latest business ideas in sri lanka

30 Most Profitable Small Business Ideas in Sri Lanka for 2023

By chinthaka samaraweera, may 4, 2020.

Are you fed up of stuck on a structural job? Yes, it doesn’t matter what your position is or how much you earn from your full-time job, once you explore becoming self-employed is even more beneficial than structural benefits with high pay. Becoming an entrepreneur is everyone’s dream, and it is on the majority’s bucket lists.

According to the Lord Buddha, “The mind is everything. What you think you become” . Never let the obstacles to nip in the bud.

Among so many small business ideas in Sri Lanka for 2023, you might get lost which are worth pursuing. So when it comes to new startups, e-commerce has done a major involvement in the global industry where Sri Lanka is still grasping the emerging strategies. With the help of digital marketing, you don’t need high-value investments or large business premises to be an entrepreneur. Sometimes you can conduct your own business just staying at home by using your laptop or the mobile phone or in another case you have to lease small business premises.

30 New & Best Small business ideas for 2023

To fire the first gunshot to start your small business idea in Sri Lanka is to have a proper and solid plan to execute. Conduct proper market analysis and find a niche market to gain more profit. A sound study of competitor analysis and their marketing strategies will pave the way to get a holistic idea of the business that you are going to involve.

When it comes to Funds, usually you can invest the current cash in hand, and when it expands, you can get financial aid from the government bank since they offer loans with less interest rate and extended payback period for the entrepreneurs.

In this masterpiece, you can discover 30 new and best small business ideas that are recommended to start in the year 2021.

1. Start an Online Business.

Since digital marketing is the newest trend in Sri Lanka, online business is the need of the hour. There are different genres you can choose and give more focus like;

• Ladies designer wears that have the greatest demand.
• homemade candles
• Handbags, paper bags. 
• Unique style of jewellery.
• Handmade organic soap varieties –going organic is the latest trend in Sri Lanka and so much popular on online businesses. 

Apart from the above, you can be a designer, illustrator, graphic designer, handle infographic and e-commerce, online coacher, etc.

Without having a single cent or a physical place, even you can start an online business just using your skills, and you can reach customers 24/7 online by replying to all their inquiries then and there. The payment method is so much secured since you can choose either cash on delivery or via a safe payment gateway.

The best thing Digital Okee Marketing provide in Sri Lanka best digital marketing solution you can achieve your online business goals affordable price.

2. Cooking and Baking 

“Home Made goodies”  are the most popular products online. The majority of the Sri Lankan community tends to purchase homemade stuffs online rather than purchasing from outside stores. 

All you need to own an oven to bake and the potential to cook yummy food to immerse the clients’ taste buds. Customized cakes, brownies, cookies are the most popular baking items, and lump rice and other traditional cooking items are few attractions among the online client base. It is a very competitive market since customers are seeking for various products with different tastes at a reasonable price range. The market is highly potential if you are keen on cooking and baking.

3. Babysitting / Childcare 

Nowadays, the majority of moms are working on a busy schedule. So their main concern is a safe child care centre. So it is in high demand. It is the most profitable way for housewives to earn extra income while staying at home and taking care of their babies. You can conduct the childcare centre in your own home or can lease small premises. 

If you feel that business is growing, you can get the involvement of other ladies. Investment for this business is very limited. You can get online lessons to conduct the childcare centre successfully. When your clients are more satisfied with the work, you will get more children to the centre via the recommendations. 

4. Pet Sitter 

Are you a pet lover? Looking for an idea to start a new business. So the potential is on your doorstep. Pet sitter is a niche market in Sri Lanka because the concept is novel. When the owners are travelling for holiday or business, their major concern is where to keep the pet safe while they are away.  

As a solution to their problem, you can start a pet sitting centre as your business. Large investment doesn’t require to engage in the business. You can start it at your home if you have a large space. You can sell pet food and earn extra income while taking care of them.  

5. Reading & Writing

Nowadays, everything can be done using various kinds of apps and software. The only thing still human brain need is creative writing or content writing. This is the most demanding online business. 

Without a single cent in hand, you can be a freelance content writer. The only thing you need is your laptop on the internet. But you have to have the potential for the writing to earn more. You can charge per word, per page, per hour, per month, per article wise after comparing the market prices. This is a never-ending business since client’s preferable ways are different.

So you can be;

• Blogger (you can have your blog or provide contents for the bloggers)
• Proofreader
• Content writer
• Marketing content (Subject knowledge is required)
• ORM Moderator ( Online Reputation Management / Facebook, Articles, Feedbacks reviews reply and delete negative comments)
• Transcription ( Doctors, Lawyers, authors & Chartered Accountant)

6 . Tourism Industry- ( Best small business idea in Sri Lanka)

Sri Lanka is a hidden gem for the tourism industry since it has numerous tourist attractions. Locals involved in the industry as their main fund earning way. 

For those who reside in rural villages with few tourist attractions can be tour guides to show every nook and corner for the strangers. So foreigners can get firsthand experience by mingling with the locals. Another way is you can start a travel agency where you can gather groups and arrange tours within Sri Lanka. You can arrange a unique local experience for the tourists, and they may wish to come back to you as well as tend to recommend for the others. Apart from this local food serving restaurants with the village-style may attract foreigners. You can earn a sound income with limited resources. 

7. Consultant / Advisor

This the greatest opportunity if you are a specialist in a particular field and have a passion for it. You can be a consultant or an advisor as a side business meantime doing the full-time job. It paves the way to obtain the maximum use of what you have studied. 

Charges depend on per hour, per day, per visit basis. If your specialized area is from a rare sector, you can charge a high amount. This is a stable income source and a high earning mode.

So you can involve in the following sectors;

• Social media advisor
• Dieting consultant
• Career consultant
• HR Consultant
• Organic Farming
• Fund Raising

8. Outsourcing for overseas – (Best small business idea in Sri Lanka)

BPO – Business Process outsourcing is a budding concept in Sri Lanka. It is a world-famous technique used by huge cooperate companies to reduce cost and time. You can establish a local company to serve foreign clients. 

You can act as a third-party service provider for their business needs. Most of the countries tend to involve as the business outsourcing partner due to the less labour cost. You will get paid in foreign currency. So it will affect the country’s foreign exchange ratio. BPO servicing is highly competitive, and by proving outstanding work experiences, you can gain more businesses. 

You can start the BOP services in Sri Lanka on the following genres;

– Designing Service – Web & App Development – Software Development – IT support – Accounting – Researching Service

9. Event, Party, Wedding Planner

This is the best small business idea in Sri Lanka. Nowadays, due to the busy lifestyle, people are seeking the help of a third-party planner. The client is providing their ideas and financial aid, so all you have to do is to execute them by satisfying them. You don’t want any financial investments for this business. 

You can build up acquaintances with the suppliers and able to offer a bundle package for the client. It is easy from the clients’ perspective as well as you can earn a bit more money. You can leverage the providing services to weddings, seminars, corporate events, birthday parties, baptisms, concerts, conferences, and other events by doing a diverse business. By fulfilling the customer requirements beyond the expected level, you can gain more businesses since the recommendations are highly important within this business category. 

10. Blogging

Have you aware that Blogging is the most viable source of income from diversified contents topics like travel, food, business, lifestyle and many more. So you can do Blogging as the main income mode by combining with email subscribers, affiliate marketing, blog sponsorships, ad sense, and other streams.

To fire the first gunshot, you have to gain both the technical background and understanding of the target audience as well as how to attract them online. You can refer to the online tutorials of successful bloggers. When you set up the blog, you can choose an affordable and user-friendly website hosting. So to grow the blog, you have to use the correct blogging tools to convince the reader.

