The pandemic was no doubt a major global crisis. Aside from greatly affecting health, it also puts many people at risk of losing their jobs and businesses. Amidst a floundering economic climate, many businesses were among the largely affected sectors by the COVID-19 outbreak.
While not every business survived, some thankfully managed to go on. Today we’ll take a look at the businesses that persisted. What is still selling? What kind of products and services, despite the health and economic crises, manage to persevere as a business?
You’ll be surprised to know that enduring and prospering through small and profitable business opportunities is still possible in the short and long term, despite the current challenging business downturn.
You will have to sacrifice and demonstrate courage to start a business, but you will also enjoy the upsides of building a new business from the ground up.
For example, by starting your own online business today, you’ll be able to ditch your traditional 9 to 5 altogether, become your own boss, experience the digital nomad lifestyle, and make a significant income by doing what you love.
Discover these 15 popular small business ideas, as well as some insights for starting your own small business in Singapore in 2021:
- Online Marketing
- Managing Social Media
- Graphic Designer
- Web Designer
- Virtual Assistant
- Editorial Work
- Fitness Coaching
- Affiliate Marketing
- Freelance Accounting Service
Online marketing is an umbrella term under which several subsidiary business models are classified. One of them is Search Engine Optimisation (SEO) services, a sub-category of digital marketing. The other is PPC or pay-per-click advertising, a form of internet marketing that uses paid search services (often through Google AdSense) to send traffic to a website.
If you’re skilled in anything that involves using a multi-channel approach in various e-commerce platforms, converting prospects online, market research for online business, and getting constant engagement, this is a high-demand service that you can offer.
Due to the pandemic, people are spending more time online, and their engagement with each business in Singapore is currently at an all-time high.
Because a bigger customer base is essential to the success of any business, online marketing is an important part of their overall business activities. This makes it one of Singapore’s most lucrative and profitable business opportunities.
An e-commerce business is one of many ideal small business ideas you can use to earn money. This is especially true if you already have in retail. With this business model, you can sell just about anything from snacks, merchandise, and general knickknacks.
In fact, having a strong digital market for most businesses. It’s not unsurprising to see a big business with many physical storefronts also have an online shop on the internet.
The primary reason e-commerce is a good business model is because digital integration is the natural evolution of commerce. Customers like the convenience of being able to make purchases from their homes.
Social Media Management
Another of the common small business ideas in the digital era is managing social media. The multiple social platforms on the internet present a new frontier for marketing, and many companies have their own respective socials as another arm in getting their brand known.
As a social media manager, you earn money through various means, including creating regular content, running Facebook ads, interacting with your client’s audience, and more, often leading to social media marketing.
Being in the business of social media, any prior experience with running an account, and being familiar with how a given platform’s algorithms work is a big plus. A good business approach is always to be aware of new trends, memes, and how it applies to what a platform has to offer.
Good marketing is the lifeblood of any business, and with marketing comes the need for eye-catching visuals to attract an audience. This is why graphic design among our list of the best small business ideas.
As a designer, your work may involve display ads, either physical or digital, social media graphics, logo designs, and many more.
Going freelance might take a while for a big client base, but a long-term freelance design business is viable. Any background in design will help, but otherwise, you can learn through the various online courses or self-study.
The continued digitisation of businesses includes having to build online identities. More than social media pages and searchable Google addresses, the best way for any business in Singapore to plant a footprint is to have a website. This is why web design is important.
There is no shortage of businesses that require the assistance of web designers. What’s more, part of being hired as a company’s designer means you can be paid a retainer for website maintenance.
Remember that, much like graphic design, your client’s insight is important; as such, it’s your job to marry their ideas and your knowledge.
Another growing business opportunity is becoming a virtual assistant. Many businesses found online require administrative work that they won’t be able to utilize without an office; as such, they outsource it from others.
Part of the job of virtual assistants centres around taking correspondences, data entry, managing your client’s schedule, scheduling appointments, and more.
This small business idea allows you to work from home and earn income full-time or part-time, even as a student. You can also work for multiple employers at the same time, especially if you have a knack for compartmentalizing.
The demand for this line of work is likely to increase as pandemic demands more remote work, and you also don’t have to generalize your skills and choose to specialize in a particular business niche.
Another way to maximize your business profit margin is to venture into editorial work.
Write relevant and engaging content for your blogs, emails, and online advertisements. May also include book writing, ghostwriting, technical writing, and more.
Copywriting is a way of crafting words that engage an audience that wants to be part of your brand. It can be gratifying to know how to make a unique and interesting statement that engages your market.
Editing is a more comprehensive task in which you actually go through the entire document, rearrange it, make corrections, and so on. Proofreading focuses on finding and fixing specific mistakes like misspellings, grammatical errors, confusing semantics, and more.
Freelance writers can create a highly flexible work schedule while earning money. Let’s assume you don’t have any experience writing, and you’re starting from a blank page. By creating a blog or website, you can showcase your own work to clients to demonstrate that you have some writing experience.
In addition, it allows you to practice writing content on your own where the stakes are a little bit lower. It provides a little bit of freedom to write your own content, get experience, and build an online portfolio while you’re not obligated to create paid content for clients.
