17 Profitable Business Ideas & Opportunities in Singapore (2024)

1. Work-from-home businesses

Working from home is now more accepted than ever globally, due in part to advancements in technology as well as the widespread telecommuting seen during the peak of the COVID-19 pandemic. You can now run a wide variety of businesses from the comfort of your own home – here are just a few examples:

• Consulting services

With the dramatic shift from on-site work to remote work, consulting work has adapted to the realities of recent years. It offers flexibility in both time and location. Since this job doesn’t require a lot of face-to-face communication, all you need to worry about is your communication tools.

• Planning and strategy

Strategic Planner defines the goals of the company and the project to understand in which direction to develop. If you are a confident expert in the field you work in or feel you can provide a development plan for larger companies, then this is the business for you. Planning from home is also less time-consuming than traditional office jobs.

• Project management

If you have skills such as analytics, project evaluation, project budget planning, project reporting, or forming a work strategy after project implementation, then you can count on working in this area as an independent business. Project managers in Singapore receive an average monthly salary of S$16K depending on the skills they have; so when you become your own boss you can charge customers keeping this figure in mind.

• Outsourcing support

Businesses can hire a third party to perform tasks that are usually performed by the company’s staff. For example, if the specialist who accepted the support request feels that the knowledge they have is not enough, they redirect the call to the third-party specialist. That specialist answers the most common questions, thus, outsourcing support can relieve the customer’s company from standard questions, thereby taking on the main work of communicating with potential clients. Working as an outsourcing specialist allows you to improve your customer service skills as well as develop deeper knowledge in a field you are asked to provide support with.

• Grant Consulting

If you have a familiarity with grant issuing procedures and practices, know how to find and compile the necessary estimates, submit an application and receive grant funding, you can build up a consulting business as a grant specialist.

• Fund management

In today’s environment, advances in technology and online platforms have made it increasingly possible for entrepreneurs to delve into the world of fund management without the need for a traditional office. If you are well-versed in financial strategy and skilled at managing investments, then this is the right opportunity for you. With the ability to generate significant income from the convenience of a home, you can professionally manage financial assets on behalf of investors. Please keep in mind certain licensing requirements that can be applicable to investment-related businesses, depending on the model and scale.

2. Translation services

Singapore is a hub for trade and commerce, making it the perfect place to start a translation business. With so many global businesses operating in the city-state, there is a constant demand for high-quality translation services. A translator in Singapore can expect to earn starting S$3,500 on average every month, depending on the complexity of the job. 

Translation businesses do not require any certification, however, it is always best to have certificates such as  ISO 9001 or individual certification by the relevant organizations. For example, a certificate of “Accredited Professional Translator from Chinese to English” can be issued by the Singapore University of Social Sciences.  A compiled portfolio of previous work is beneficial too. This will give your clients the confidence they need to trust in your work.

3. Video editing

If you have a knack for creativity and attention to detail, you might want to think about starting a video editing business. In today’s business world, video has become a key marketing tool for companies, big and small. More and more companies implement video production as a part of their marketing strategy, so the demand for professionally produced videos keeps growing.

Companies charge from $200 per hour for a simple video shoot up to a few thousand dollars for a completed video clip. If you have the necessary video software skills and good communication skills, you have good chances of penetrating this market.

4. Bookkeeping

If you have the experience and expertise, you can generate an income of at least $50,000 per year from your bookkeeping business as a single owner/accountant. With more staff and solid marketing strategy your income in this field can be much higher. With many affordable online accounting systems, you can easily manage your bookkeeping business from home. Bookkeeping is a profitable field in Singapore, where you can charge per transaction or a fixed monthly rate.

When embarking on a small business venture as an owner, you might discover that engaging the services of external accountants proves more beneficial than assembling an entire in-house accounting department. Your services can help businesses maintain impeccable financial records while navigating Singapore’s evolving business landscape.

5. Writing Blogs

A blogging business is where you write and publish different types of media content on your blog website. Blogs are usually updated frequently, which allows you to interact with your readers. You can earn gently from your blog through affiliate links, ad networks and selling digital products on your blog. Blogging requires time and effort to become profitable.

Such a venture is especially beneficial to those who are looking at diverse writing careers. It serves as a foundation for developing your writing and content skills, as well as establishing a dedicated fan base.

6. Digital marketing

With over 93% of Singaporeans owning mobile devices and having access to the internet, it’s now more important than ever for businesses to have a presence online. In today’s digital age, people all over the world look for products and services online, so businesses must have a digital marketing strategy. Such business owners need to be familiar with the latest trends, tools and techniques. By having a strong online presence, businesses can reach a wider audience and create more growth opportunities.

The best way to start with digital marketing business is to get familiar with Social Media Marketing (SMM). More than 84% of Singapore’s total population uses social media platforms, making its integration into your digital marketing strategy a logical choice.

