6 Best Business Ideas and Opportunities in Italy
Italy, officially known as the Italian Republic, is the third most populous nation in the European Union (EU) with a population of 61 million people.
Italy has the eighth largest economy in the world and the third largest economy in the Eurozone. The Italian Republic has a vast cultural wealth, and hosts 51 world heritage sites.
Italy is a highly developed and industrialized nation and is a leading country in world trade and exports. The Italian Republic is renowned for the high quality and variety of its food industry. Italy has a vibrant agricultural sector and is the world's largest producer of wine.
The nation also boasts of high quality and influential automobile industry, fashion and design, and machinery. Tourism also plays a notable role in the economy of the nation being the fifth most visited country in the world and with earnings estimated at $45.5 billion as at 2014.
So if you're relocating to Italy, or you have business interests there, here are a few business ideas that could be worth considering in Italy.
1. Fashion/Clothing Line
With the likes of Armani, Dolce & Gabbana, Fendi, Prada, Versace, Roberto Cavalli, Nicola Trussardi and other internationally acclaimed brands, Italy could be termed as the fashion headquarters of the world.
Italian suits, shoes, shirts, and dresses are preferred to others because of the quality and style they offer. The market is already available, so with hard work and a quality assurance, you can carve out a niche for yourself in the fashion industry.
2. Wine Production
Italy produces about 40-50 million hectolitres of wine per year (that makes one-third of the total wine production globally), making Italy the largest producer of wine by volume. Italians are also large consumers of wine and have been ranked fifth on the world wine consumption list by volume, having 42 litres per capita consumption.
This presents a large potential customer base (locally and internationally) for those that go into wine production the country. Grape vineyards are cultured in almost every region of the country, hence raw materials are readily available for those interested in going into the wine production business.
3. Travel and Tourism Business
The Italian Republic is popular for its art, fashion, cuisine, history, culture, ancient monuments, beaches, mountains, and beautiful coastlines. The country also has 51 world heritage sites, which is the highest number hosted by any country in the world.
This makes Italy a tourist haven. In 2014, Italy with 48.6 million tourists a year was the fifth most visited country in international tourism arrivals in the world. With an estimated revenue of €189.1 billion, tourism is one of Italy's most profitable and fastest growing sectors.
Investors and businessmen can take advantage of this to establish a travel and tourism business in the country.
4. Hotel and Restaurant Business
With the influx of people from every part of the world to Italy for tourism comes a unique opportunity for those in the hospitality business. Tourists will need a place to stay, and with the enough capital, you could open a hotel that caters for the accommodation needs of these tourist. You need to consider a strategic location for this.
Most tourists would also want to have a taste of the local cuisine. You could get the necessary permits from the local authorities, rent a place, open a restaurant, employ a good chef to make the local delicacies for tourists and indigenous people as well. With quality, delicious meals, and excellent customer service, people would keep patronizing you.
5. Bar and Cigar lounge
Most people would like to hang out with friend, colleagues, or associates and share a drunk or smoke in a cozy atmosphere. A bar and Cigar lounge offers exactly that. There are various types of bars-neighbourhood bar/pub, sports bar, brew or beer bar, specialty bar, and clubs.
Ensure that you stock the finest wines, cigars, and drinks from around the world and that your lounge is at a strategic and fun-loving area and you will enjoy massive patronage.
6. Cab Service
While Italy has a lot of tourist attractions and developed cities, some tourists and even some of the indigenous peoples would prefer to have a retreat to a quiet penthouse in a small town or country-side. Italy has a lot of such small towns with vineyards and orchards that cater for tourists with such needs. Most people take the train in order to get to such towns, and there is a very limited number of taxi cabs to take you from the train station to your destination.
Starting a cab service in these small towns would meet a transportation need and gain you revenue.