Despite the recent global pandemic, you may still wonder how to be rich in Singapore might not be a faraway dream. If you’re wondering how to get rich in Singapore, you can start by learning ways to grow your money and prevent financial stagnation, along with tips on saving your income instead of splurging it.
Pick up personal tips on how to begin building your first million and the best small business ideas and opportunities in Singapore for foreigners, so that you can start your own successful business as an upcoming entrepreneur.
Things to Start Building Your First Million
Work hard, develop yourself, build your career
Working hard and improving yourself is critical in your mission to become rich. Elon Musk, one of the top billionaires and the third wealthiest person in the world, is proof of that. In an interview with Vator News, Elon Musk was asked for a piece of advice for entrepreneurs. His response? “Work like hell”.
Let others call you a miser… and save!
While people usually show caution when making big purchases, little thought is usually given to the smaller daily purchases. These smaller daily purchases can add up to big, damaging amounts. Pay closer attention to your daily purchases.
This is a great way to grow the money you worked hard to save up. Investing your money into stocks, bonds, real estate, and businesses allow your money to slowly increase over time. Without investing, your finances remain stagnant and you will miss out on opportunities to benefit financially. Remember to be patient and do your research when beginning to invest.
Just do it!
As Shia LaBeouf once is quoted as saying, “Don’t let your dreams be just dreams. Just do it.” (Also, Nike may have used this slogan a time or two!) Stop procrastinating on that project or being hesitant when it comes to starting something new. Motivate and push yourself. People who sit back and wait for things to happen never reach success.
Be disciplined and patient
While investing is crucial for growing your money, patience is just as important. Investing and growing your money is a long-term project, and your rewards are only reaped after many years. No one became a millionaire immediately, just like how Steve Jobs, one of the founders of Apple, took two decades to reach success.
Reduce chances of blowing your money
It is important to budget your income to ensure that you are not spending more than you earn. Use a monthly budget planner to figure out how much money you spend, and whether all of it is necessary. Prioritize your important bills and work out where unnecessary spending can be reduced, and you’ll be on your way to meeting your money goals.
[Subheading 2] Best Small Business Ideas and Opportunities in
Singapore for Foreigners
Starting a business in Singapore’s agricultural sector has recently materialized as an appealing option for many upcoming entrepreneurs. The importance of being agriculturally sustainable has been brought to light by the government with the announcement of “30-by-30”, which aims to produce 30 percent of the nation’s nutritional needs locally by 2030. This is supported by the recent government campaign “Singapore Food Story”, which aims to raise the awareness of having a resilient food supply and to increase support and demand for local produce.
This urgent need and demand for agricultural growth is one that many entrepreneurs can capitalize on. The government offers space for farms, such as agricultural land at Lim Chu Kang or rooftops of HDB car parks, as well as giving financial grants through the Agriculture Productivity Fund. Check out SFA’s “Starting a Farm” guide to help you get started on your agricultural business journey!
Biotechnology businesses focus on the application of biotech in medicine and agriculture. Biotech in medicine focuses on the production of vaccinations and antibiotics, while biotech in agriculture helps to create genetically modified crops to increase productivity and insect and weed resistance.
The government also allocated $4 billion in public sector research funding to be committed to the Health and Biomedical Sciences Domain. Our country’s thriving research ecosystem also urges many upcoming entrepreneurs to set up their biotechnology companies here!
Fast food eateries
Singapore is famous for its culinary diversity, a result of it being a melting pot of many Asian and Eurasian cultures. Many Singaporeans are also foodies who love to explore new cuisines and places to eat! The opening of A&W at Jewel Changi Airport saw many locals rushing to grab a bite and standing in queue for three hours. The same happened when Shake Shack opened, with more than 200 customers waiting for delicious burgers.
Opening up a fast-food eatery or even restaurant in a country with such a thriving food industry is bound to bring success.
Private transportation businesses have been skyrocketing in Singapore after the soaring success of Grab. Many have realized the convenience of hiring a private driver in minutes, with just a simple click. Besides Grab, other transportation services have been on the rise, such as Gojek, Comfort, and Ryde. These services often expand to food delivery services, which have been popularised due to COVID.
Join the ride and start planning your own transportation service in Singapore today!
Have a passion for cooking or baking? Many food lovers are starting their own home businesses where they cook, package and deliver their own food products. Whether it’s cupcakes, brownies, or even sushi, talented cooks are now utilizing the power of social media to spread the news of their tasty food.
Create an Instagram account and start displaying pictures of your decadent, home-baked goodies. The island’s ravenous foodies will be sure to discover you!
Electronics manufacturing and retailing
Parts made in Singapore can be found in almost every major electronic device today, with its ever-growing electronics sector. Singapore’s research institute also collaborates with the top industry leaders like NVIDIA and Micron Technology. Also, with the country’s focus on #SmartNation, investing business into Electronics Manufacturing would be a strategic move.
Online marketing and advertising
Today's world is clearly digital. Everything has become digitized, such as working from home, buying goods and services online, and social media. The importance of online marketing and advertising has never been greater! Strengthen your marketing strategy by going digital and promoting your products through means such as social media pages, using search engines, newsletters, and even advertisements on mobile applications.
Technology is a tool that you can utilize to efficiently promote your products ease.
If you have a knack for writing, consider freelance writing as a fun, flexible way to earn some money. Freelancing also allows you to control your own schedule, and decide whether you want to do it part-time or full-time. Working at your own pace in your own home also allows you to save on other expenses such as transport or outdoor dining. It will also help build your repertoire of skills on your resume to impress future potential employers.
Set up your blog on WordPress and start earning that extra money.
Laundry and dry cleaning
Individuals with hectic work schedules will benefit from laundry and dry cleaning service, as it relieves them of extra work they may not be able to handle. Before setting up your business, decide what kind of service you would like to offer. Some set up a home business, while others decide to rent and have a physical store. You will also need to decide if customers drop off and collect their laundry, or if you would like to provide a delivery service for their convenience.
With a customer base that is active and established, a laundry and dry cleaning business would be extremely successful.
Financial services are economic services that deal with the management of money. This is a lucrative business crucial to the economy and consists of banks, real estate brokers, and insurance companies. Starting a bookkeeping service or a brokerage firm could prove to be valuable and profitable!
Other options include a stock day trader, who buys stocks and sells them on the same day once a profit has been made. You could also choose to run an insurance or finance consulting firm that provides personal guidance to help clients grow their money.
There are many different options available when it comes to choosing a business within the financial service industry. Before you decide which type of business to launch, remember to do your research and choose what service you’d like to provide.
When wondering how to be rich in Singapore, follow these tips and take on the mission to build your first million. Select any of these lucrative industries to set up a business and watch your money pile grow. Remember, money doesn’t grow on trees, so be patient in your quest to increase your wealth.
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