New business opportunities in Singapore post-Covid-19

Dr Biz • September 25, 2020

There has never been a dearth of business opportunities in Singapore, and today is no exception. The global Covid-19 pandemic has hit the local economy hard, with an estimated 1 in 4 Singaporeans losing their jobs due to the crisis, particularly within heavily affected industries such as construction, services, accommodation and food. However, even during these dark times we have seen green shoots of business growth, with 1,132 firms joining the food and beverage sector alone in the first half of 2020 - a net gain of nearly 100 in one of the worst affected sectors of the economy.

With challenge also comes opportunity, though, and the Covid-19 pandemic is one of the biggest challenges the world has faced for close to a century. The pandemic is re-shaping the way that we all live our lives, with social distancing measures likely to herald a ‘new normal’ that is going to transform many business practices and services. Not least, the digital economy has been given a super-charged shot in the arm, with trends that were slowly coming to the fore before the pandemic, such as online meetings and remote working, now fully integrated into many business models.

The new, digital world

According to the World Economic Forum, an estimated 70% of new value created in the global economy over the next decade will be based on digitally enabled platform business models. The unprecedented disruption created by Covid-19 has accelerated the urgency for agility, adaptability and transformation in the digital world and business opportunities in Singapore abound for digital companies that lead the way in areas like education. Companies like Singapore’s Swords and Stationary, the world’s first game-based educational therapy programme, are well suited to meeting the unique needs of children with special educational requirements who may be suffering particularly from isolation.

As 47% of the world’s population remains unconnected to the internet, even just basic connectivity is an area ripe for innovation in the post-Covid world. With its advanced fibre-optic and 5g network capability, Singapore is well placed to find and disseminate solutions in this area. Local innovators include Mozark, an AI-based platform that helps enterprises and business owners monitor their networks across their branch office, buildings, and spaces from a single centralised console - a technology that has huge application potential. Pushing the envelope even further is Spacechain and NuSpace, who are taking advantage of satellites in space to build new digital platforms for supply chain and logistics, cybersecurity, AI, data, and payments and banking, and more.

Boutique gifting and retail

Finding new business opportunities in Singapore isn’t all about digital or space-aged solutions, though. In-fact, with so many people unable to be physically with their loved ones on special occasions now, sending gifts has become ever more important. Florists like local provider Bloomeys, which offers exquisite hand tied bouquets, have an opportunity to really differentiate themselves in the new post-Covid world. There are few times in life that a bunch of freshly cut flowers is not a welcome gift, but perhaps now more than ever.

Social distancing has also been a huge driver of ecommerce, with home-grown platforms like Lazada making record breaking sales in recent months as people have been unable to shop outside. While many may be fearing for the survival of small boutiques, this could in-fact be one of many business opportunities in Singapore for smaller brands that could make big cost savings on property rent that could instead be put into online marketing to create awareness of their offering. Singapore’s hugely successful boutique fashion brand Love, Bonito, for example, began as a blog for founder Rachel Lim. This meant she had little to no overheads, allowing her to grow a S $400 initial investment into a multi-million dollar franchise.

Home services

With people spending more and more time at home, tasks and chores that perhaps were once not so difficult have become more-so. This will create strong business opportunities in Singapore for established firms with long track records in providing the best services in areas such as cleaning and renovation. Local firm Mdm Chew, for example, has offered one of the city’s premier cleaning services for more than 10 years and with the need for good cleanliness and hygiene now paramount, a professional touch is ideal. Those that prefer to do their own cleaning are also well served by Mensch, a local firm with an innovative indoor laundry system that makes trying to time laundry in between rain showers and a busy day a thing of the past.

Navigating life in the new, post-Covid 19 world will not be easy. All over the globe people and businesses are having to adjust to an environment and situation not encountered in living memory. Through struggle, though, comes resilience and innovation. Those looking for a business opportunity in Singapore will not be disappointed. The City State’s reputation as a forward thinking leader in areas including science, technology and innovation, as well as a haven for good food and excellent service, will mean any business willing to change should find good opportunities here.

At Dr Biz, we provide tailored and comprehensive solutions for our client's business needs. From incorporation to accountancy, tax and payroll, to professional advisory services, we help businesses in Singapore assess potential risks and become more cost effective and efficient.

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