Finding the Right Business Location in Singapore

Singapore provides entrepreneurs with a diverse range of location options based on their specific needs. Available locations include financial and business districts, suburban offices, industrial parks, and government-managed properties. Entrepreneurs can also set up a home office or lease a factory, retail, or commercial space. In addition, businesses in the food and beverage, manufacturing, private education, private healthcare, retail, and transportation and storage industries may be required to obtain government premise approvals. 

Here are some key considerations while choosing your business location in Singapore:

Demographics

The extent to which you conduct research in this area can range from simple to complex, general to specific. When it comes to the location of your startup, you must consider not only the demographics of your target clientele but also the local demographics of the people who work, pass through, or shop at your proposed location.

There are sophisticated location analysis tools available to help you with this, such as traffic patterns and competitive analyses. These tools, of course, have a cost. However, it would be a worthwhile investment for your startup in the long run.

The Singapore government also assists startups in their search for a location. They can provide you with a comprehensive list of the types of traffic generated by the various locations based on the needs of your business.

When conducting demographic research, consider nearby establishments and the type of foot traffic they provide. Are these appropriate for your company? Do the surrounding businesses or the district itself attract your type of customer, and is it in a location where they would like to do business with you? Find out and look for a location that says “Yes” to all of those questions.

Locale’s History and Image

Singapore is well known for its thoughtful and well-planned urban planning. That being said, certain areas in Singapore have distinct personalities that reflect the businesses that occupy them. Therefore, districts have been established and are tailored to the companies that call them home.

Whether you need to be located in the heart of Singapore’s financial district in the Marina Bay Financial Centre or in a suburban office like those in Tampines, Jurong Lake District, and Paya Lebar, there are a variety of options to find a commercial ground that is suitable for your company’s requirements.

If your company is engaged in innovative and environmentally friendly industrial activities, you can obtain some government assistance. For example, Singapore has government bodies such as HDB and JTC Corporation that offer industrial land and space options to industrialists who contribute to high-value-added industrial activities in the city-state.

So, when deciding where to locate your business, consider the characteristics and style of your company and whether they match the various business districts in Singapore.

Competition

Aside from looking at your neighbors, you should also consider who your competition will be. If you haven’t decided on a location yet, consider your company’s future competitors. Look at where these businesses have established themselves. What can you learn from their locations, and would setting up a shop near them be a boon or a curse for your business? Contrary to popular belief, locating your business next to or across from the competition can be a good thing.

Many experts believe that locating near your competitors is the best option. Why? It is because the traffic they generate can be beneficial to your business. If you’re lucky, you might even be able to save money on marketing by piggybacking on their efforts. Of course, this is most applicable to shops and restaurants. It can, however, be applied to other businesses.

You may not need to spend money on location analysis if you can research your competitors and determine why they chose to locate there. Then you can decide whether those reasons match your criteria for a location. Because your competitors work in the same industry as you, their location criteria are likely to match yours.

Visibility

A well-researched and planned strategy must be used when selecting your location. This includes ensuring that your storefront is visible from major roads and landmarks and, in the case of Singapore, is easily accessible from a Mass Rail Transit (MRT) or Light Rail Transit (LRT) station. In addition, examine the map of Singapore’s train system to see if your list of potential locations is easily accessible to your target market.

Consider positioning your shop or kiosk near a popular restaurant or shopping mall. This will allow you to benefit from the consumer traffic generated by nearby establishments without having to pay exorbitant rental fees. Of course, consult the guidelines for this type of setup before you decide.

Operation Style

The appearance and feel of your business space are also important. First, you must decide what kind of business you are running with your startup. Will your operations be primarily formal, strictly business professional, or relaxed and casual? Next, your company’s location should reflect its image and style. Does your business blend in with the nearby landmarks, shops, and/or offices? Is it noticeable, or does it stand out like a sore thumb? For example, if you work in retail, do you want to open a traditional store, or will you operate from a kiosk or a booth? Will it be an indoor shop (like in a mall) or an outdoor shop?

Intellectual Property Rights Protection (IPRs)

Singapore recognizes the importance of intellectual property rights protection in supporting an innovation-driven economy. As a result, it has a comprehensive set of intellectual property legislation that is widely regarded as among the best in the world. Singapore has consistently been ranked in the World Economic Forum’s Top 5 countries for its IP protection strength.