Are you planning on starting a business in Barbados?
If yes, you are not too far from shoveling the great opportunities that follow entrepreneurs doing business in Barbados.
Barbados offers several attractive business opportunities and you can pursue the following business ideas in the country:
5 Profitable Business Ideas To Start In Barbados
Sugar Cultivation
The climate of Barbados supports the growth of sugar cane plants. The variety of the plant grown in the country is very tasty and commands huge interest and patronage on the international market. The export of sugar cane has remained one of the top foreign exchange earners for the Barbadian Government.
You can pursue the establishment of a sugarcane farm to exploit this opportunity. The Barbadian Government has intensified efforts at maximizing the gains from sugarcane planting; hence you will receive regulatory support and resources such as farmer’s grants, access to improved disease-resistant crop variety as well as other incident assistance.
Your list of requirements will span acquiring the necessary equipment/farm machinery for mechanized farming, obtaining relevant permits for allocation of farmland as well as engaging the services of competent staff.
Tourism Agency
Barbados falls under the Caribbean belt of countries that operate Tourism industries that contribute enormously to the local economy. In 2015, tourism contributed over 60 percent of the revenue that accrued to the Barbadian Government.
The tourism appeal of the country is wide-ranging. For starters; Barbados is host to a rare breed of monkeys called the Green monkey. It is also home to the four species of nesting turtles. Added to this mix are vast stretches of pristine beaches, clear blue waters, coral reefs amongst other beautiful landmarks.
Music also plays a prominent part in the tourism sector in Barbados. Rihanna, the top international musical act is a native of the country. Also, Barbados host the Crop Over Festival, a large socio-cultural festival that showcases the country’s food, culture, music, and way of life to thousands of visitors each year.
You can take advantage of this opportunity by setting up a Tourism Agency/Consultancy. Your main patrons and source of revenue will be tourists and locals who will seek assistance in hotel accommodation and reservation, airline ticket procurement, visa application and processing, tour guides, yachting and snorkeling, History, language, and Geography lessons amongst other custom demands.
You will receive assistance from the regulatory tourism board in Barbados. For your business to hit the road, you will need to register your business legally, obtain necessary gear such as boats, survival jackets, etc., as well as engage the services of competent hands.
You can boost your business’ reach by setting up an online platform where people interested in visiting Barbados can make inquiries and book for the kind of service they require.
Senior Citizen Care Agency
A combination of a growing economy and cultural practices that engender a healthy lifestyle has resulted in the average life expectancy is put at 74 years. For males, it is put at 72 years and for females, at 77. This figure puts Barbados and Japan at the top of the table for countries with the highest number of centenarians.
What this translates to is that there is a growing need for these elderly ones to be attended to. You can start a Care agency for the aged. You will look to provide services such as assisting seniors to keep medical appointments, helping them take medication on time, tending to their pets amongst other custom needs and demands.
Your business will flourish once you can build up trust and reliability. It is also very important that you engage the services of competent hands, which should also include the employment of a professional medical caregiver if you do not have such training.
Financial Services Consulting
Barbados is home to several global financial houses and banking institutions such as J and T Bank and Trust.
These institutions are attracted by the presence of tourists and the emerging business opportunities in the country.
You can take advantage of the activity in the financial services sector by establishing a Financial Advisory firm. You will require proficient knowledge regarding international finance, harnessing investment opportunities, and stock brokerage.
Your financial advisory can serve as a bridge between international angel investors looking to take advantage of the opportunities in The Barbadian economy. Your focus for the locals will be to assist citizens to invest in identified and emerging opportunities in the local economy.
A functional website will be a boon to your operations, as your services will be accessible by the international community.
Real Estate
Barbados is focusing on providing adequate housing for its citizens and foreign nationals who work or visit the country. Enormous resources are being apportioned towards strengthening the construction industry in the country.
You can set up a Real Estate Consultancy Firm to cater to this need. You can decide to build hotels, resorts, and other holdings for rent/lease to tourists. You could also delve into the building of facilities to support the working-class community in Barbados.
Your consultancy can decide to also engage in linking sellers/builders of housing units to buyers, where you earn a commission from the lease/sale of the properties.