Analyzing the concept; what does it take to open a successful business in the DR?

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SunAndBuns

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Every time I go to the DR, I see plenty of bars owned and operated by smiling gringos, I see real estate agencies owned and operated by smiling gringos, I see little restaurants owned and operated by smiling gringos...
They are all smiling, because they have found and opened a successful business that gives them strong cash flow to finance their stay in the DR for a long time. I have done my fair share of traveling, and the DR is unquestionably paradise. The pleasure and bliss of being able to live your dreams, and the pride of waking up everyday on the island, knowing that you were able to figure out a way how to escape the brutal, horrible, rancid, morbid American society, and consequently now live in a tropical paradise, where you are only many pink pesos away from accomplishing every single thing you ever wanted to do...
Mark my words.
I will not stop. I will figure it out. AND I WILL DO THIS WITH YOU GUYS' HELP!!!
As a tourist and an expatriate, what do you see missing in the big picture?
What do you want to experience in the DR? How do you want your thrills to be taken to the next level, other than drinking at the local bar and eating?
The concept begs to be exposed,
What does the DR need? What is the missing link? Where is the unseen fuel to start that unforseen fire of the vision?
There are plenty of restaurants, bars, discos, massage parlors, etc...
There MUST be an element missing in the picture...a way to take the thrills and relaxation of vacationing to the next level in the DR.
But HOW, begs the question. This is where you fellas can chime in; HOW?
I hope this discussion can turn into an intellectual discussion of the unforseen, expanding possibilities of alternative businesses that can be successfully run by a smiling gringo.
HOW?
 
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jalencastro

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i dont know what makes me laugh more, the smiling gringo observations or the OP's name SunAndBuns....LOL
im just having a good old laugh....dont mind me
yes i do believe this would make for an interesting/intellectual discussion. are you meaning what other businesses gringos can run asides from what you mentioned?
 
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Dolores1

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May 3, 2000
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I think it will also depend on the skills you can bring. This is definitely the land for entrepreneurs, but it is a very competitive country. What skills do you bring to the picture?
 
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donquixote

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business

a few years ago i was told the way to retire a millionaire in israel was to go there with 3 million.

i think it is similiar in the dr. it is difficult to make a lot of money in a business in the dr considering the restrictions and problems on labour and duties and taxes.

you see lots of people in business but it seems when they have the business for a few years and even less, the business is for sale. I am sure it is because of the problems involved.

I am not saying it cant be done, but i have looked and studied for 4 years now for a way to retire there and make a comfortable living, and the one and only way i found was destroyed by the government taxes, duties and not being able to get firm quotations on the products i would have had to import.
good luck. and if you at least subsidize your living in dr i think you are ahead.
 
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Ricardo900

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Jul 12, 2004
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If you want to know what Businesses are or would be successful in the DR, just ask. Like the other poster said, people are not giving away secrets so you will have to search for that niche you think the DR is missing. Trust me, people post this type of question all the time. Looking for a way out of the US rat race, sorry Suns, its not that easy.
 
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AZB

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there are no secrets: any expat who opens up a tourist based business example; bar, restaurant, boutique shop etc has about 90% chance of going under. The rest are basically surviving and very few are making it big. The ones who are making money are not your average gringo who came here to open up another tourist bar or restaurant. these guys came here with plans, contacts and real investment.
If you are thinking of opening up another bar, restaurant or a T shirt shop. Forget it. Too may people are doing it and many have failed in the same path.
AZB
 
cobraboy

cobraboy

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Business in the DR is much harder, by a factor of 3-4, than in the US or Canada. If you've never been in business successfully in the US, you'd be peeing your money away down here.

Additionally, real businesses require real capital.

If you have no entrepreneural experience or capital, consider something else.
 
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kirkland1222

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Why not buy an ice cream truck and sell ice-cream? It gets pretty hot down there. Plus, to cut down on expenses you can probably live in the truck/van.
 
Robert

Robert

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cobraboy said:
Business in the DR is much harder, by a factor of 3-4, than in the US or Canada. If you've never been in business successfully in the US, you'd be peeing your money away down here.

Additionally, real businesses require real capital.

If you have no entrepreneural experience or capital, consider something else.
Click to expand...

That pretty much nailed it on the head!
 
M

MrMike

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Having opened 3 different businesse in the DR, my experience is as follows:

The DR is like a little kids version of the real world, you can open a business much cheaper and easier than you can in a "real' economy, but you will only really make "monopoly" money because thats all these kids have to spend.

If you are willing to throw away your quality of life and standard of living you can fairly easily slave away from day to day and pay your rent month after month with very little to show for your efforts.

