Do you want to start a business in Puerto Rico with high profit? If YES, here’s 50 best small business ideas & investment opportunities in Puerto Rico for 2018.
Most of us who have been to Puerto Rico can easily note that it is made up of small islands and it remains an unincorporated territory of the United States of America. Puerto Rico is located around the North-Eastern Caribbean East of Dominican Republic and the Western part of both the United States Virgin Islands and the British Virgin Island.
Why Start a Business in Puerto Rico?
Even though Puerto Rico is not part of the 50 states that make up the United States, but it still remains a territory under the control of the Federal Government of the United States of America. Puerto Rico remains the most competitive economy in the whole of Latin America and its economy is classified as a high income economy by the World Economic Forum (WEF).
US citizens don’t need a passport to go to Puerto Rico. On the flipside, Puerto Rican co-workers or business partners are US citizens and can travel freely from their island to the U.S. mainland without red-tape. Indeed gaining work-visas for yourself and your staff can often be complicated, time-consuming and costly.
But in Puerto Rico, US citizens do not need work permits to work in Puerto Rico. Also the U.S. dollar is the legal tender and so there are no exchange controls. Capital can be moved freely in and out of the country. With an economy based on the US dollar, Puerto Rico offers monetary stability.
Note that the economy of Puerto Rico is classified as a high income economy by the World Bank and as the most competitive economy in Latin America by the World Economic Forum. Research has shown that the key drivers of its economy are manufacturing, primarily pharmaceuticals, textiles, petrochemicals, and electronics; followed by the service industry, notably finance, insurance, real estate, and tourism.
Puerto Rico is a very nice place to do business and below are 50 businesses you can start there, if you really think you should;
50 Best Small Business Investment Opportunities in Puerto Rico
- CCTV Business
CCTV Camera business provides security surveillance system service to your clients. CCTV stands for Closed Circuit Television. Reports have shown that the video surveillance and CCTV market in Puerto Rico is growing at a compound annual growth rate (CAGR) of about 34 percent.
This business has huge potential in Puerto Rico as well as globally. Experts believe that the CCTV camera industry is going to emerge as a huge market in the next few years in wake of rising demands from sectors like hospitality, healthcare, retail, manufacturing, and transportation. In starting CCTV Camera business, entrepreneurs should have adequate knowledge about the current technology of different cameras and systems.
- Manufacturing of Drugs
We believe that another super thriving and profitable business venture in the Puerto Rico that an entrepreneur especially those who are licensed pharmacists should consider starting is to go into the manufacturing of drugs. Puerto Rico is doing well when it comes to manufacturing of drugs. If you are a pharmacist who is looking towards starting a business in Puerto Rico, then one of your best options is to go into the manufacturing of drugs especially if you have the capacity to raise the required startup capital because it is a capital intensive business.
- Import/Export Brokerage
First you need to understand that an import-export agent or broker is an individual or a company that sends and receives goods to and from different countries. Import-export agents or brokers work with both importers and exporters by helping them prepare necessary documents for exporting or importing their products.
They also help their clients establish connections in foreign companies. If you want to become an import-export broker, you must understand import-export law, currency transactions, trade policies, and everything else that goes into making profitable import-export deals.
- Traffic Channel Operator
Building a radio channel used for traffic updates is a good potential career in Puerto Rico. We strongly advise you inculcate the Government traffic professionals in your channel to keep the people updated, and this will give your career an extra boost towards the success. Even though this is capital intensive in the short run but it is a profitable long-term career.
- Electrical and Electronic Store
Despite the threats of the growing online marketplaces, still, there is a very potential market for offline electrical and electronics store. But if you plan to start the business, you need to conduct a thorough market Feasibility research and focus on a lucrative niche. You should also pen down a business and expansion plan.
- Tour Guide
We strongly believe you can successfully start this business in Puerto Rico with little or no money. All you need to successfully launch this type of business is to make sure that you can speak at least one or more foreign languages. This could be English, French, Spanish, Chinese, Portuguese or German. Also you must know the terrain pretty well.
Once you are certain that you can effectively translate or interpret, then all that is expected of you to do is to position yourself in places where you can have access to tourists. This could be in a hotel lobby (you would have to negotiate with the hotel manager) or via referrals from a travel and tour company.
