What are the most successful business ideas to start in Venezuela?
Venezuela which is officially known as the Bolivarian Republic of Venezuela is a country on the northern coast of South America. It has 23 states with its capital in Caracas, which is the largest city in Venezuela.
Venezuela is one of the most urbanized countries in Latin America and is considered as having extremely high biodiversity, ranking 7th in the list of nations with the highest number of species.
6 Profitable Business Ideas To Start In Venezuela
Venezuela has a mixed economy which is largely dependent on oil. Oil was discovered in Venezuela in the early 20th century, and the country has since been the world’s leading exporter of oil and has the largest oil reserves in the world.
The manufacturing sector boats of steel, aluminum, transport equipment, textile, cement, tires, beverages, fertilizers, and car assembly plants. These products serve the country both for exports and domestic consumption.
Agriculture is another notable sector of Venezuela’s economy as it accounts for At least a fourth of the country’s landmass, a tenth of the labor force, and 3% of GDP.
Among some of Venezuela’s agricultural exports are rice, corn, fish, fruits, pork, beef, and coffee. There are many US companies doing business in this country.
Why should you do Business in Venezuela?
Are there peculiar risks and challenges of doing business in Venezuela? With the economic crunch in the country, there is an opportunity for business people to start businesses now as they will pay off later in the future when the economy recovers.
Some reasons to consider doing business in Venezuela are:
What are the business laws, etiquette, climate, environment, ethics, and culture in Venezuela like?
• One of the largest markets in South America with over 30 million people.
• The Venezuelan business climate will become more favorable as the country seeks to depend less on their big oil business and diversify to other sources of revenue.
• Venezuela boasts of the cheap, well-educated labor force, which is suitable for entrepreneurs seeking to produce and export.
• The cost of starting a business in Venezuela is relatively cheaper than what it would take you to start somewhere else.
1. Beauty Academy
Venezuela is a country with a sterling track record in international beauty pageants, having produced six Miss Worlds, seven Miss Universes, six Miss Internationals, and two Miss Earths.
Beauty academies train girls to become beauty queens from age 12 and above. This business is very lucrative as lots of teenage girls and students register in these academies with the hope of being the next beauty queen.
You will need to hire a nutritionist, personal trainer, protocol teacher, catwalk teacher, oratory coach, make-up artists and clothing designers for the academy, get a good location, and other necessities for an academy.
2. Tourism Related Businesses
Venezuela has a variety of breath-taking landscapes, a rich heritage of plant and wildlife, and a favorable geographical location. Each region of the country is also blessed with a tropical climate for most of the year.
This travel business has encouraged a considerable development in the tourism sector in recent decades. With this in mind, there are a couple of major self-employment businesses ideas one can implement:
3. Travel Agency
You could set up a travel agency that helps tourists take care of travel arrangements such as Visa procurement, booking for airlines and hotel accommodation, and so on. This thriving international business is really handy especially for those visiting Venezuela for the first time.
Most tourists want to have a taste of the local cuisine and related dishes. They also need a place to hang out and have fun after their tours. A restaurant well located and serving great dishes will always be a favorite among tourists throughout their stay.
A bar well stocked with good wines and drinks is a good option as well. A snack spot at a tour location, coffee shop, cigar lounge, catering services, fast food place is all ideas you could implement for a booming business.
5. Tour Operator
To make this unique, rather than just employing a couple of tour guides, you could add a cab service to it to take tourists to and from tour sites, create tour packages, liaise and coordinate with hotels and restaurants to give tourists a better touring experience and expand it into an online business.
This will set you apart and give you steady patronage if you can take your business online.
6. Agriculture and Food Supply Company
Due to the fall in oil prices which is the mainstay of the Venezuelan economy, there has been a high rate of inflation and shortage of food leading to looting and riots. The government is encouraging agriculture and food-related business to help curb the shortage of food.
This is a good time to start a company that can produce food and agricultural products for the country as the demand exceeds supply with people queuing up for hours just to buy food. You could also import and supply or distribute to grocery stores and retail stores as well.
These are some of the top 10 profitable business opportunities in Venezuela. Please share this post.