In the dynamic business environment today, building a thriving business has become a challenging process. Constructing a business in itself is hard enough, imagine the obstacles when it comes to establishing a successful business in a small country such as Maldives.
The total population is estimated to be around 350,000. Compare this figure to the total population of a city in India, Mumbai, which is estimated to be around 20 million. And this is the figure for only ONE City.
Excluding this glaring factor, although Maldives is no doubt a paradise on earth, these beautiful and exotic islands are geographically dispersed and lay like little pearls scattered on the vast Indian Ocean.
So how does one tackle the issues arising from the limitations of market availability distribution and supply channels and the high costs associated with it?
When starting a business, one of the most obvious factor is capital. While most may not have a lot lying around, there are ways to start up your business small and then expand in the future.
In this article, I have highlighted possible start up ideas that one can establish with comparatively little capital. But of course, no doubt you audacity and persistence to exploit you talent is important here.
1. Conducting surveys or research for the government or other corporations
Studying the market, whether for government use, to establish a law, introduce a product, and identify a new market or even to see why a product or service is failing has become a crucial factor in all businesses and corporations alike. A thorough and extensive study of a company’s target market gives a clear understanding on the problem or opportunity and also sheds light to possible solutions.
Thus, starting a surveying company to collect data for other corporations and earning money from it is a comparatively cheap alternative of starting a business which needs a higher capital.
2. Make your own fashion line
If you are good and love sewing clothes, you don’t need a certificate, store or even a large sum of money to start. All you need is a decent sewing machine and to market yourself. Startup your company by going to the social media. Create your own page on popular websites such Facebook, Twitter and Pinterest. If you provide good quality products with more unique designs, your brand name will start earning popularity and you will start earning money in no time.
3. Become a Travel Consultant and/or blogger
If you love travelling, whether within Maldives or abroad, it is an opportunity for you to share your travel experiences with others and earn money for it. Not only via leisure travelling, let’s say you often travel abroad with your family for medical purposes, your experience obtained from visiting islands, hotels, hospitals, clinics, doctors etc. will prove beneficial to others.
So why not create a blog or even a website to share your experience?
Features such as hotel booking, reviews, airport pickup and drop off, tour services, assistance for medical etc. can be provided from one platform.
If marketed correctly, your site will gain popularity and sponsors and investors will flock to it. Moreover, you will be able to earn money from affiliated partners from hotel bookings, tour operators and other service providers linked via your site.
4. Provide Software development and/or data encryption and protection services
The advancements of technology has digitized information to the extent where physical copies are rarely kept, especially in a modern society such as Maldives. The demand for developers and data encryption services has been escalating consistently, both by government and other corporations. If you have the knowledge and talent, this is an easy way to start your own business. You can work in your own space with your own laptop or desktop.
5. Start selling home cooked food
Food is one thing that everyone needs and no doubt love. While the taste and preference will vary, one typical example is the Maldivian short eats. Places which sell good short eats are always full and run out quickly.
Moreover, why limiting to just short eats? Other types of food such as breads, mains, juices, fast food also are always in demand. All you need to do is make sure it’s up to standard and good enough that people come back for seconds.
While most of the above businesses already exists in the Maldivian market, there is still demand. The existence of demand means you can earn a profit by catering to this need. Starting your own business is always a challenge and no doubt frightening, but if you are willing to take that leap, it would reap benefits in the form of profits, experience and satisfaction. All in all, who doesn’t like being their own boss?