11. Dropshipping 

This is the latest trend in the world. Perfect risk-free small home business idea for Sri Lanka. Without a big investment, you can start your own e-commerce business with fewer stocks in hand. The main feature of Dropshipping is you can order the product whenever the customer placed the order. Initially, you have to contact a few suppliers and come for an agreement with the required products. 

After that on your e-commerce site, you can display the items with the price, including your profit margin. Then you can promote your site using all- digital marketing strategies . Once the client placed the order, you can ask the supplier to deliver the product, and you can get the profit collectively. Never forget you can set the selling price as three times higher than the supplier price.

12. Food, Retail Item Delivery Business

Retail items and food delivery have become a compulsory option in today’s Sri Lankans’ life routine. Ex: Uber Eats is the most famous app on everyone’s mobile. It is a sort of courier service. You have to deliver the food from a restaurant or retail items from a store to the customer and obtain a delivery charge. The order is coming through a restaurant or the grocer’s website or an app. The service should provide under an agreement with the mentioned parties.

13. Interior Re Designer.

Never misunderstand the business idea. This is interior redesigning. This is the best opportunity for creative people who are keen on home designing. Instead of designing a new area with new furnishings and equipment, the redesigner creates a new look using existing items. They use whatever the homeowner owns, including purloined and rearranges it to give a completely different perfection. With limited resources, you can start this business very easily. This is a niche market for Sri Lanka and a novel concept. So it heads you to gain more revenue.

14. Start Direct Sales Consultant 

It is a convenient business to start. All you have to do is to sell a company’s goods or services to others and earn money. Good olden days, it used to sell the items during the household parties, but nowadays you can do them online. So there are two types in direct sales, one is direct marketing, and the other is MLM marketing.

 Direct marketing is a promotional model to present information of the company, product or service to the target audience without the involvement of middlemen for advertising. MLM marketing is also known as multilevel marketing is one of the strategies used by the direct sales companies to encourage the existing distributor channel to recruit new distributors and pay them a percentage of their recruits’ sales. Health and beauty products are the most successful direct sales. 

15. Wedding, Event Photography.

Wedding, Event Photography is the most competitive business ideas in Sri Lanka. Most photographers are charging premium rates. Every couple wants to capture their most important event in life in an amazing way. So if you are talented, they never hesitate to pay you what you demand. Apart from the wedding, you can do photography on events, and Pre shoots as well. The business mainly grows by word of mouth. So references and recommendations play major roles. Satisfying your client is the key component to establish a name in the industry. 

16. Ayurveda Herbal Product Manufacturer 

Again a new trend has developed in Sri Lanka to use Ayurveda herbal products. Still, the market is developing. It is a potential market where you can earn a sound income. Sri Lanka is a pool of resources for this business since you can find the ingredients everywhere. You can obtain the necessary aid from Ayurveda research centres. You can manufacture from skincare products to varieties of oils, soaps, shampoos, etc. The market is open, with lots of opportunities for the best quality products.

17. Imported products.

The majority of Sri Lankans prefer to use imported products. Voila, you can grab the opportunity. If you are travelling for personal or business, you can grab some products which can be sold locally. If not you ask someone to bring down the items if they are coming from abroad. These items you can sell at a lesser cost since they don’t incur any additional shipping cost. Fragrances, cosmetics, liquor varieties, chocolates, food items, fancy wears, and t-shirts are some of the highly demanded imported products.

  18. Manpower supply

Manpower supply another successful small business idea in Sri Lanka. The unemployment rate is increasing but still for some work, locals unable to find the labourers. So you can find few labours with different expertise and provide the service who require them. As an example of constructions, supply helpers. If you are capable enough, the clients will contact you for all their labour necessaries. Building relationships is the key factor in this business. You don’t want to have a big investment to start this business. 

19. Sub Construction Company

Sri Lanka is the best place to conduct small scale businesses. You can establish a sub-contract firm where you can obtain contracts from the main company with a profit margin and complete the task on the requested date with agreed prices. As an example, construction companies delegate tasks for the sub-construction company to meet the deadlines if they are lagging behind the schedule. This is a good way to gain a higher revenue without prior investment. 

20. Stationery supply 

Stationary is a mass market. Everybody is using some sort of stationary without an age limit. Writing materials, envelopes, writing implements, foam papers, and other office stationery supplies can be categorized as fast-moving items. So you can start a business to collect these items from small scale manufactures and supply them to officers, schools, stores and whoever required them. Since you are directly purchasing from the manufacture, you can keep a profit margin and sell them to the ultimate end customer. 

21. Air conditioner maintenance

Nowadays, Air Conditioners are compulsory equipment in officers, homes, shopping malls and, etc. even though their products, there is less expertise to maintain them. Thus who are in the business have a greater demand that they are unable to handle. So it is a greater opportunity for you if you are an expert in that subject. Since the demand is high, you will get paid more than the industry prices. Satisfying more clients will pave the way to gain more income.

22. Skin and beauty treatment-(Small business idea for men and women)

Especially skin and beauty treatment is an ideal small business in Sri Lanka. Majority working men and women tend to use third party places for the treatments. First, you have to gain knowledge and passion for this industry. Without basic awareness, you are unable to start this business. Background investment should be made to purchase the required equipment. The return of your investment can be done within a few years. If you are giving the best and quality service, clients will visit you frequently. 

23. Agriculture

After the civil war finished, locals tend to involve in more agriculture-related things. So it is high time for farming. If you have the potentials, ways have been to open export the crops too. For Agriculture, state banks are allowing loans that can be paid after a grace period and low-interest rate. Government agriculture office is there to help with expert knowledge. Food city chains like Cargills purchasing directly from farmers at a reasonable price. So without any hassle, you can sell the products and gain a profit. 

Also, you can export coconuts related products & virgin coconut oil .

24. Mobile phone repair/ accessories/ recharge / Mobile selling

Everyone is using Mobile phones without an age limit. It has become an essential device. Mobile phone repairing is a rare service to find. So it is a potential market. But you need to have a ground knowledge for mobile repairing. Apart from repairing, you can sell mobile accessories, recharge and latest mobiles selling on the same roof. Sometimes people who come to repair the mobile may tend to purchase a new device or extra accessories. Recharge service is really helpful for travellers and for those who need to charge the mobiles in an urgent situation. 

25. Instagram Influencer 

Instagram has been gaining impressive progress during the past recent years. It has become the most important social media platform in today’s life structure. So Instagram influencer refers to the person who creates and shares content, building communities based on various topics. You can cover travel, cooking, fashion, beauty, photography, and so much of the topic since it is a visual platform. Once you start as an Instagram influencer, you can start increasing the number of followers for your account. Uniqueness and authenticity are the keys to success as an Instagram influencer. 

26. You Tuber

Have you aware that the majority of people use youtube as an entertainment mode to relief from stress. So it is an excellent opportunity to use YouTube as a legitimate business idea. So you can create entertaining videos with a value, you can grow thousands of subscribers for the channel. 

The videos you are uploading can generate an income with the advertisements that display on the video. Annually, you tubers are earning a pretty income around the world, so there is a clear potential to grow up in this business by creating the right content to the target audience, maintaining the quality with skills, timing, and relationships. 

27. CCTV & surveillance

With the inflation rate, so many thefts are happening due to unemployment and lack of a stable income. So people are now becoming more security conscious. They want the protection for the house and the family to avoid theft, rape and other sorts of crimes. 

The newest trend is to fix CCTV and surveillance cameras at the officers, homes and other buildings. You can import all these items at a low cost and charge from the client, including the fixing charges. 

28. Making Wooden Toys.

People are practising a more eco-friendly lifestyle. Manufacturing food toys is a unique small business idea in Sri Lanka. Still, the concept is not familiar and has a niche market. You can collect the wooden pieces which are throwing from Milles. Those will not cost you much. So creativity is the success of the business easy and very convenient business with a big investment. You can sell your products online as well.

