Do you reside in Puerto Rico and you need ideas for starting a business? Here are top 10 small business investment opportunities in Puerto Rico.
Puerto Rico is made up of small islands and it remains an unincorporated territory of the United States of America. It is located around the northeastern Caribbean east of Dominican Republic and the western part of both the United States Virgin Islands and the British Virgin Island. Other notable islands that are part of the Commonwealth of Puerto Rico are Vieques, Culebra, Monito, Desecheo, Caja de Muertos and Mona.
Although 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).
Puerto Rico’s economy is basically a thriving one, driven by the manufacturing industry and is noted for the manufacturing of electronics, petrochemicals, textiles and pharmaceuticals. Tourism and other service based businesses. It is important to note that Puerto Rico’s industry imports most of their raw materials due to the fact that it lacks basic natural resources needed by these industries.
People from all over the world can travel to Puerto Rico via any of the 3 international airports. The airports are located in Carolina (The Luiz Munoz Marin International Airport), Ponce (Mercedita International Airport) and in Agudalla (Rafael Hernandez International Airport).
You can also enter Puerto Rico via any of its 9 Seaports. It is a fact that Puerto Rico’s San Juan Port remains the busiest port in the whole of the Caribbean due to the high level of cargo movement that take place in the port. Here are some wise business opportunities that are available in Puerto Rico.
Top 10 Small Business Investment Opportunities in Puerto Rico
It is a fact that the economy of Puerto Rico is driven by importation and exportation. If you start your own importation and exportation business in Puerto Rico, you stand the chance of having an avalanche of business deals to handle.
This is so because almost all the manufacturing companies in Puerto Rico import their raw materials. Import and export business requires registration and license from the Government of Puerto Rico before you can conduct this type of business.
2. Real Estate Consulting Firm
Real Estate consulting business is another thriving business in Puerto Rico. In other to achieve great business success as a realtor in Puerto Rico, you would have to work with a network of real estate consultants. The bottom line is that there must be an agreement on profit sharing on the percentage you might get for renting, leasing or selling of properties.
You can take a spin at starting your own tourism consulting business either as a travel consultant that help people secure visas, flight tickets and hotel reservations or as a tourist guide. The truth is that if you are located in any of the island in the Common Wealth of Puerto Rico, you are sure going to have enough clients to attend to because Puerto Rico remains one of the most visited tourist destinations in the world.
Insurance firm is another thriving business to start in Puerto Rico. You would need to register this business and obtain the necessary permit required to establish and run an insurance firm. Even if you don’t have the required capital to start your own insurance company, you could enter the industry as an insurance broker firm.
5. Pharmaceutical Manufacturing Company
One other thriving business that could be cashed in on is the Pharmaceutical manufacturing industry in Puerto Rico. You can start and build it to a level of profitability. The trust is that Pharmaceutical manufacturing and even petrochemical production is indeed a thriving business in Puerto Rico.
No doubt it is a capital intensive business, but if you are an accredited investor, and you intend establishing a business in Puerto Rico, then it will be wise to consider starting your own Pharmaceutical manufacturing company.
If your intention is to start a business that requires small startup capital, then you might want to consider starting a dress making and sales business. The good thing about this kind of business is that you could start it on a small scale and if you work hard, you can build it to a big time clothing line and make good returns on your investments.
Starting a Restaurant and bar business is yet another very profitable venture that you could go into. It is a known fact that people that own restaurants and bars in Puerto Rico are making great profits especially if it is strategically located and it is properly managed. So if you intend starting your own restaurant and bar business in Puerto Rico, be sure that you choose a good location.
8. Guest House
If you have enough funds to build a guest house in Puerto Rico, you can be rest assured to have high patronage. Puerto Rico remains one of the choicest destinations for tourists especially those seeking for an ideal place for their honeymoon and vacation.
9. Groceries Stores
Running a groceries store remains one of the simplest and cheapest forms of businesses to start Puerto Rico. This form of business is highly thriving in Puerto Rico and you don’t need any form of business registration or license to run this kind of business. Just make sure you have varieties of products and position your store in an area that can easily be accessible.
Because of the geographical formation of Puerto Rico, water transportation remains one of the major means of transportation there. To access each of the islands you would need speed boats, Canoes, Ferry et al. If you have enough capital and you have interest in the transportation industry, then starting water transportation business might just the best choice you can make. You are sure of getting good returns on your investment if you run this type of business.
No doubt you could make good returns on your investment if you chose to start any of the business listed earlier in any of the islands that makes up the Common wealth of Puerto Rico. In addition to the information given in this read, you must also be ready to stay optimistic and work really hard to build a flourishing business.