5 Business Ideas to Avoid
We have compiled a list of 5 business opportunities that might invoke your interest, but you might want to think twice as most people are not doing well in these businesses.
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 Daycares
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.