Singapore is one of the easiest places in the world to start a business. Unfortunately, the business environment in many industries is about as competitive as a pit fight in some third-world prison over a scrap of bread. So you’d better have a good business idea that’ll attract customers.
While it’s not a requirement to have work experience in a particular field – it’s extremely important that you learn enough to become an expert. Too many entrepreneurs today try to run startups without truly understanding their products, services, or their customers. But you won’t do that, right?
If you’re looking for a startup idea with proven profitability, consider the following:
Developing Mobile Apps
Without mobile apps, your smartphone or tablet might as well be a very expensive paperweight. We use apps daily for everything from checking our bank accounts to holding video conferences across continents. Sustainable profitability doesn’t come from trying to develop your own groundbreaking applications such as Pandora Radio, Instagram, or Bump (you have better odds winning the jackpot at MBS). It comes from developing apps for customers.
Nowadays, many public and private institutions need help developing apps for their clients to use when they’re mobile. Depending on what your customers want in an app, you could make anywhere from $5,000 for a “simple” app, to $50,000+ for a complex app with customized functionality. Game development is another area to consider with good profitability potential.
The IT industry is still very profitable, but it is steadily becoming more saturated as time goes on – meaning you’ll need to work hard to differentiate yourself from your competitors. Because of the industry’s complex nature, it’s highly recommended that you educate yourself on the nature of IT services (information security analysis, web development, computer network architecture, etc.).
With many public and private organizations outsourcing their IT requirements or needing expert guidance on how to run their IT department efficiently, you can make a healthy profit from both hourly and per project fees. Especially as more and more businesses upgrade their technology.
With today’s changing economic climate, businesses are looking for a ways to cut overall costs to stay financially competitive – that’s where business consultants come in. If you’ve got plenty of experience in your industry (experience with a renowned company in your industry is a plus!), you can start an independent consulting agency that leverages your expertise.
For example, if you were a corporate comms manager, you can run a PR or marketing consultancy agency. What makes business consulting so profitable is that all you really need is an office – there’s no need to purchase expensive equipment or furnishings. And there’s no shortage of companies willing to pay top dollar to outsource.
Of all the startup ideas listed here, this one has the most growth potential. Because no matter how much technology changes, there will always be a need for eldercare – and that need is growing. In fact, by 2030, nearly 20% of Singapore’s population will be 65 years or older. Even by today’s standards, the demand for eldercare far exceeds the supply of facilities available.
If you want to save on your startup costs while improving both productivity and patient convenience – consider running a caregiving service that serves homebound customers for an hourly fee. That way, you don’t need to pay for a huge office, because the caretaking can be done at the patient’s home. You can even use your office space to conduct caregiving courses so family members can learn caregiving basics.
No matter how profitable a certain startup idea may be, success ultimately comes from good leadership, hiring the right people, and giving your customers a product/service that’s better than anything your competitors offer. Just keep in mind that this year’s hot startup ideas might be outdated 5 or 10 years from now – so make Darwin proud by adapting if change comes!
What startup idea do you think is hot now? Share your thoughts with us on Facebook!
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