‘Maybe for most of you, you will be alright’: Small retailer worries his business may go down after just 1 or 2 bad months; urges people to ‘think hard’ before starting a business

Singapore's corporates, households, and financial institutions are well-prepared to handle economic uncertainties, according to the Monetary Authority of Singapore (MAS) in its recent Financial Stability Review. However, small businesses are feeling the strain of high costs and low consumer spending. One small retailer selling home goods expressed his concerns on the r/singapore discussion forum, stating that his business could go under if he experiences just one or two bad months.

He acknowledged the increasing costs of renting, manpower, logistics, and goods, which have made it difficult for him to keep his prices competitive. The retailer has been seeking debt management options and even negotiating with the banks. He admitted that the situation was serious enough to consider restructuring his debts or even declaring bankruptcy, though he remains employed and earning an income.

The small business owner emphasized that starting a business in Singapore is a risky endeavor due to high rental costs, expenses, and risks. He advised potential business owners to "think hard" before pursuing entrepreneurship.