Best Business To Start in Panama
I see a lot of business ideas and opportunities in Panama that most entrepreneurs don’t see and I will like to share them with you. Starting a business in Panama should be every entrepreneur best move right now. Real estate project is going up everywhere and making a living in Panama is now easier than it used to be in terms of business success.
You don’t need to have $200,000 in your bank account before you can launch a profitable business in Panama, even if the business you have in mind is worth that amount, there are banks all over the city who will be happy to loan you up to 80% of the money. Surprise?
Panama is booming with business, immigrants flooding from different parts of Europe and South America just to come survive and make it big. To surprise you, some of them are owners of big business in Panama.
Not to waste too much of your time, here are 7 money making business ideas in Panama:
List of Lucrative Small Scale Businesses and Investment Opportunities in Panama
1. Coffee Shop with Free Wifi
Do you know that almost everyone in Panama are into one online business or job? This is the reason most café and coffee shops now provide free Wi-Fi as a way to attract customers to their shop.
Guess what! These coffee shops are always full with almost everyone with a laptop. To run this business, all you need is a location in a busy street, get the required products and everything that is needed in a coffee shop and a good internet connection services for free browsing.
This is one good business as people who can’t afford using their internet data to upgrade their software and apps can just come into your shop, buy some coffee and browse for free. The charges for the free internet services you give to your customers are always added to the price of each cup of coffee purchase. Are you giving it a try?
2. Convert Condo to Condo Hotel
According to my observation, there are simply not enough hotels in Panama. I have been there before on vacation for two weeks. There are few hotels that was still under construction but abandoned for reasons I couldn’t get. The last time I checked, they are still yet to complete them.
With this happening in Panama, to get a room for a night is very expensive because hotels owners know that you may not find any hotel at your own price.
One better way to make money from this kind of opportunity is to buy several floors of any old condo and convert it to a condo hotel. I have heard about many who have done this and are making money big time from this idea.
3. A Surf and a Water Sports Shop
For sure, there are few in the city and some are not pet friendly. You can be the first entrepreneur to build such a nice sunscreen shop, surfboard repair, and a one stop place for bikini girls to come and have fun.
It would sure be a nice place for shopping and for attracting tourist too. Remember I told you earlier that banks are always there to fund any project as far as you can convince them with your business plan or you can either go with looking for investors for the business idea.
4. Construction Equipment Rentals
Another great business idea in Panama is construction equipment rental. There are many construction going on in Panama and you can make a whole lot of money by renting out some construction equipment to construction workers.
Due to the rate of inflation in Panama, builders find it difficult to purchase some site construction equipment, so they prefer to rent from those that have. In remote areas, it takes up to a week or more to find a specific equipment to rent or buy.
This for sure is a good money making business idea to venture into in Panama.
5. Buy Remote Lands in Remote Places
This should be one of the best in this entire post I must say. If you have some cash you know you might not be needing for a long time, I will advise you go and buy a remote land or lands and hold them for a long time.
You may say, “how long?” let me tell you something you might or might not know. The price of lands appreciate as time passes. If you can hold that land for even 1 year, you can sell it for double of the money you purchase it with.
Imagine holding the land for 3 to 5 years or more. If you know what you are doing, this idea alone can be the breakthrough idea you have been looking for all over your life.
6. Advert Agency/PR Firm
Many businesses in Panama are trying to get their business out but there is no agency to help them do it properly to get expected result. When I was going through some magazines in my hotel room, I found out that some businesses advertise their business to the wrong audience.
I saw so many grammatical errors, misspell and wrong use of words. Why should a school advert be placed in an adult magazine? You will really make money if you can go into this line of business and make a difference in their business.
7. Employment Agency
Offer some help to some gringos and make some commission from them. they are so many immigrants moving into Panama just to do any job that will fetch them money and they are many household looking for house help, gardeners, drivers etc.
This is a good business idea that you can make money from. You just go to the street and connect with those immigrants and others jobless people who will still need to do something that fetches money.
Place a sign post saying, “We are hiring”. After getting enough applicant, you then go to hoses asking if they have any need for what you have to offer.
These are 7 business ideas in Panama that I just explained that can make you money in the long term if you are serious and can venture into it with success. Good luck!