10+ Best Businesses to Start in Singapore | 2024

When starting a business in Singapore, deciding which business field you want to run is quite challenging because Singapore has a diverse business landscape. To overcome this, we have made a list of some best businesses to start in Singapore for you.

Singapore has a strategic location, strong infrastructure, and business-friendly policies that attract multinational corporations, startups, and entrepreneurs from around the world.

In the Global Innovation Index (GII) 2023, Singapore secured the 5th position out of 132 economies assessed according to their innovation capabilities. 

Key sectors that drive Singapore's economy include finance and banking, information technology, biotechnology, logistics, tourism, and manufacturing.

In addition, Singapore's reputation as a regional hub for innovation and entrepreneurship has spurred growth in emerging areas such as fintech, e-commerce, renewable energy, and smart city solutions.

This diverse business ecosystem offers many opportunities for individuals and companies looking to establish or expand their ventures in Singapore.

This article will help you explore some of the best businesses to start in Singapore that apply to all kinds of business scales.

10+ Best Businesses to Start in Singapore 2024

Singapore’s economy ranked in 1st place out of 16 countries in the Southeast Asia, East Asia, and Oceania region in GII 2023 according to their innovation capabilities. This shows that the business opportunities in Singapore are incredibly high.

But, what is the best business to start in Singapore? To find out more about some of the profitable best businesses to start in Singapore, let’s take a look at the full explanation down below.
 

1. E-commerce Business

E-commerce is the best business to start in Singapore as the number of e-commerce users in Singapore is expected to continue increasing between 2024 and 2029 with a total of 1.3 million users (+35.81%).

The increase in the number of e-commerce users presents a lucrative opportunity for entrepreneurs. 

With a tech-savvy population and strong digital infrastructure in the country, launching an online store can be very profitable.

Whether it's selling niche products, providing specialized services, or creating a unique shopping experience, the e-commerce sector offers a variety of paths to success. 

Moreover, Singapore's strategic location as a regional hub and its strong logistics network further enhance the prospects for e-commerce ventures to thrive and expand overseas.
 

2. Digital Marketing Agency

In January 2024, Singapore had a total of 5.79 million people using the internet. This high number of internet users in Singapore has led many businesses and brands in Singapore to use digital advertising as one of their marketing strategies.

Moreover, many businesses are increasingly aware of the importance of building and maintaining a strong online presence as the digital landscape constantly evolves.

Therefore, as a digital marketing agency, you can offer innovative solutions that are customized to meet the unique needs of each client. 

These services may include search engine optimization (SEO), pay-per-click (PPC) advertising, social media marketing, content marketing, email marketing, website design and development, online reputation management, and analytics with reporting.

By offering a comprehensive set of services, your agency can help clients maximize their online visibility, attract more customers, and achieve their business goals.

The great demand for digital advertising services makes digital marketing agencies the best business in Singapore that you must try.
 

3. Car Rental Business

Singapore is a popular destination for tourists and business travelers who love to explore the uniqueness and cultural diversity of the country. Many residents and visitors are looking for transportation to travel around according to their needs and routines.

As an entrepreneur, you can take advantage of this opportunity by providing a variety of car rental options to meet the needs of different customers by focusing on convenience and flexibility in renting a car for short-term or long-term use.

These services can include short-term rentals for tourists and visitors who want to explore the city or long-term rentals for expats and residents who need transportation for long periods.

You can also provide chauffeured services for corporate clients and special occasions, airport shuttles, and drop-off and pick-up services.

In addition, offering a diverse collection of vehicles, including economy cars, luxury cars, SUVs, and vans, can also help you attract a wider customer base and suit a variety of preferences and budgets.

By providing the best customer service, your business can survive and thrive in the Singapore market and that is why it is the best business to start in Singapore.

4. Event Planner

Event planners are promising small business ideas as Singapore is a thriving business, entertainment, and tourism hub, which hosts a variety of events, conferences, weddings, and social gatherings throughout the year.

In this business area, some services you can offer are event conceptualization and theme development, venue selection and booking, budget management, logistics coordination, catering and menu planning, entertainment booking, decoration and design, audiovisual production, and many more.

Additionally, you can also offer specialized services for certain types of events such as corporate events, weddings, conferences, product launches, and social gatherings as unique ideas to attract niche customers.
 

5. Travel Agent

In 2023, Singapore welcomed a total of 13.6 million international visitors, primarily originating from Indonesia, China, and Malaysia. This number shows that opening a travel agent business is one of the most profitable small business ideas in Singapore
 

As a travel agent, you can offer a wide range of services to cater to the needs of travelers, including booking flights, accommodations, transportation, tours, and travel insurance.

