8 Booming Business Ideas to be your own Boss!!!
Updated: Dec 4, 2020
Want To Be Your Own Boss? Here Are 8 Booming Business Ideas In S'pore To Execute In 2021
The COVID-19 pandemic has badly impacted the job market in Singapore, with pay cuts, retrenchments, as well as salary and hiring freezes.
As the job market continues to be sluggish in the year ahead, it’s really not a bad idea to start up your own business, especially since the government’s giving out grants to foster entrepreneurs.
Here are some lucrative business ideas that you can cash in for the year ahead:
1. Healthy Food
Singapore is a nation of foodies and since many people are now growing to be more health-conscious and seeking out healthier alternatives, a healthy food related business is just the way to go.
This can include organic food shops, healthy meal preps, and even healthy food trucks.
Plant-based meat in particular have seen exponential growth in recent years, suggesting that it may be the ‘food of the future’.
At the back of this trend, many food tech startups have come up with plant-based alternatives for food items like meat, egg, and even breast milk.
Above all, it’s noteworthy to take into consideration that Singaporeans value convenience.
You can take cues from local healthy fast food joint The Goodburger. It runs a food truck that sells plant-based burgers. It claims to be Singapore’s first and only outlet that exclusively sells ‘Impossible’ food.
Beyond stationing themselves at Marina Bay daily, The Goodburger also does pop-up events such as Sentosa Grillfest, Heineken F1 Party and Artbox Singapore.
COVID-19 has put a bigger spotlight on health and accelerated the shift towards contactless consultations, sparking the rise of telemedicine startups.
Today, people can buy groceries and clothes, as well as pay bills without leaving their homes. Similarly, telemedicine upgrades healthcare delivery to meet the demands of modern people by bringing key medical services straight to our doorsteps.
With the help of telemedicine applications for healthcare, a lot of health problems can be avoided or dealt with on-the-go at the early stages. You just call a doctor during lunch at work; there is no need to go anywhere.
There are plenty of existing telemedicine startups in Singapore already, with the likes of Doctor Anywhere, WhiteCoat and MyDoc, so it’s important to offer a unique value proposition.
When developing a telehealth app for consulting with a doctor, pay attention to features such as high quality chat functionality and trusted doctor-patient information.
A telemedicine app should show the doctor’s profile, including his/her qualifications, rates, number of previous patients, and patient reviews. Similarly, doctors should be able to view a patient’s electronic health record to understand their problems and quickly find solutions.
3. Edtech Solutions
Singapore’s education institutions are considered among the most advanced in the world as it continually integrates technology into education.
Thanks to COVID-19, classrooms have also evolved towards an online setting, sparking a rise in edtech.
When schools were closed due to the pandemic, many schools adopted Zoom to conduct online classes but faced security breaches involving obscene images instead.
Bearing this incident in mind, you can work on building edtech solutions such as a secure video conferencing tool that is equipped with educational tools.
There are also many other opportunities in the industry, such as online student portals, educational games, online discussion platforms and assignment submission forms.
With education being a top priority for the Singapore government, schools in Singapore receive the funding they need to continually provide a superior education for their students.
Coupled with the firm belief that technology provides a strong platform to enhance the educational experience, edtech is set to see a strong growth here.
4. Subscription-Based Models
There are many existing subscription boxes in Singapore, from coffee, designer clothes, and even contact lens.
The idea is to shift away from pay-per-product (or service) and give subscribers access to certain products or services for a recurring monthly fee.
There are a number of perks that come with subscription-based models. Customers get steady access to a service without having to keep placing orders, while businesses get a steady recurring revenue and can better predict volume and demand.
Although there are also many subscription services that have failed such as wine subscription French Cellar and beauty box Vanity Trove, COVID-19 might present an emerging business opportunity for subscription-based services.
When it comes to the product or service offerings, it’s time to think a little bit more out of the box. What are some things that we often use/do on a regular basis that warrants the convenience of a subscription service or package?
Some top-of-mind ideas include haircuts, sanitary pads, deodorants and even candles.
5. Sustainable Products And Services
Businesses related to green products are trending as we become more eco-conscious. In fact, sales of sustainable products are estimated to reach US$150 billion by 2021.
However, studies revealed that people want to buy products from brands that advocate sustainability, but very few actually do so. Closing this intention-action gap could be the key to unlocking market potential.
A green industry business is one that uses sustainable materials to make its products. It aims to use as little water, energy and raw materials as possible while cutting carbon emissions, or it finds ways to utilise these materials in renewable and eco-friendly ways.
This business approach minimises the company’s strain on natural resources and contributions to climate change.
There are local startups that aim to tackle food waste. Treatsure lets you pack buffet food for only S$10 and buy cheap surplus groceries on its app, while Treedots sells ‘ugly’ groceries for up to 50 per cent off retail price.
Additionally, homegrown family business Roger&Sons upcycles furniture by utilising felled trees to make bespoke pieces.
The pandemic has forced us inside our homes, which has in turn moved us online. This shift has catapulted the vigorous development of the livestreaming economy.
For B2B and B2C businesses alike, livestreaming provides new opportunities for social marketing.
Enterprise-level livestream is booming. With most merchants forced to suspend offline business during the COVID-19 outbreak, corporate live broadcasts have become a central hub connecting suspended businesses with consumers who are at home.
Most enterprises are actively exploring the live broadcast model, which will penetrate shopping, games, education, social networking, and more.
According to BeLive CEO Kenneth Tan, live commerce is experiencing the fastest growth in Asia with a compound annual growth rate of 46.4 per cent.
He added that live streaming boasts a “much higher conversion and engagement rates” than other mediums.
7. F&B Franchisee
The beauty of franchising is that you are buying into an already successful brand or business model with a clear plan to scale.
Take franchising bubble tea for instance. Bubble tea is evidently popular in Singapore, with many new brands popping up every now and then.
In Tampines alone, we have 14 bubble tea brands battling it out for market share.
According to homegrown bubble tea brand Bober Tea, the average bubble tea shop serves between 400 and 500 bubble teas per day. Meanwhile, a shop with a good location can serve between 500 and 800 bubble teas per day.
However, setting up a franchised bubble tea outlet is not cheap — it can range from a minimum of S$80,000 to over S$461,896 per outlet. Seedly aso revealed that a bubble tea shop at Orchard can bring about a monthly revenue of S$40,000.
In all, the bubble tea industry is currently valued at nearly US$2.5 billion and it’s expected to continue experiencing significant growth throughout the next decade.
If you play your card right, bubble tea franchises could be a goldmine since the popularity is exploding.
8. Drinks Stall
Kopitiam founder once shared a very good business strategy: dominate the drink and dessert stall, while renting out the food stalls.
“People can’t just come in for food. If a foodcourt has 50 stalls, it will take you 50 days to patronise all the stalls. But you have to come to me every day for drinks or desserts. I think my game is quite clear,” he said.
True enough, the drinks stall always dominate the majority of sales. Patrons will have no choice but to buy from you because there’s typically only one drinks stall at a foodcourt.
Moreover, some people tend to drink more than one cup, which helps to increase sales.
For hawker centres, do note that there is a quota for different types of stalls (eg. Halal, non-Halal, drinks, cut fruit etc).
What To Consider When Starting A Business
When starting a business, make sure it’s specialised and targeted. Instead of capturing the entire market with a unique idea, try targeting an underrepresented customer or industry.
Ideally, your business idea should also consist of three things: something you like doing, something you are good at, or something that is in demand (ie. what people are willing to pay for).
Therefore, it’s important to research your industry, find competitors, understand risk and map out your finances before starting your business.
Source: Vulcan Post