when setting your rates.
5. Social Media Consultant
Many large companies in Singapore can hire agencies or full-time employees to run their Twitter and Facebook blogs and accounts, while small businesses on the other hand usually prefer to take care of their social media marketing. However, more and more business owners are finding it increasingly difficult to attend to their businesses while at the same time designing and creating social media strategies. Thus the need for the services offered by social media consultants to assist these companies to determine the best content, tactics, and posting schedules for their target audiences.
6. Online Courses and Tutoring
In this day and age, more consumers are turning to the internet to learn and acquire skills in all sorts of fields, such as in web design, baking, yoga, etc. With this in mind, you could opt to start a business in Singapore that offers virtual classes in areas where you are skilled or start up a home-based or virtual tutoring service. You can create instructional videos and packets, or even hold real-time lessons over Skype or Zoom with your clients.
7. Personal Chef
This kind of business requires that you prepare and plan daily or weekly meals for your clients. To start such a business in Singapore, you will need to have acquired excellent cooking skills and have good knowledge of nutrition and various kinds of diets. The business will entail travel to and from your clients’ homes and various supermarkets to collect the required ingredients, however, all these can be factored in and included in your charges. Do take note that as a self-employed individual, you will be subjected to Singapore personal income taxation.
Related Read: Guide to Singapore Personal Income Tax 2021 »
8. Elderly Care Services
It has been estimated that by the year 2030, the number of people aged 65 and above will be more than 900,000, making Singapore one of the most aged societies in the world. This translates into a high demand for high-quality health care options for these senior citizens. By leveraging this trend, you can start a business in Singapore that provides elderly care services. This business option is very lucrative and involves tasks such as housekeeping, meal preparation, physical rehabilitation, hygiene maintenance, and other related tasks.
Related Read: Business Startup Checklist for Entrepreneurs »
To sum up, you can start a business in Singapore easily and at an affordable rate. At Rikvin, we offer personalized services to help you register your business in Singapore and ensure all regulatory compliances are met. So what are you waiting for? Engage us today and kickstart your entrepreneurship journey!
Individuals who start their business as a sole proprietor will have their earnings taxed at the progressive Singapore personal income tax rates.
You must be at least 18 years old to register a business in Singapore as a sole proprietor.
Before you start a business in Singapore, you will first have to consider several factors. Here are some key considerations:
- Suitability of your business structure
- Your potential competitors
- Amount of financial capital required
- Kind of governmental support available for you
- Costs involved in running the business
- Any potential barriers you might face
You can register your sole proprietorship business in Singapore with Rikvin easily in just under 10 minutes.
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