New business and side hustles ideas to start in Singapore
If you’re looking for a way to supplement your income or start your own business, a side hustle could be the ideal solution. Singapore is a vibrant city with a thriving business environment, and many new and innovative business ideas are gaining traction. Side hustles have grown in popularity in recent years as people seek ways to supplement their income while pursuing their passions. In this blog post, we will look at some of Singapore’s most popular side hustles and new business ideas, ranging from e-commerce stores to freelance services and everything in between. Whether you’re a full-time employee or a student looking for a way to supplement your income, there’s bound to be a business idea that matches your skills and interests.
E-commerce
E-commerce is a popular type of side hustle in Singapore. With the rise of online marketplaces such as Lazada, Qoo10, and Shopee, it is now easier than ever to launch an online store selling goods or services. Fashion and accessories, home and living products, and food and beverage items are some popular e-commerce ideas in Singapore.
Freelancing
Freelancing is another popular side hustle in Singapore. Writing, graphic design, photography, and web development are examples of such services. Freelancing allows people to work on their own schedules and take on projects as they become available. It can also provide a flexible source of income for those with in-demand skills.
Pet Service
Pet services are also becoming more popular in Singapore. Pet grooming, pet sitting, and dog walking services are in high demand as more people own pets. For those who love animals and have experience caring for them, starting a pet service business can be a great side hustle.
Food business
Home-based food businesses are another popular side hustle in Singapore. There is a growing demand for home-cooked meals and snacks as food delivery services such as GrabFood and Deliveroo grow in popularity. Home-based food businesses can range from baked goods to specialty dishes and are an excellent way for food enthusiasts to turn their hobby into a profitable business.
Do I need a business account to start a business?
In managing finances, it is ideal to open a business account to keep personal and business finances separate and make financial transactions easier to manage. Mixing personal and business finances may seem like a practical way to manage a new venture. This approach can quickly cause headaches as the business grows. Having just one account means more exposure to risk when a financial issue arises – your business could impact your personal assets, and vice versa.
Furthermore, all types of business ownership structures in Singapore are required by law to have a business bank account. Regardless of the type of side hustle whether an online shop, food business or consultancy, having a business bank account is essential for managing finances aside from complying with legal requirements. When selecting a bank for a business account, it is critical to consider fees, location, and available services. Some banks provide customised solutions for small businesses and startups, and it is worthwhile to compare different options to find the best fit.