If that is not your goal, then yeah the posters above are right, you need real capital (however much you THINK you need times 10 would be a start) and real skill.
 
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sokitoumi

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I should imagine web page creation is becoming a lucrative business since internet usage has gone up so much in the Dominican Republic.
 
BermudaRum

BermudaRum

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I'll take two!

kirkland1222 said:
Why not buy an ice cream truck and sell ice-cream? It gets pretty hot down there. Plus, to cut down on expenses you can probably live in the truck/van.
Click to expand...

Please`come to my neighborhood when you get started, Chocolate Crunch my favorite, w/ multi colored sprinkles on top! :cheeky:
 
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Berzin

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Nov 17, 2004
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Have you taken any business courses in college?

Do you have any background running a business?

Are you fluent in spanish?

Do you have any contacts with expats running a successful business in the DR?

Do you have any disposable income that would let you live in the DR for at least a year aside from the money you will need to open said business?

The more you say "NO" to the above questions the more ill-prepared you are to venture into such a proposition.

You will find that many successful expat business people in the DR were already successful at businesses in their home countries.

In other words, they had their ducks in a row before they got on that plane to the DR.

So they were better prepared to deal with the difficulties that faced them when they arrived.
 
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El Tigre

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I have a friend that runs a successful jewelry store in the mercado of Santiago. Her secreet??? She comes here to buy gold and silver. Goes to 28th street and 6th Ave where she has her connections. She told me that a silver ring which she gets at USD $10 whole price - she sells for $40 or $50 USD in her store. I have gone shopping with her to help her carry the bags. When she visits she spends about $2,000 to $3,000 in merchandise. She makes these trips every 3 months or so. I asked her if she needed a business partner and she respectfully declined - LOL (she's doing really well)
 
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AZB

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El Tigre said:
I have a friend that runs a successful jewelry store in the mercado of Santiago. Her secreet??? She comes here to buy gold and silver. Goes to 28th street and 6th Ave where she has her connections. She told me that a silver ring which she gets at USD $10 whole price - she sells for $40 or $50 USD in her store. I have gone shopping with her to help her carry the bags. When she visits she spends about $2,000 to $3,000 in merchandise. She makes these trips every 3 months or so. I asked her if she needed a business partner and she respectfully declined - LOL (she's doing really well)
Click to expand...

I have seen many people do this type of business. they go to NYC, panama etc to bring jewelry and clothes. However, not a single one of these girls live in a nice residential area or drive a car that belongs to them. They are all struggling. They make enough money to buy airline ticket and pay the bills.
AZB
 
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sokitoumi

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hmmm nothing like putting a damper on things - I bet she loves her work though
 
Robert

Robert

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AZB said:
I have seen many people do this type of business. they go to NYC, panama etc to bring jewelry and clothes. However, not a single one of these girls live in a nice residential area or drive a car that belongs to them. They are all struggling. They make enough money to buy airline ticket and pay the bills.
AZB
Click to expand...

I know one AZB, so do you.

She is just about to buy a new car, 2002 Terrios was looking tatty, month ago closed on a nice piece of land in Puerto Plata so she can build a house. Also has plenty of money tied up in the Central Bank in CD's. Not bad for a 25yr old and all from her own hard work :)
 
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RHM

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This thread brings to mind a painful memory.

About 2 years ago, Robert and I went all over the country and I interviewed very successful expats from different countries in completely different businesses (probably ten interviews in total.)

The common denominators between them were (1) they were all experienced travelers, aka "worldly", (2) they weren't afraid to put in some serious work, (3) they were humble.

Too many foreigners think that they're going to come down here and "show everyone how it's done." Wrong answer. They were all students of the game and never stopped learning.

Why is the memory painful for me? Because I accidentally erased all of the interviews. I was going to write a short anecdotal book about "Doing business in the DR." Oh well. At least I have the memories. :)

(PS: Now I back up everything all the time no matter what)

RHM
 
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DominicanBilly

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AZB said:
there are no secrets: any expat who opens up a tourist based business example; bar, restaurant, boutique shop etc has about 90% chance of going under. The rest are basically surviving and very few are making it big. The ones who are making money are not your average gringo who came here to open up another tourist bar or restaurant. these guys came here with plans, contacts and real investment.
If you are thinking of opening up another bar, restaurant or a T shirt shop. Forget it. Too may people are doing it and many have failed in the same path.
AZB
Click to expand...

The rest are basically surviving and very few are making it big. I can vouch for this statement and this is from one has has experienced it. Had my pension and was living well but had the bright idea I'd start a business and make a million. Hahaha.
 
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