- Real estate listing Preparatory Service
Real estate agents are very fast to tell you that a home that has been professionally prepared to be listed will always sell faster, and for more money, than a home that has not been prepared to be listed. This is the reason why real estate agents will become your number-one referral source if you choose to start a real estate listing-preparation service in Puerto Rico. You can make use of your handyperson skills to conduct minor repairs, fix what needs to be fixed, and basically give your clients’ homes a general spruce-up prior to the listing.
- Manufacturing of Needles and Syringes
Needles and syringes are some of the things doctors and nurses can hardly do without. These products are used in all hospitals in Puerto Rico on a daily basis. This goes to show that there is a pretty huge market for needles and syringes. So if you’re thinking of starting a business in the Puerto Rican healthcare sector, a business whose products are highly needed in the healthcare industry, then one of your options is to go into the manufacturing of needles and syringes.
Puerto Rico is known for its good trade routes and solid importation and exportation. So If you have business management skills, then you may just be fit to learn how to start a freight brokerage business. You major duty in this business will be to act as a mediator between shippers and client companies who need your services and facilities. Have it in mind that these tasks also involve clearing your goods from the ports, paying up your duties and taxes, transporting your consignment to your desired destination, etc.
- Car Hirer
With the number of tourists that troop into Puerto Rico on a daily basis, starting a car rental career can be a very lucrative business especially when you are located in a strategic place, like a city with huge population and commercial centres. Do not forget that the vehicles you hire to customers must meet safety standards before you can put them up for hire. We believe they may include registration and annual licensing requirements and routine certificate of fitness inspections.
- Electrification Work
We strongly believe that this is a very good business for any individual who knows electrification very well. Apart from domestic clients in Puerto Rico, you can offer your services to commercial and industrial clients also. But have it in mind that you must have a license before you can work freely.
Starting a Restaurant and bar is another business that is part of the business value chain of Puerto Rico due to its growing population and high number of tourists. Even though a lot of tourists may prefer to eat the food they are familiar with, but it wouldn’t be out of place if you can also include some local delicacy as part of the food you sell in your restaurant. The truth is that some tourists make it mandatory to try out the local delicacies of the community they are visiting. So, ensure that you include local delicacies as part of the food you sell in your restaurant.
- Apartment and House Finder Service
Indeed searching and getting a new home or apartment to rent can be a very time-consuming and annoying task. This is why a lot of people who need to rent a home enlist the services of a professional apartment and house-finder service. We believe that you can start this service from home and on the web, or you can rent an office location for clients to visit. Do not get carried away because this business is competitive.
We suggest you consider specializing in one or more of the following types of rentals: roommate listings, short-term furnished and unfurnished accommodations, long-term furnished and unfurnished accommodations, executive accommodations, rentals that allow pets, student housing, vacation properties, or niche properties such as penthouses only, parking stalls, floating accommodations, or artist lofts.
If you are a doctor, a pharmacist, a wellness coach or a professional in the medical field, who is looking to start a simple business in the Puerto Rican healthcare industry, we suggest you start this business. Indeed there are a lot of people who would always tune in the watch health related programs on TV. The truth is that if the program is well packaged, you wouldn’t find it difficult to secure lucrative sponsorship deals from corporate organizations and stakeholders in the Puerto Rican healthcare industry.
- Distribution Warehousing
If you plan to venture into this business, it simply means your job is to act as a warehouse, shipping and receiving agent for as many as 20 or 30 different companies in Puerto Rico. We believe that this business needs a great deal of research and investment capital. But if you plan accordingly coupled with brilliant organizational skills, this type of business is capable of creating a six-figure income per year, all within a very short period of time for the enterprising entrepreneur.
With the growing need for shipping services that offer excellent prices and promise convenience, speed and reliability in Puerto Rico, you can start this business comfortably. The industry is growing and rapidly changing, all thanks to the growing dependence on online shopping. But you need to understand that the global maritime / shipping industry is highly capital intensive and competitive.
Also have it in mind that starting your own shipping company needs more than you having an in-depth knowledge of import and export procedures in your country. You also need to know the legislation for crew members to work on-board your vessels, how to operate vessel within and outside specific ports, how to handle dangerous goods and other types of goods, and how to operate certain communication equipment on-board your vessel etc.
