5 Business Ideas to Avoid Doing in Singapore

5 Business Ideas to Avoid Doing in Singapore

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The pros of being an entrepreneur seem to be obvious. No-one tells you when you should get up in the morning, when you can go home again, how much work you must do every day, whom you need to call, etc. There is no-one supervising you, no-one prescribing what you need to do. There is no-one threatening you by firing you, either. You are so to speak your own boss. You decide how much money you want to make and how hard you need to work in order to get there, you are the one who makes all decisions, you are the one who decides what to do or not do. Despite all of these pros of being self-employed and therefore your own boss, there are also cons of doing that within the scope of the Singapore economy. In this article, we’ll take a brief look at the business opportunities in Singapore that, at first glance, might seem enticing, which, however, might not be as good of an idea as one might think.

Private Gyms

There are private gyms probably in every of the 190+ countries that exist nowadays. Many of them do tend to succeed. Unless you are a established company or have lots and lots of capital to invest in your business after the company incorporation in Singapore has taken place, you are going to have to take into account that one indeed does need solid funding and capital to invest in marketing in order to succeed. The rental also tends to be expensive and so if you are starting on a low budget and are inexperienced, it’s a better idea to find something else.

General Bookstores

Everyone knows what a bookstore is. It is a place you can go to in order to purchase books of your interest. What is a general bookstore? It is a shop which sells all types of books without focusing any area of human knowledge. This is very different from niche bookstores, which focus on only a small area or sub-section of knowledge. For example, politics, nutrition, finance, you name it. An even narrower option would be politics of Singapore, or protein nutrition, or financial derivatives.

The bottom line is that while general bookstores might attract more traffic, this traffic is not going to be as highly-converting as in the case of a niche bookstore. Every tenth visitor, or twenty-fifth, or fiftieth, might purchase something, whereas when you run a niche bookstore, the people entering the bookstore are already familiar with you are selling and enter the store on purpose. They are way more likely to purchase something.

Small Cafes

It is the dream of many college students, or young people in general, to want to form a company in Singapore that deals with selling tasty coffee. It is a good idea to begin with, however, when you start you’ll soon experience the reality that might seem harsh to many and that is, there are so many people who’ve had the same idea before you. You are going to stumble into thousands of other coffee sellers, some of whom might be located near you and who are more established than yourself. Also, as was already mentioned, the rental tends to be expensive in Singapore and landlords are known to raise the rental if they sniff out you coffee shop is doing fine. If you own a place, then that’s a different story, but please be advised that if you are just starting out and need to rent out a place, it’s going to be pretty difficult for you to do well.

Small Tuition Agencies

Registration of company in Singapore is easy, the hard part is to know what to sell and then do it right. What do I mean? I mean if you are in the educational arena and want to make money by teaching others something (such as a small tuition agency), you simply need to know more than others do. The fact is, there have been many cases of highly-educated MOE-qualified teachers who separated from their original employers and decided to start their own small tuition agency. If you are a new one, you will need to compete with these people. Unless you offer your services for ridiculously low prices, you will need to be equally qualified and be able to run a marketing campaign in order to let people know of your offerings.

Interior Decoration

It seems like a fascinating idea to register a company in Singapore that orientates on interior decorating. However, the reality is that the people who just built or bought a house want to save as much money as possible because they likely had to purchase the object for quite a sum. If you set a price on your interior-decorating service, it is not likely to be justifiable, because the owners of the property would rather hire someone else to do the work for them for less money. For example, it is very easy to put a dollar value on a painting, much less so on picking the right colors. The decorating aspect is much more subjective. So unless you have a great reputation and have been doing this for many years and people come and knock on your door by their own choice, you are going to have difficulty being successful in this area.

Article contributed by Paul Hype Page & Co

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