This is no wonder that Bermuda is considered to be a very tiny island with a land area of about 56 square kilometers and a population that is less than 70,000. The service sector happens to be the largest contributor to the gross domestic products of Bermuda. Tourism and Financial services (with Insurance leading the pack) sector remains the most active sector in the economy of Bermuda.
As a matter of fact, appreciable numbers of top notch insurance companies have their offices in Bermuda hence it is referred to as an offshore financial centre. Real estate is another major contributor to the gross domestic products of Bermuda.
It is important to note that Bermuda is not blessed with any natural resources such as oil and gas, and it is largely an import dependent country. In case you intend traveling to Bermuda, you should know that the Government of Bermuda doesn’t allow tourists to rent cars or drive cars own by locals and even companies are not allowed to own their own branded cars in the company’s name. These are some of the top 10 business opportunities that are available to investors in Bermuda:
1. Insurance Brokerage Firm
The insurance sector is the largest industry in Bermuda and some leading insurance firms in the world have their presence in Bermuda. If you are an insurance professional and you are a resident of Bermuda, then you should consider registering your own insurance brokerage firm. As an insurance broker, you are sure of making good money because the average Bermuda residence knows the importance of insurance and they buy different insurance policies.
2. Restaurant and Bar
Bermuda is a small Island and the nature of business that one chooses to establish there is restricted. But you can be rest assured that if you start a restaurant and bar, you could make good returns on your investment. Just ensure that you position your restaurant and bar in an area that can attract people. It could be residential or office area.
3. Travels and Tours Company
Another key contributor to the economy of Bermuda is the Tourism sector. It is perhaps one of the most vibrant sectors of the economy of Bermuda. Americans and British account for over 80 percents of the people that visit Bermuda.
So, if you are looking for a business to establish in Bermuda, you should consider starting your own Travels and Tours Company. Just ensure that you have a strong online presence and business relationship with Traveling agencies in the US and the uk.
You can also partner with Cruise Ship owners since cruise ship is one of the major transportation means available to visitors coming to Bermuda. Air transportation is another means, but Bermuda has only one airport with limited flight schedules.
4. Water Refill Station
Water refill station is another thriving business that anyone could possibly establish in Bermuda. Bermuda is an Island in the North Atlantic Ocean and many homes and even offices battle with the challenge of getting clean and portable water.
If you established your own Water Refill Station, you stand the chance of making good returns on your investment despite the fact that you will be contending for market share with other entrepreneurs who runs similar business.
5. Cruise Boat Transport Business
Cruise boat is a major form of transportation in Bermuda Island. As a matter of fact, each family in Bermuda are only restricted to owning just one car per family and companies aren’t allowed to own cars in their company names simply because of the size of the landmass of the Island.
If you have huge capital base, then you should consider investing in the Cruise boat transport business. The truth is that it is a profitable business and it enjoys high patronage from both residents and tourists.
6. Consignment Shop
If you have a means of importing fairly used goods from the united states of America or the United Kingdom to Bermuda, then you should consider running a consignment shop. In other to make good sales and profits from this kind of business, you should endeavor to sell clothes, shoes, household appliances, mobile phones, scooters, bicycles, et al. these are goods that are in high demand in Bermuda.
7. Groceries Store
Running a Groceries store in Bermuda is easy and profitable especially when your store is not located in the middle of nowhere. Anyway Bermuda is densely populated even though it has a pollution of less than 70,000 people and as such any location you chose to open your groceries store will be suitable and ideal.
8. Liquor Bar
If you are looking to start a business to start in Bermuda, you may consider running a Liquor bar. You don’t need a license from the local authority before you can be permitted to run a Liquor bar in Bermuda. This form of business is easy to set up and it is indeed a profitable business enterprise.
9. Unisex Beauty Salon
A well furnished Unisex beauty salon in Bermuda has the capacity to attract more customers than the owner could possibly handle. The truth is that unisex beauty salon is considered to be one of the businesses that you can establish in Bermuda that can guarantee you steady income as an entrepreneur. So it wouldn’t be a bad idea to own your own Unisex Beauty Salon in Bermuda even if you have other business interest.
10. Books and Stationery Shop
Books and Stationery Shop is another thriving business that entrepreneurs can start in Bermuda. All you would need to get started is a good location for your shop and enough supplies of different genre of books both in hard and soft copies and also good supplies of stationeries.
The fact that there are restrictions on the kind of business an entrepreneur can establish in Bermuda doesn’t mean that it is difficult for entrepreneurs to survive over there. The top 10 business opportunities that are discussed above can be successfully established in Bermuda when you put the right things in place.