Do you want the best business ideas in St Vincent and Grenadines?
The country is also referred to as St. Vincent.
The former British and French colony at different times is made up of rich diversity in natural resources. St Vincent and Grenadines is a collection of small islands located near the Caribbean Sea and the Atlantic Ocean.
The following business ideas can be harnessed in St. Vincent and Grenadines:
6 Profitable Business Ideas To Start In St. Vincent And Grenadine
Tourism is steadily contributing to the GDP of St. Vincent and Grenadines’ economy. Estimates put this figure at 90 million USD for 2015. The island nation boasts of pristine beach lines, clear blue waters as well as exotic plants and animals.
There are about 32 islands in St Vincent and Grenadine, out of which 9 are inhabited. Tourists and visitors are often drawn to exploring the remaining uninhabited islands. The highest peak of a volcanic mountain in the country is put at 1,234 meters.
You can take advantage of these natural endowments in St. Vincent to set up tourists and recreational agencies. The mix of services that you could render to tourists/visitors includes hikes and expedition, hotel booking and reservation of hotel accommodation, language interpretation services, history, and geography lessons as well as any other service that the tourist may have, including requests for foreign currency exchange services.
You can also attract resources and support from the Central Government in St. Vincent. You will need to acquire necessary hiking gear as well as engage competent hands to help you with the smooth running of the business.
Agriculture ranks as the number one source of foreign exchange earnings for the government of St. Vincent and Grenadines. The most important crops grown/cultivated in the country includes Bananas, arrowroot, exotic fruits, vegetables, and root crops.
You can tap into the agricultural value chain by setting up a farming venture. You can look to grow any number of these crops on the same plantation. You will receive support in terms of grants and other resources such as improved seed varieties.
You will need to acquire the necessary equipment for mechanized farming. You will also need to engage competent staff to help with the daily operations on the farm.
Surrounded by water, St Vincent and Grenadines spots a thriving fishing industry that contributes significantly to the local economy. The fishing sector has become more structured and efficient, due to technological assistance from Japan.
You can set up a fishing company to harvest from the rich waters of the Caribbean and the Atlantic. You could decide to start small with fishing boats or begin on a larger scale with the acquisition of large trawlers. You will need to procure modern navigational equipment as well as engage the services of competent fishermen.
You will also need to have in place an efficient marketing structure to dispose of the fish in a good time. A good storage system is a good cost investment that will help minimize the incidences of waste in the business.
Agricultural Processing Plant
With Agricultural playing a leading role in financing the economy of St. Vincent and Grenadines, it is expected that there will be a thriving industry related to farming.
You can set-up an agric-processing plant to turn the crops grown into finished and semi-finished products. You can receive training and enlightenment from regulatory agencies saddled with the task of helping small manufacturing concerns.
You will have to decide on what products you want to produce from a particular base crop and deploy the appropriate processing technology that will maximize your gains. Adequate consideration must be given to engaging competent staff and securing steady supplies of input material.
St Vincent and Grenadines has continued to restructure its financial services sector, to make it nimbler, effective, and transparent. As a result, several Global financial and banking institutions are operating branches in the country and consummating transactions valued at millions of dollars.
You can take advantage of the activity in the financial services sector to set-up a financial consultancy. You can serve as a bridge to international investors looking to take advantage of the opportunities in the country. You can also tutor the local population on how best to invest in the emerging local market opportunities and maximize their gains.
A financial consultancy pre-disposes that you have or you are receiving financial training. You will also need to engage competent and skilled staff to help you draw up investment plans for a wide variety of clients.
St. Vincent and Grenadine is a major tourist attraction; one of the many reasons is that the country has a rich repertoire of sumptuous meals. The large influx of visitors requiring huge amounts of food daily is a good ground for a business idea.
You can decide to open a restaurant in the country. You will need to have expert knowledge of the local recipes. You will also have to put in place an effective team to help you cater proficiently to your customers. You will have to also obtain permits to run such a business for the general public.
In taking the restaurant business opportunity in St Vincent and the Grenadines, you could also serve intercontinental dishes to cater to the tastes of international visitors.