If you are looking forward to start a small business in Sri Lanka, then decide on one that you would like out of following top 10 profitable business ideas and opportunities.
Sri Lanka, often known as pearl of the Indian ocean owing to its natural beauty, is a small Island country located in the continent of Asia. The economy of Sri Lanka, especially after the end of civil war in May 2009, showed significant growth and development across tourism, service and export sectors.
Here are top 10 profitable business opportunities aimed to inspire the aspiring Sri Lankan entrepreneurs to develop further the country’s economy:
1. Tea production
Sri Lankan tea enjoys the great demand in overseas markets particularly in Iran, Pakistan, United States etc. However, the local tea production capacity hasn’t yet reach its full potential.
Prospective entrepreneurs can bring in 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.
2. Tobacco production
Even though people whether those who live in Sri Lanka or anywhere else in the world know the fact that tobacco kills, yet they smoke.
Domestic demand for tobacco in Sri Lanka is so stupendous that even thousands of suppliers can’t match it. More tobacco production units are thus required in the country.
Aspiring entrepreneurs benefit from the availability of land which is supportive for tobacco production and cheap skilled labour in Sri Lanka.
3. Coconut production
Sri Lanka ranks fifth in the production of coconut commodity in the world. There are many commercial uses of coconut such as deodorants, toothpastes, body lotions and many other products.
The coconut cultivation has potential to become a significant catalyst in the growth of Sri Lankan economy as the demand for coconut and its value added products is high internationally. But, unfortunately, due to drought conditions, the local supply is struggling to meet this great international demand.
Sri Lankan government needs to search for ways to avoid the poor effect of drought on coconut cultivation. That would ensure the control on local prices as well as the avoid of losses incurred when ban is imposed on coconut export.
4. Value added textile products
Textile industry has been the cornerstone of Sri Lankan economy over past four decades. However, the involvement of local entrepreneurs in the textile value chain is very low. There are 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.
5. Rubber Production
Sri Lanka is such a land that also offers suitable conditions for rubber production. With demand rising in local as well as in foreign markets, starting a rubber production business is yet another great opportunity for entrepreneurs.
6. Bicycle Rentals
Being one of the best places in the world where tourists head in millions every year, starting a bicycle rental business is another great business choice entrepreneurs should think about in Sri Lanka.
7. Car Rental Business
As mentioned above, Sri Lanka being an attractive tourist land that witnesses high tourist flow every year, entrepreneurs could also start a car rental business to help tourists enjoy their trip times.
8. Office Space Rental
With increasing number of people tapping into businesses, the need for offices to operate from has also witnessed boom in Sri Lanka. Therefore entrepreneurs could also give thoughts to starting an office space rental business in Sri Lanka.
9. Cement Production
With more new buildings, apartments, houses and other infrastructure being erected on daily business, starting a cement production business is yet another great area entrepreneurs could focus their efforts and investments in Sri Lanka.
10. Information Technology
Since more businesses and also individuals are adopting advanced information technology to operate efficiently, starting an information technology business is also a great business opportunity entrepreneurs could contemplate upon in Sri Lanka.