Singapore is a beautiful country with great scope for business start-ups. There are many reasons that act as the cause for this phenomenon. The strict regulations which ensure business security, the corruption-free system, the strong economy that gives business confidence, the start-up friendly environment and Singapore being a tourist hub, are some of the many reasons why one could start a business confidently in Singapore.
Singapore Tourism Board’s statistics show that tourism is one of the major reasons that help businesses thrive. The diversity and multiculturalism draw foreigners to Singapore to immerse in all of its glory.
Hence, the first lucrative business we will talk about is starting a new restaurant for example; basically, the food industry.
The boon for our country is that due to our multi-racialism, there is a plethora of food options from different cuisines and there are even delicious fusion recipes which entertain the taste-buds. Another advantage we have is that, in today’s day and age, there are so many trending diets like the Paleo diet, Pescatarian diet, Ketogenic diet, Vegan diet, so on and so forth. A food enthusiast who would love to start a restaurant can cater to these diets and design innovative menus that attract locals and tourist.
Starting up a restaurant is certainly not easy; it requires plenty of research, investment, patience and creativity. Choosing the right spot to set up the restaurant, designing the interiors, creating an absolutely unique and innovative menu, and creating quality food, are all essential aspects to cover in order to attract customers. With a good amount of investment and promotion, food outlets do amazing, considering how much Singaporeans are absolute ‘foodies’ and tourists are always willing to try new things.
The second lucrative and in fact a very socially beneficial business is setting up a tuition agency; basically, the education domain.
Tuition plays a pivotal role in every student’s academic life these days and it is mostly because of students not being able to cope with their challenging school-work. There are two types of external help in the tuition industry, namely private tuition and home tuition. Both has their own benefits, and students opt for whichever is the more comfortable option for them.
The payment rates for the tutor depends on how qualified the tutors are and how much of teaching experience they have. Tutors also charge their fees on an hourly basis and fees differs for students at different educational levels. To be more specific, primary tuition is the cheapest, and tertiary education tuition fees is rather expensive.
In conclusion, there is no right or wrong and there is no rule book defining what works and what doesn’t. The key to self-employment is really being aware of the status quo, being passionate about what you want to do and utilising things to your advantage. So, step out of your comfort zone, explore, and most importantly, stay passionate and work really hard to earn those bucks!
Author Bio: David Lim is a Private Tutor at ChampionTutor. And he is very willing to discuss how to live a stress-free life