29. Recycling Plastic 

Plastic recycling is reprocessing waste plastic into useful products or sometimes completely something different. People tend to buy recycled products. So you can collect all the waste plastic and recycle them into an amazing product. For example, MAS manufactured t-shirts from the plastics found in the sea. If you are talented and think out of the box, the sky is the limit. You can take financial aid from the government since plastic is a major issue in the current scenario.

30. Curry Powder Making

The compulsory component in Sri Lankan cuisine is curry powder. There is a high demand for quality curry powder. So you can start the business without any hassle since you can find all the ingredients so easily. Initially, you have to find the traditional curry powder ingredients and start producing the authentic product. You have to find the best possible ways for the packaging and distribution channel. For the implementation process, you have to get a small investment. Nowadays, the government is allowing loans for small scale entrepreneurs with less interest.

Extra: Freelancing Agency

Freelancing is a new concept for Sri Lanka. You can work freelance while doing your regular job or you can involve in full time. Depend on your talents and skills, and there are plenty of websites you can get registered without any fee and get work.  www.upwork.com  ,   www.fiver.com  are few well-renowned freelancing websites.

 Once you get registered, you can maintain your profile and bid for the published works. If the clients have chosen you, directly can be dealt with him. Payment methods are flexible and secured. The more work you do, you will be able to earn as much as possible. There is no limit for some freelancers who earn millions annually. 

Small Business Ideas Sri Lanka Conclusion

This article bought you the best possible ideas to start a new business in Sri Lanka within 2021. Still, we are at the beginning of the year. The wait is over. It’s a high time to plan your own business without doing a boring day to work. Especially you can earn more money. 

Before entering into the new venture, it is always advisable to legitimate your business. So it helps to get financial and expertise aid without any hassle. Without investing your money blindly, make sure you are fully armed with the required skill to function in the business fully. 

If this article is missing your choice for the best business ideas, share your comments. Have a look for the other articles. There is a lot more to learn. We are always there for you to give the proper guidance.

Bonne Chance!!! Good Luck!

• Top 7 Effective Marketing strategies in Sri Lanka
• List of Top IT Companies in Sri Lanka 2023.

12 Comments

Thank you for sharing valuable posts about small business ideas. I also want to do start a small business in Sri Lanka without much more investment. So please suggest me how to do it.

Thank You Roshan

Hi Great Article. Very insightful

I think those are perfect business ideas

A very big salute to Mr.Chinthaka Samaraweera for a outstanding article. Thank you very for your ideas.

I think this covers almost all the modern business ideas women can start working on.

Thank you Sahan Dananjaya

I always wanted do a business but i didn’t have a idea which is it but now I’m having some kind of idea after reading this article thank you guys.

This is very thoughtful and it helps people to think their own talents and start their own business. Thank you for giving the ideas.

Thank you so much. Its very Good. Well Done and great work

Your service will be complete if you introduce the places and people where you can get the necessary training on small industries. Thank you so much for that

Thank you, Nihal and I will consider your idea.

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50 Best Business Ideas In Sri Lanka [2023]

Interested in starting a business in Sri Lanka in 2023?

Southeast of the Arabian sea, Sri Lanka is a green, fertile tropical Island featuring palm-fringed beaches, misty mountains, and significant archaeology.

The country boasts a bilateral investment-protection agreement and a double-taxation avoidance agreement with U.S.A, U.K, Australia, and other countries.

Besides, Sri Lanka has a sophisticated and transparent regulatory and legal framework, which provides safety to foreign investors.

Finally, Sri Lanka's geo-strategic location makes it ideal for setting up operations and doing business. Startup owners have the opportunity to enter newer markets through multiple shipping routes.

We put together 50 of the best businesses you can start in Sri Lanka today.

In this list of ideas, you can find:

• Home-based businesses to start in Sri Lanka
• Profitable online business ideas
• Unique business opportunities for Sri Lanka
• Low investment business ideas (under $5k to start)
• Easy businesses you can start in Sri Lanka today

For each business idea, we'll show you real-world examples, revenue expectations for each idea, + a step-by-step on how to start your small business in Sri Lanka.

Here's the full list:

1. Start an affiliate marketing business

Are you looking for a side hustle to pay you a passive income? Affiliate marketing is one of those side hustles that will pay you well over the long term. It is a way to earn money online by promoting other companies' products and services. You will be paid a commission for each sale you make as an affiliate marketer.

To get started, learn how to find the right product and brand to partner with. For example, you may prefer becoming an affiliate marketer for an eCommerce store, partnering with a manufacturer, and marketing their products for a commission.

How much you can make: $500 — $773,000/month

How much does it cost to start: $500 (?)

How long does it take to build: 55 days (?)

Case Study How I Built A $3.5K/Month Authority Site With A Full Time Job Bar Games 101 is an authority website about classic bar games with over 200K monthly visitors and revenue over $4,000 for the month of August, achieved through consistent publishing of researched articles and outsourcing by the founder. 11 28.5K

2. Start a SEO agency

An SEO agency is a company that provides search engine optimization services to businesses. The function of an SEO agency is to help businesses rank higher in search engines through organic or paid means.

SEO is a rapidly growing industry, with experts across all aspects of the field already making six-figure incomes and expecting to see these earnings grow dramatically over the next few years. Getting into SEO today, before it gets too saturated, will allow you to establish a strong base in a new career, with an excellent chance for success.

It’s easier than ever to start your SEO agency in Sri Lanka. The tools are there, and the competition isn’t as stiff as it used to be. If you’re considering starting an SEO or digital marketing agency, it might be a good idea to learn how other digital agencies succeed.

How much you can make: $1,000 — $10,000,000/month

How much does it cost to start: $1,000 (?)

How long does it take to build: 60 days (?)

Case Study How I Started An SEO Agency For Lawyers Generating $3.6M/Year Rankings.io is a hyper-focused SEO agency that helps elite personal injury law firms dominate first page rankings and was ranked #858 in the Inc. 5000 list of the fastest-growing companies in America for 2018, with a current revenue just under $300,000 per month, with plans for a record-breaking year. $10M Monthly Revenue 31 31.9K

3. Become a crypto trader

Crypto trading is an exciting market with a reputation for higher returns than some traditional investments.

Note that cryptocurrencies are incredibly volatile (and this is not investment advice).

When you start, opt for small-stake trades that allow you to get a handle on the market with minimal risk. Trade through a secure wallet provided by a reputable broker such as Coinbase or Binance. Take time to practice technical analysis, an essential research skill to help you read charts and identify patterns to inform your crypto trading strategies.

How much you can make: $1,000 — $900,000/month

How long does it take to build: 135 days (?)

Case Study On Starting A Cryptocurrency Exchange Platform Exolix is an anonymous cryptocurrency exchange platform with a fixed rate and unlimited exchange that provides its users with fast, easy, and secure exchange processes. $900K Monthly Revenue $200K Startup Costs 9 10.7K

4. Start a food truck

Food trucks are a highly profitable business that offers customers a variety of meal options out of a mobile truck. This basically operates inside a large vehicle equipped with kitchen and food products. Starting a food truck is a dream for many people, but it's more challenging than it looks. To make it work, you need the ideal location and menu.

To start a food truck business in a particular city, it is mandatory to check what kind of food trucks are already operating, identify a gap, and bring in some new experiences. Then, with the right plan and the right approach, you can be on your way to starting your own food truck empire.

How much you can make: $29,166 — $61,650,000/month

How long does it take to build: 75 days (?)

Time commitment per week: Min. 5 hours/week

Case Study How I Took Food Trucks Corporate And Built A $18M Business Food Fleet grew over 160% in just one year and managed over 20 million in sales for its clients, securing multiple contracts with the likes of Sodexo, Levy Restaurants and more, due to its understanding of catering client needs and its advanced turnkey and design services. $1.5M Monthly Revenue 14 13.9K

5. Become a software developer

A software developer is a person who creates computer programs. They design, test, and oversee the creation of software for a variety of purposes including businesses, personal use, or social networking.

