For those that do not know what the Dominican Republic is, it is one of the best locations for anyone that is looking to start a business. It is one of the regions in the Caribbean and as it stands, they have the largest and most progressive economy in the region. To make things easier for you for decision-making, the GDP per capita is about 14,770USD and monthly, the country records an average personal income of 392USD. With all of these numbers and increasing growth in key economic sectors, why not try to see what we can make money from in this region too?
1. Coffee Farming
The coffee industry all over the world is worth many billions of dollars, and the growth is even helped by the fact that the price of coffee keeps growing each year. There is also a number of a variety of the crop and the one grown in the Dominican Republic is one that is in top demand from a lot of coffee makers from all over the world. This can be duly taken advantage of by establishing a reputable coffee plantation and selling your produce, even in the export market.
The regulatory agencies in the country want to see you grow in this regard, and they’ve set up some measures to ensure that you get seedlings, better farming methods, and the likes.
2. Sugar Cane Farming
Yet another cash crop, sugar cane is one of the plants that are in high demand everywhere in the world. They find numerous applications in the generation of sugars, sweeteners and other such products. The Dominican Republic has sustained itself on the revenue being generated from the sugarcane farming business for a while now and the land is a very suitable one for the cultivation of the crop. Currently, there are some reforms that are going on in the agricultural sector of the region to ensure that even more can be gotten out of the agricultural produce.
To enhance your harvest and proper machination of your farm, you can take advantage of the barrage of public and private grants that are up for grabs.
3. Rice Farming
Rice has to be the most staple food in the world, behind bread, and it has found wide acceptance in a lot of countries. A number of cultures all over the world have also fabricated special recipes for the food crop, which ensures that it is in high demand all year round. The arable lands of the Dominican Republic support rice farming a lot and since this is a local delicacy in the country too, you have your primary market that way already. While you would need to inform yourself of both the old and modern ways of operating a rice farming business, it is also important that you source machinery for the smooth running of your business.
Read Also: Business Opportunities In British Virgin Islands
4. Tourism Agency
The Caribbean cannot be mistaken for any other region in the world, and this is largely due to the kind of beautiful landscape and scenery that nature has provided them with. The Dominican Republic also falls into this category of Caribbean countries that have very great sights for tourists, as well as a lot of rich historical centers. Set up a tourism agency in the country and create nice packages for tourists that want to register with you. Make sure you help the visitors make the best out of their tome. Signing up with a is not a bad idea as they could be your first point of recommendation.
5. Financial Consulting Services
With a very extensive tourism agency, you should infer that not only those who seek leisure come to the country but those that are looking to invest their money too. With a good knowledge of the financial laws of the country, the businesses set up in there and the relevant statistical data that can help any business grow, you can set up a financial consulting agency that would provide expert advice to visitor and expatriates.
You would need to have a good eye for the identification of booming business and future potentials if you would be able to advise your clients well. Your members of staff would not only be seasoned in their field of expertise but would need to have years of experience under their belt. While the international market could be where the major bucks roll in, don’t forget to serve the local market too.
In all your getting, get a certification from proper agencies before you go into business.