Do you reside in Rhode Island and you need ideas for starting a business? Here are top 10 small business investment opportunities in Rhode Island, USA.
Rhode Island is part of the states that make up the 50 states in the United State of America and its capital and largest city is called Providence. The state of Rhode Island is located in the New England region of the United States of America.
When compared to the rest of the states in the US, Rhode Island it is the smallest in area, it is the second most densely populated state and also it is ranked the 8th least populous states in the US. The economy of the State of Rhode Island revolves around the service industry particularly the health sector, tourism sector and also the manufacturing industry.
Rhode Island is notable for the manufacturing of products like costume jewelry, Silverware, electrical equipment, fabricated metal products (tool-making), shipbuilding, boat building and machinery. Another contributor to the economy of the state of Rhode Island is the Agriculture Sector, with produce like vegetable, nursery stock, eggs and dairy products.
Rhode Island is also notable for the production and exportation of textile. As a matter of fact, it used to be the number one producer of textile in the whole of the United States of America. The fact that the state of Rhode Island hosts two of the Fortune 500 companies only means that the state has all it takes for business to start small and grow as big as possible.
If you are nursing the ambition of starting a business in the state of Rhode Island, then you can consider any of the following business opportunities:
Top 10 Small Business Investment Opportunities in Rhode Island
The actuality that the state of Rhode Island is notable for the production of costume jewelry and silverware makes it easier to start a business in that line if you live in Rhode Island. All you would need to start this kind of business is a shop and capital to buy your costume jewelry and silverware. It is a fact that if your shop is well positioned, you can be sure of making reasonable daily sales especially from tourists.
2. Fabricated Metal Products (Tool – Making) Workshop
If you are a mechanical engineer and you are specialized in the Production of things, then you should consider starting your own Fabricated Metal Products Workshop. The good thing about this kind of business is that you are able to sell your products not just to companies in Rhode Island but also to companies all over the world. If you are good at what you do, you would have enough companies requesting for customized tools from you.
The soil composition and climatic condition in Rhode Island is highly suitable for the cultivation of vegetables. If you are interested in the Agric sector and you live in Rhode Island, then you should consider starting your own vegetable farm. The market for fresh vegetables is large and you are sure to have enough clients to sell to your products to in the Island.
4. Groceries Mart
Another thriving business that you can start in Rhode Island is the Groceries Business. Although, there are quite a number of groceries shops scattered all over the cities in Rhode Island, but you can make yours attractive if your shop is well stocked per time and you are selling at a discounted rate. The truth is that once people know that they might get cheaper goods from your shop, they would always make it a point of duty to buy from your shop.
5. Eggs and Vegetable Distribution Business
If you are a young entrepreneur and you want to make good money with a little startup capital, then you should consider starting Eggs and Vegetable Distribution Business. All that is needed to start this kind of business is to locate Hotels and Restaurants around you and request to supply fresh vegetables and eggs to them at a price that is lower than what they can get from the market.
Most Hotels and Restaurants would want to do business with you if they know that they could eliminate the cost of transportation and the stress of going to the market. It is a fact that you can get vegetables and eggs at a cheaper price in Rhode Island, but you can as well start your own poultry and vegetable farm to maximize profits.
Another thriving business that needs consideration is the Children’s Toys and Video Games Shop. If you start this type of business you can be rest assured of people patronizing you especially if your shop is well positioned. If you have a penchant for retailing and making children happy, then you might consider starting your own Children’s Toys and Video Game Shop.
7. Sales, Servicing and Repairs of Medical Equipments
The Health sector is one of the major revenue contributors to the state of Rhode Island. There are loads of health facilities all over the state of Rhode Island and you can be certain of high patronage if you start any business that has to do with the sales, servicing and repairs of medical equipments. So if you are interested in the health sector, then you can consider starting this kind of business.
Yet another booming business that you may want to start in the state of Rhode Island is to establish a Pharmacy and Health Shop. So, if you are a Pharmacist and you are looking for a business to do in the Rhode Island, then you should consider starting your own pharmacy and health shop. You might however need to get permission and approval from the body regulating this industry in Rhode Island.
If you are looking for a business to start in Rhode Island which may not require your presence all round the clock, then you should consider starting your own Unisex Boutique. All you need to do is to rent a shop that is well positioned, and employ a trustworthy and reliable sales attendant to help you man the shop, whilst you do other stuff.
If you have great culinary skills, and you live in the state of Rhode Island, then you should consider starting your own specialty catering business. With this kind of business, you could provide catering services to schools, offices, clubs and event centers. Remember that people do not joke with their bellies, so you can plug unto this business.
These are just some of the viable and profitable business opportunities you can find in the state of Rhode Island. You however still need to do more work. Whatever business you have decided to settle for here, be sure to still undertake an exhaustive research so as to know more about the business before you commence operations.