Do you reside in Barbados and you need ideas for starting a business? Here are top 10 small business investment opportunities in Barbados.
Barbados is located around the western area of the north Atlantic and approximately about a 100 kilometres east of the Windward Islands. Barbados became an independent state in the year 1966, it also went ahead to become a commonwealth enclave in the same year. This country has a population of approximately about 277,821 people.
Barbados is definitely part of the Caribbean and it has been authoritatively adjudged as a hot tourist destination area. It is the 51st richest country in the world in terms of the GDP per capita. It has a well developed mixed economy with several business opportunities for investors.
History therefore has it that the economy of Barbados has been highly dependent on sugarcane plantation and other similar activities. However from the 70’s up until now, the tourism sector seem to have taken the lead as foreign exchange seem to very favorable for this sector.
So, if migrating to Barbados is uttermost on your mind or you are presently seeking to known the various business opportunities that abound in the country then you may as well take a cue at the following list of ventures you may consider investing in.
Best Business Investment Opportunities in Barbados
1. Tourism and Hospitality Business
Since the tourism sector is one area that has helped the economy of the Barbados, then you may also want to cash in on this. This means that you must take a cue from the existing tourism and hospitality business as well as go through the various processes involved in setting up tourism coy.
This is one business that has remained a money spinner over the years. Good news is that you are assured of a good level of assistance by the appropriate authorities involved in the tourism and hospitality sector.
2. Information Technology Services
The information technology sector all over the world is one area that various government take seriously because of the level of development it has brought all over the world. You too can tap into this flourishing business in Barbados by starting an IT services business. You make consider the software development nice, as well as the installation area.
3. Financial Services Business
If you are a trained expert in the financial matters issues then you may want to consider starting a financial solutions company as a consultant. This is one business area that has continued to soar in Barbados and you too must leverage on the various advantages and opportunities that can be gained.
4. Manufacturing Business
Barbados is one place where you can find one of the most conducive environments to set up a manufacturing business. There are loads of industries there already and the market is very wide to accommodate more. However, you must decide on what you want to manufacture. This may include; crafts, toys, gadgets and what have you.
5. Ship Registration Business
The Ship registration business is one venture that has been existence since the late 40’s. However, in the year 1970, it became a member of the international Maritime organization (IMO). If you have always had a penchant for the maritime industry or you just want to invest in this Sector then you must be rest assured that this is one sector that is flourishing.
6. Pharmaceutical Business
All over the world, there would always be the need for medicine and various medications. Therefore, if you are a pharmacist or have a passion for the pharmaceutical business; then you may consider this line of business. Barbados economy is very favorable and can accommodate this sector.
7. Renewable Energy Business
This is one sector that is new in the Barbados but as well has lived up to expectation. If you are considering investing a business in this sector then you can think in the line of renewable energy. This means that you must be sure of what you want to embark on first before making the move. However, profit is surely guaranteed when the right steps are taken.
8. Graphics Designing Business
If you are a trained graphics designer of have a passion for designing stuff, then you may consider starting a business in this line. Barbados boasts of good graphics designers who are ready to help take your designing needs to the zenith. You too may tap into this business to make good profit like others.
9. Digital and Telecommunication Business
This is one area of business you can be sure that can make you good profit. There are lots of telecommunication businesses that you can take a cue from. This type of business although require a huge investment, but you can be rest assured that your returns on investment wouldn’t go down the drain when you do the needful things,
10. Call Centre Business
The call centre business is yet another business that can guarantee you good profit in Barbados. Amongst the services you may consider rendering include; accounts receivable management, help desk, customer service, inbound and outbound sales, hospitality reservations, healthcare/insurance as well as order processing amongst other services.
These are some of the business opportunities that can be invested in when you are in Barbados. Please note that dabbling into any business whatsoever no matter how lucrative or not, requires that you do a thorough market research to know what you may likely face.
You can also consider asking a consultant help you with drawing up a good business plan that can aid you through building your business.