Sri Lanka, an island country in the Indian Ocean features a stable, progressive, supportive economy. That’s why people are very much interested in doing business there. But it’s not exactly an easy task to know which business to start. It’s because there are many options almost every of which are alluring.
So, we’re here with the top 5 trending business ideas in Sri Lanka you can use to start the venture.
01. e-Commerce
Internet penetration stands at 56.3% with a total of 12.34 million surfers in Sri Lanka. And a great portion of the users are directly engaged in leading social media platforms. The number continues to surge, allowing the country to flourish in online retail businesses.
Lankan cultural heritage is quite rich, directly reflecting its well-vibrant handicraft industry. As people are more looking into online shopping, choosing e-commerce seems a great leap forward. Featuring and/or delivering niche products/services is proven to be a beneficial venture.
The best part about e-commerce is the diverse options available to serve the target audience. Bakery, fashion, sports, edtech, medicine, etc. are some of the popular choices for a small-scale initiative. It’s easy to start, gain momentum, and become corporate in the sector.
02. Health and Wellness
Everybody wants to stay healthy, well, and happy; and Sri Lanka is no exception. The nation with a high literacy rate exhibits great affection for offline practices/approaches. A promising business endeavor can come from the investment in health/wellness in Sri Lanka.
Fitness centers, particularly gyms, have been gaining more attention among the youth. Yoga studios as well as physiotherapy centers are equally popular with youths and the elderly. A lot of wellness retreats, spas, resorts are now in Sri Lanka, leading to wellness tourism.
The current fitness coaching market in Sri Lanka should value at $6.51M by the end of 2024. Even investing in organic food production falls under the genre to present an opportunity. It’s a must to sort out all the certificates alongside the experience/expertise needed for such ventures.
03. Food and Beverage
A dramatic surge in agricultural innovation with culinary entrepreneurship is taking place in the island country. Tourism contributes to a significant share of its economy where foods/beverages have a direct influence. Around 10% of Lankan GDP comes from food and beverage (F&B).
Many cafes/restaurants go rather well with the locals as well as the tourists. The entire business initiative goes beyond the food menu; involving food delivery, culinary supplies, and occasional specials. The culinary heritage of the nation is quite comprehensive, making it a trendy niche market.
Additionally, the venture can operate from an offline store alongside an online order-delivery service. However, the market is quite competitive here, requiring a somewhat longer period to achieve success. Still, starting as a small venture should put the business on wheels soon enough.
04. Business Process Outsourcing (BPO)
An organization reaches out to an external service provider in BPO to accomplish specific business tasks. It’s more like a B2B (business-to-business) partnership to hire/utilize professional expertise. The most noteworthy examples include – third-party HR, quality assurance, IT, etc.
This outsourcing method focuses on personal/team capability and/or experience. Manufacturing as well as management heavily relies on BPO. Likewise, Sri Lanka has a well-educated manpower to help local and int’l companies from various technical aspects.
Fintech, skill development, energy, production – there are many reasonable options for using personalized expertise. Taking the motivation should be easy since multiple BPO companies are there in Sri Lanka. It’s not necessary to be an offline initiative that can provide extra benefits.
05. Digital Marketing
Businesses to enter and navigate the ever-evolving online landscape always require digital marketing. It enables a company to take a multifaceted approach to have a strong online presence. Digital channels like search engines, social media, email/content marketing, etc. make up the core.
SEO (search engine optimization), as well as PPC (pay-per-click), are two of the most trending strategies in digital marketing. Entrepreneurs can surely utilize the full potential of democratized platforms for any venture. Taking a competitive advantage in the global marketplace is easy here.
Over 7.2 million Lankans use social media platforms, counting nearly 32.9% of the country’s population. Setting up a digital marketing agency can help advertise professionally to boost engagement/sales. Even an individual can easily undertake such marketing tasks on a retail or limited basis.
Additional Trending Businesses Worth Looking
The idea of ventures to plan, implement, succeed in Sri Lanka isn’t necessarily confined to 5 only. Some more trending businesses to consider include:
- Tourism and Hospitality: As mentioned, the island country has many beautiful features to attract tourists from everywhere. So, becoming a tour guide or starting a tourism service has its fair share of popularity.
- Video Content Creation: YouTube, Instagram, Facebook – informative and quality video content can get attention rather easily. However, creating content up to the mark may seem somewhat difficult at first.
- Online Freelancing: The number of Sri Lankan freelancers keeps skyrocketing with time as tasks (blogging, designing, copywriting) are simple. Also, they mostly come with a satisfying paycheck from the clients.
- Planning and Management: Proper execution is mandatory for successful event planning. And it isn’t limited to social gatherings only. Engineers can go for urban/industrial planning as well as management.
- Stationery Supplies: Everyone uses stationery products, regardless of profession, age, or expertise. It’s a massive market with a wide array of materials. That too, without requiring a higher initial investment.
- Mobile Repair/Servicing: The market for mobiles is enormous; the same goes for its servicing or repairing portfolio. It returns notably good benefits for individuals with sufficient skills on the must-have device.
Wrapping Up
Different approaches come with distinctive responsibilities, strategies, and enthusiasm. Opting for online trends may not be everyone’s piece of cake. Meanwhile, going for offline startup may appear out of the current financial reach.
Anyone interested in doing business in Sri Lanka should evaluate his/her capability, expectations, and support. Someone expert in IT is unlikely to succeed in Food or Wellness. Instead, checking into BPO or marketing seems better.
Individuals looking into small-scale initiatives should check out BPO/Digital Marketing. With somewhat better financial support, starting e-commerce looks good.
Contact Tectera a web design company in Sri Lanka to setup a website for your business.
