Top 5 methods to Identify Business Opportunity in Singapore
Written By Business Takeover Aug 18, 2021
Top 5 methods to Identify Business Opportunity in Singapore
Singapore’s market is massively huge with full of opportunities for people willing to invest in their businesses. Although it could be challenging, at times, seeing the competition is pretty tough; nevertheless, the vast industries have provided enough room for hundreds of thousands of business owners investing in Singapore, making it a global business hub.
However, is it really a lucrative decision at the moment to buy business in Singapore, knowing the current Covid-19 pandemic has disrupted the economy?
Well, the answer is…
“Dig deep & pull the roots of confidence from the ground of your being, standing firm in the raging storm until sunlight blossoms inside you.”? Curtis Tyrone Jones
Not attempting to enlighten your soul here, of course. Just believe in your idea and start working towards it, and the next thing you know…success awaits you.
5 Ways to Identify a Business Opportunity in Singapore – Hub for Business!
With a productive idea of generating good revenue by buying a business for sale, the selection of the industry could be a question to behold. The recent situation was so unpredictable that the futuristic industries that were thought to be elevating went down, whilst companies that were struggling prior to the global pandemic went up insanely, such as delivery services.
So you know the business growth and profitability are never guaranteed. You will always find advanced technologies bringing new competitors into the industry. So to cope up with constant market instability, one must define a framework to seek a business opportunity in Singapore. To do this, it is mandatory you comprehend your company’s business direction. To stand your ground, you must have enough knowledge of the strengths, resources and capabilities of your company. Let us examine some key factors to identify opportunities in the market.
1. Market Trends in Singapore
You may have noticed millionaires possess so much knowledge of the current affairs of the market, if not the whole world. The reason is they want to keep educating themselves to stay one step ahead of their competitors. The benefit is that so many ideas are produced a day, and hundreds of innovations come into existence with that one vision. That is the mind of a business person. You need to step into the business world with that mindset.
Although you do not have to be a rocket scientist to analyse the market. Once you have a good understanding of your idea, assess the consumer needs and how various companies are fulfilling their necessities. These companies are your competitors, so you need to identify where they are lacking; fill that gap.
So basically, you are researching all the information about the business ideas and collecting the data about the wants and needs of the target customers, identifying market trends in Singapore. Once you find your way out, your next step is to deeply analyse your customers.
2. Identify Your Target Audience
Once you have set all your objectives, your customers are the second most significant factor that can guarantee you success; observe them. Talk to your customers directly and send out surveys with your idea to know how your business would possibly work in the current market.
If you fancy presentations, invite people to a free seminar or a meeting. Discussions work well in understanding an idea.
Questions that may help you understand your audience:
- Do you think we are missing something concerning our service/product?
- Could we enhance any of our current features?
- Would you suggest any complementary services, if anything’s missing?
- Do you think our competitors are doing better than us?
- What made you buy our service/product?
- Where did you hear about us?
The last questions can help you figure out ways to promote your business in a better way. Listen to everything your customers say about your industry, services, products, their experiences, feedback, frustrations and complaints.
This is valuable information by your audience that can conveniently help you identify a business opportunity to develop and expand.
3. Analyse Your Competitors
A business takeover in Singapore is a challenging task, and keeping yourself abreast of your competitors is the one thing that can facilitate you in surviving all the market adversities.
For a competitive analysis, some of the relevant questions you need to be asking are:
- Which of your competitors are growing, and what are the possible reasons?
- What are they offering, and where are they lacking?
- What is their value proposition?
- Who our competitors are targeting, and how?
- What competitive benefit do we have over them?
- Which partners and suppliers are they working with?
Knowing your competitors’ weaknesses and strengths can help you build a stronger company’s objectives. Analyse your competitors in every aspect. If they are present online, auditing their online platform can bring more clarity.
4. Understand the Market – Define Your Objective whilst Conducting Market Research in Singapore
Having a detailed knowledge about your customers, competitors and the overall market is undoubtedly perfect, yet the insights are strictly bound to certain individuals. What we need is a bigger picture! Remember we are here to buy business – it is a great deal. It does not matter how big or small it is; what matters is the effort and enthusiasm towards it. If you lost that dedication because of one obvious mistake, recovering the motivation would be arduous next time.
Questions you need to figure out during your market research in Singapore’s massive business industries:
- How profitable is the target market?
- Is it growing or shrinking?
- How many people in the market buy?
- Is there anything stopping people from buying?
- How competitive is the industry?
- Are there any signs of new competitors?
- Could there be any alternative solutions in the near future?
5. Environmental Analysis – Covid-19 Gave Opportunity to Lots of Online Businesses
The analysis of the environment can also identify market opportunities. How? Look around yourself how things have rapidly evolved within a few years. Covid-19 has given people so much wisdom in understanding the business environment. The regulations two years ago for businesses were different than today – prior to the pandemic. If you take a survey of a small business for sale, let us say coffee cart, you would know how the demands have changed.
So all the business environment factors mentioned below may affect businesses in specific ways:
- Scientific developments
- Technological advancements
- Industries regulations
- Trade policies
- Cultural and social norms
- Economic shifts
Another practical example for a better understanding is smartphones and the internet. With this advanced technology, companies have introduced business models such as Uber and Airbnb. Though the economy has been hit hard during the past years, the digital industry has been immensely elevating.
You may have gotten the idea of which industries are perfect to jump in right now. Do your research and begin taking action on the plan.
“Success is in the hand of a person who is willing to try.”