If you have strong technical skills and experience in programming, you can start a software development business. You should also have a good understanding of how the software works.

The average salary for software developers is $110,140 . The best-paid 25 percent earn an annual income of up to 140K dollars while the lowest-paid workers make just under 84K dollars.

The recent trends in software development are moving towards mobile apps and cloud-based solutions. Businesses are providing a variety of programming languages and tools to create software that meets the client's needs.

Starting a software development company is the perfect way to explore in this exciting industry. This type of business is growing in popularity as businesses are looking for ways to offer their customers a convenient way to access their data and applications.

How much you can make: $1,700 — $465,583,333/month

How long does it take to build: 180 days (?)

Case Study How We Started A $350K/Month Business Developing Software Tools For Ecommerce Brands SkyVerge, a software company, has grown rapidly with revenue of $350,000 per month, over 100,000 eCommerce customers, and a globally distributed team of 30 people, all through starting with consulting projects and building focused and solutions-based products, acquiring small products from other developers, and focusing largely on content marketing and providing excellent customer support. $350K Monthly Revenue 9 34.4K

6. Start a mobile photography business

Want to start your own photography business? You're not alone. With the rise of social media and photo-sharing, blogging, and online retailing, it's never been easier to start making money behind your camera.

There are photographers shooting weddings, creating images for ad campaigns, freelancing for magazines, touring the world, taking photographs of destinations — the list is endless!

To start mobile photography in Sri Lanka, research the target audience and determine which specialization area is more lucrative. Invest in high-quality, professional cameras, lenses, and a computer with professional software photo-editing software.

How much you can make: $2,000 — $500,000/month

How much does it cost to start: $5,000 (?)

How long does it take to build: 200 days (?)

Case Study How I Started A Commercial Product Photography Business Pro Photo Studio founder Tsour Lee Adato shares how she turned a $5k investment into a business that services over 500 clients annually and makes approximately $350k per year with plans to expand and become a 7-figure business while offering advice to fellow entrepreneurs to always be innovating, learning and growing, and not to undervalue themselves. $45K Monthly Revenue $5K Startup Costs 14 14.4K

7. Start a blog

In recent years, blogging has become a highly sought-after & lucrative Business. This location-independent business is a creative outlet to reach a broader audience and even work at any time. According to Optinmonster’s list of blogging statistics and facts:

• Blogs have been rated as the 5th most trustworthy source of gathering online information.
• 77% of internet users read blogs.
• Each month, approximately 409 million people view more than 20 billion pages.

Originally blogging started as an online journal, but today it is a highly profitable career option. Many people are choosing blogging as their full-time career and are earning their bread and butter from this profession.

If you want to start blogging as a side hustle or as a full-time profession, choose a niche you will enjoy writing about and have a content strategy ready. Then, create a mailing list, and decide on a good blog posting routine to keep your audience engaged.

How much you can make: $200 — $160,000/month

How long does it take to build: 37 days (?)

Case Study How This 28-Year-Old Couple Quit Their Jobs And Make $20K/Month Running A Blog Learn how one couple created a successful personal finance blog, The Savvy Couple, that now makes over $20,000 per month and has sold thousands of digital workbooks and courses, by focusing on purposeful content and optimizing their ROI with efficient time management. $20K Monthly Revenue $500 Startup Costs 16 24.7K

8. Start a podcast

Do you have knowledge and passion that you'd love to share with other people? Or perhaps you are a content creator and looking for ways to expand your revenue streams? If you match any of these criteria, then becoming a podcast host could be the perfect opportunity for you.

Podcasts are the new radio. Podcasting is one of the fastest-growing mediums for online audio, and it's not expected to slow down any time soon. But unlike traditional radio, podcasts are driven by content creators who have a passion for sharing stories with their listeners.

One of the main benefits that come with starting a podcast is the minimal investment needed to get started. All you need is a computer or phone with a microphone and a way to host it online. You can even create one on your own website if you want.

How much you can make: $400 — $1,020,000/month

How much does it cost to start: $2,000 (?)

Time commitment per week: Min. 2 hours/week

Case Study How I Started A Successful Podcast Production Company A successful podcast production company that grew from one client making $15/hour to a team of 10 contractors producing over 30 shows per week with revenue of over $10k/mo, primarily through referrals and with a focus on providing high personal touch and being picky about working only with clients who are a good fit. $16K Monthly Revenue 7 17K

9. Start a travel agency

Are you a passionate traveler with entrepreneurial skills? Then starting a travel agency can be a great career choice for you.

As a travel agency, you'll be responsible for linking travelers to providers of all the travel and tourism-related services such as accommodation, transportation, sightseeing, tour guides, local adventure, etc.

Starting an online travel agency is a lot easier than you might think. You'll need to perform market research, get a few necessary certifications (such as your IATA number), study competition, build a website, and do proper marketing.

To maximize earnings, negotiate discounts from the industry service providers, and charge travelers within the market rate.

How much you can make: $2,000 — $114,200,000/month

How long does it take to build: 90 days (?)

Case Study How I Built A Niche Travel Agency That Pulls In $300K/Year [Sri Lanka] Total Travel Solution is a 6-figure (USD) company that sells the best quality Sri Lanka and Maldives tour packages to tourists from all over the world, generating a sales revenue of about USD 2 million from 2012 to 2018 while maintaining their growth through honest, trustworthy, and high-quality services. $20K Monthly Revenue $1K Startup Costs 6 2.42K

10. Start a beverage company

Are you thinking of starting a beverage or drink business?

Starting a beverage company can be a great way to combine your love of food and drink with a passion for entrepreneurship.

Beverage companies can make all sorts of different drinks, from juice to soda to beer. They can also sell other types of food products, like bottled water or snacks.

There are more and more drink options available today than ever before—and that means that beverage companies are constantly trying new things in order to stay competitive in this space! The more innovative they can be with their offerings, the better they'll be able to compete with one another

How much you can make: $500 — $200,000,000/month

How long does it take to build: 250 days (?)

Case Study I Grew A Drinkware Brand To $1.1M/Month At 23 Years Old BruMate is a successful insulated drinkware brand focused on the adult beverage community, with a flagship product that generated $2.1M in sales in 2017 and is now doing over $1.1M per month in sales, with plans to do $20M this year. $12M Monthly Revenue 1116 85.2K

11. Create an online course

Online course businesses are one of the fastest-growing online business models. Creating an online course is an awesome way to generate extra income because it allows you to monetize the knowledge you already have. More people are taking online courses every day, and the COVID pandemic has accelerated that, with some online learning platforms having seen 15-fold growth in the number of users .

Another advantage is that these new platforms are so easy to use for instructors that you don't have to worry at all about the tech side of the business. You just need to focus on creating exciting content that is informational & engaging at the same time.

Starting an online course in Sri Lanka allows you to eliminate some of the huge costs associated with setting up a physical training facility, and it's a great way to reach as many people as possible.

How much you can make: $350 — $3,735,000/month

12. Start an instagram fan account

An Instagram fan account aims at supporting or appreciating a celebrity, a public fan, a brand, or an organization. The fan account covers the subject's daily movements and breaks stories about the fan, to keep their target audience entertained and updated.

An Instagram fan page earns profits through promotions and advertisements from interesting brands.

Are you interested in a celebrity, public figure, brand, or organization?

You can create an Instagram fan account and show your support or share opinions of the individual or brands through the Instagram account.

How much you can make: $500/month

Case Study How A 15-Year-Old Made A Profitable Fan Account On Instagram A 15-year-old boy created an Instagram fan page for NFL player Ezekial Elliott which garnered 50,000 engaged followers and nearly 20,000 additional followers in the last two months alone, with currently no expenses aside from ads, and hopes to start selling his own products. $500 Monthly Revenue 13 17K

13. Start a voice over service

Voiceover artist is an auditory performer who uses their voice in scripted presentations. The role of a voiceover artist is only to be heard but not to be seen.

