27 Most Profitable Small Business Ideas in Singapore To Start 2023

Last Updated on September 2, 2022

This list includes profitable businesses you can start or invest in as a small business in Singapore. You can also read about small business ideas in USA, Germany, Australia, and Canada.

Small Business Ideas in Singapore

The World Bank’s Ease of Doing Business Report has ranked Singapore as the best place to do business for 10 consecutive years. Moving to Singapore has many advantages: tax exemption schemes, low corporate tax rates, government subsidies, easy business registration process, transparent rules, talented workforce, to name a few. Singapore has a highly developed trade-oriented market economy.

So if you live in Singapore or you intend to relocate with the purpose of starting a business in the Singapore, then it might interest you to go through this article as you will learn about some of the most profitable small business ideas in Singapore that you can start.

27 Most Profitable Small Business Ideas in Singapore

1. Automobile Dealership

Singapore is one of the best places to start an automobile business. You can start a dealership business selling cars and vehicles here if you are interested to make money in the automobile industry.

2. Beauty & Personal Care

Beauty is an industry that is increasing rapidly worldwide. The rise of internet retailing and beauty specialist retailers are facilitating international brands to enter Singapore. Product launches are rapid and digital marketing is accelerating the speed by which consumers receive news of new products.

3. Biotechnology

The government is heavily investing in Science & Technology in line with its goal to become the world’s first Smart Nation. The country is aggressively promoting and developing its biotechnology industry. So you can start a business in biotechnology in the food or pharma segment.

4. Cleaning Business

A residential and office cleaning business is a profitable opportunity and has good income potential. You can start the business from home. A home-based cleaning business demands ver infrastructure costs. In addition, this business demands very little equipment to operate.

5. Consulting

Consulting is not a new phenomenon. It has been around for years. The consulting trend is continuing to build as companies are staying as lean as possible in tough economic times. Generally, consultants work best for those organizations or individuals who know what they are seeking and have clearly defined projects or objectives.

6. Digital Book Library

The Digital book library is one of the best digital businesses to start in Singapore. However, this business demands a substantial upfront capital investment.

7. Electrical & Electronics

The Electrical and electronics industry is promising in Singapore. And starting a business in this industry definitely, demands a substantial capital investment. However, there are some opportunities you can consider to start with moderate capital investment.

8. Export-Import

Despite its small size, Singapore is currently the fifteenth-largest trading partner of the United States. Singapore’s trade with major trading partners such as Malaysia, China, Indonesia, and South Korea is increasing rapidly. So starting an export-import business is a great option for entrepreneurs.

9. Florist

Any individual can initiate a flower shop business in two ways. You can initiate it on a home-based and part-time basis. Giving services to the local customers at any kind of function’s floral needs including planning, design, delivery, setup, and removing waste. Another way is opening a flower shop.

10. Home Based Manufacturing

You can start a small-scale home-based manufacturing business in Singapore. In addition, this type of business demands small infrastructure and comparatively small startup capital investment.

11. Interior Designing

Interior designing is a perfect career option for individuals who are passionate about design, art, and home decoration. In addition, any individual of any age can start this business from home.

12. Retail Store

Offline and online retail both are very promising industries in Singapore. In addition, entering some foreign brands into the market has added extra fuel. Furthermore, with moderate capital investment, you can start a retail store business in the country.

13. Transportation-Related Business

Transportation is one of the world’s largest industries. Different types of specific demands with changing lifestyle habits have introduced several innovative and profitable startup opportunities in the transport industry.

14. Travel & Tourism

Tourism in Singapore is a major industry and contributor to the Singaporean economy, attracting 15,231,469 international tourists in 2015, over thrice of Singapore’s total population. And earns a major revenue from this segment. Therefore, starting a business in the tourism industry is a great opportunity for entrepreneurs.

15. Virtual Office Space Renting

A virtual office is a business location that only exists on the web. With this specialty, any business can be operated from any location by using technology and the internet. A virtual office provides significant financial savings to entrepreneurs compared to traditional space renting.

16. Elderly Care

It is estimated within the year 2030, the costs for elderly care in Singapore may cross $50 billion dollars. Singapore is projected to be one of the fastest aging countries in the world. This will create a wide scope for elderly care service businesses to grow.

17. Digital Marketing

Singapore is probably the most internet-savvy country in Southeast Asia. More than 85% of the population are active internet users here in this part of the world. If you have expertise in any area of digital marketing, Singapore is one of the best places to start a digital business.

18. Mobile Phone Repairing

The sale of mobile phones is on the rise in Singapore. The demand for repairing mobiles, as a result, is growing. Though the market is a little competitive, still there is a wide scope for expert mobile repairers in the country.

19. Computer Repairing

Most people in Singapore have a computer in their homes in Singapore. The market for computer repairing is big and is expected to grow here.

20. Tour Guide

Singapore is one of the most attractive tourist destinations for travel-loving people from across the world. Tour guide service is one of the most profitable business ideas in Singapore. However, you need to procure a tourist guide license to operate this business.

21. Start a Blog

If you have some skills in writing, starting a blog is one of the most profitable online businesses you can start in Singapore. It requires minimal investment, but if are able to select the right niche, the profit potential is unlimited. You need to dedicate yourself a year’s time.

22. Affiliate Marketing

Affiliate marketing is one of the most popular home-based online businesses across the globe. And so is in Singapore. The concept is simple. As an affiliate marketer, you will be promoting products of other companies on online social media pages and through your blog. When someone buys your promoted product, you get a commission out of it.

23. Create an Online Classified Site

Online classified sites in Singapore are making good money presently. You just need to create a website providing users the option of listing their products and services.

24. Dropshipping Business

If you want to create an online product store without taking the headache of stocking inventories, dropshipping offers you good money-making business opportunities online. Check our guide on the steps to start a dropshipping business.

25. Online Tutoring

You can start online tutoring with absolutely no money from your home in Singapore. There are many online tutoring sites that offer online tutor jobs.

26. Translation services

Singapore is a center for trade, and it’s perfect for translation services. With the high number of global businesses, you will find a market for your translation services. A translator in Singapore can make an average monthly income of S$6,880, depending on the job’s complexity.

Register a sole proprietor business if you would like to start a translation business. Translation business does not require any certification. However, it’s best to have the certificates showing your knowledge in multiple languages, as it gives your clients the confidence to trust in your work.

27. Video editing

If you are creative and detail-oriented, consider setting up a video editing business. Companies use video to tell their brand story and market their products. As a result, videos have become an important marketing component for every business. You will need video software skills, and you can make an average income of S$4,000 per month from the comfort of your home. To start, make an explainer video showing the services you offer and share it on your social media platform.

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