Top 10 Profitable Small Business ideas to Start in Sri Lanka
Sri Lanka has shown a lot of character in revamping its struggling economy after an unfortunate civil war in May month of 2009.
While governments have always done their part, residents need to embrace aggressive entrepreneurship so that the country goes further ahead on the path of progression.
Here are the 10 best and profitable business ideas that we think shall inspire Sri Lankan entrepreneurs to start their businesses.
1. Airport shuttle service
More than 1 million international tourists are being received by Sri Lanka annually through airplanes. These tourists require transport to be able to move from airports to their holiday destinations and vice versa. Keeping this need of tourists in mind, interested persons can open a shuttle service business in Sri Lanka.
An airport shuttle service business doesn’t demand you more than a vehicle in good condition, driving skills, and of course, a driving license. This business can be operated on a part-time basis as well.
2. Allergy translation cards
Those who look for work in Sri Lanka’s growing tourism industry but are on a budget may consider an allergy translation card making business. Allergy translation cards tackle away language barriers.
Allergy-sensitive tourists use these cards to convey the restaurant staff to avoid food that causes allergy to them in their native language.
3. Eco-Tourism business
There are many destinations like Sinharaja Rain Forest, Buttala, Knuckles Mountains, etc. that are being passionately explored by tourists for adventure travels.
Suppose you live up near any such place that offers an excellent prospect for such trips. In that case, you could consider starting an ecotourism business to educate visitors about the site, community, and environment and hence get paid.
4. Tea production
Sri Lankan is one of the best agriculture business ideas that enjoys tremendous demand in overseas markets, particularly in Iran, Pakistan, the United States, etc. However, the local tea production capacity hasn’t yet reached its full potential.
Prospective entrepreneurs can export revenue into the country while exploiting the easy availability of ideal geographical and climatic requirements for tea production in Sri Lanka to the fullest.
5. Tobacco production
Even though people, whether those who live in Sri Lanka or anywhere else in the world, know that tobacco kills, they smoke.
Domestic demand for tobacco in Sri Lanka is so spectacular that even thousands of suppliers can’t match it. More tobacco production units are thus required in the country.
Aspiring entrepreneurs benefit from land availability, which supports tobacco production and cheap skilled labor in Sri Lanka.
6. Coconut production
Sri Lanka ranks fifth in the production of coconut commodities in the world. There are many commercial uses of coconut, such as deodorants, toothpaste, body lotion, and many other products.
Coconut cultivation can become a significant catalyst in the Sri Lankan economy’s growth as coconut demand, and its value-added products are high internationally. Unfortunately, due to drought conditions, the local supply is struggling to meet this tremendous international demand.
Sri Lankan government needs to search for ways to avoid the expected effect of drought on coconut cultivation. That would ensure the control of local prices and the avoidance of losses incurred when a ban is imposed on coconut export.
7. Value-added textile products
The textile industry has been the cornerstone of the Sri Lankan economy over the past four decades. However, the involvement of local entrepreneurs in the textile value chain is shallow.
Many value-added textile products such as buttons, zippers, hook and loop fasteners, embroidery works, etc., that hold great promise for advancing the economic status of many people in Sri-Lanka.
8. Vegetable farming
Vegetables are daily consumable items used by both rich and poor in their meals. People would probably never give up the use of vegetables since they are both healthy and budget-friendly. Farmers can grow many different vegetable varieties for profit.
Potatoes, onions, tomatoes, peppers, etc are some good examples of vegetables they can grow while using their lands, watering, farming skills, and manures. Apart from these basic requirements, farmers need marketing strategies that will ensure them good profits while they sell their produce to buyers.
9. Diary farming
Every family consumes milk every day. Milk that we use for making tea, feeding infants, etc comes to us all the way from dairy farmers while they raise cows, buffaloes, and other milk-producing animals.
To open a dairy farm, you’ll be required to keep high milk yielding species of cows ( Holstein is popular), a farm building ( cowshed) to provide housing and get them milked.
The only heavy investment in a dairy farm business goes alone for buying cows while the rest requirements are affordable.
10. Salt production
If you have studied the law of demand in Economics, it tells us that when the price of a commodity hikes up, its demand turns downwards. But the same law of demand doesn’t hold true for certain goods like salt.
Even if the prices of salt touch skies, there won’t be much effect on consumer demand as it is a basic necessity we can’t avoid using in our foods. Therefore, starting a salt production business is another worth business opportunity for entrepreneurs in Sri Lanka.