With the right amount of capital, almost everyone can start a business in Singapore. However, to ensure that the business remains sustainable in the long run, you’ll have to ensure that it’s sustainable and viable.
How do you do this?
It’s all through proper research, planning and execution!
Singapore has established itself as a global trade and commerce hub over the past few years. With an economy enabled by technology and a government that is fully supportive of techpreneurs, it is unsurprising that our little island offers the perfect environment for hi-tech companies seeking to establish themselves in the region.
As a potential business owner, you’ll definitely want to ensure your business remains relevant in the ever changing market. This is why we have consolidated the top 7 business trends that you might consider if you’re thinking of setting up a business in Singapore.
1. Niche E-commerce
With increased accessibility to the internet, e-commerce is no longer a luxury for businesses but a necessity.
The e-commerce market in Singapore has grown significantly and is expected to amount up to $5 billion by the end of 2019. Any business that hopes to be successful today needs an online presence.
E-commerce enables your business to be available to consumers 24/7. However, in order to be heard by above the clutter of information on the internet, you’ll need to identify a niche and target specific groups and their particular needs. For example, you can focus on popular products such as consumer electronics.
Going into e-commerce however, doesn’t guarantee you success. You’ll have to invest heavily in digital marketing and establish your brand as an authority to earn the trust of consumers.
2. Digitization and Artificial Intelligence (AI)
Contrary to popular belief, this isn’t just for IT companies.
Digitization and AI are not only growing business trends in Singapore, but throughout the world.
Companies in every industry ranging from multi-national to small business are moving to digitization and AI. Digitization enables companies to access markets that they previously would have only dreamed of. They are able to do so at a faster speed than if they resorted to traditional methods.
They are able to access big data analytics with less effort and lower costs. This data helps them streamline their services and products better for increased customer satisfaction.
Today, greater dependency on digital technology translates into more opportunities to customize products and services for different markets. AI solutions enable companies to improve user experience as well as simplify many activities.
We store a lot of our personal information on online databases. We share our personal information when registering for online courses, making online transactions, registering for government services and much more.
If someone with malicious intent were to access this information, things could turn ugly. They could use it for just about anything from draining bank accounts to identity theft.
Cybersecurity has become more important than ever. It is the only way to ensure the security of the power grid, military information, healthcare systems, financial systems as well as transport systems. If you have a basic knowledge of computing, coding, algorithms and other important IT skills, you might wish to think of going into cybersecurity and apply your expertise to fight cybercrime.
4. Education And Training
Ask any Singaporean parent and most of them probably enrolls their child for some sort of enrichment class.
Education is one of the fastest growing industries in Singapore. From children to adults, SMEs can find many opportunities in this field.
The demand for training and education is increasing amongst Singaporeans during different stages of life. Businesses can capitalize on the demand for pre-school education, vocational training, professional training and much more.
The demand for learning centers continues to grow as the Singapore government continues to provide incentives to its citizens to invest in learning. A good example is the SkillsFuture $500 credit for professional training.
With remarkable advancements being made in the healthcare industry in Singapore, Singaporeans now have the longest life expectancy in the world at 84.8 years. This will translate to an increased demand in care services for the elderly.
There is already an increased demand for compassionate communities where the elderly can spend their time. Many seniors prefer these short or long term integrated day care facilities as opposed to living in a nursing home.
Businesses can capitalize on the needs of this population of Singaporeans. Aside from providing specific health-care related services, they can also provide services for running errands. These include personal shopping, fitness or simply providing a space in which they can interact with other people and use the skills they have perfected over the years to help the community.
6. Mentoring Entrepreneurs
Do you have experience establishing and running a business in Singapore? Has you previous business been a success? You can mentor other entrepreneurs who are seeking ways to establish their own businesses to become successes too.
Knowledge sharing is a great niche to venture into today. You can help build the skills of young and aspiring entrepreneurs and help them set up and grow their businesses. Teach them how to develop their business concepts into solid business plans. Show them how to sell their products or services. Reveal to them the basics of marketing.
Many basic entrepreneurship programs offer the above services. You can however delve deeper by helping your mentees solve specific business problems. You can guide them on specific aspects of their businesses and apply your business acumen to help them scale their businesses.
As a business providing a mentorship program, you can register with the Startup SG Founder Scheme as an Accredited Mentor Partner.
7. Virtual/Augmented Reality
Virtual reality and augmented reality are taking the world by storm. The release of Microsoft’s Hololens and Google’s Glasses has seen increased interest in the technology which has since become more widely available.
Singapore isn’t being left behind. In fact, Singapore has taken the lead in the region in VR entertainment our little red dot aims to become Asia’s hub for VR and AR technology.
The technology is finding various applications in different sectors. From media to architectural design and development, this technology is opening up a whole new world of opportunities. Many brands already rely on AR to create new user experiences for their customers. Others are applying it to simulations to save money by avoiding mistakes.
VR specifically has found application in sectors such as education, construction, design and flight simulation.
Entrepreneurs can take advantage of The Infocomm Media Development Authority’s (IMDA) incentives available. These are aimed at increasing collaboration and supporting the growth and development of skills in this field. Whether you want your employees to receive training in the application of VR technology for marketing or wish to learn about how to develop VR technology, you might wish to check out IMDA as they can help to facilitate entrepreneurs with an interest in the technology.
Whichever course you choose for you and your business in 2019, be sure that it is the right fit for you. Thus, it’s important to also consider the current business trends in Singapore before you make a decision.
Take a long-term view of the trend you’re interested in. Will you be able to stick it out when times get tough? If so, you can begin to explore the many grants, startup schemes and business loans available in Singapore to help fund your venture. As per the above, there are plenty of business trends in Singapore that you can consider. If you choose a niche that you love, you will have purpose and drive to get the job done right.