Are you new in Panama City and need a comprehensive list of the best business to start in Panama? If yes, then keep reading.
Panama is booming and it doesn’t look like it will stop any time soon, especially with real estate projects going up everywhere.
Immigrants too are flooding in from the USA, Europe and South America (Venezuela and Colombia in particular).
There are many people with money, but there’s a dearth of high-end services to meet their needs. Quite numbers of investment that are untapped, yet, too. http://steptolife.blogspot.com/2008/03/15-business-ideas-for-entrepreneurs-in.html?m=1
As a matter of fact, there are lots of business ideas and opportunities in Panama that most entrepreneurs and aspiring business owners don’t see.
Of course, I will and I’m going to share them with you today. Several gringos are coming into Panama, but outside the areas of real estate and law, there are fewer agencies and services to help them settle in.
Profitable Business Ideas in Panama
These small business ideas to be discussed are ones you can start with little investment capital.
You don’t need to have $150,000 in your bank account before you can launch any of these profitable businesses in Panama.
Even if you choose to expand the business into large scale enterprise, there are banks all over the city that are ready to loan you up to 80% of the money.
Best business to start in Panama
1. Construction Equipment Rentals
One of the great money making business idea in Panama is construction equipment rental. The business is lucrative and profitable.
Many constructions are 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 specific equipment to rent or buy. This for sure is a good money-making business idea to venture into Panama
2. Hotel or Lodging business
There are not enough hotel rooms in Panama City. Scarier still is that there are scant new hotels even in construction, much less nearing completion.
So while supply is scarce, prices are rising sky high for room nights at average hotels as demand rises.
A fantastic opportunity exists for an investor or developer to purchase several floors of a condo or an older 8-10 unit building and convert it to a condo-hotel.
Several smart investors have already done so with great success.
3. A Surf and Water Sports Shop
Still looking for a very nice and lucrative business to start in Panama? If yes, then go for the surf and water sports business.
With as many projects going up in the Santa Clara area, it would sure seem like the first guy to build a proper shopping center catering to tourists would make a bundle.
4. Employment Agency
Equally, providing domestic help to gringos will also fetch you good money in Panama.
Many Americans and Europeans arrive here not knowing the language or the culture, but needing some household help right away.
Often they end up hiring someone who works poorly, charges too much, or steals from them.
There is a need for an agency to provide newcomers here with screened and qualified maids, nannies, gardeners, caretakers, and drivers.
5. Buy lands in remote places and resell
This business opportunity is more or less going into the real estate business. And it should be one of the best and greatest money making business ideas in this entire post I must say.
If you have some cash you know you might not be needed for a long time, I will advise you to 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 when it comes to land issue.
The price of lands appreciates as time passes. If you can hold that land for even 1 year, you can sell it for double 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.
So what are you waiting for, swing into action, now!
Panama seeks to increase support for the agricultural sector.
It is necessary to raise productivity to meet the demands of the market and its progressive growth.
There are excellent profitable business opportunities in Panama for investors who have the technology and ideas to help increase productivity in this area.
7. Earth Moving Equipment Rental
It’s hard to even find a backhoe in Panama City right now, much less in more remote locations. With all the construction and land improvement going on, a quality provider of heavy equipment and likely, equipment operators, would net a king’s ransom.
Investing in the transportation sector in Panama will always prove to be a very profitable business.
If you have what it takes, you can set up a taxi or private transport line, from airports and tourist hotels, any of these options are perfectly viable.
Experts predict that Panama’s economic growth will remain strong in the coming years.
If you are thinking of investing reliably, we invite you to take into account these recommendations of the most profitable businesses in Panama and ensure the well-being of your future and that of your family.
9. Advertising Agency
Accordingly, you will agree with me that dozens of local businesses are attempting to get their message out to the world.
But as confused, poorly translated and off-target as the messages are, one can safely assume that talented advertising agency would be a hit.
So if you know how to cut your onion well in this profession, why don’t you give it a try in Panama?
10. Pool Services
Similarly, pool service is another great business to start in Panama. Although this will involve intensive capital to start.
Still, it really worth the risk. It is lucrative, profitable, and money making business idea and opportunity that worth trying.
