I knew it was a good idea. The OP should also know that any good idea will have 5 copy cats within a week on the same street.
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Best Business in the DR
I knew it was a good idea. The OP should also know that any good idea will have 5 copy cats within a week on the same street.
People get into businesses for mostly all the wrong reasons.
Small 'Mom and Pop' businesses can easily be cloned down the street.
That is a disaster in the making.
Wealthy Dominicans will see you doing well and will clone you simply because they can afford it.
Depending upon the Ex-Pat community is not a long term good plan. One of them will see how great it is and duplicate your efforts ....thats the way it is.
Yes a good Electrician is a safe bet.... then it is all up to skills. Have some cash reserve until you are up and running.
DR is not a good culture to start up an idea that depends upon the local population for their subsistence.It is quite complicated and not foreign investment friendly.
On the other hand , Other Ex-Pats have surprisingly done well.
So it is a crap shoot at best. If you want to try a business idea, and have the spare cash you are prepared to loose then give it a go.
Just do not look at the potential profits and get blinded by promises of high returns.
Location is another serious consideration... rural, small towns, cities , tourist and industrial zones ; all must be taken into consideration.
Then be prepared for the Local Officials who want and may even demand a commission for them allowing you to do business in ''their area''.
It is a bit like Mineral Prospecting... you could spend your life trying something out before you strike it rich .
If you are retired with a little nest egg; then why not spend the afternoon under a shady tree and sip a cold glass of rum and ice.... the rewards are guaranteed and you will sleep better.
Thats my opinion anyway.
Russell
Small 'Mom and Pop' businesses can easily be cloned down the street.
That is a disaster in the making.
Wealthy Dominicans will see you doing well and will clone you simply because they can afford it.
Depending upon the Ex-Pat community is not a long term good plan. One of them will see how great it is and duplicate your efforts ....thats the way it is.
Yes a good Electrician is a safe bet.... then it is all up to skills. Have some cash reserve until you are up and running.
DR is not a good culture to start up an idea that depends upon the local population for their subsistence.It is quite complicated and not foreign investment friendly.
On the other hand , Other Ex-Pats have surprisingly done well.
So it is a crap shoot at best. If you want to try a business idea, and have the spare cash you are prepared to loose then give it a go.
Just do not look at the potential profits and get blinded by promises of high returns.
Location is another serious consideration... rural, small towns, cities , tourist and industrial zones ; all must be taken into consideration.
Then be prepared for the Local Officials who want and may even demand a commission for them allowing you to do business in ''their area''.
It is a bit like Mineral Prospecting... you could spend your life trying something out before you strike it rich .
If you are retired with a little nest egg; then why not spend the afternoon under a shady tree and sip a cold glass of rum and ice.... the rewards are guaranteed and you will sleep better.
Thats my opinion anyway.
Russell
Any jobs related to construction can do well (Architect ,Builder ,Electrician, wood worker ,tiles ,custom windows,...)
Based on my experience after building a house ,If you are really qualified in your job ,speak some english, understand expectation from gringos and not the mañana pattern, you should do well because you are quite unique and they are demands.
Based on my experience after building a house ,If you are really qualified in your job ,speak some english, understand expectation from gringos and not the mañana pattern, you should do well because you are quite unique and they are demands.
Secure the country wide distribution rights for fuel line magnet devices. You'll fit right into the business community mentality here and your competitors will have to get their product from you. Win/win.
Anyone may use this idea royalty free. My gift to you. I you are not successful it's your fault because the product and the concept is fool friendly. You may not sue me because of the decisions you made.
[video=youtube;gJmEVlodbrU]https://www.youtube.com/watch?v=gJmEVlodbrU[/video]
Anyone may use this idea royalty free. My gift to you. I you are not successful it's your fault because the product and the concept is fool friendly. You may not sue me because of the decisions you made.
[video=youtube;gJmEVlodbrU]https://www.youtube.com/watch?v=gJmEVlodbrU[/video]
Funny, but could not agree more.........Money down the drain at once.......whush!!!!
there is a big recycling community here for just about everything you can think of. They just happen to be very inconspicuous and do not want to draw attention to their operations.
There's already one that exists here on the North Coast. It's been here a long time. Very suttle. I should add that it's only for high rollers. It's $1,000 a night. Been in business longer than 10-yrs now.
And therein lies the key to many successful businesses in the DR..........operating low key.........under the radar......in less than glamorous businesses.
Respectfully,
Playacaribe2
One would think there's not a single biz in the DR by reading these posts...