Working as a voiceover artist is an opportunity to choose the projects you enjoy engaging in. The role of a voiceover artist is also fun and can help you meet new people.

To become a voiceover artist in Sri Lanka, start practicing aloud reading so you familiarize yourself with your sound. Then, create your recording studio where you can practice your voiceover skills. It would help if you had a quality microphone, professional recording software, a computer, and soundproofing materials.

How much you can make: $400 — $60,000/month

Case Study How I Started A $40K/Month Multilingual Voice Over Agency And Marketplace Voice Crafters, a multilingual voice-over agency and marketplace founded by Mony Raanan, doubled their revenue to over $765,000 in 2022 with a bottom line of around 30% after transitioning to an online marketplace and carefully vetting their network of over 1,000 professional voice actors in more than 80 languages. $40K Monthly Revenue $50K Startup Costs 14 6.05K

14. Start a language translation service

Language translation services bridge the linguistic barriers, helping businesses reach a wider audience outside of a single language. A language translation job is an opportunity to cover a wide range of topics and meet people from different cultures.

To become a language translator in Sri Lanka, master a second language and earn some experience so you become fluent in the second language.

How much you can make: $40,000 — $550,000/month

How long does it take to build: 70 days (?)

Case Study Buying A Translation Company And Growing It To $4M/Year DEMAN Translations grew from 6 employees and 1.5 million euros in turnover in 2015 to 17 team members and 3.5 million euros in sales in 2020 after acquiring 12 other translation agencies, with a goal to reach 6 million euros this year and 10 million euros in 2022. $550K Monthly Revenue $1.25M Startup Costs 10 7.24K

15. Start a web design & online marketing business

If you know about website design and marketing concepts then starting your own web design and online marketing business could be the perfect opportunity for you to do so.

The online marketing industry is the second largest industry in the United States and continues to grow. The online marketing industry is massive. It is estimated to grow by 30% annually, reaching $400B in the next four years.

How much you can make: $6,000 — $800,000/month

Case Study How I Started A $10K/Month Business Selling DIY Web Design And Marketing Courses How Shannon Mattern built a DIY web design training business from scratch that now generates $10k/month in revenue through affiliate commissions and courses, without outside investment or debt. $42K Monthly Revenue 10 19.7K

16. Start a digital marketing business

Digital marketing businesses serve local and international companies to expand their reach and grow revenue. A top reason digital marketing is so exciting is that the field is constantly evolving and is easy to learn.

If you plan to start a digital marketing business in Sri Lanka, educate yourself and understand how digital marketing agencies work. Then, focus on building your digital skills and advancing your career through online digital marketing courses.

To stand out, find a digital marketing niche and focus on the audience interested in your services.

How much you can make: $2,000 — $6,660,000/month

How much does it cost to start: $1,260 (?)

How long does it take to build: 58 days (?)

Case Study I Built A SEO Tool That's Completely Free For Users [From Lebanon] H-supertools founder Hasan developed a set of free SEO and digital marketing tools generating $2k per month in profit using Google Adsense, affiliate marketing, selling ad spaces, and email, plans to launch a membership option, and has attained over 80k registered users and 300k monthly visits in less than two years. $2K Monthly Revenue 11 11.9K

17. Become a virtual assistant

Virtual assistants support businesses, teams, or individuals by performing administrative tasks remotely. As businesses these days tend to outsource their tasks, the demand for virtual assistants is growing rapidly.

Becoming a virtual assistant is flexible, as you can choose a work schedule and location at your convenience. Many virtual assistants in Sri Lanka have a dedicated home office where they work in a quiet and distraction-free environment.

To become a virtual assistant, identify a niche you like and undertake any training. Then, figure out how much to charge your customers and create an online presence where you can apply for jobs. As a virtual assistant, you can define your work schedule depending on your availability.

How much you can make: $1,000 — $850,000/month

Case Study On Starting A Business Training Virtual Assistants Filipino Virtual Assistance by FVA Business Consultancy, founded by Julmar Grace Locsin, offers online and offline training to empower marketers, enable businesses, and equip freelancers which has trained 25,000 students from their 31 courses, has 16 coaches assigned from different territories, and fifteen in the FVA team for global digital leadership that will impact the world through digitalization, one life at a time. $1K Monthly Revenue $500 Startup Costs 5 7.3K

18. Start a real estate business

Are you a qualified architect with a broad range of knowledge in the real estate field? Starting a real estate business can be a profitable venture.

Real estate involves purchasing, selling, managing, or investing in land and buildings.

To become a successful real estate business owner, you must have finely honed visual awareness and a strong understanding of various building materials and structures.

How much you can make: $5,000 — $1,500,000/month

Case Study How I Started A $500K/Month Real Estate Investment Business This case study is about T. C. Lewis & Co, a real estate investment and management firm that successfully diversified their approach to include sales, development, remodeling, and construction, with property management being the key to investor doors and organic growth. $500K Monthly Revenue 9 11.5K

19. Become a proofreader

Proofreading business is a service that helps customers review their written work and ensure it is ready for publication. Typically, a proofreader corrects grammatical errors and provides the written piece meets any relevant style guide.

As a proofreader, you can work online, allowing you to choose what time to work.

If you plan to start a professional proofreading business in Sri Lanka, make sure you possess the following skills:

• Have an excellent grasp of grammar
• Ability to correct mistakenly capitalized words
• Familiarity with the proper use of capitalization
• Use spell-checkers to flag misspelled words

Proofreading is a great way to enhance content quality. With the increased use of written content marketing to reach a broader market, the demand for professional proofreaders has grown tremendously. Professional proofreaders earn an average of $12/hr. And $30/hr.

Therefore, consider proofreading as a business if you are looking for a great side hustle idea or simply looking for ways to increase your income.

How much you can make: $2,000/month

Case Study How I Added $2,000 To My Monthly Income Proofreading Blog Posts A proofreader was able to build a consistent income of ~$2,000 per month from scratch with zero experience in the field, no expenses, and barely any upfront costs by targeting bloggers and content creators who want their content to be copy edited and proofread. $2K Monthly Revenue 18 14.3K

20. Start a freelancer platform

Freelancer platform is a place where people come with skills and services to offer and people come who need those skills and services. So we can say freelancer platforms are a marketplace for sellers and buyers of services and skills.

The freelancing industry is growing rapidly and it's becoming a popular career option for people who are "non-traditional" employees. The global Freelance Platforms market size is expected to reach $6.7B by the year 2025 . While working on a full-time job, freelancers simultaneously work on a freelance career. The platforms available online help them to increase their business by attracting new clients.

With all of the businesses looking for help on their websites, it would be a good idea to start a freelancer platform. Freelance platforms do well because people have jobs that need to be done and businesses have the resources to pay for the job at hand.

How much you can make: $3,000 — $5,000,000/month

How long does it take to build: 80 days (?)

Case Study We Bootstrapped A Tech Talent Platform To $1.2M Sales In Our First Year CloudDevs, a tech talent platform that sources and vets freelance tech talent and matches them with companies, has achieved $1 million in GMV in its first year, plans to achieve 100% growth year on year, and focuses on customer loyalty through its Net Promoter Score metric. $100K Monthly Revenue $2.5K Startup Costs 18 15.3K

21. Start a cleaning business

Starting a cleaning business is an excellent opportunity to be your boss and make money doing what you love. This business is relatively easy to create and does not require much equipment or funds.

There are many cleaning services, so deciding what services (or combination of services) you will offer and what hours of the day or week those services will be available is essential.

