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Are you interested in starting a business in South Korea? If Yes, here are the top 10 best small business ideas & investment opportunities in South Korea.
South Korea is an Asian country that is located in the Eastern part of the Asian Continent. The capital city and seat of power of South Korea is Seoul. Seoul is also the largest city in South Korea and it is rated to be the second largest city in the world with over 25 million people residing there. The official language of South Korea is Korean, and English language is widely spoken by the average South Korean on the street.
Recent statistics rate South Korea as the 8th largest country in the world when it comes to international trade. South Korea’s economy is considered to be a high – income advanced economy. It is important to state that South Korea is a developed country and it boasts of having the highest average wage income in the whole of Asia.
When it comes to the ease of doing business, standard education, quality health care service, and job security, South Korea ranks top amongst Asian countries.
It is rated as the 7th largest exporter in the world. As a matter of fact, South Korea’s Hyundai – Kia brand is rated as the 4th largest car manufacturer in the world. South Korea no doubt is one of the world’s leading technology oriented countries with leading brands like LG and Samsung and also it is the largest exporter of flat panel displays and memory chips. In case you don’t know, South Korea boasts of having the fastest internet connection in the world.
This country has a rich and a robust economy and it is one of the fastest growing economy in the world. Major contributors to the Gross Domestic Product of South Korea are the Technology sector, Automobile sector, the manufacturing sector, Oil and Gas Sector and The Insurance Sector. Now let us go through the top 10 business opportunities that are available in South Korea;
Top 10 Small Business Investment Opportunities in South Korea
The Ecommerce trend of business is such that have continued to gain grounds over the years. Thus, this business sure does yield dividends even in South Korea as it is in other parts of the world. However, you have got to determine your niche.
There are loads of things that could be sold online; but you have got to decide which you want to deal in. Amongst the list of online products you may want to consider is; foods of all kinds, fruits, clothes, shoes, electronics, equipments, telecommunication accessories and what have you.
Smart Phones and Accessories Shop
The smart phones have fast knocked out the mobile phones off the market racks. Therefore, this is one business you may want to tap into because of its popularity in recent times. The business of smart phones and accessories means that you would be catering to the need of folks who are smart phone freaks, as well have spare accessories and parts of the phone that can be on display and purchased whenever there is a need for it.
Car Sales and Servicing Centre
The number of cars that are owned on South Korea seems almost uncountable as there are lots of people who have made their own lives easier by procuring a means of transportation for themselves, aside from what the government has put in place. Consequently, you can make good profit by starting a car sales and servicing centre.
However, you may want to consider specializing in a particular brand of cars so as to meet a certain sect of the society. On the other hand there isn’t harm in dealing with all brands of cars provided you are able to pool the enormous capital required to pull off such a business.
Insurance Brokerage Business
The need for people to get the right insurance covers cannot just be overemphasized. This means that with the right and complete brokerage firm one is able to maximize the profits of being under an insurance cover. If you have a background in insurance or are willing to get trained in that line then you may want to start an investment brokerage business in South Korea.
Children’s Toys Manufacturing Company
Children’s toys are one indispensable part of childhood experience that cannot be neglected all over the world. One of the ways to leverage on this fact is by starting children’s toys manufacturing company. With this kind of business you are sure to produce a variety of toys so as to meet the endless needs of children in South Korea and around the world.
English Evening School
The lingua franca of those in South Korea isn’t English, but you would agree that there would always be the need to have English learnt if for nothing, so as to deal with foreign customers and visitors who troop into South Korea. Therefore you may plug in on this by starting a business like an English School. As an expert you are able to teach folks who do not understand the English language the basis and beyond.
Video Games and Accessories Shop
Gone are the days when one would say video games are only for children. These days, even adults find the video games really intriguing as they are able to relax after a hard day’s work. So therefore, you can be sure to make good returns on your investment in Korea when you start a video games and accessories shop.
This might not be too expensive go start out, but it sure requires that you stay abreast with the latest trends in video games business so as to keep attracting newer customers.
Electronics and Home Appliances Business
Nearly every home in the world has one electronic and home appliance or the other. This is the same case in South Korea as there is a big market for this business. You can plug into this by getting electronics and home appliances at very good rates from the manufacturers and thereafter sell it at a good price to retailers from all over the world.
Security Service Business
The need for good security has become a very serious issue in all parts of the world. If you have a penchant for being security conscious or are already an expert on security issues then you may want to dabble into the security service business. This is one business that can give huge returns on your profit in South Korea.
Automated Dispenser Business
The automated Dispensing business is a very viable one that can be of good use. This means that you must be able to meet the need of the teeming population by having the right products in your dispensing machines. Be sure to have your machines located at strategic positions so that you can meet the need of lots of consumers.
These are some business opportunities you would find in South Korea. Be sure to learn more about these businesses when it is time to start out with them. This is because there is so much that can be gained when one embarks on a business journey with the right information.