In addition, you can provide personalized travel itineraries, visa assistance, and concierge services to enhance the overall travel experience for your clients.
 

6. Delivery Services

As e-commerce and online businesses continue to gain popularity, there's a growing need for transporting goods globally.

To make this delivery business even better, you can provide a variety of services such as same-day delivery, express delivery, and scheduled pick-ups that can meet various customer needs.

Whether it's grocery, package, or food delivery, providing reliable and timely delivery solutions can increase customer satisfaction and loyalty while tapping into a growing market segment.

By providing the best customer service, you can expand your delivery services business opportunities in the Singapore market and make it the best business in Singapore.

7. Flower Shop

If you love plants and flowers, becoming a flower shop owner is one of the best businesses to start in Singapore for new entrepreneurs.

Opening a flower shop is suitable for new entrepreneurs due to its relatively low startup costs and flexibility in operations. Additionally, the demand for flowers remains steady, making it the best business to start in Singapore.

As a flower shop owner, you can provide a variety of services such as selling fresh flowers, floral arrangements for various occasions like weddings and events, delivery services, subscription services, and personalized floral designs.

As a tip, you can try offering additional products like plants, vases, and gift items can attract more customers and boost revenue.

8. Laundry Services

With busy lifestyles becoming increasingly common, many people find it difficult to fulfill their laundry needs. This phenomenon creates a demand for convenient, full-service laundry services.

When starting a laundry service business, you can offer services such as regular wash, dry, and fold services for everyday laundry, as well as specialized services such as dry cleaning for delicate or formal wear.

In addition, you can provide stain removal treatments to effectively tackle tough stains and ensure the resulting clothes are clean and fresh.

The business can also offer pick-up and drop-off services further enhancing convenience for customers, allowing them to pick up their laundry and return it to their doorstep.

Therefore, with many people in Singapore in need of flexible laundry options, laundry services are the best business to start in the Singapore market.
 

9. Pet Care Services

Based on a pet ownership survey conducted by Rakuten Insight in January 2022, about 33% of respondents in Singapore reported owning at least one pet, while half of the respondents reported not owning a pet.

The percentage shows that the demand for pet care services is very high which makes it another best business to start in Singapore.

When opening a pet-sitting service business, there are a variety of services you can offer to meet the needs of pet owners in Singapore.

These services include pet sitting and pet grooming services such as bathing, brushing, and hair trimming to keep pets clean and healthy. Your business can also partner with veterinarians to offer veterinary services, including medical care and check-ups.

10. Care Services for Old People

Care services for old people is the best business to start in Singapore as Singapore had approximately 717.84 thousand residents aged 65 years and older in 2023. Singapore is also presently among the fastest-aging societies in Asia, alongside Japan.

As an entrepreneur, you can offer a range of services such as assisted living facilities, home care services, medical assistance, companionship, and recreational activities tailored to the needs of the elderly.

In addition, providing specialized care for conditions such as dementia or Alzheimer's disease can meet specific demands in the market and set your business apart. 
 

11. Cleaning Services

With a growing population and a large number of residential and commercial properties, there is a constant demand for professional cleaning services to maintain hygiene and sanitation standards. 

Thus, offering a wide range of cleaning services such as regular house cleaning, office cleaning, carpet cleaning, and specialized cleaning for industries such as healthcare and hospitality can meet the diverse needs of customers.

You can also offer reliable and efficient cleaning solutions that can help businesses and individuals maintain a clean and healthy environment.

12. Beauty Services

The beauty sector stands out prominently among the most profitable and best businesses to start in Singapore due to the high demand for skincare, makeup, and wellness treatments.

As a beauty business owner, you can provide services such as facials, massages, manicures, pedicures, hair styling, and makeup applications that can cater to the diverse needs of clients seeking beauty and relaxation solutions.

Conclusion

Those were the detailed explanations about the top 10+ best businesses to start in Singapore by 2024. We believe this article has given you a great insight into the country's economic landscape.

When establishing a business, it is highly necessary to strategize effectively to stand out amongst competitors. You should collaborate with your team to devise and execute a marketing plan that distinguishes your business and boosts its visibility

Integrating SEO strategies into your business website can expand your reach to a broader audience. By creating SEO-friendly content, you can elevate your online presence, drive traffic to your site, and enhance revenue.

Given that SEO is a budget-friendly marketing solution, it is especially beneficial for small businesses that are mindful of marketing costs.

Explore how SEO Services by cmlabs can elevate your website business to new heights in search engines