To start cleaning service in Sri Lanka, you’ll want to consider investing in professional cleaning equipment such as a vacuum cleaner, a quality mop, and a good cleaning bucket. You will also need to buy environment-friendly cleaning products such as detergent, bleach, paper towels, and trash bags.

How much you can make: $2,000 — $708,333/month

Case Study How I Started A $100K+/Month Home Cleaning Service For Busy Individuals And Airbnb Hosts MaidThis®, launched by Neel Parekh in Los Angeles with just one cleaner in 2013, has achieved over $10 million in total revenue by focusing on cleaning Airbnbs and vacation rentals, thanks to its successful remote business model and new-age marketing tactics, and has now launched MaidThis Franchise to expand the business further. $100K Monthly Revenue $800 Startup Costs 19 19.3K

22. Become an Upwork freelancer

There are thousands of categories available to offer your services. Upwork has become a huge platform, attracting millions of people that search for reliable freelancers to work with. Take a moment to go through all the categories and then analyze the profiles of the best-rated users on the ones you're interested. A good tip to start is to offer low prices, in the beginning, to get more reviews quickly and thus climb through the ranks. Once you got a reputation and a track record, you'll be able to charge more.

How much you can make: $3,500/month

Case Study Leaving The Agency Grind To Start My Own Freelance Writing Career Daniel Waldman started his freelance writing business over three years ago and has since earned an average of $3,500 per month, mostly through referrals and Fiverr - offering blogging, article writing, website copywriting and editing services. $3.5K Monthly Revenue 7 4.85K

23. Start a proposal software app

A proposal software app is a program that streamlines the process of creating, sending, and closing proposals, quotes, contracts, and other sales documents. The common users of proposal apps include consultants and business executives who want to generate a personalized and professional-looking proposal. A good example of a proposal software app is Proposify

In creating your proposal app, first, understand how the target users interact with their proposals. Then, provide them with a suite of options so they choose ones that they feel convenient to use. Ensure your software enables the user to produce sleek business proposals quickly.

Typically, the proposal software should be intuitive for any user and should include critical automation and support client interaction tracking, to make proposal creation easy. Build a great product that solves your customer’s pain.

Finally, set up a customer support team that will be directly responsible for guiding customers through the onboarding process, and work towards retaining and expanding accounts.

How much you can make: $570,000/month

How much does it cost to start: $100 (?)

How long does it take to build: 205 days (?)

Case Study How We Built Proposify And Grew To $7M ARR Proposify, an online business proposal SaaS company, currently serving over 8,000 customers and doing over $7M in annual recurring revenue, was founded by CEO Kyle Racki who turned his old proposal app idea into a successful business by focusing on user pain points, building a great product, and prioritizing customer service. $570K Monthly Revenue 15 8.63K

24. Start an online bakery

Starting an online bakery is an exciting adventure. You can start an online bakery and build something you love which brings value to others. All you really need is a whole lot of creativity, and some skills like knowing how to bake delicious sweets, as well as marketing skills to promote your services and products.

People want to start an online bakery business because of the growing demand for a variety of baked products. The global bakery products market size was $398B in 2020 . The market is projected to grow from $416B in 2021 to $590B by 2028.

How much you can make: $25,000/month

How much does it cost to start: $7,000 (?)

Case Study How This Couple Left France To Build Their "American Dream:" A Six-Figure Online French Bakery French chef and founder of online bakery Pastreez, Anthony Rosemond, shares keys to success including validating ideas with the market, focusing on SEO and organic growth, building customer relationships through email and SMS, never offering discounts but offering freebies, and diversifying the business with new products and content on social media. $25K Monthly Revenue $7K Startup Costs 4 5.94K

25. Start a boutique

You may consider opening a boutique if you are passionate about the fashion and textile industry.

A boutique is a shop that sells clothes. Opening a boutique is a dream for entrepreneurs who want to experience the joy and freedom of owning a cash business. Starting a boutique is easy and can be managed by a single individual. In addition, a boutique requires a comparatively smaller capital to start.

To succeed, the boutique owner must coming creativity and passion.

How much you can make: $10,000 — $33,000/month

Case Study How I Grew My Clothing Boutique to $10K/Month in 6 Months Boutique Rye is an online-only women's clothing and accessories boutique that has grown to 3,200 Facebook Group members and a successful website through organic customer sharing, live sales, and open communication with customers. $10K Monthly Revenue 16 33K

26. Start an online advertising agency

An online advertising agency provides business owners with a wide range of marketing services to help them reach targeted customers, and increase their product or service sales.

Services offered by online advertising agencies include creating ads, planning marketing campaigns, deciding the best platforms for reaching the target audience, and analyzing performance to help businesses make strategic marketing and advertising decisions.

How much you can make: $2,797 — $1,250,000/month

How much does it cost to start: $2,500 (?)

How long does it take to build: 45 days (?)

Case Study My Story On Building My Own $8K/Month Digital Advertising Agency Fantôm Agency founder Luis Camacho shares how he built his digital advertising agency from scratch, focusing on helping mid-to-late stage SaaS companies scale through paid advertising channels and generating around $8,600 per month without significant overhead costs. $25K Monthly Revenue 11 13.1K

27. Start a mobile app development business

Mobile app development is the process of creating software applications that run on mobile devices. These apps can be used for a variety of purposes, including games, productivity, and social networking.

Starting a mobile app development business is a great way to enter the world of software development. This type of company is growing in popularity as businesses are looking for ways to reach their customers through mobile apps.

To start a mobile app development company, you need to have strong technical skills and be able to develop high-quality software. You should also have a good understanding of how to market and sell mobile apps

How much you can make: $7,500 — $2,333,333/month

How much does it cost to start: $7,500 (?)

How long does it take to build: 120 days (?)

Case Study How We Started A $82K/Month Custom iOS And Android Apps Development Agency "We started a custom iOS and Android app development consultancy that now makes nearly seven-figures a year by landing clients like Great Clips and the USA CUP after building successful concept apps." $80K Monthly Revenue $500 Startup Costs 9 9.98K

28. Start a travel agency

29. become a mobile personal trainer.

Do you love helping people through their fitness journey? If you want a great side hustle to earn extra income, consider becoming a personal trainer.

The fitness trainer side hustle can be an adamant industry to earn good money. However, once you develop a reputation as a good trainer, you can get more clients through referrals. You need to register for the certification course to start offering personal trainer services in Sri Lanka.

To attract your first clients, consider online advertising, and seek referrals from every customer.

How much you can make: $600 — $8,333,333/month

How long does it take to build: 532 days (?)

Time commitment per week: Min. 4 hours/week

Case Study How I Started A $60K/Month Personal Training Company Live Fit, a personal training company founded in 2011, grew from earning $80,000 in their first year with two trainers to earning over $760,000 in 2019 with 12 trainers and two locations, thanks to a focus on building trusting relationships and providing a variety of services to clients. $60K Monthly Revenue $50K Startup Costs 9 7.87K

30. Start a dropshipping business

Dropshipping allows you to start your online e-commerce store without stock-keeping. Therefore, you do not need huge capital, and the risk is minimal because the manufacturer is responsible for the inventory and ships it directly to the customer. Therefore, your responsibility remains to market and offer customer service.

To start a successful dropshipping business in Sri Lanka, you need a mastery of online marketing and a focus on improving customer experience.

How much you can make: $6,000 — $3,000,000/month

How much does it cost to start: $6,000 (?)

Time commitment per week: Min. 10 hours/week

Case Study How I Started A $100K/Month Business Mentoring Dropshipping Entrepreneurs Entrepreneur Kamil Sattar has developed multiple six-figure drop shipping businesses, and his company, e-commerce mentoring, specializes in helping others create their own successful companies, with favorite platforms including using Shopify and apps such as Loox reviews and SMSBump. $100K Monthly Revenue $1K Startup Costs 14 23K

31. Start a content writing company

Content writing involves writing, editing, and publishing content in a digital format. Examples of content include a blog post, product description, and podcast script—eBooks, press releases, or landing page content.