- Electronic Toys Selling
We believe that this is a very lucrative business any focused entrepreneur should consider. You can sell the toys from the retail store or from your own online store. Also you can go for distribution also. However, toys distribution demands higher start up investment. You can source the toys from local manufacturers or you can import them.
We believe that this tiny business is also in the value chain of Puerto Rico. Even though a lot of tourists would always travel with their cameras to capture beautiful sites and moments, but if they have the option to make use of a professional photographer, they would gladly embrace it. This is why one of the business ideas that is suitable for Puerto Rico is the photography business. If you are a professional photographer, you can consider opening your own photography business.
- Corporate Retreats
Facts and Research had shown that there are thousands of vacation retreats owned by corporations from around the globe, and many of these corporate retreats sit vacant for a great deal of the year. This opportunity gives you the option of starting a business that manages and rents corporate retreats to business and pleasure travellers when the vacation property is not in use by the corporation.
Huge income could be generated from the weekly and monthly rental rates for the vacation retreats, and the fee for managing and renting the retreats could be 25 percent to 35 percent of the total rental revenue generated.
We all know that radio enjoys more patronage than television and also it is cheaper to air a program on radio versus television. Which is why starting this business is a very viable option to consider when thinking of business opportunities in Puerto Rico. If you package your program with good talks and quality, you wouldn’t find it difficult to secure lucrative sponsorship deals from corporate organizations and stakeholders in the healthcare industry.
- Import And Export Consultancy
The import and export industry in Puerto Rico is a very competitive industry, filled with hurdles and business barriers. But it’s still an industry filled with ideas and opportunities for an articulate entrepreneur. Importers and exporters now hire an import/export specialist to guide them through the complex issues of the import/export business. You can be this specialist but do not forget that an import/export consulting business will need experience in the industry, or the willingness to learn about the industry.
- Cargo Tracking
Business can be very tedious especially when you do not have the knowledge of the location of your goods on sea. But in this age, this risk can be reduced with cargo tracking firms which you can employ their service in tracking and updating you on the location of your goods. But note that keeping track of where it is and whether its journey is going as planned can be hard without the right tools. Cargo tracking solutions is about monitoring cargo while it is moving so you can make sure it’s where it needs to be.
Individuals who want to have a chauffeur drive them prefer to use taxi cabs. Taxi cabs are known to pick customers off the road, or serve customers who make a prior booking (especially via telephone). Even though a lot of taxi cabs all over Puerto Rico are operated by their owners, there is a growing trend of private taxi cab companies too. Note that these companies own a fleet of branded taxis and hire drivers (often on a fixed salary).
- Luggage Delivery Services
Starting a luggage delivery service business in Puerto Rico will be an amazing idea. Luggage delivery businesses help travellers avoid the stress of baggage waiting and security checks. All the customer need to do is just to pack their traveling clothes and other belongings that they are traveling with inside the luggage. What the luggage Delivery Company does is to take and store the luggage on their behalf. They also help in encoding the contents online so that the owner can update its contents against another trip.
- Commercial Real Estate Guide
This is a business opportunity you should consider deeply, because it can be started from home anywhere in Puerto Rico. In addition to commercial real estate listings, your guide can also include business and franchise opportunity advertisements.
Advertising clients can include commercial real estate agents and brokers, property development companies and franchise and business opportunity companies. We believe that the needed revenue for the monthly paper can be gotten in two ways.
The first is to charge consumers to purchase the paper through retail distribution channels or by print or electronic subscription. You can also sell the commercial real estate advertising space to agents and brokers to create a second stream of revenue.
- Retailing First Aid Box
It’s mandatory in Puerto Rico for public buildings and offices to have first aid box stationed within the facility. We all know that first aid box is an important item that must not only be in our offices, but also our homes just because of its importance.
This is why if you are looking for a cool way to make bucks from the healthcare industry, one of your options is to go into the retailing of first aid boxes. This type of business is simple to start and it is profitable and thriving but you must go all out to market it.
- Beauty Products Importation
With Puerto Rico being a regular place for tourists and entrepreneurs, beauty products are typically quite expensive to purchase in salons, they can be imported quite cheaply from overseas and resold for considerable income and profit. Regardless of the economic climate, these items are typically always in demand – especially with the female demographic.
