Consumer trends in America have a very good chance of doing well in other countries. And if you can get in early enough, you can make a very successful business selling something that has already proved its worth back home. Food is a case in point. But rather than starting from scratch, how about working with someone who has more success than they can handle.
Argentina is as famous for its economic and political woes as it is for the tango and its Malbec wine. Nonetheless, its booming wine industry offers countless business opportunities, especially for entrepreneurs who are sensitive to the needs of foreign tourists. I’m not going to recommend you plant a vineyard, build a winery, and export Argentine wine to North America or Europe—although there are people doing that successfully.
John and Ellen Lee consider themselves to be the luckiest people in the world running their small hotel and restaurant in the Belizean beach paradise of Placencia. Back in the U.S., John, who’s from Australia, and Ellen, who’s American, believed that because they had invested 20+ years in their careers, they had to stick to them.
Sometimes the most successful ideas for setting up a business overseas are right under your nose. Sometimes they are so simple, you overlook them.The very easiest thing you could produce may well have a hungry market just waiting to snap up your output. And you could be well on your way to profits with the most basic product of all—American-style food.
There was a time when being successful in retail was all about having a bricks-and-mortar business in a good location. Not only would you be paying rent or mortgage on your store; you would also have to keep your stock in a large storeroom or warehouse. Your business was about bulk buying, stock control, and supply-chain management.
I’ve made a business out of leading groups of people on walking tours and the year ahead is looking good. I am going to visit two wonderful regions of Colombia where English-speaking tourists are almost non-existent. Then there’s a trip to the Ecuadorian Andes that incorporates stunning vistas and a shopping extravaganza at indigenous markets. Following that, I’ll enjoy a magical walk in Peru on Inca trails that aren’t under the spotlight of big tour companies. The plan is to extend that trip to explore the Nazca region, famous for the figures etched in rock only visible from the air. I turned 60 a month ago and will celebrate my 40th wedding anniversary this month.
If you want to set up business overseas, you will most likely consider doing it by yourself. But if you don’t have the language and you’re not familiar with the country itself, this can be a daunting prospect. A solution could be partnering with a local.
Would you love a life on the water? If you spend your weekends fishing, surfing, diving, sailing, or kayaking, have you ever come home wishing it could be like that all the time? Maybe it could. You could wear a wetsuit to work, use your boat as an office, and spend your days showing vacationers your favorite reefs or rapids.
Weddings bloom in magical locations all over the world… sunset on a Caribbean beach…a spectacular hilltop in Spain…in front of the romantic Eiffel Tower in Paris. And you could be there, making money while fluffing the bride’s gown, basking in compliments, and popping open Champagne.
If you dream of becoming a publishing magnate, you should probably marry a Hearst rather than start an English-language newspaper in Colombia. But find the right niche for a publication and you could create a profitable new business, while delivering essential information to news-hungry expats, travelers, and locals.