Becoming a content writer allows you to work as your boss. Therefore, you choose whatever working schedule suits you and take a manageable workload. Moreover, content writing helps you develop essential skills you may not obtain from regular writing.

Content writing is a highly-on-demand service, as companies compete for the online audience who often begin their shopping journey by searching for relevant and educative content online. Therefore, a content writing company is an excellent source of passive income.

To start a content writing company in Sri Lanka, research the market and choose a suitable niche. Sketch a proper business plan and create a website. Hire a pool of talented writers and leverage modern technology to streamline operations.

How much you can make: $1,000 — $250,000/month

How much does it cost to start: $600 (?)

How long does it take to build: 30 days (?)

Case Study How Dani Mancini Transformed Her Freelance Gigs Into A SaaS Business Scribly.io, a subscription-based copywriting service providing high quality content that helps businesses scale at roughly 50% of the cost of hiring in-house, created by Dani, a first-time entrepreneur who started with just a few hundred dollars worth of projects and with the help of three other writers; as of last month, Scribly.io topped $14K monthly revenue. $37K Monthly Revenue 21 12.2K

32. Start a healthy food processing business

With the growing preference for healthy and functional food, starting a healthy food processing plant can be rewarding.

The advancements in the food processing industry, innovation in processing technology, and continuous growth in demand for processed food are some excellent reasons to consider opening a healthy food processing business.

To start a healthy food processing plant, find out a market gap, and research the demand. Understand customers changing tastes and focus on offering the best throughout.

How much you can make: $52,944/month

Case Study How I Healed My Injury With Bone Broth And Bootstrapped A $540K/Year Business Bluebird Provisions Bone Broth is North America's fastest-growing bone broth brand, doing 49,000 per month and growing 50% YoY, with 5000% growth in customer base since starting, thanks to an SEO-focused strategy, email marketing, referrals, and Amazon. $52.9K Monthly Revenue $30K Startup Costs 8 2.6K

33. Start a restaurant

If you love cooking and are passionate about entrepreneurship, starting a restaurant can be a fun and lucrative business.

To get started, choose a great location, and hire an excellent support team. You will need a chef to inspect the food and line cooks, waiters, and waitresses to serve the customers. No matter the restaurant type, you need great culinary and business skills to make your dream come true.

If you plan to open a restaurant in Sri Lanka, gain insight from consumer preferences and focus on serving modern consumers what they need.

How much you can make: $5,000 — $61,650,000/month

Case Study Starting A $1.5M Healthy Meals Delivery Business One Life Meals is a Toronto-based healthy meal delivery service that made 14,500 meals per month and generated $130k in monthly sales in 2018 through their one-on-one consultation, lean protein and seasonal veggies-based meals, and their focus on the client experience. $130K Monthly Revenue 12 19.4K

34. Start a hotels business

If you are considering starting a hotel, then it is time to implement your plan. There are five key elements to understand if you want to succeed in this industry: location, size, budget, experience, and market demand.

Here are some tips to consider before forming a hotel:

• Name your business
• Decide on a marketing strategy
• Start by renting out a room in your home.
• Hire a business capital broker
• Make a marketing plan
• Offer complementary services

How much you can make: $15,000/month

How long does it take to build: 325 days (?)

Case Study I Created A $120K/Year Skincare Brand For Black Women Recommended By Beyoncé SKNMUSE, a premium beauty brand dedicated to elevating the beauty experience for Black Women, has a 40% customer retention rate, achieved a 169% increase in revenue, and made $30,000 in Q1 alone. $15K Monthly Revenue $1K Startup Costs 14 3.01K

35. Start a youtube channel

For anyone looking to start a successful YouTube channel, there are plenty of YouTube channel success stories that can be used as inspiration and encouragement. In addition, YouTube has an established monetization system and boasts incredible popularity, making it a potential platform for revenue generation.

In this article, we'll look at different approaches you can use to help promote your channel and grow your viewers. While there's no quick and easy way to success, you can take these tips to build your own YouTube Channel Success story. If you love content creation, you can capitalize on YouTube's popularity to earn extra income.

If you want to join the Youtube partner program to monetize your channel, you will need to reach a minimum of 1,000 subscribers and 4,000 watch hours in the previous 12 months.

How much you can make: $800 — $4,500,000/month

How long does it take to build: 48 days (?)

Case Study How This Couple Makes $5K/Month Generating Content About Ways To Make Money Online Learn how this entrepreneurial couple made $5-7k a month by helping others find legitimate work from home jobs and creative ways to make money online through their blog and YouTube channel, as well as offering two flagship products designed to help beginner freelancers and new bloggers accelerate growth. $5K Monthly Revenue $500 Startup Costs 7 13.2K

36. Start a dog training business

Professional dog trainers can be an incredibly fulfilling profession, especially for dog lovers. You can choose to work as an independent dog trainer or work under a company as a part-time trainer. However, note that dog training takes more commitment for a part-time gig. To get started, you need some education to understand how dogs behave and train them in new tricks. You will find tons of online resources on dog training. Alternatively, you can work as an intern with local dog trainers to acquire the skills before setting up your dog training side hustle. The average hourly rate for dog trainers is just over $50/ hr.

How much you can make: $5,000 — $8,000/month

Case Study How I Started A $5K/Month Dog Training Business Fraternityk9 dog training is an example of how Donald's passion for dog training turned into a $5k/month business, by utilizing platforms like Facebook and Instagram, and learning about sales and business to scale the process. $5K Monthly Revenue 6 7.29K

37. Start a grocery store

A grocery store sells a wide variety of food products, fresh or packaged, and other household & personal care items. The grocery store industry is the largest retail channel that makes $682 billion in the United States.

To start a basic grocery store, you can expect to spend a minimum of $50,000. Ideally, the bigger expense would be the rent, equipment, labor cost, cash registers/POS systems, and software. Some of these are recurring monthly fees. However, the location, size of the store, competitors, and local customers will significantly impact the business. A new grocer should sell more items for a lower price to make a more significant profit.

A new grocer can also save costs by buying the items from local distributors. The distributor is the middleman between the manufacturer and the grocery store selling it. Once the store cost and location are decided, the next step is to obtain a seller license. In most states, a grocer's license is required to run a grocery store.

Thus an average grocery store has a profit margin of 3% to 5%. The profit rates depend on the store's location, size, and popularity. On average, a small to medium grocery store can make a profit of up to $300,000 annually if all the profit factors are considered.

Another way to make your business more profitable is to diversify your store and add amenities like a coffee shop or stocking up the front of the store with magazines, batteries, etc., as these items can cross a margin of up to 70%. As a rule of thumb, offering lower prices on higher purchases will ultimately win more customers and increase profitability.

38. Start a tutoring or education business

When students have problems with their schoolwork, they turn to tutors for help.

Being a tutor awakens your entrepreneurial skills. Being your own boss allows you to set your own schedule and be more independent. You'll create lasting relationships with students and their parents. Last but not least: you get paid well!

How much you can make: $1,700 — $500,000/month

How much does it cost to start: $4,000 (?)

Case Study How I Started A $200K/Month Online Makeup Academy Online makeup academy, Vizio Makeup Academy, founded in 2011 by Anastasia Andreani and her partner, has enrolled over 3,300 students and generated $2.4M in revenue this year, by offering professional makeup courses online and creating their own cosmetic line. $235K Monthly Revenue $4K Startup Costs 5 14.4K

39. Start a cannabis business

Have you ever thought of starting your own cannabis business?

The cannabis industry has been continuously growing throughout the years. The legal marijuana sales are projected to reach $22 billion by 2022.

No matter your level of experience, the cannabis industry has a lot to offer. There are inspiring stories of entrepreneurs that made it big in this particular industry.