What’s more, there are no firms that I know of who are strictly in the business of design, construction and maintenance of swimming pools.
I’ve seen dozens of fantastic and original swimming pools at hotels and homes in Costa Rica, but cannot name three in Panama.
Money Making Business Ideas for Entrepreneurs in Panama
11. Furniture business
Without any doubt, furniture in the interior tends to be very rustic, handmade in primitive workshops and sold on the road.
But there are growing ex-pat communities in interior cities like La Chorrera, Coronado, Penonomé, and Santiago.
The truth, however, is that these people would rather buy quality furniture locally rather than truck it all the way from Panama.
Hence, if you are a trained furniture, endeavor to set up a workshop in Panama and make sure to produce quality interiors.
Before you know it, you’ll start dancing in millions.
12. Ethnic or foreign dishes
There is a glaring absence in Panama city of quality Mexican food (or even better, Tex-Mex!), Thai, Vietnamese, or gourmet North-American style burgers.
Actually, I suspect a good burger joint could quickly open branches all over the country and make good money.
13. Web Development Services
There are a number of good web development companies operating in Panama, several of them based in the City of Knowledge.
However, they seem to focus on the Panamanian market only. Why not venture into this and explore all the untapped areas?
14. Courier Service
There’s no point denying the fact that Panamanians like to take their time with things.
the number of North American and European expat communities along the Panama-Penonomé corridor is growing.
These folks might appreciate a reliable same-day or overnight courier service that could pick up mail or packages in Panama city and deliver them to coastside communities.
A courier that could deliver documents to lawyers or banks in the city within a short period of time.
Read also: Best businesses to start in Canada
15. Interior Decorator
Particularly for the new luxury apartments in Punta Pacifica and Costa del Este and the luxury beach developments in places like Playa Blanca and Rio Mar.
16. Pet Services
In Panama city pet ownership is growing rapidly and people are spending more and more money on their dogs in particular.
I think there’s a market for high-end pet services like dog grooming parlors, luxury kennels and special pet items like outfits, gourmet treats, jeweled collars, etc.
17. Language Tutoring
With a total investment as low as $2,000 you can start running a language tutoring business.
English for executives and tutorials to enter U.S. universities are in high demand, as well as for call center agents.
You do not need to rent an office or furniture, you can go to people’s offices or houses for an hour or two a day.
This arrangement will only require a small investment, and it will also put you in contact with other prospective clients and allow you to offer other services.
18. Tour Guide Company
You know what tourists like and expect in order to enjoy an unforgettable experience.
In Panama, there are all kinds of things to see, places to go, things to shop for and unspoiled beaches to visit, so the opportunities are there for the taking.
All you need to do this is a small office, renting a car, and a lot of Internet marketing and hotel contacts at the beginning.
But referrals in this business are high and you should have a growing clientele in a short time.
If you are friendly and like meeting new and interesting people every week and enjoy guiding them around the country, this could be your opportunity.
19. Restaurant Business
If you like cooking and mingling with people, opening a restaurant is an excellent option for you.
To keep your investment to a minimum, you can look for a partner and start by renting a small place with no more than 30 seats.
Parking space is of importance, and house courtesies will give you great word-of-mouth advertising.
Most entrepreneurs are not wealthy, so, avoid investing too much in decorations, and use your resources for flyers and other forms of direct marketing.
20. The import and export business
Panama is an excellent service-provider. If you are able to obtain the representation of some products or services, you will be able to market them in all Latin America.
For this you will need to invest in office equipment and some databases, but avoid having any inventory, and the credit responsibility should lie with the manufacturer.
You should just have to sell and get your commission. Panama is the hearth of the Americas and as you know your home market and have the contacts for some export-quality Panamanian products.
Helping exports, from hot sauces to craftsmen’s products, could get you dollars and recognition in Panama.
In conclusion, you must note that Panama is halfway to the implementation of a major infrastructure strategy.
The country is currently having a plan for public investment, where 55% is allocated to social infrastructure.
There is also important railway infrastructure projects in progress among other things.
Coming down here to read the best business to start in Panama could be one of the best things to happen to you this year.