What do you think about Great Business Idea for Expats in Singapore?

Expat life can be great: warm (sometimes sunshine), often a great exchange rate so a higher standard of living can be enjoyed, all the comforts of home with the delight of living within a different culture.

But no matter how great the life is, there are some home comforts that just cannot be done without, whether it is a cup of your favourite tea, a custard cream, or a jar of Marmite. If you are an expat with a little money to invest, why not set up a company offering these nostalgic treats to like-minded compatriots who are also looking to remember 'home' with fondness even as they enjoy their new exotic home?

Me? Run a Business? I Wouldn't Know How…

Setting up a business used to be a serious business, but today the process has been streamlined and simplified so that almost anyone can run a business as long as they have a good product or service, basic common sense, and enough money to invest in their first lot of stock.

Of course, most businesses are now online, which is an immediate saving both in outlay for rent, overheads and salaries, and also in the knowledge of payment of rates, legal responsibilities to employees and the paying of various taxes and levies that salaries and wages are subject to.

Running the business online means that all you will need is some storage space for your goods – you will probably have to import the items and then try and sell them to eager fellow expats as not many people will be prepared to order and pay for a jar of marmalade and then wait up to a month for the container to arrive!

Any logistical problems can be sorted over time, and you can do some market research beforehand to see approximately how many products you can expect to sell at any time and plan your ordering from there. Do be aware that people change their mind or suddenly become unable to afford items that they insist they will buy from you: allow for about a quarter of the promises to buy to not be fulfilled and you will probably have a more accurate idea – err on the side of pessimism before committing yourself to unwanted expense.

If You Are Computer Literate You CAN Set up an Online Company!

The worst thing an online business can do is play fast and loose with their customer's information, preferences and – worst of all – their financial details. This can make people wary about setting up an online company, but there is a very simple and secure solution.

Use a purpose-designed platform to set up your company and features like secure payment pages, order links, and so much more comes as standard. You could opt for a company like Shopify Singapore which is designed to be used by small traders and large ones alike. Platforms like this are ideal as they offer a range of choices so you can personalise your online shop, while still ensuring that all the minutiae of business is taken care of.

So if you are an expat missing some of the comforts of home and looking for a little something to occupy your time and earn you some pennies on the side – why not think about offering those products to your friends and colleagues.

Comments

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7.5
Richard
ELITE
572 comments
10 January 2019
Great article here on setting up your own business. some good ideas I never thought about. Thanks for sharing.

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