We all know that Singapore, in Asia, is a good place for both foreign individuals as well as local residents to seek out investment opportunities and for incorporating companies for their businesses? Even though they may be considered difficult at first, and expensive, you they still give you huge gains in the long run and also allow you to grow and expand your business outside of your home country. But there are also some businesses that you should avoid in Singapore, because there are low chances of successfully running them due to factors which will be explained later on in this article.
Of course, not even experts can tell you for sure whether a legal business in Singapore will fail or succeed for sure, as it eventually depends on how you run it. But based on external and macroeconomic factors, they can tell you the probability. So instead, the steps you need to take are to thorough research as to which business opportunities in Singapore fit your requirements, suits your needs and understand about how corporate tax in Singapore can benefit your business. You can do this by going online to relevant websites.
We have compiled a list of 5 business opportunities that might invoke your interest, but you need to refrain from the impulse of getting involved in them since mostly the people in those professions are not doing well.
1) Restaurants The golden rule that applies to a startup business is to get into a niche which has not been saturated already. This not only gives you the first mover’s advantage, but also allows you to target market segments that have not been tapped yet, meaning more sales and newer customers. Many people in Singapore have the tendency to eat at their routine outlets because of habit, and it is difficult to gain their loyalty. Despite the fact that this place is well connected to other countries, is easily accessible, and attracts a lot of tourists, there is demand for food with fine quality and taste, and plenty of people are willing to spend great amounts of money for recreational dining, the profit margins in such an industry will always remain low because of the huge number of competitive restaurants present.
2) Baby Day Cares It has become more and more difficult to run a profitable daycare center for babies and toddlers. For starters, there is an additional amount of applications, and documentation that has to be filled in and submitted if you want to take on such an initiative. Secondly, there is the stringent laws and policies that owners of day care center have to make sure are kept at all times. It is also very difficult to employ well trained and adequately educated nurses and nannies. Nowadays, there is a trend for almost all major companies to have special nurseries or daycares built on their own venues. Parents who are employed in such organizations prefer to leave their children in those day care centers, as it saves them from the hassle of having to pick and drop their child and because more of the employees get a discount or are offered this facility as a perk to their job.
3) Tuition centers Statistics reveal that the profitability of tuition centers has decreased since year 2007. This is because parents prefer to have their children taught by MOE qualified teachers instead.
4) Interior Decorating Bundling different types of businesses in Singapore has become more and more prevalent, which is why the renovations or construction companies have expanded to offer services such as interior decorating and designing. The costs for such services are usually included in the package deals, so people would prefer a one stop solution instead of going to different agencies for individual problems. In addition to that, people in this country are still resistant to the idea of, say for example, paying for the choice of color of wall paint, on top of having to pay for actually painting the wall.
5) Selling T shirts Persons in Singapore are brand conscious and they prefer to go to malls and famous global brands to buy T shirts, so it will be difficult to establish a brand name for yourself quickly. There are already too many entrepreneurs with the same idea regarding this industry.
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Categories: Business In Singapore