It is extremely important that you do a market analysis and see what is missing in your town or the island that you can take advantage off. But also to think bigger, maybe to expand to the rest of Latin America and the US.
Ask yourself, what is missing?
What I can do better than others?
Do I know others in other countries that can partner with me to expand the business?
Financing is an issue, do you have the capital, or do you need to get money from partners and or banks?
If so you need a clear plan that tells the story of how your business will succeed and grow over the years, what your competition is doing and how you plan to beat them.
Here are two small examples of very small businesses that are expanding because they can not keep up with demand.
a) El Cuerito Tosta'o - Opened just a month ago in Hato Rey, they are a Lechonera, selling roasted pigs and PR common food. They are doubling their facility both in kitchen and sitting space because they are so popular that they run out of food by 5 pm. These guys are making about 7 whole pigs and over 250 pounds of rice, 300 pounds of blood Sausage (morcilla), 600 pounds of potato salad, Pasta salad and green banana salads and it is not enough! Their main success was a study of what was missing in the area and taste testing with friends and public to polish their recipes. They are doubling in just 1 month so you know they are making money and will likely expand further in a year or so.
b) Creolite - Is another local company that working with a hospital and their dietitians created a line of healthier foods. They currently have a contract with a hospital to provide frozen foods to the hospital that meets the dietician's requirements. They also expanded to create a store to sell at Detal for people with specific dietary needs that do not want to cook. They are in the process of exporting their products to sell in the US. However it took them about two years to modify how the foods are created to maintain their flavor after freezing and to cook it in specific ways so as to be healthier.
While they both relate to food, they are very different and show that they studied their market and were able to adapt to meet the challenges and attract more clients and go beyond their initial facilities.
It does not have to be food, it can be a service, a craft, a tourist facility, agriculture, flowers, a dairy, meat production, a beer company, a hobby, anything that the market needs and that you know a lot about since the business will mostly depend on you at first and later you will then bring more specialist in the areas that will help you grow.
As you export to the outside, you would also get Tax advantages. You have available several government entities like the Small Business Administration to help you with the challenges of starting a business and with some coaching.
If you stay away from providing services to the PR government, you will not have to deal with the government issues with money which can sink you due to lack of payment.
Start with the local customers and then expand outward. After a while you will be mainly dealing with maintaining the quality and efficiency of your business instead of laboring, which will free you to think about how to grow further.
As soon as I am in the island I will be aggressively looking to invest in businesses and starting my own business using my skills and understanding of business practices.There is nothing wrong with starting something for a little extra and growing it to a full fledged enterprise.
Rey
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