Top 5 Businesses That We Didn’t Know Will Be a Hit in Singapore
The bustling city state of Singapore is touted as an attractive destination for both business and pleasure. With its strong economy, world-class infrastructure, business-friendly policies, government grants, and flexible markets, who wouldn’t be inspired and encouraged to set up a business in one of Asia’s Four Tigers?
Yes, it’s indeed fast and easy to open a local business in Asia’s Financial Hub. However, that doesn’t mean you’re guaranteed of your success. The mere fact that their economy is so open and welcoming to all budding entrepreneurs all over the world, it must already serve as sort of a warning that it is going to be one hell of a ride. To simply put it, entering Singapore’s market is easy, but surviving or better yet, thriving sure is going to be challenging.
So let’s make it a little less complicated. Regardless of all the perks and benefits of opening a business in The Lion City, at the end of the day, business is still business wherever you are in the world. There are always going to be risks, obstacles, perks, tough competition, and lots of surprises. Nothing is ever guaranteed - even in Singapore.
To give you a clearer picture of what exactly are we talking about, your company incorporation Singapore experts here at Enterprise Assurance PAC have hand-picked 5 of the top businesses that we honestly didn’t know will be a hit in Singapore.
Here are those 5 businesses that will surely make you say, “Why didn’t I think of that?”:
Best example: Ninja Van
Everybody knows that logistics play a vital role in any economy. Almost all types of businesses rely on shipping and deliveries, in one way or another. Not to mention, there are already major players in this industry. So who would’ve thought that opening a small logistics company in Singapore will really be a hit?
Ninja Van initially provided logistics solutions to small local businesses. However, what really made them successful was their decision to partner up with the most prominent online retailers in Asia - Lazada and Zalora. They definitely made the right move of providing innovative pickup and delivery options for the increasing number of eCommerce businesses in the country. They have entered the technology-driven market at the perfect time.
2. CONCIERGE SERVICES
Best example: Honestbee
Providing personal shopping and assistant services has been going on for many years now, especially in countries and cities that are bustling with on-the-go professionals and business people. But many would still argue that hiring a personal shopper isn’t that popular as it’s expected be. Some say that you must really be super rich and super busy for you to afford such services on a regular basis. In addition, those people who we considered to be rich, actually enjoy shopping for clothes, shoes, accessories, gadgets, and whatnots for themselves.
Just like in Singapore. Providing personal shopping services didn’t really become a hit. Locals who have buying power opt to do the shopping themselves as a way to unwind, take some time off work, or reward themselves for their hard work.
But Honestbee has proven everybody wrong by taking a spin on the traditional personal shopper services. They made the right call of focusing on the ‘necessities’ instead of the ‘luxuries’ in life. They provide their customers the ultimate convenience of shopping and delivering their groceries, at the exact time they need it. Combining the strengths of eCommerce and personal assistant services, Honestbee has indeed captured their niche market in Singapore. Busy professionals and business people in Singapore can now come to a home stocked with the groceries and other essentials they needed without the hassles of doing shopping after work.
Best example: Ryde Technologies
Most if not all people all over the world know that Singapore has one of the best public transportation systems in the globe. So who would actually think that Singapore is in need of additional or better transportation services?
True enough to prove their gut feel, Ryde Technologies is now one of the popular multi-million companies that were once just humble startups. To give the market something different from the traditional taxi and car rental services, they have thought of the best idea to promote carpooling in Singapore. It doesn’t only provide transportation options but more importantly, they provide solutions for problems on congestion and pollution.
Entering the Singapore market even before GrabHitch and UberPool, RYDE has definitely chosen the right time to serve clients that are now more obsessed with apps and social media, but at the same time already concerned about caring for the environment.
4. BEAUTY SERVICES
Best example: Vanitee
For many decades and centuries, it’s been a known fact that women are simply obsessed with beauty. Of course there had been numerous changes in tastes and trends, but the need for beauty services remains the same.
As Singaporean locals and expats live busier, more hectic, and more complicated lives, this business have truly found a way to make beauty and wellness more ‘within reach’ for both men and women of today. The founders of Vanitee aimed to help not only the busy people of Singapore but also the small and independent beauty businesses and professionals in the country.
As consumers become more inclined to get online and in-home services, the makers of Vanitee provided an online community marketplace for people who wish to get their beauty and wellness fix but just don’t have the time nor strength to do so. Vanitee simply makes sure that everyone gets to treat themselves once in awhile with on-location or in-home beauty services such as manicures, facials, and more.
5. NICHE E-Commerce
Best example: ServisHero
As today’s consumers possess at least one gadget and has access to the internet, the eCommerce market in Singapore becomes more stable and more specialized than ever. And because everything can now be bought online, it simply isn’t enough that you put up an eCommerce website for anything-under-the-sun. If not too long ago many believe that the more product offerings a business has, the better, well the game has now definitely changed. What we’re trying to say is, if you will be able to find the perfect market, the right niche to serve or cater to, you’ll definitely be on your way to success - just like ServisHero.
The founders of ServisHero have indeed found a way to battle the numerous eCommerce retail sites. Their niche is to target consumers who are in need of services, instead of products. So if you need have your house painted, your A/C fixed, or your party planned by professionals, ServisHero will be the one to connect you with the pros or service providers nearest you, who best fit your needs. ServisHero doesn’t only make the lives of Singaporeans a lot easier but more importantly, it also helps pros and service companies get more clients faster and easier.
A well-researched, well-funded, and well-planned business doesn’t automatically guarantee you success. And at the same time, a small, out-of-the-blue, and humble startup doesn’t mean always lead to failure. What we’re trying to say is, as with any kind of business that have thrived in Singapore, entrepreneurs have always started with acknowledging the 50-50 chance of success and failure. As no one ever really knows what’s going to happen in the future, all you have to do is try your very best and do everything it takes to reach your business goals. Besides, every business success story has at least 2 things in common: faith and perseverance.
Want to speak with experts about your business idea for Singapore? Well, look no further than your friends here at Enterprise Assurance PAC. We’ll help you with everything you need to turn your ideas into reality here in Singapore. We provide business advisory, accounting, finance, and company incorporation, among others. Call us today!