7. Affiliate marketing

Affiliate marketing is a type of online sales tactic where companies allow third-party affiliates to sell their products in exchange for a commission. It’s one of the easiest businesses to start because there’s no need to create your products – you can simply promote someone else’s product and earn a commission from every sale you make.

According to recent statistics, more than 80% of businesses that have an online presence offer affiliate marketing programs as a way of boosting their sales. If you wish to start your own affiliate marketing business, follow these steps:

1. Identify products that solve a problem for your target market.

2. Promote the products through social media.

8. E-commerce

With the increased cost of marketing and the pandemic, many business owners are looking into eCommerce as a way to sell their products. It’s a great way to reach customers both locally and internationally. If you’re thinking about starting an eCommerce business, here are a few things you need to do:

• Research your target market. Who are you selling to? What do they want? How will you reach them?
• Find a niche market. Don’t try to be everything to everyone – focus on a specific group of people and give them what they want.
• Create a great product or service. This is the foundation of your business, so make sure it’s something people will actually want to buy.
• Build a website or online store. Your customers need somewhere to actually buy your product, so make sure your site is user-friendly and easy to navigate.
• Promote your business online. Use social media, SEO, and other digital marketing techniques to get the word out about your eCommerce business.

9. Social media management

A social media management business is a great option for those looking to be their own boss, as it requires very little start-up capital. By designing social media management packages with appropriate pricing, and advertising on your platforms, you can attract customers and begin to build your business. While not required, a social media management certification can help to increase confidence and trust in your business.

10. Pet grooming

You may be surprised at how much you can do every month by keeping animals clean and well-groomed. The pet grooming business promises stable profitability as the demand for services in this area is constantly growing. With an increasing number of pet lovers who treat their pets as family members, offering professional pet grooming services has become a necessity. You do not need any specific qualifications to run this business, however, having an official certificate will increase the trust of the clients. With a supporting document, you will also be able to build a reliable customer base, which is a key factor in ensuring the stability of your business.

To get started, simply register and pick a business structure that defines your goals. With so many different dogs and cat breeds in Singapore, there’s sure to be a market for your services. Offer well-priced packages and advertise your business through word-of-mouth or online. Before you know it, you’ll have a loyal customer base of furry friends!

11. Debt collection

In order to start a debt collection agency in Singapore, you first need to register your company with the Credit Collection Association of Singapore (CCAS). You can offer services for personal or corporate debt recovery. With such a large number of businesses currently operating in Singapore, you’re almost guaranteed to find clients willing to work with you.

12. Graphic design

As the number of online businesses continues to grow, so does the demand for high-quality visuals. If you’re skilled in programs like Photoshop, Illustrator and InDesign, starting a graphic design business could be a great way to earn a living.

Graphic design is a relatively low-cost business to set up, and you can charge a decent hourly rate to produce great results for your clients. If you also have coding skills, you’ll be even more in demand by business owners.

13. Create online courses

There are quite a few benefits to running an online course business. Owning your online programs brings in regular income even if a long time has passed since its creation. If you have confidence in a particular field, such as sales, languages or business marketing, you can easily start with individual sessions on these topics. Over time, when your courses begin to grow in popularity and income increases, you can open a course center and enter the global market.

Once you’ve created your program, you can sell it through education platforms or on your website. And if you’re a creative person, there are endless possibilities when it comes to online courses.

14. Build an audience and monetize it

Monetizing your following is a great way to make some extra money. If you have a large and engaged fan base, you can use social media to monetize your following. You can opt for sponsorship, creating in-feed ads, and selling merchandise.

15. Professional photography

If you can capture perfect compositions, you can consider starting a photography company. As a professional photographer, you can offer a variety of different services such as family photography, wedding photography, commercial photography or fashion photography. To promote your services, building a dedicated website would be your main priority. Posting on social media and having your own portfolio, can boost your chances of starting a successful photography business.

Start with your business plan and be as detailed as possible. It may include elements such as:

• A description of the services you provide and who they are suitable for.
• Thinking through a solid marketing strategy where you consider factors such as branding, social media presence, pricing and sales tactics.
• The process of tracking your business performance and adapting to the local market.

Next, build your network. The more people you know, the better your chances at promotion are. Actively participate in local photography communities, attend industry events and collaborate with other professionals to expand your network.

Lastly, register your business. It is a very easy process in Singapore and we’re here to help you with it.

16. IT support

Mobile IT support services are ideal for businesses as they allow employees to work remotely from home. To start this type of business, you will need to be certified and have experience in dealing with common IT issues.

To get started, you need to register your IT support business and brand it. Advertise your business online and offline to reach as many potential customers as possible. With advanced technology, you can offer your services both locally and internationally.

17. Dropshipping

Another low-cost startup business idea to consider in 2024. As a retailer, you do not need to keep the goods in stock, you only need to transfer orders and delivery details to the supplier, who directly ships the goods to the buyer. Create your web page or use social media platforms to attract buyers and find a reliable supplier to start your dropshipping journey.