The following profitable business ideas in Antigua and Barbuda can be explored and turned into opportunities.
This small island nation and former British colony have consistently implemented reforms to its economy and socio-political life, over the last decade.
7 Profitable Business Ideas To Start In Antigua And Barbuda
Investment banking and financial services contribute significantly to the economy of Antigua and Barbuda. Several top financial houses and banks such as PricewaterhouseCoopers and the Royal Bank of Canada have operational offices in Antigua.
You can set up a financial advisory service to offer expert advice on the best investment route to take for international businesses seeking to invest in the country. Also, your business can help residents play an active role in the financial sector of the economy by helping them with investment options and channels.
A requirement will be for you to have requisite sound knowledge of the financial climate in Antigua and Barbuda as well as competent staff to compliment your efforts.
Antigua and Barbuda have a total landmass of 442 km squared. Of this number, 30 percent of the land is suitable for cultivation with only about 18 percent usage. The soil of the country supports the growth of pineapples.
You can set up a pineapple growing plantation. You can be assured of the support of the relevant agricultural authorities in Antigua &Barbuda concerning the provision of newer species of seeds and advisory services. You can also obtain funding from the small business support board to obtain equipment and other necessary inputs.
Engaging competent hands and creating access to your target markets will be another hurdle to surmount. You are assured of patronage from the international market as Norway places a premium on pineapples exported from Antigua and Barbuda.
Antigua and Barbuda are one of the chief growers of Sea-Island cotton, which is highly sought after by Japanese cloth makers for its quality.
You can start a cotton farm from the acres of land set aside by the Government for this purpose. This land is distributed at no cost to you. You will need to procure the right equipment to run the farm as well as hiring the right personnel to help you with the daily operations on the farm.
To further ensure that you can recoup your investments on cotton farming, there is a cooperative board set up by the government, which can buy off your produce at the end of the planting season.
Antigua and Barbuda is a net importer of poultry products like chickens and eggs. In terms of monetary value, the Government estimates are put at several millions of dollars annually.
In response, the government of Antigua and Barbuda has initiated a scheme to enhance the practice of poultry farming. If you decide to start a poultry business, you will receive support in terms of grants and the provision of chicks to kick-start your project.
You will need to put in place effective structures to nurture the birds to maturity, especially with the engagement of competent hands.
Tourism Consultancy Service
Antigua and Barbuda are one of the foremost places that attract millions of tourists yearly. Tourism is the major foreign exchange earner for the country and it is also responsible for the greater bulk of the foreign direct investment in the country.
Traditional places that have been visited over the years include Fort James, St John’s Harbour, Deep Bay, Mountain Obama National Park, the Galleon Beach, and Islands Paradise Resorts.
However, the government is looking to shore up activity in new branches of tourism including sailing/yachting, health and wellness tourism, eco-tourism as well as cultural/heritage tourism.
You can set up a tourism agency/consultancy to cater to the needs of the average visitor. Such services will include foreign exchange transactions, hotel reservations, and bookings, language lessons, tour guides, history, and Geography lessons amongst others.
Your business can partner with the Antigua & Barbuda Investment Authority (ABIA) to provide leads and counseling to maximize your return on investment.
Antigua and Barbuda have pursued a rigorous policy aimed at making the country information-driven society. So much so, that it has become the most well-connected nation in mobile telephony in the Eastern Caribbean region.
With two underwater fiber optic cables within a Global network submarine system, Antigua and Barbuda continue in its quest to offer 100 percent internet coverage by 2025.
You can take advantage of this business opportunity to set-up an IT servicing firm. With proficiency in the use and deployment of software to solve challenges faced by businesses, you can offer your services to fit in with the demands and needs of your clients.
With the renewed vigor with which the government of Antigua and Barbuda to boost food production, you can step into the food chain by setting up a processing plant for agricultural raw materials.
For instance, you can begin making pineapple juice not only for the domestic market but also for the export market.
You will have to obtain relevant permits and certifications to adhere to standard international practices since the final product is to be consumed. You will also have to procure the necessary equipment and engage competent hands to manage the daily operations of the business in Antigua and Barbuda.