Are you planning to run a business and you are a young start up founder in Singapore?
Singapore is one of the best places to start up a business snow because of the government support that you can get and also the wealth of funds based in Singapore looking for the next Facebook and instagram.
But starting a tech business is tough , so we are planning to make suggestions for you to start your business journey and give you some pointers.
In Singapore Starting a tech company is tough, there is a lack of very good engineers and most startups will be looking for young engineers with very little experience. That being said there is also the issue of high manpower cost in Singapore, Technology start up do get lots of start up funding from the government and also venture capitalist and this allows the startups to cover those short fall up by being able to employ more qualified and probably older tech professionals to assist. The market in Singapore is small , so if you are looking at reaching out to the consumer market you may be in a state of low outreach because there are just not that much people to reach out to for your business.
Starting an education business is good money in Singapore, this is because Singapore is a very meritocratic country and doing well in school is a must to get good jobs or to have jobs with the government and this allows you to charge high rates for tuition classes or for supplementary educational documents for them. If you are able to deliver good results, you are prepared to get even more attention from the customers.
Food business may seem easy to do in Singapore but you may have a shock of your life. Manpower is hard to come by and if you are in the sector of food and drinks, the long hours will discourage the young from assisting you with the workplace. You have to pay really top dollar to get them and this is something not all start ups can afford and would definitely discourage many people from taking this up.
One should explore consultancy in Singapore, there are many old business owners who are not able to catch up with the times and if you are able to bring their companies into the 21st century and solve their problems and allow them to still run their business well and bring good income, it will mean that they can pay you top dollar to continue to consult them.