Are you based in Bermuda and need ideas to start a business? Here are the 10 Best Small Business Investment Opportunities in Bermuda.
Bermuda is the oldest British overseas territory located off the east coast of the United States of America. The capital of Bermuda is Hamilton and the official language is English. Ethnic groups in Bermuda are black, white, Asian, multiracial and others. Unsurprisingly, Bermuda is considered a very small island with an area of about 56 square kilometers and a population of less than 70,000.
The service sector is the largest source of gross income. domestic products of Bermuda. The tourism and financial services sector (with insurance topping the package) remains the most active sector of the Bermuda economy.
In fact, a significant number of top-tier insurance companies have their own offices, hence Bermuda is called an offshore financial center. Real estate is another major provider of Bermuda’s gross domestic product.
It is important to note that Bermuda is not endowed with any natural resources such as oil and gas and is heavily dependent on imports. If you are planning a trip to Bermuda, you should be aware that the Bermuda government does not allow tourists to rent cars or drive locally owned cars, and even companies are not allowed to own their own vintage cars on behalf of a company. Here are some of the top 10 business opportunities available to investors in Bermuda:
10 Best Small Business Investment Opportunities in Bermuda
1. Insurance brokerage firm
The insurance sector is the largest industry in Bermuda and some of the world’s leading insurance companies are present in Bermuda. If you are an insurance professional and live in Bermuda, you should consider registering your own insurance brokerage firm. As an insurance broker, you are confident that you are making good money because the average Bermuda resident knows the importance of insurance and they buy different insurance policies.
2. Restaurant and bar
Bermuda is a small island and the nature of the business to choose from here is limited. But you can rest assured that if you open a restaurant and bar, you can get a good return on your investment. Just make sure you place your restaurant and bar in an area that can attract people. This can be a residential or office area.
3. Tourism and travel company
Another key factor affecting the economy of Bermuda is the tourism sector. This is perhaps one of the most dynamic sectors of the economy of Bermuda. Americans and British make up over 80 percent of the people who visit Bermuda.
So, if you are looking for a business to set up in Bermuda, you should consider starting your own Travel & Tours company. Just make sure you have a strong online presence and business relationships with travel agents in the US and UK.
You can also partner with cruise ship owners, as cruise ships are one of the main means of transport available to visitors coming to Bermuda. Air travel is another medium, but Bermuda has only one airport with a limited flight schedule.
4. Water filling station
Water Filling Station This is another thriving business that anyone can start in Bermuda. Bermuda is an island in the North Atlantic Ocean, and many homes and even offices struggle with the challenge of getting clean and portable water.
If you’ve built your own water refueling station, you have a chance to get a good return on your investment, despite the fact that you will be fighting for market share with other entrepreneurs who do similar business.
5. Transport business of cruise boats
The cruise boat is the main mode of transport on the island of Bermuda. In fact, every family in Bermuda is limited to owning only one car per family, and companies are not allowed to own cars under their company names simply because of the island’s size.
If you have a huge capital base, you should consider investing in a cruise boat transport business. The fact is that it is a lucrative business and enjoys a lot of patronage from both residents and tourists.
6. Consignment shop
If you have the means to bring enough fair goods from the United States of America or the United Kingdom into Bermuda, you should consider setting up a consignment shop. In other cases, in order to get good sales and profit from this type of business, you must strive to sell clothes, shoes, household appliances, mobile phones, scooters, bicycles, etc. These products are in high demand in Bermuda.
7. Grocery store
Grocery shopping in Bermuda is easy and profitable especially when your store is not off the beaten track. Either way, Bermuda is densely populated, although it is less than 70,000 people polluted, so whatever location you choose to open your grocery store would be appropriate and ideal.
8. Liquor bar
If you are looking to start a business in Bermuda, you might consider starting a Liquor Bar. You don’t need a local government license before you can get permission to run the Liquor Bar in Bermuda. This form of business is easy to set up and a truly profitable business venture.
9. Unisex beauty salon
The Well A Unisex Furnished Beauty Parlor in Bermuda has the potential to attract more customers than an owner could serve. The truth is that a unisex beauty parlor is considered one of the businesses you can start in Bermuda, which can guarantee you a steady income as an entrepreneur. So it would be nice to have your own Unisex beauty salon in Bermuda, even if you have other business interests.
10. Shop of books and stationery
The bookstore is another thriving business that entrepreneurs can start in Bermuda. All you need to get started is a good location for your store and a sufficient supply of books of various genres, both in print and in print, and a good stock of office supplies.
The fact that there are restrictions on the kind of business an entrepreneur can establish in Bermuda does not mean that it is difficult for entrepreneurs to survive there. The top 10 business opportunities discussed above can be successfully created in Bermuda when you put them right.