By Raji Kamar
Despite dropping from 61st position in 2017 to 79th in 2019 in the ease of doing business index as published by World Bank, there are still hundreds of profitable small businesses and investment opportunities in Greece. Government policies have created a conducive environment for small businesses and investors to thrive.
There are hundreds of profitable small businesses in Greece but there are some selected few at the top. This is a good guide for foreigners that want to start a new business in Greece.
According to geeceinvestor.net, Greece’s bureaucracy has now been cut significantly, with costs and taxes splashed. Starting a business in Greece is now faster, simpler and less costly than it used to be 10 years ago.
As the economy in Greece improves, it also offers small businesses greater opportunities to thrive and become more profitable. Although, having a profitable small business requires you to put certain things into place.
One of such things you must put in place in order to run a successful business in Greece is to be in the right industry. Oftentimes, you can’t outperform your industry even if you are a business leader. If your industry is shrinking, it becomes extremely difficult to have the desired growth until you switch.
Without mincing words, let’s discuss the most successful small business ideas and investment opportunities in Greece.
10 Most Profitable Small Businesses and Investment Opportunities in Greece
Table of Contents
1. Real Estate Investment Opportunity
According to the Bank of Greece, the real estate industry grew by 94% during the first half of 2019. The industry has never ceased to record steady growth since then. Could this be why foreigners moving to Greece are searching for how to become real estate agents in Greece?
Apparently, this situation in the industry is encouraging to both small and big players in the market. As Greece welcome more foreigners, this helps the industries to continue to expand. At the same time, the retail realtors would have to take advantage of this and learn how to utilize the opportunity.
New immigrants always seek less costly apartments to start from in Greece. Positioning your business to be visible to this set of customers is a good idea that could lead to success.
Similarly, the industry is now an attractive investment tool to both small and big investors. Seeking the right information before making a final decision is an important part of this. You can take a real estate course to properly guide you.
How much does a property cost in Greece? The price of a property depends on the proximity to the sea, infrastructure and transport accessibility. An apartment with two or three bedrooms in Corfu can cost from 100,000 to 200,000 euros, the average price for a private house with a land plot.
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2. Web Design
Undoubtedly, almost every business needs a website for various purposes. Both small and large corporations have websites representing their business online.
Now that the Greece government is open to developing the nation’s economy, it also encourages the use of the internet to a greater extent.
Building website development skills will put more money into your pocket depending on your level of proficiency. The rate at which companies seek the services of web developers is constantly increasing.
You can hire a developer to help you design your e-commerce website with all the right elements. One can easily set up a marketing agency in Greece. This will help you cater to other marketing needs of businesses near you.
Web design and development is a business that requires you to acquire the skill first. Its skill will pay a higher dividend as more customers demand it.
3. Pharmaceutical Business
The Pharmaceutical Industry is raking in millions of dollars every year in Greece. Most Greeks prefer consulting a pharmacist to seeing a doctor when sick. This makes it one of the most profitable small businesses and investment opportunities in Greece.
As long as you are licensed to operate and get yourself a good location, your business could do thousands of dollars in revenue every year.
Get yourself a learning experience from a certified pharmacist, put in enough capital, then get a good location after your license. If you live on any of the densely populated sides of Athens, Thessaloniki or Rhodes, your business will flourish.
4. Logistics and Transport Business
Logistics and transportation are some of the biggest business investment opportunities in Greece. With an inflow of tourists and huge online transactions taking place, your logistics and transport business will thrive.
Transportation of goods is in high demand, most especially in Athens where online transactions are booming. If you are able to put together some logistics tools like vehicles, and other required materials, hitting profit will be a lot easier.
In order to ensure that all i’s are dotted and t’s crossed, begin your career by learning how to start a logistics and transportation business with one van. You can take it a step further by setting up your own digital marketing agency
5. Digital Marketing Agency in Greece
Setting up a retail online store is also a good business idea in Greece. More and more people are now turning online when making purchases of different items.
Just like many of the aforementioned businesses, operating a successful online business requires time, skills and capital. Although, an online environment could provide you with some free tools to start with.
Eventually, growing your business in the online space demands both time and financial resources. You will have to put together needed resources like logistics, marketing materials and tools for research.
Do I need a license to set up a digital marketing agency in Greece? The answer is yes. As a freelancer, you will need to obtain the right business license for your specific industry.
Armed with your license and skills, you can start your marketing agency with little or no capital. Helping small businesses in Greece maximize the opportunities around them and grow their revenue can help you reach your financial goals.
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6. Start an Ice Cream Parlor
Greeks are fond of ice cream nowadays; both young and old. The quickest way to an ice cream business in Greece is to consult those that are already in the business. The rate at which people in Greece consume ice cream has been on the increase more than before.
Impulse Ice Cream – Single Serve market in Greece registered a positive compound annual growth rate (CAGR) of 1.54% during the period 2012 to 2017 with a sales value of EUR 188.45 Million in 2017, an increase of 1.51% over 2016.
What is ice cream called in Greece? Ice cream in its modern form, or pagotó (Greek: παγωτό), was introduced in Greece along with its development in Europe at the beginning of the 20th century.
You need proper business planning to start a successful ice cream parlor. It is advisable to write a business plan in order to fully understand the steps needed to be taken. Ice cream falls in the category of foods, and is susceptible to spoiling.
7. Beverage Company
Do you have a huge capital to invest for high profit? Setting up a beverage company can be a perfect fit for your situation. Many case studies show how profitable this business is. You can generate hundreds of thousands of dollars in revenue from the first few years.
Once you understand the right procedure in which the business should run and have sufficient capital, you are good to go. It’s so easy to come up with the best craft beer marketing strategies. You will definitely need to know the type of drink you should make, the materials required for the number of production, risk calculation and execution.
8. Wedding Planner
You may be surprised by adding this to the list. Greece is one of the most cultural people in Europe. They value their culture and don’t joke with traditional ceremonies. Weddings are among the few ceremonies they invest much of their time and money into.
You only need to understand the culture and the rules in which the wedding ceremony is organized. As long as you can bring a captivating presentation and hook their emotion, you may become their next sought-after wedding planner in town. Do not forget to check out these event planning mistakes and avoid them.
9. Furniture Business
The growth of real estate has skyrocketed the demand for furniture. Making furniture for both home and commercial use will make you a good amount of money.
Choose your niche. What type of furniture will you like venturing into? Is it for home, workplace, roofing or any other attractive aspect of furniture?
Becoming a manufacturer will demand long-term learning. Better still, you could choose to be a seller while making a profit doing it. Fortunately, investment capital for this business type is not much.
You can start with a few thousand dollars, get yourself a good location and get a spacious office.
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10. Cryptocurrency
A cryptocurrency market is also a good option with multiple opportunities embedded in it. Cryptocurrency is legal in Greece. You can trade it, invest in it or mine it for daily returns.
There are hundreds of cryptocurrency investment opportunities in Greece that small businesses can tap into. If you find a genuine crypto company, you can invest a small amount of capital for daily, weekly or monthly returns.
Mining is also a huge opportunity if you can invest the required time, money and effort. Consult a crypto expert in Europe before taking any investment steps. A quick look at some of the trending developments reveals how blockchain has affected the finance industry and digital marketing.
Start a Successful Small Business in Greece
How do you start a business in Greece as a foreigner? Before choosing a business to start that is profitable, you need to be sure it aligns with your skillset. Beyond that, you will need to register your business and choose a business activity that suits you.
