Every young entrepreneur & businessperson wants to earn extra income apart from their primary business. Not only them, the people doing full-time jobs wish to earn extra income. And they all search for a side hustle work/business.
This trend of doing side hustle business along with your current full-time profession has grown significantly globally. This trend is now in demand in Singapore as people are searching for side hustle businesses to earn extra income.
In 2022, more than 50% of Singapore’s population are running a side hustle business, and the rest are searching for a side hustle business. In this blog, we will walk you through the top business ideas and trends in 2023 in Singapore that you can take up as a side hustle to earn extra income.
Top Side Hustle Business Trends for 2023 in Singapore
If you haven’t decided which industry you want to go into for a side hustle business, then you don’t have to research online, as we have listed below the best side hustle business ideas for 2023 in Singapore.
The one industry that suffered severely during the pandemic in 2020 was Hospitality Industry. After that, this industry has again returned to the top and alluring entrepreneurs & full-time job employees to take up Hospitality as a side hustle business.
You can set up a restaurant, cafe, or bakery by utilizing a vacant room or kitchen at your home or a small online food delivery business from your home.
To take up the hospitality industry as your side hustle business, you first have to consider how to make your offering stand out from competitors to make it unique.
You must brainstorm about your target audience, the products you will offer, and how you will personalize the experience for your audience to make your brand unique and make the diners visit your business for that one experience that will enthrall them towards your business.
Merchandise is another trending side hustle business in the restaurant industry in Singapore. You can promote Health merchandise to entice customers to buy your products.
Ensure to retain customers because the hospitality industry primarily focuses on customer retention. You must deliver the best & unique experience to the customers; their feedback will be a vital boost for your business.
In 2022, more than 2 billion of the world’s population has done online shopping, which will increase in 2023. The E-Commerce platform is the first preference for nearly 30% of the world’s population. Singapore contributes over USD 5 billion to the world’s e-commerce market. These figures will cross USD 6 billion in the next five years.
These figures are enough to justify why selling on E-Commerce platforms like Amazon, eBay, & Alibaba is one of the pre-eminent side hustle business trends for 2023.
To set up your business on an E-Commerce platform, you must first consider the products you will sell online. It’s pretty easier to find out that. You need to go on E-Commerce platforms, check the list of most sold products, and understand the products that consumers demand the most, the products that are in trends and will be trends. All these factors will help you determine your product offering, and accordingly, you will evaluate your target audience.
The vital thing that drives the E-Commerce industry is the personalization experience. You must ensure to give the users a personalized experience & offer the products that they are demanding to drive more users’ attention.
E-Commerce Industry is one of the best option for side hustlers to start their own business online and operate it from home.
Another top side hustle business after Hospitality & e-commerce is Web design, also known as website (web) development. Web development is one of the top trends to watch out for in 2023.
Many entrepreneurs & businesses are taking their operations online and need web development. Web development must be the first side hustle business priority for those with the required skills & knowledge for web development.
Many businesses are hiring freelancer web developers, web designers, app developers, & app designers for web development and even app development.
Other things to watch out for apart from web development is the web optimization that businesses are focusing on to improve their website page loading speed, accessibility, & mobile optimization. Your skills will come in handy & you can earn a handsome income in this side hustle business.
The most underrated business preference is “Risk Management.” Risk Management is one of the prominent side hustle business trends for 2023 in Singapore.
Risk Management involves understanding, analyzing, & managing different types of business risks to help businesses & companies minimize threats & maximize opportunities. Risk Management aims at anticipating possible vulnerabilities and mitigating them. Risk Management is adopted by several industries across the globe.
It is one of the prominent trends for side hustlers to take it up for earning a potential side income. In the last five years, Singapore has given more emphasis on the company culture & companies have started hiring freelancers & full-time employees for risk management.
Apart from Risk Management, companies look for freelancers for pre-eminent ideas for driving business growth, stabilizing the supply chain that got hampered during the pandemic in 2020, sustainability, cyber security, and more tasks.
If you have the required skills, you have a golden opportunity to earn a substantial side income from this trend.
Sales & Development
Sales & Development are two vital areas of every business. Sales & Development work hand-in-hand. They aim to drive business growth & generating significant revenues. Every business is concerned with the amount of revenue generated at the end of the day and the profit earned.
Your task will primarily involve
- identifying potential leads,
- creating a sales strategy,
- converting leads into sales, and
- generating revenues for the business.
If you can contribute to this and help businesses make their sales strategy successful, then this is an excellent side hustle business option for you. You will be earning amazing side hustle income in your hand.
We recommend going for this side hustle business trend only if you can handle sales pressure and have the mindset to drive business sales numbers upward.
After reading the blog, you must have been familiar with Singapore’s side hustle business trends for 2023. You might have figured out the trend you would like to go with for earning side hustle income. However, if you need any assistance regarding business advisory & consulting, personal income tax filing, or incorporation of your business, then Bestar Services is here for you.