More often than not, business is all about identifying gaps in the market, taking the opportunity, and investing strategically to get returns for your invested time, money, and effort. And when it comes to investments, Singapore is among the top 10 best countries to invest in. While the South Asian country has plenty of investment opportunities waiting for you, this information is out there for the world to see; meaning that the competition will be quite stiff in a few years if it’s not already so. But there are still some untapped areas of business with a huge return potential in the country, social needs being one of them. You just have to identify and fill the gaps. To jump into it already, here are 5 tips to finding a business gap in societal needs in Singapore.
- Do your research
Whether you’re considering starting a new business or you have an existing business looking for more opportunities and leads, you have to conduct thorough research to identify gaps in your market. Research would include going deeper in your area of specialization, observing, and brainstorming for ideas from peers or contacts who’ve been there before you. It may also involve going out there in the field and having direct encounters with your target and potential clients in the society to determine what their needs, wishes, and preferences are or what they think would make their social lives better.
- Study the demographics
Demographics are highly important when looking to invest in any area, especially when trying to identify new gaps in the market. In Singapore, for instance, the country has been struggling with low birth rates and an ever-increasing aging population over the past few years. This means that new business opportunities that are more promising will be the ones that provide services or products that seek to solve problems or offer solutions for the aging population as their primary target consumer. The aging population, in this case, is more likely to have societal needs such as health services, home care, and mobility, among others.
- Liaise with charity organizations
Charity organizations mostly seek to solve certain social needs. However, most of these organizations are overwhelmed or underfunded. Liaising with such an organization can be of great help when seeking social business opportunities in Singapore.
- Study your potential clients
Before you even think of investing your money into what you consider a gap in the Singaporean societal needs market, it’s crucial that you take the time to study your target and potential clients in and out. Remember, you’ll probably be competing with charity organizations, well-wishers, and donor associations. You have to know your customer right, understand what they’d appreciate more, and what they’d feel at ease spending a few dollars on.
- Study your competition
Last but not least, you have to study and keep assessing your competition to make it in almost any business. As a matter of fact, you’ll need to know what your current or prospective competitors aren’t offering the society, where they’re going wrong, and how you can do it better.
With the above tips, you’re better off as a new or existing investor in the Singapore social needs industry. However, remember that there are quite a number of regulations you have to fulfill for you to legally operate such a business. In case you’re not sure how to go about it, companies such as the Sandhurst Consultancy Pte Ltd are always there to help you out.