Are you looking for lucrative business ideas and opportunities in Vermont?
It is no longer news that most of the world billionaires are men and women that became rich as a result of starting a business with just an idea and grew it into a million-dollar brand.
6 Profitable Business Ideas To Start In Vermont
Vermont is a state located in the North-east of the United States of America. It shares borders with the U.S. states of Massachusetts to the south, New Hampshire to the east, New York to the west, and Quebec in Canada, to the north.
Vermont presents several business opportunities for anyone ready to reap a good return on his/her investment.
The following business ideas in Vermont are good investments to explore:
Good Small Scale Businesses and Opportunities in Vermont
1. Water Cruises
Lake Champlain, the major lake in Vermont, is the sixth-largest body of freshwater in the United States and separates Vermont from New York in the northwest portion of the state. Vermont also hosts a wide variety of fishes and amphibians totaling 41, 89 species of exotic fish and numerous plant life, which gives the coastline of Vermont an attractive ambiance.
As the business look lucrative, you can set up cruising expeditions that will take onlookers on a tour of these water bodies and their ecological life. Your startup equipment will include boats, cameras, survival gear, and other associated gear. You will also need to engage competent tour guides and other staff who will assist in the smooth running of the business.
You will also have to obtain relevant permits and certifications from regulatory agencies before you can commence operations.
2. Retail Services
Vermont recorded an increase in the output for retail sales, amounting to several billion dollars of the state’s GDP.
An increasing number of residents of Vermont are disposed toward going to convenience stores/outlets to shop for personal effects and items. They are also on the lookout for discounts and bargain prices.
Setting up a retail shop and stocking everyday items that are native to the tastes and culture of residents of Vermont would be a very good idea. A key strategy for you will be to forge relationships with suppliers and wholesalers to purchase goods at low-cost prices.
You will have to also employ competent hands and secure a spot in an accessible part of the state.
Agriculture has been one of the main pillars of the economy of Vermont. A major plank of this sector is dairy farming, which cuts across endeavors such as cattle rearing, meat, and milk production.
With newer production methods and increasing awareness among Vermont citizens on the need for healthier eating habits, the savvy investor can set up a dairy farm.
This venture will meet the need for the supply of fresh milk and meat to homesteads. You can secure affordable land, farm equipment, and engage competent staff, to generate a great return on your investment.
4. Tourism Consultancy
Tourism plays an important part in the economy of Vermont. It is estimated that in 2015 alone, visitors made a cumulative total of 13 million trips, spending close to 1.57 billion USD. Some of the largest ski areas are located in Vermont. Skiers, snowboarders, and enthusiasts visit the various resorts and mountains regularly.
You can tap into this huge market by offering services such as visa procurement and processing, hotel accommodation, currency exchange services, tour guides, history classes amongst other custom services that tourists may require. You will have to engage competent staff and evolve an appropriate business structure.
Another business opportunity in Vermont is in the lumbering business. Vermont is blessed with extensive forests and vegetation. The last decade has seen the contribution of forestry and timber to the state GDP, rise to very high levels. As a result, many wood manufacturing plants need suppliers of logs of wood.
As an aspiring entrepreneur, you can set up your own lumbering business. Improved wood milling equipment and methods, easy access to land for such purposes as well as favorable state fiscal and economic policies, will ensure that you can make handsome returns on your investment in a wood lumbering business.
6. Manufacture of Novelty Items
You will be glad to know that the state of Vermont actively supports industries engaged in the production of these items, by sourcing for international markets and offering tax reliefs.
You can take advantage of this opportunity by producing one or more of these items. You will require knowledge of the history and path process of manufacture for these items as well as competent staff that can assist you in the smooth running of some of these business ideas in Vermont.