4 Small Business Ideas Set to Boom in Singapore This Year

4 Small Business Ideas Set to Boom in Singapore This Year

Out of 141 countries, Singapore ranked first in the 2019 Global Competitiveness Index. The country scored 84.8 points out of 100, overtaking powerhouse nations like the United States and Hong Kong.

For entrepreneurs, this means the country’s economy is extremely innovative and conducive for business. Singapore’s diverse cultures and expansive markets also make it a prime area for growth and profit.

The influx of financing options has also introduced opportunities for all kinds of entrepreneurs. Several private lenders, for instance, can now loan money to small to medium enterprises. They are not as intimidating as borrowing from banks and are definitely safer than relying on a loan shark.

With the economy growing at a fast pace and funding options on the rise, now is the best time to open your start-up business. To help you get started, check out these business ideas predicted to boom this 2020.

Cleaning Services

Singapore is one of the cleanest countries in the world. Citizens really put a lot of work in keeping their space green and spotless. More households are also turning to contract cleaning due to busy lifestyles. If you’re looking for a business venture enjoying high demand and minimal investment, a cleaning start-up is your best bet.

Cleaning services include windows maintenance, clothes washing services, and comprehensive commercial and residential cleaning. Opening a cleaning company is cheaper and easier to start compared to other businesses. For one, expect minimal equipment and training costs. You can start with little upfront money and easily grow it in a short span of time. ;

Freight and Courier Services

Singapore’s geographic location makes it a great area for running a freight and courier company. Its modern roads and highways make for accessible links from the harbor to different points in the city. This makes investing in parcel delivery, handling, and transport services quicker, easier, and more profitable.

Electronics

Singapore’s electronics industry is expected to accelerate this year. Through the Electronics Industry Transformation Map (ITM), the Singapore government aims to grow the electronics sector to S$22.2 billion by 2020. It also seeks to create 2,000 new jobs for Professionals, Managers, Executives and Technicians (PMET). With this plan in place, businesses can expect great profit in the export of gadgets including smartphones and game consoles. The continual demand for electronics all over the world also makes this a great industry to venture into.

Laundry and Dry Cleaning

Similar to cleaning, many Singaporeans are too busy to do their own laundry. Although laundry equipment like washing machines and pressing irons tend to be more expensive, laundry services allow simple operations and even lower labor costs. Best of all, a laundromat business is a year-round necessity so you can always count on a regular stream of customers.

If you need a loan to fund your start-up, Capital Funds Investments provides fast and efficient financial solutions to suit your needs. Authorised by Singapore’s Ministry of Law, we are a trusted moneylender that offers business, personal, and debt consolidation loans.

Contact us today to get the right loan for you.