In case you don’t know, limousines are no longer limited to stretched Cadillac and Lincoln automobiles. Today’s limos include mile-long Hummers, vintage Rolls Royce, and themed vehicles with built-in hot tubs, grand pianos (complete with a pianist), and even disco themes, complete with the mirror ball and mini dance floor. In Puerto Rico, a special business and driver’s license known as a chauffeur’s license is needed to run a limousine service.
- LED light manufacturing and assembling
LED stands for light emitting diode. LED lights are gaining huge popularity these days. The product has great domestic and export potential also. Generally, LED consumes low energy and gives brighter performance compared to a bulb, CFL or tube light. Any individual can start LED manufacturing business on a medium or large scale basis. But keep it in mind that the business requires a substantial start-up capital investment. However, LED manufacturing is a highly profitable business as well.
- Welcoming Service Business
A welcoming service business welcomes tourists to a town and give them useful information and of course package of coupons, samples from local businesses, and other opportunities that are available in the town. We believe that this type of business is one of the travel and tour businesses that an entrepreneur can successfully start with little or no startup capital.
- Real Estate Auctions
Real estate auctions are becoming extremely popular, as an auction is a very effective method to sell a property quickly and effortlessly. We were able to note from our detailed research that the major requirement for starting a real estate auction service is that you, a partner, or employee must be a licensed auctioneer.
Note that the business can focus on real estate in general, or be more specific and specialize in one particular type of real estate such as vacation properties or commercial buildings. We believe that this business creates revenue by way of a commission percentage that is based on the total selling price of the property be auctioned, and the commission rate charged often varies between 3 and 10 percent.
- Blogging on Health Related Issues
With Puerto Rico’s growing interest in the healthcare sector, this business is one of the businesses that you can consider starting. The truth is that if your blog has useful and helpful contents, you will attract loads of traffic and if you have loads of traffic on your blog, you can easily secure good advertising deals from stakeholders. Just ensure that you update your blog regularly and you will continue to attract traffic.
- Clothing Importation
Clothing is another basic need of man. Regardless of the economy, people must wear clothes and this includes shoes, bags, underwear, perfumes, etc. Now there is a fast growing trend now and that is “Used clothes” or “Recycled clothes.”
Since the economy is getting tougher and there’s need to be clothed, the masses have resorted to buying used clothes rather than new ones. Still yet, there is a market for new clothes for men, women, and kids. You can source your materials from China, Hong Kong, Italy, France, Dubai, India, etc.
- Transport Maintenance Course
In Puerto Rico, you can start a business that teaches students how to do general maintenance on their cars and trucks. The auto maintenance courses could be conducted in association with a community or educational facility such as a community college, or on an independent basis by leasing a small work and training space. Have it in mind that the course instruction can include how to change your oil, change a flat tire, and carry out regular brake and steering checks, as well as any other small automotive related maintenance tasks.
- Car Storage
If car storage is a huge business in the United States, why then can’t it be a huge business in Puerto Rico? We believe that the first step in starting a car storage business is to secure low-cost indoor storage space, such as a vacant warehouse or manufacturing building. The next step is to simply market the business, and this is best accomplished by joining automotive clubs and associations and attending the clubs’ meetings and social functions to network for business. It is believed that current automotive storage rates are in the range of $40 to $80 per month.
- Mobile Accessories Selling
We all can attest to the fact that the mobile accessories market is growing substantially nowadays. We believe there are immense opportunities due to substantial growth in adoption of smartphones and tablets worldwide. Also decreasing prices of mobile phones are increasing smartphone penetration. So, this is the most right time to start mobile accessories selling business in Puerto Rico.
- Self – Service Laundromat Business
A self-service laundry or coin wash or Laundromat is a laundry facility where people come in to personally wash and dry their clothes; technically, customers provide their own labour and still pay for making use of the laundry equipment available.
Note that even though the laundry industry is a competitive industry, but it does not in any way stop entrepreneurs who are creative to still make headway in the business. It is indeed a profitable business especially when the business is located in a very suitable area in Puerto Rico.
