Starting a business at home can be quite exciting.
You get to call the shots, work from your favourite location (your home!), and enjoy the perfect work-life balance.
Most importantly, the growing accessibility to the internet is reducing the barriers to entry, allowing a home-based business to enjoy an international presence!
However, such aspirations only bear fruit if you have a solid business idea to back it up. If you are looking for inspiration, here are a few profitable ideas for opening a business in Singapore from home:
Sell handmade items
The craft industry has been relatively great for entrepreneurs. Hence, starting a small business that explores this niche can be a good idea.
The demand within this sector stems from a sense of individualism by modern-day customers seeking something unique from their mass-produced counterparts. Plus, the “slow movement” has also offered a push to local artisans.
You could be good at baking, jewellery making, or even composting for that matter. So if you have a gift of creating and weaving wonderful “everyday” products, monetise it to your benefit.
All you need to do is to find your niche, study its market, and curate an interesting product line. As for the actual selling, you can market products in Carousell, Etsy, Amazon, or social media platforms.
Buy in bulk, sell at retail
Purchasing items in bulk and selling them at retail prices from home is not rocket science. But this home-based business idea works well if you have resources nearby.
Say, for instance, you live near a charity shop that sells pre-owned clothes. You can purchase the clothes in bulk and thrift those online.
And if you recently went on an international trip to India and bought a lot of spices, you can sell the excess for profit.
So as long as your products are easy to store and ship, you can make your home an inventory of in-demand goods!
Also, if you are not a fan of holding inventory at home, drop-shipping could be a more convenient home business setup for you.
Offer digital products or services
Singapore is the ideal hub for freelancers and agencies. There is a pressing need to get online, be it for companies or individuals.
So another business idea you should consider is offering digital products or services. It’s the perfect industry for tech-savvy entrepreneurs and web experts.
You can create a useful app, build unique software, or provide online marketing services like SEO or content writing.
Get gaming!
When you think of opening a business in Singapore, gaming may rarely be at the top of your mind. However, the eSports industry is thriving which you should leverage on!
As an illustration, the Free Fire World Series hosted in May 2021 attracted a peak viewership of 5.4 million – making it the most-watched eSports event of all time!
Streaming live gameplay can be an excellent way to start your business. To add, broadcasting will not only improve your skills but also earn you a notable following you can monetise later.
Plus, you can participate in tournaments, partner with brands, and get freebies even if you do not end up in the big leagues.
BONUS: 7 Tips to Starting a Small Business in Singapore
Now that you have a few ideas in hand, starting a small business in Singapore may not seem that intimidating after all! But before you proceed on this journey, here are a few entrepreneur tips to bear in mind:
- Even though the cost of setting up a small business is low, do not underestimate your initial capital investment. Keep sufficient margins ready as it may take some time for it to break even.
- Create a business plan to stay focused on your core objectives – even when you grow.
- Register your small business if you settle for an LLC or S-Corp in place of a sole proprietorship. You will also have to apply for Home-Office permits and other licenses.
- Set aside a dedicated space for your at-home business to minimise distractions and to manage inventory efficiently.
- Get active on forums, clubs, and online groups with other entrepreneurs to get insights and trends in the business world.
- Check out various government schemes and incentives (e.g. the Home-Based Business Scheme) and apply for the associated benefits.
- Finally, develop an effective digital marketing strategy to let people know you exist.
READ: 6 Marketing Hacks that’ll Boost Your Ecommerce Revenue
Take the first step now
Leveraging these ideas for home-based small businesses in Singapore, you can live the “choose a job you love, and you will never have to work a single day of your life” dream right from where you live!
Find what works for you, stick to your target market, and do not compromise on quality.
Pair these values with astute management, and you will soon watch your home business grow into a brand.