There are plenty of businesses to invest into the DR which will make a good profit.
* CNG engines for vehicles or motos.
* CAD/CAM machining factory.
* Large and Small home appliances manufacturing.
* Commercial Appliances manufacturing.
* Quartz/Marble/Stones Smith 5 Axis CAM
* Metal Stamping manufacturing.
* Vacuum Forming manufacturing.
* TV/Movies props manufacturing/rental supply.
* Recycling facilities.
* Hardware manufacturing.
* Fashion designer label/exports.
* Leather goods manufacturing/exports.
* Medical instruments manufacturing/exports.
* Dry Vans/Flatbed manufacturing/local.
* Forklift manufacturing local/exports.
* Hurricane class prefab modular homes/buildings manufacturing local/exports.
Just to list a few...
Already invested in some of these in the DR with high success so far. Will be investing into a new one by the end of this year as well.
The main problems faced by foreigners looking to create a business in the DR:
Thinking that utilities are a given and the costs can be managed as other markets, wrong!
Renting property for a business with medium to large investments, wrong!
Using foreign top officers/managers for a DR business without at least 10 years in-country experience, wrong!
Planning to rely on mostly import raw materials for goods manufacturing, wrong!
Lacking a personnel in-house retraining program for long term benefits, wrong!
Paying standard or low wages to employees, wrong!
Etc...
There are plenty of businesses to invest into the DR which will make a good profit.
* CNG engines for vehicles or motos.
* CAD/CAM machining factory.
* Large and Small home appliances manufacturing.
* Commercial Appliances manufacturing.
* Quartz/Marble/Stones Smith 5 Axis CAM
* Metal Stamping manufacturing.
* Vacuum Forming manufacturing.
* TV/Movies props manufacturing/rental supply.
* Recycling facilities.
* Hardware manufacturing.
* Fashion designer label/exports.
* Leather goods manufacturing/exports.
* Medical instruments manufacturing/exports.
* Dry Vans/Flatbed manufacturing/local.
* Forklift manufacturing local/exports.
* Hurricane class prefab modular homes/buildings manufacturing local/exports.
Just to list a few...
Already invested in some of these in the DR with high success so far. Will be investing into a new one by the end of this year as well.
The main problems faced by foreigners looking to create a business in the DR:
Thinking that utilities are a given and the costs can be managed as other markets, wrong!
Renting property for a business with medium to large investments, wrong!
Using foreign top officers/managers for a DR business without at least 10 years in-country experience, wrong!
Planning to rely on mostly import raw materials for goods manufacturing, wrong!
Lacking a personnel in-house retraining program for long term benefits, wrong!
Paying standard or low wages to employees, wrong!
Etc...
I did partnerships in all of the ones so far. Some people in my circles are better connected to some areas of interest than me alone.
The recycling biz has been above projections. We are only pausing due to the time it takes to have the equipment manufactured and shipped to the DR. It's not so easy to expand on demand with it. More like expanding when your capacity is tolled beyond catching up. Also we needed to secure some transfer of technology rights in order to fit our needs. Easier said than done...
The thing is others might have more experience and knowledge than you in some fields, worth investing on. So sharing the cost of investment and funds to keep the biz going until it clicks on all 8 cylinders, is easier than going at it alone. Less risk as well.
The returns are proportional to the initial and projected investments made. Invest little, see little returns.
For the DR market, the need to be "Compact" can't be reiterated any lesser. This ain't Kansas!
Three keys to keep your brain on: Energy/utilities, logistics, supplies...
Logistics can break havoc in your biz here in the DR with relative constancy. You have to make your logistics from the ground up! What works say for SD, will not necessarily work for the south or the north of the DR...
Transportation is an ever changing Tango. It can literally bring your biz to a halt.
Energy/utilities are something you must consider with big numbers long term. Backup is the regular services, so to speak. Your matrix needs to be considerably cheaper than the supply and redundant.
We learned to hedge natural gas contracts for the long run here.
There are many instances where you can make money by investing in the DR. After all, it's barely getting into medium manufacturing as of the date, by volume of industrial output.
Best advice ever!!! Secure the country wide distribution rights for ANY PRODUCT. Be the manufacturer's representative. No out of pocket expense. Commission based plus salary if possible. No losses and only gains. Putting any money into a 3rd world country is gambling. There are too many variables to accurately assess and quantify where and when your losses will be.
