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Basically, Sri Lanka is an island country. The country is located in the area of the Indian ocean. The capital of the country is Colombo. Most of the people in Sri Lanka use English, Tamil, and Sinhala for communication with each other.
Generally, the economy of the country has mostly had strong growth rates in recent years. Currently, the country is focusing on long-term strategic and structural development challenges as it strives to transition to an upper middle-income country.
According to the Global Competitiveness Report, Sri Lanka’s economy is transitioning from the factor-driven stage to the efficiency-driven stage. Hence, it makes the country ranks 52nd in global competitiveness.
Small Business Ideas
Basically, the country’s economy depends hugely on agriculture. Some of the specific items like tea, rubber, cinnamon are the most important products here. Additionally, these items have good export potential also. Animal husbandry or livestock farming is also getting immense popularity nowadays.
Backyard Plant Nursery
If you love gardening, you can start a backyard plant nursery in Sri Lanka. This is a low-cost and profitable business. However, you must have some space for this business. Selecting plants is the most crucial aspect of this business. You must keep the plants according to the local market demand. Also, you can start and operate the business on a part-time basis initially.
Cell Phone Repair
Cell phone demand and population are increasing very fast. And after the warranty period, people look for an affordable local repairing service for fixing the phones. Even, if you don’t have the repairing skill, you can visit classes to gather knowledge. Generally, this type of business offers services like repairing cell phone, smartphone, iPhone, tablet etc. In addition to that, you can offer several specific repairing services too.
Export-import is one of the most prominent business sectors in Sri Lanka. The country is the 81st largest export economy in the world. The top export items of Sri Lanka are Tea, Women’s Undergarments, rubber, cinnamon etc. Its top imports are Planes, Helicopters, and/or spacecraft, Refined Petroleum, Cars, Crude Petroleum, and Light Rubberized Knitted Fabric. Some of the top export destinations of Sri Lanka are India, the United States, the United Kingdom, Germany, and Italy. The top import origins are India, China, Japan, France, and the United Arab Emirates
Sri Lanka is ranked among the top 50 outsourcing destinations by AT Kearney. Some of the most lucrative IT sectors are business process outsourcing, knowledge process outsourcing, software development, IT Services, and IT education. Hence, it is needless to say, the country is one of the best destinations for starting a business in the information technology sector.
The Govt. encourages the small scale sector of the country. Additionally, there are several schemes you can avail of the assistance from the Government. If you want to start a small business in the clothing and apparel segment, you can consider starting a jeans manufacturing business. With proper planning and substantial capital investment, jeans manufacturing project can be initiated on a small scale basis.
Real Estate & Construction
Property industry broadly cover the areas of rents, domestic housing, capital market, office space, retail and industrial space. As confidence returns to real estate, the industry faces a number of fundamental shifts that will shape its future. Moreover, the sector offers several service-based business opportunities to aspiring entrepreneurs.
Retail is another growing sector in Sri Lanka. However, you must have a retail space in a prominent location. Otherwise, you can also consider getting a retail space on rent. As tourism is one of the most important revenues earning sectors in the country, you can find several retail business opportunities there.
Tourism is one of the main industries in Sri Lanka. Major tourist attractions are focused around the islands famous beaches located in the southern and the eastern parts of the country. Additionally, ancient heritage sites are also popular in the country.
Hospitality and tourism are vast areas of providing different types of services. It includes broadly restaurants, restaurant chains, food services, hotels, transportation, photography, business and leisure travel, holiday destinations and activities, camping, and the cruise industry.
Transport business opportunities are emerging globally nowadays. Transportation is one of the world’s largest industries. Different types of specific demand with the changing lifestyle habit have introduced several innovative and profitable startup opportunities in the transport industry.