If you are thinking of establishing a business in the Bahamas, get to know these 10 business opportunities this country has to offer.
Situated in the North Atlantic Ocean, in the southeastern part of the US state of Florida, the Bahamas is considered one of the most visited tourist attractions in the world. This prosperous Antilles country consists of approximately 700 islands and is considered to have the clearest waters in the world with a visibility of approximately 200 feet. The Commonwealth of The Bahamas became independent from the United Kingdom on July 10, 1973.
Nassau, which is on New Providence Island, is not only the capital of the Bahamas but also the seat of powers. English is the official language of the Bahamas.
The economy of the Bahamas consists of key industries such as the tourism and financial sectors. In addition, relative to gross domestic product per capita, the Bahamas is considered to be one of the richest nations in the Americas. In fact, approximately 60% of the country’s income comes from tourism, which employs more than half of the labor market.
If you want to start your own company in the Bahamas then you should definitely know the investment opportunities that this country offers.
The 10 Best Investment Opportunities In The Bahamas For Small Business
1. Investment in Hosting Facilities
Any tourism activity needs to develop as a highly profitable and successful activity, as this market accounts for over 60 percent of Bahamas income. So don’t hesitate to invest in the Bahamas Hotels & Resorts business if you have the money to do so.
Your business will be very successful and profitable as the Bahamas is an extremely important region when it comes to world tourism. So as long as you maintain a good standard for your hotel and resort advertising, all rooms will be occupied almost year-round.
2. Cruise Ship Investment
The Bahamas consists of over 700 islands. Citizens and tourists often choose shipping as a means of transportation to roam around this wonderful nation. So if you are looking to invest in the Bahamas, know that you should operate your own cruise ship. Also, the Cruise Ships business is a very profitable venture and you can start with just a boat or cruise ship.
The economy of the Bahamas consists of crucial industries such as tourism and finance.
3. Travel and Tourism Company
One of the most profitable and successful and least expensive businesses to set up in the Bahamas is obviously in the travel and tourism business. Some forms of certifications and licenses may be required to start this kind of venture, but in fact, as long as you are well located, chances are good that you
One of the least expensive and most lucrative and successful businesses to set up in the Bahamas is, of course, the travel and tourism business. Some certifications and licenses may be required to start this type of business, but in fact, as long as you are well located, there are great chances of operating large travel and tourism companies abroad.
When visiting the Bahamas, tourists often buy locally produced gifts or souvenirs such as hats, bags, baskets and more. So, if you do not have a qualification and are looking for a business that requires minimum capital to be established in the Bahamas, then consider starting your own craft business.
To be successful, your store needs to be close to places that most tourists can access, such as airports, piers, hotels, and more.
5. Pineapple and sugar cane plantation
Because the Bahamas soil composition is extremely suitable, if you are more inclined to agriculture, growing pineapples and sugar cane is a great option when considering what type of business to start in the Bahamas. In addition, the cultivation of pineapples and sugar cane is a very lucrative venture with a huge market base.
6. Food and drinks
To be successful in managing your own restaurant or bar, whether targeted at locals or tourists, you must offer high quality delicacies. This way, your restaurant or bar will always be a recommendation from people. One of the advantages of a restaurant is that it is never out of season and therefore your investment can be doubled within a few months after setting up the business.
7. Tour guide
If you are familiar with the Bahamian territory and can speak more than two foreign languages, then you might be thinking of setting up your own tour guide business. Non-English speaking tourists will be extremely grateful if the tour guide can speak their own language. If you are considering starting as a tour guide then you need to speak at least one more language besides English. These languages can be Spanish, French, Portuguese, German or Chinese.
8. Financial Consulting Business (Accounting & Tax)
The Financial Advisory (accounting and tax) businesses are the second highly profitable and successful industry in the Bahamas. Therefore, if you have any qualifications as an accountant or have any financial related course, you should consider running this type of business within the Bahamas. You can be hired by small or medium businesses to assist them in auditing their accounts as well as their tax issues. Plus, the better you are, the more successful your business will be.
Establishing your own supermarket is a good option if you want to start your own business but do not have very specific skills. To succeed in this type of business you just need basic math and negotiation skills. Managing this lucrative business within the Bahamas is really very easy.
10. Fumigation Business
The fumigation business is another developing business in the Bahamas. If you set up your own fumigation business in the Bahamas, you will be extremely pleased with the abundance of homes, offices and even farms with which you will do business. Distributing information leaflets that clearly indicate the type of services you provide is all you need for customers to start calling you.
If you want to embark on a lucrative and exciting venture, don’t miss these suggestions and take advantage of one of the business opportunities that the Bahamas offers as described above. However, it is always safer to start a new business with the help of a good consultant. For this reason, we recommend that you request a free consultation with one of our specialists by clicking here.