Do you reside in Jamaica and you need ideas for starting a business? Here are top 10 small business investment opportunities in Jamaica.
When you hear of the country Jamaica, the first thing that probably registers in your memory might be the reggae music. Yes, Jamaica is known for the reggae music however there are loads of features that makes this Caribbean state one unique place to be. Jamaica is an island country located in the Caribbean Sea, and it comprises the third-largest island of the Greater Antilles.
This island is approximately 10,990 square kilometres (4,240 sq mi) in area, stretching out to about 145 kilometres (90 mi) south of Cuba, and 191 kilometres (119 mi) west of Hispaniola- the island containing the nation-states of Haiti and the Dominican Republic. Jamaica is the fifth-largest island country in the Caribbean.
Jamaica has its capital as Kingston and it happens to be the largest city of the country. Its national language is English and it also has a national language known as the Jamaican patois. The country’s GDP as of 2012 was estimated at 25.317 billion dollars.
The economy of Jamaica is that of a mixed one as there is a mixture of state enterprises and private sector ventures. Major industries in this country include; Mining, Agriculture, manufacturing, financial and insurance services, as well as tourism.
The Jamaican terrain is such that is very favorable for business owners. Therefore, even as a newbie you can boast of a very high possibility of having a successful business is a split of a moment. For that reason, if starting a business is a great idea then you may have to consider the following top ten business opportunities.
Top 10 Small Business Investment Opportunities in Jamaica
Without an iota of doubt, this sector is one of the biggest money spinners in Jamaica. It is one business that has continued to attract visitors from all over the world. The foreign exchange return this sector rakes in yearly runs into billions of pounds. This is therefore a great business opportunity you may want to tap into. You may consider building a resort where tourists can visit. This no doubt may gulp a lot but you can be sure that profit would be realized.
If you have a background in engineering especially the civil niche or you just are plain interested in the construction business then you may want to consider going into the construction business. There are loads of builders and developers who work tirelessly to build resorts and hospitable places for foreigners. You too can cash in on this business.
There is a great deal of profit to be made when you tap into the waste disposal business. There are lots of beaches as well as hotels and resorts in Jamaica where your services can be rendered. You may consider starting your own waste disposal business .Be sure to follow all guidelines set down by other waste disposal companies where you may want to work as a trainee to garner experience.
4. Logistics Business
One other business you want to consider starting is the logistics business. Jamaica no doubt is known as a logistical hub .This is because of the role it plays in servicing the rest of the Caribbean. The shipping activities that take place in Jamaica are enormous as it serves as a stop for shipping heading through the Panama Canal.
You may position your business to tap into the profits that lies therein in Jamaica by starting a logistics coy. Be sure to carry out enough research on the existing logistics companies that already exist so as to have enough experiences to ride on.
The energy business in Jamaica is such that have continued to thrive and evolve over the past years. It is highly interested in renewable energy generation this is as a result of the tropical climate which it boasts of as well as the fossil resources.
Experts have authoritatively tagged Jamaica as the best renewable energy destination in the Caribbean. Hence, since this sector has even more greater prospects in store, therefore you may want to consider starting a business around renewable energies.
The Information technology business is such that have been identified by the Jamaican government as a great priority industry. If you are an IT savvy person, then this is one area where you may want to tap into with ease. You may consider carving a niche for yourself especially in any area of interest which might be software developments, outsourcing as well as contact centres.
It is no longer news that Jamaica is a manufacturer of products as marble, calcium carbonate, and limestone. This means that if you have background knowledge of mining or if by chance you hold a degree or have a certificate in the mining profession then you may consider the business of further refining or bagging of products.
Housing development is one business you might want to think of going into. There are lots of firms that have been set up who are involved in the planning and development .You can set up your own company or buy an existing one where you can render services for the upscale developments. Please note that adequate market survey must be carried out to get the best.
There have been the large increases of creative businesses that have sprung up overtime. These companies are specialized in animation, television production as well as content aggregation. If you have a prior knowledge of what the animation sector involves or are looking to dabble into it as a newbie then you may as well know that this is a very viable business.
There are lots of stuff to be produced in Jamaica. However, the Jamaican agriculture includes the cultivation of the following; coffee as well as cocoa. If you have a penchant for farming or are willing to partner with some farmers so as to get the business to a great level and continue to serve the teeming population, then this is the business to invest in.
There you have it. Those are the 10 viable business opportunities you may to invest in Jamaica. Please do not forget to remember that it pays to undertake exhaustive research when starting a business.