Washing clothes is something that everyone does daily, so it only makes sense to offer this service for people who would rather spend the time doing something else. For this reason, it’s a considerable addition to a list of profitable small business ideas.
For busy people, cleaning bedding, curtains, cushions, and couch covers are also essential tasks. Such chores are not all feasible for everyone. By using this popular business opportunity to your advantage, your finances can benefit positively.
Compared to other small business ideas, however, getting started with offering professional laundry cleaning services is quite capital intensive, as you will need to invest in high-grade laundry equipment to maintain good business.
The good thing is there will be no shortage of demand, especially if you set up shop in a populated area.
The rise of e-commerce and online shopping demands the transportation of goods, and the pandemic has made this need more prevalent.
Physical products, especially in bulk, require delivery services to get them from suppliers to a customer. As such, landing it among the most popular small business ideas on a global scale.
While there is high demand, starting a delivery service will require a lot of capital for vehicles and other equipment before beginning operations.
Fitness Coaching Services
Fitness has always been a prevalent concern, especially in the digital age of social media profiles. But now more than ever, in a pandemic where a personal health concern can easily put one at risk, maintaining health has become an essential part of people’s lives, including Singapore citizens.
You can bank on this desire to be healthy and fit and offer fitness training. Singapore, in particular, has observed a wave of workout-from-home practices which you can make use of.
While in-person sessions are more difficult, you can always go the online route. You can require payment upfront and use online marketing by offering videos, zoom sessions, meal plans, email newsletters, and other digital elements to upscale your business.
- Affiliate Marketing
Affiliate marketing is a form of marketing that requires you to direct an audience to an affiliate link. You can do this in many ways, such as blogging and social media accounts on Facebook and Instagram.
This link leads to a product, service, a survey conducted by your client, and more. You may earn a commission once the desired action is accomplished or when the link is clicked by someone who came from your content.
Affiliate marketing is great, especially if you already have an established online presence. It also doesn’t require a large amount of capital, but you may need to direct much effort into marketing your content if you are starting.
A common line of work these days is through live streaming. You can do various activities over the internet, such as playing video games, creating artwork, or simply hanging out with your friends for people to watch.
Livestreaming doesn’t require much capital, if at all. The problem lies in how to attract a regular audience. Find your niche, market yourself, and create unique content to get yourself a loyal following, but you can always follow trends and see what clicks.
Freelance Accounting Service
If you have the talent to keep track of numbers and calculate profits and losses, you should consider offering your services as a freelance accountant.
Your job description will be focused on maintaining your clients’ bookkeeping and keeping their finances in order.
A considerable requirement before offering this service is having taken a CPA course. If you already have that, you work with multiple clients to earn more income. Usually, SMEs will only need minimal accounting only for clearing basic financial matters.
Another type of e-commerce is dropshipping, which is similarly running an online store without holding any inventory. This business involves taking orders from clients and forwarding those orders to suppliers.
As a drop shipper, your main job is to be both middle man and marketer. Your job is to attract business while suppliers focus on production.
Dropshipping shares the benefits of e-commerce, with the bonus of the cost involved in starting a dropshipping business not being very heavy. Your primary capital will be spent on your chosen e-commerce platform and investing in marketing techniques.
As a photographer and/or videographer, part of your job is to capture physical representations for commercial purposes, often with the addition of post-production editing.
Part of this includes capturing food, events, weddings, and more. It may even include working with advertising companies for product or endorser shoots.
If you take up photography and/or videography, it’s likely something you’re already passionate about. However, the current condition of avoiding physical events may affect demand.
- Figure out what kind of business to run. The first step is choosing a business. It can be something you’re passionate about or a profitable venture among the above list of small business ideas.
- Work on your capital. Figure out how to finance the entire project from incorporation to management.
- Create your website. A big part of establishing your company’s identity is creating a website. This not only gives you legitimacy but allows potential clients to find you.
- Decide on the business structure. Figure out how you will run the business and how you will handle the administration of your staff.
- Register your business. Starting from your company’s name to the details of the Board of Directors, every aspect of your business needs to be registered.
- File the necessary paperwork and taxes. There may be permits, documents, and taxes that you need to file before operations.
Ultimately, the success of a business depends on the effort and financial stability throughout its growth phase. Once you decide on a business model, always remember to determine how much money you want exactly.
If you have a great business idea but cannot get financial backing, you can get a business loan from the Singapore government or other financial institutions. Read up on our Complete Guide: How to get the best SME business loan in Singapore for more information.
A small business loan is useful for many benefits, ranging from launching business ventures to raising working capital for existing businesses for expansion and buying inventories.
We anticipate the pandemic to come to an end soon so we can go back to normal, but what can you do as a small business owner to make sure your business not just survives but flourishes?
Business loans have helped numerous small business owners secure financial security. They are a great way to take your company to new heights, whether increasing production capacity, upgrading equipment, or expanding into new markets.
So if you’re looking for financial services, Fortune Credit business Loan is the way to go. As one of the leading moneylenders in Singapore, you can trust us to solve all your business financing needs.