This is a golden age for the business in Sri Lanka, an age of financial transition and progress. Every businessperson knows that a flourishing economy is the perfect time and place to invest. The country’s economy has been constantly progressing, achieving higher ranks than ever at global competitiveness reports.
It’s a good time for you to start picking up some business ideas to make your dream business a reality. Here’s a list of some good business ideas you could use.
Ideas and opportunities
Travel and tourism industry
Tourism is a major income for a rising economy, especially in a country island located in the Indian Ocean, right by the famous Bay of Bengal. It is one of the leading industries in Sri Lanka. That makes it a smart place to locate small businesses such as restaurants, hotels, travel agencies, business management companies and any kind of tourism-related businesses.
Popular country islands are the perfect place to run a travel agency and to offer several services for the tourists, so if you’ve been thinking of places to start a tourism business, you should definitively consider Sri Lanka as good option.
Technology and technical assistance industry
A cell phone is the most used personal gadget nowadays. Smartphone industries are huge and they’re growing even more, reaching new places and innovating everywhere. Businesses like technical assistance services (repairing and maintaining cell phones, laptops, tablets, etc.) are really prosperous and have very high chances of success.
And, of course, technology production is a very profitable market as well. As competitive as it is, technology demand is rising as fast as the global population. If you have good ideas and plans for business in the technology production industry, these are the perfect times to implement them.
The age of technology has brought along a wave of opportunities for transportation businesses. Companies like Uber have taken transportation services to another level. In a beautiful country island, where tourism is the leading industry, transportation services are a constantly growing market. Anything from bicycle, bikes and car rentals to taxi and transportation services, anything related to transportation innovation, means a good chance to succeed in growing economies.
Real estate industry
You can make profitable businesses in the real estate industry, whether as an investor or as a real estate agent. There are many ways to make money flow in the real estate industry, and it’s also a large-profit sector. By becoming a landlord, for example, you could own properties and rent them out to make them productive businesses, or else you could invest in property management if you’re not comfortable with owning properties.
The market of the real estate industry is rough, but extremely competitive. That means there is always a place for new businesses to help the market grow.
Information Technology industry
As an effect of globalization and scientific, informational and technologic advances, the IT industry has grown to be essential for security and financial management. Using information technology, businesses have the ability to view changes in the global markets far faster than they usually do. They purchase software packages and hardware that helps them get their job done.
Rising economy in Sri Lanka also means technology business growth and need for Information Technology to be able to protect and update businesses. This is a great opportunity software developing, software management and networking security businesses to boost up from the ground.
Farming and agriculture industry
Sri Lanka’s economy highly depends on the agricultural industry. The primary form is rice production, occupying 34% of the total cultivated area in Sri Lanka, although the land is very fertile and capable of producing 80 different varieties of fruits and vegetables, and cultivating oil seed crops such as coconut. Greenhouse and livestock farming are also high-demand industries.
Sri Lanka is the 81st export economy in the world. Its bigger exportation’s come from coconut-based products, rubber production, tea and spices production, food and beverage production, agriculture and technology. India, United States, the United Kingdom, Germany, and Italy are Sri Lanka’s bigger export destinations.
Importing is, of course, another great business in Sri Lanka. Vehicles, Vehicle Spare Parts, Rubber items, Electronics, Fertilizer, flour are some of the most import items in the country other than Petroleum ( Which is directly imported by the government ) .
Textile production and apparel industry
One of the biggest influences of economic growth in Sri Lanka is the design, manufacture and export of textile and apparel products. Textile industry employs around 15% of the country’s workforce and it’s responsible for 50% of the country’s total exports. Relative to its population, Sri Lanka is among the top apparel-producing countries in the world. These are the perfect conditions for entrepreneurs to start small, prosperous and profitable businesses in the textile and apparel production industry.
Translation service industry
As tourism grows bigger and people from more countries are interested in visiting Sri Lanka, translators are desperately needed in the market. The country’s main commercial allies are the United Kingdom, the United States of America, China, India, France and Italy, so the market is wide and open for translators of almost any language. For visitors, it will be appropriate and useful to have Tamil and Sinhala translated to their language.
As the economy grows and the market expands, more and more young people are interested in studying something useful. New talent demand is rising higher and the number of institutes and private education services is also growing with it. They offer young people certificates and diplomas in the areas that can provide the most financial success, such as IT services, tourism, business management, social media management, technology repair and technical assistance services.
Time to start your business !
Not for nothing, Sri Lanka is often called the pearl of the Indian Ocean. The country’s rising economy shares a lot of opportunities for entrepreneurs. It’s time for you to start planning the business of your dreams.