Business in Sri Lanka new ideas7 min read
Business in Sri Lanka new ideas: As a potential entrepreneur, if you want to invest your time, money and effort to flourish in the commercial landscape of Sri Lanka, there are some lucrative sectors you may want to look into before you make up your mind. You will find a host of new business ideas in the agricultural, tourism and real estate sectors in Sri Lanka where many new business owners have managed to make their mark.
For those who find producing and marketing commodities connected to crops and livestock appealing, the agricultural sector in Sri Lanka is truly rewarding not only in terms of livelihood but also quality of life. Before you start out, you should spend some time researching about the market demand of certain agricultural products you may intend to grow while the knowledge of local farming practices will always be extremely beneficial for your purpose. Depending on your capital outlay and business plan, there are numerous agriculture business ideas to choose from in Sri Lanka and here is a brief outline of the most lucrative ones.
Business in Sri Lanka new ideas types of knowledge
If you have extensive experience and knowledge of a certain type of farming activity that is relevant to Sri Lanka, you can provide agricultural consulting services for the benefit of the local farmers and agro-based organizations as well. Similarly, you can provide valuable information in agricultural blogs and websites since a huge number of farmers use the internet even in remote villages of Sri Lanka. For this nascent business in Sri Lanka new ideas, proficiency in local languages and specialized expertise in farming techniques and methods are essential to begin with. Fodder farming is quite profitable if you take into account the number of domesticated livestock you will find in farms and rural households all across Sri Lanka. Since majority of the farming livestock consists of cattle and goat, you can concentrate on fodder farming for these animals. With a small capital investment, you can set up a potato chips production business. Through this business, you can not only serve the local market which is steadily growing but also export overseas.
If you have experience on horticulture farming, you should not hesitate to set up a horticulture farm in Sri Lanka since the soil and climate are both conducive for this type of farming. If you survey the local market and identify which crops are in demand, your valuable investment will not go in vain. You can also build a greenhouse to produce flowers especially for the export market as the return for this type of investment is really high in Sri Lanka. You can begin with a small plot of land and capital outlay to tap into the lucrative flower export market and easily expand when you begin to flourish. If you want to set up a soil testing lab in Sri Lanka, you will require a certificate from the government to operate. For those who have the necessary training and qualifications, soil testing is a sound business idea in the context of Sri Lanka.
Business in Sri Lanka new ideas for entrepreneurs
Considering the climatic conditions of Sri Lanka and yield potential of corn, many new entrepreneurs have ventured into corn farming. Since corn farmers have access to latest technological inputs and quality seeds at all times, they have become one of the most affluent farmers in the country in recent times. With a small initial investment and not much land, you can start a potato powder business since the demand for this commodity is increasing not only in Sri Lanka but around Asia. You do not need extensive prior experience since the process of making potato powder is relatively simple. Commercial dairy farming is on the rise in Sri Lanka because it is quite easy to set up and most importantly, the marketing and logistical facilities have greatly improved in recent years. Apart from the main produce, commercial dairy farmers also profit from the by-products in their line of business. If you manage to acquire a substantial area of land, agricultural farm is one of most profitable ventures you can opt for to serve the local market. Due to the excellent transport facilities in Sri Lanka, you can also sell your agricultural produce to distant markets in other regions as well. With a small capital outlay, you can establish a vermicompost-organic fertilizer production given you have the necessary expertise and skill. Since organic fertilizer has become a highly sought after input in the production process, the profitability in this agricultural business idea is always on the rise.
Business in Sri Lanka new ideas home based
Besides agriculture, backyard plant nursery is also considered as one of the most attractive home based business opportunities in Sri Lanka. Whether you set up your backyard plant nursery in a rural town or in the metro city, the extensive transportation system allows you to serve all over Sri Lanka quite easily. Since the start-up cost for this type of business idea is really low, many have transformed their hobby of gardening into a lucrative business in Sri Lanka.
With all its unspoiled beaches in the eastern and southern parts of the island, the magnificent Central Highlands and the numerous heritage sites that date back thousands of years, Sri Lanka is one of the most beautiful tourist destinations in Asia. There are many business companies in Sri Lanka to choose from if you are interested in the thriving tourism sector of Sri Lanka. If you are an outdoorsy person at heart, investing in adventure tourism or setting up an adventure club may just be the perfect choice for you. Since there are many exotic and untamed locations in Sri Lanka, the potential for this type of business is huge. You should carry out a market research and find out the promising niche to flourish in adventure tourism in Sri Lanka. The airport shuttle service does not require a great deal of money to begin with but it is quite management intensive. If you can link up with tour operators, resorts and travel agencies, the profitability for this type of business will increase many folds.
In case you are familiar with the concept of business entertaining, you can venture into the corporate hospitality event organizing business in Sri Lanka. Since many corporate houses and business organizations need to hold various events for their employees or customers or important stakeholders, the profitability in this business is quite handsome to say the least. The double decker bus tour for tourists is a promising business opportunity you can look into especially if you have the money to invest. For people who love nature and adventure travel, ecotourism is one experience they can hardly resist. Since this type of tourism does not damage the environment of unexplored places and takes into account the welfare of the locals, the future of ecotourism is quite bright in Sri Lanka. Since many tourists from the developed countries visit Sri Lanka, the night clubs in the major cities are always full of life. If you have the experience and capital, operating a night club can be extremely rewarding for you.
Tourism business in Sri Lanka new ideas
The prospect of growth in Ayurveda tourism is quite big especially in Sri Lanka. You can start this business in a small scale with a reasonable capital outlay. The raw materials and inputs you will need in Ayurveda therapy is always close at hand in the country. Depending on the location, the bed and breakfast business can be one of the most profitable businesses in Sri Lanka. If you can afford the initial investment, then the boutique hotel can an extremely lucrative option given that you have the expertise and experience to run the business. The car rental business is both capital and management intensive but the returns can be massive especially if you are strategically located near the places tourists visit on a regular basis, for example the shopping malls or entertainment centers in the city. If you have the money and passion, the coffee shop business can be ideal for you. Tourists as well as local throng the coffee shops to relax and take a break from the hustle and bustle of the hectic urban life. After you have become quite familiar with the major tourist attractions of Sri Lanka, you can open a community tour guide business.
Other business in Sri Lanka new ideas
The real estate business is also booming in Sri Lanka driven by technological innovations and rising income of the populace. You can set up an architecture firm if you have a civil engineering certificate. Many choose to become a commercial real estate agent as this type of business hardly requires any investment. Others opt to rent out commercial space in the metro cities of Sri Lanka. If you do not have any problems on working outside, you can start a construction cleaning company. Construction project management has become quite popular in Sri Lanka of late. With a reasonably small budget, you can establish a house painting firm and link up with other firms in the future. If you have the educational background and expertise, you can choose to set up an interior designing firm in Sri Lanka.
In the landscaping business, you do not need a big capital outlay and even work from home. Plumbing operation is also easy to set up and can be really profitable if you can link up with other firms in the construction industry. As a real estate appraiser, you can earn a decent return without much initial investment. To become a real estate developer or a legal consultant, you will need the necessary legal background in Sri Lanka. Real estate magazine publishing and real estate photography require specialized skills and knowledge to operate. You can set up a roof maintenance and restoration business if you can afford the initial investment and possess the proper skill. Since solar system is becoming quite popular as an alternate source of energy, you can look into this type of business in Sri Lanka. In tourist locations, you can become a vacation property rental agent. Finally, you can invest in the wallpaper business and even work from home.
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