Factor in the intangibles and you have the perfect storm for disaster. The DR is highly disorganized, highly inefficient and corrupt to the extreme. Why operate in such a toxic environment? Add to the equation, crime. The theft, the robberies, the shakedowns makes for a nerve wracking experience. And all of this to earn fractions on investments that require wholes.
OP, many companies that rely entirely or mostly on Dominican customers have a decent to great revenue flow.
For example, El Encanto which is a department store chain with all its stores in Santiago brings in around US$40 million a year. Sure, that's not enough from which it would make anyone one of the richest people on the planet, but US$40 million is US$40 million. Caribe Tours around US$23 million. Ikea has a revenue of about US$13 million per year and technically that's a new business. Ilumel is shy of US$3 million. El Catador which is a wine store with all its stores in Santo Domingo is around US$9 million. Helados Bon over US$6 million. The movie theater at Galería 360 about US$1.3 million. Jardín Constanza (mostly flowers) about US$10 million. RH Mejía (owned by Hipolito's son and deals with the importation from the USA, distribution and even direct customer sales of several fruits such as apples; until his incursion into the sector apples were a luxury in the DR where most people would eat one only in the Christmas season and it was a fruit mostly purchased by the rich since it was expensive) a little over US$3 million. Baldom (mostly condiments, their products are in just about every supermarket in the country) around US$50 million. La Fabril (mostly vegetables cooking oils, one of their products is La Joya) about US$37 million. So on and so forth.
On the other hand are larger companies that depend mostly or entirely on Dominican costumers. For example, Grupo Ramos (parent company of La Sirena, Aprezio, Super Pola, Sirena Market, etc) has revenues of around US$760 million. Centro Cuesta Nacional (parent company of Supermercado Nacional, Jumbo, Casa Cuesta, Librería Cuesta, etc) is around US$580 million. SID (Next gas stations and many eatable products like La Manicera, they also own the African palm plantations seen on the highway to Samaná harvested for the oil in its nuts) has revenue of over US$1 billion and yes, it starts with a b. Cervecería Nacional Dominicana (Presidente, Malta Morena, etc) is above the US$380 million range. Banco Popular has revenues of around UD$737 million. Etc...
For example, El Encanto which is a department store chain with all its stores in Santiago brings in around US$40 million a year. Sure, that's not enough from which it would make anyone one of the richest people on the planet, but US$40 million is US$40 million. Caribe Tours around US$23 million. Ikea has a revenue of about US$13 million per year and technically that's a new business. Ilumel is shy of US$3 million. El Catador which is a wine store with all its stores in Santo Domingo is around US$9 million. Helados Bon over US$6 million. The movie theater at Galería 360 about US$1.3 million. Jardín Constanza (mostly flowers) about US$10 million. RH Mejía (owned by Hipolito's son and deals with the importation from the USA, distribution and even direct customer sales of several fruits such as apples; until his incursion into the sector apples were a luxury in the DR where most people would eat one only in the Christmas season and it was a fruit mostly purchased by the rich since it was expensive) a little over US$3 million. Baldom (mostly condiments, their products are in just about every supermarket in the country) around US$50 million. La Fabril (mostly vegetables cooking oils, one of their products is La Joya) about US$37 million. So on and so forth.
On the other hand are larger companies that depend mostly or entirely on Dominican costumers. For example, Grupo Ramos (parent company of La Sirena, Aprezio, Super Pola, Sirena Market, etc) has revenues of around US$760 million. Centro Cuesta Nacional (parent company of Supermercado Nacional, Jumbo, Casa Cuesta, Librería Cuesta, etc) is around US$580 million. SID (Next gas stations and many eatable products like La Manicera, they also own the African palm plantations seen on the highway to Samaná harvested for the oil in its nuts) has revenue of over US$1 billion and yes, it starts with a b. Cervecería Nacional Dominicana (Presidente, Malta Morena, etc) is above the US$380 million range. Banco Popular has revenues of around UD$737 million. Etc...
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Based on my experience in building my house in DR ,any business related to construction targeting Gringos providing similar quality as you find in Europe or in the US with an affordable price tag.
1-Architect
2-Mastro
3-Carpenter
4-Plumbers
5-Electrician
6-Pool
7-Solar panels installation
8-Lawyer
9-A community of houses or apartments well managed that owners can trust .
1-Architect
2-Mastro
3-Carpenter
4-Plumbers
5-Electrician
6-Pool
7-Solar panels installation
8-Lawyer
9-A community of houses or apartments well managed that owners can trust .