- Mobile Home Broker
If you want to start working as a mobile home sales broker, you don’t need a real estate license in Puerto Rico, and that is one of the many reasons why this is a very good low-cost business to start. Also have it in mind that this business can be managed from home on a full or part-time basis, and promoting the broker service can be by way of designing and distributing promotional information pamphlets to all the mobile home parks in your community.
- Medical Waste Disposal Business
Medical waste disposal business is yet another thriving and profitable business in the healthcare sector that an entrepreneur who is interested in starting a business can consider. Medical waste disposal business requires some level of professionalism.
So if you are in the cleaning industry and you want to expand your business offering, then one of your options is to start a medical waste disposal business. One good thing about this type of business is that you can handle numerous hospitals at the same time. All you need to do is to arrange an effective pick up time.
- Freight Forwarding
Note that an international freight forwarder is a specialist in the field of global transportation and makes arrangements in shipping in accordance with the set standards of the industry. The role of a forwarder is to give advice, inform, and complete all of the necessary documents for shipment.
In Puerto Rico, you can start a courier service business that focuses on envelopes, small packages or large shipments, or combine all package types and sizes to maximize profit. We believe that the least expensive way to get started in the courier industry is to subcontract your services to an established courier company.
But have it in mind that this option also leaves you with the lowest profit potential. A better option is to start your own courier service outright, and hire other operators on a revenue-sharing basis to make deliveries, while you concentrate on marketing, managing and building the business.
- Start a Dermatological Centre
If you are trained and qualified dermatologist, you need not look far before setting up a business in the Puerto Rican healthcare industry; because opening a dermatological centre should come natural to you. Since Puerto Rico is a wonderful island and a booming tourist destination, this business is a thriving and lucrative business that is exclusively reserved for trained and qualified dermatologists. The competition for this type of business is not much, so if you are able to successfully launch this type of business you are likely going to attract loads of clients.
Marketing managers play a vital role for importing and exporting organizations, developing and establishing overseas markets for goods and services. Have it in mind that these professionals understand the markets and develop competitive pricing strategies. It is their duty to make use of forecasting computer applications and work with various aspects of communications, including public relations and advertising.
- Airport Shuttle Business
We can all agree that this business is very lucrative but it is also capital intensive. Research has shown that you would need huge capital base to be able to get all the required buses, vans or cars for your airport service. Also note that you need to rent a place to use for running your administrative jobs (bookings, customer care centre, accounting et al), and you would need money to get all the needed license and permits.
- Solar System Providing
Indeed solar system is a popular alternative energy solution. Because of the very less recurring cost, the trend of using solar power is growing rapidly. Your primary responsibility includes providing design, supplying materials and installing them within your client’s budget.
- Private Escort business
A private escort business provides security for individuals most especially tourists and visitors who want to move from one location to another with valuables et al and also for transport companies and haulage companies as well. It is important to state that you would need to apply and obtain license and permits from the appropriate authority in Puerto Rico before you start this business.
- Developers Home Sales
We believe that the main threat in this business is to convince the developer that you are the right person for the very important task of marketing their capital-intensive developments. But immediately you establish that, persistence and results are generously rewarded, as top producers in this industry routinely earn six-figure incomes year after year.
You also need to understand that marketing your consulting expertise is like marketing any business. Before contacting developers to ask for sales consulting contracts, you need to make sure you’ve done all your homework and have prepared a complete presentation of the sales forecasts and marketing methods you’ll be implementing in the merchandising of their development project.
- Wellness Coach
If you are a qualified wellness coach, then you need to know that a lot of people out there will be more than willing to pay for your services. We suggest you make use of all the means available to you to market your business and you will sure attract clients. A lot of the strategies that you should employ to gain your own fair share of the existing market is to open your own official website and leverage on social media.
- Crude Oil Import And Export
Even Puerto Rico needs energy and fuel to power the economy and they don’t have it in excess. You can deal in the exporting and importing of crude oil from one country into Puerto Rico. It is important to note that this is for the big dogs as it involves huge startup capital but it is a very profitable business in the long run.
The Puerto Rican transportation industry is a very huge industry. The key players in this industry are the transportation companies (Airline, Cruise and Shipping companies and other transporters) and a special category of people that work behind the scenes to make sure that travellers are comfortable on their trips and get value for their money. These people are known as travel agents.