How much you can make: $2,500 — $3,100,000/month

Case Study How Two College Roommates Started An Online CBD Business Plain Jane, an online CBD company founded by two college roommates, offers unique products and has generated over $20K a month in sales within five months, attracting and retaining customers through social media, authentic stories, and content. $275K Monthly Revenue 22 15.3K

40. Start an email marketing business

Email marketing is a popular and effective way for businesses to reach their target audience and promote their products or services.

With the rise of the internet and the increasing use of email as a communication tool, starting an email marketing business can be a lucrative and rewarding venture.

An email marketing business involves creating and sending marketing emails to a list of subscribers. The emails can be newsletters, promotional messages, or other types of content designed to engage and convert the recipient into a customer. The business owner is responsible for building and maintaining the email list, creating the content, and sending the emails using specialized software.

To start an email marketing business, you must have a strong understanding of marketing principles and a good grasp of best practices. This includes creating compelling subject lines, segmenting your email list, and analyzing your campaigns’ results. You will also need to be proficient in email marketing software like Mailchimp or Constant Contact.

To run a successful email marketing business, you must clearly understand your target audience and what they are interested in. This will help you create relevant and engaging content that resonates with your subscribers and encourages them to take action. A solid call to action in your emails is crucial, whether it’s visiting your website, making a purchase, or signing up for a newsletter. Starting an email marketing business requires marketing skills, expertise, and a willingness to learn and improve continuously. The right strategies and tools can be a rewarding and successful way to reach your target audience and grow your business.

How much you can make: $1,500 — $8,333,333/month

Case Study How I Started A $55K/Month Email Marketing Agency Specialized in Ecommerce Boundless Labs is an email marketing agency for eCommerce brands that has generated over $25 million in email attributable revenue for their clients since launching 18 months ago and currently makes around $90K per month, with plans to reach $100K per month by the end of January 2020 through client referrals, strong relationships, and hard work. $8.3M Monthly Revenue 22 11.5K

41. Start a social media marketing agency

Whether you want to clear your utility bills, finance your college education or save for a vacation, a social media marketing agency is one of the best ways to earn extra income. The advantage is that you do not need to commit so much time to automate using social media marketing tools. All you need to do is develop a good social media marketing strategy that will enable you to serve customers efficiently. Besides, you need to create an agency portfolio to market your services to target customers.

How much you can make: $10,000 — $2,400,000/month

How much does it cost to start: $6,250 (?)

Time commitment per week: Min. 30 hours/week

Case Study How I Started A $80K/Month Content Writing Business How David Tile turned a freelance writing gig into an $80k/month business, discussing lessons learned through managing growing demands and maintaining a remote team operation. $125K Monthly Revenue 22 22.1K

42. Start an online retail store

Starting an online retail store is straightforward. All you need is a computer, a domain, and a web hosting service. Then, determine a niche for your online store, and conduct product research before listing products.

You can start your online store based on a drop shipping business model or list your self-made products in your online store.

How much you can make: $5,000 — $62,500,000/month

How long does it take to build: 51 days (?)

Case Study How I Started An Online Store Selling Backcountry Skis Hagan is a ski mountaineering gear company that has 50% annual growth and focuses solely on backcountry ski touring, resulting in the world’s widest selection of mountaineering skis. $90K Monthly Revenue $10K Startup Costs 6 6.05K

43. Start a restaurant

44. start a stock video business.

Stock video is pre-filmed footage that can be purchased and used in various projects and films. Like stock photos, copyrighted stock videos cannot be used without permission and licensing from the rightful owner.

Businesses and filmmakers use licensed stock footage as they save money and hours, they would need to create original footage. Starting a stock video suitable for use in commercials and entertainment can be a great venture.

How much you can make: $10,000/month

How long does it take to build: 197 days (?)

Case Study I Built A $120K/Year Stock Animation And GIF Images Side Hustle VideoPlasty, an affordable and easy-to-use platform for buying pre-made stock animation elements and GIF images, has attracted over 600,000 visitors since its launch, with over $100k in revenue in 2020 alone, thanks to free organic traffic from YouTube tutorials and optimized SEO. $10K Monthly Revenue $50K Startup Costs 12 3.9K

45. Start a CAD designing business

A CAD designer is a professional who specializes in Computer-Aided Design. They use CAD software to create designs for clients and projects.

The CAD design industry has been growing at a rapid pace over the last few years. As a result, the need for 3D modeling and rendering services has risen dramatically in recent years, with many industries looking to CAD designers for their expertise and creativity.

A good CAD designer should have a wide range of skills that will allow them to work on projects from start to finish, from initial concept through final production.

How much you can make: $8,000/month

Case Study How I Left My Job To Start A $9K/Month CAD Design Business A 3D CAD designer and product inventor who started as a side hustle and averaged $9,000 a month in revenue, shares his insights on the ups and downs of owning a service-based business alongside an eCommerce store, as well as lessons learned in customer acquisition and in generating multiple streams of passive income. $8K Monthly Revenue $15K Startup Costs 9 17.9K

46. Start a business support services

How much you can make: $6,800 — $250,000/month

Case Study We Created An $80K/Year Incubation Program To Help Minorities And Women Entrepreneurs Hutch, founded by Fearless, is a 24-month program that helps minority and women entrepreneurs in government digital services; the program has had 9 graduates, 11 company founders in current two cohorts, and 20 companies within its portfolio. $6.8K Monthly Revenue 6 2.94K

47. Start a social media management business

Similar to virtual assistants, social media managers offer various services, including but not limited to:

• Developing a marketing strategy based on clients’ goals
• Setting up social media accounts
• Posting on behalf of their clients
• Coming up with strategies for increasing client’s social media following
• Marketing analysis.

To become a social media manager, know the various platforms and understand how they work so you can develop strategies that help clients reach their goals.

The beauty of working as a social media manager is that you can define your work schedule and choose what niches to work on.

How much you can make: $15,000 — $166,667/month

How much does it cost to start: $251 (?)

How long does it take to build: 3 days (?)

Case Study How I Started A $7.5K/Month Social Media Consulting And Training Business A social media manager turned entrepreneur created a program that has brought in almost $100,000 in one year, designed to teach women how to run successful social media businesses in less than 30 days.   $15K Monthly Revenue 6 6.86K

48. Start an online influencer business

An online influencer business is a company or service that gets products or services sold through popular online users. It can be a very lucrative form of marketing.

As technology has advanced, more and more influencer businesses are starting to rise. These are people or companies who become famous for being influential on various topics.

More and more companies are investing in online influencer marketing because this channel is successful for new product exposure or for sharing news about a brand through voice-overs on popular online videos. You can work with these online influencers in different ways including the use of affiliate marketing or product embeds with sponsorship.

How much you can make: $2,000 — $50,000/month

How long does it take to build: 295 days (?)

Case Study I Created A Two-Sided Marketplace That Helps Brands Find Influencers Afluencer is a two-sided marketplace that connects brands with influencers and helps influencers, creators, and ambassadors find paid gigs, with 6,500+ active influencer users and 1,000+ brand users yielding 100% YoY revenue growth. $2K Monthly Revenue $500K Startup Costs 3 3.08K

49. Start a babysitting service

If you have some spare time at home, you can start babysitting services for couples who need extra support.

Here are the steps on how to start a babysitting business.

• Avail for training/credentials related to babysitting
• Register your business
• Apply for Licenses/Permits
• Open a bank account for business transactions

50. Start an online video editing business

Video editors manage camera footage, dialogue, sound effects, graphics, and special effects to produce the final film or video product. To become an online video editor, you must have media production and communication knowledge and the ability to work with others.

To start a video editing business, you can outsource video editing skills from an experienced professional. Your role will be to pick video footage from the customers and upload them for the video editor to do the magic.

How much you can make: $2,000 — $208,000/month

How long does it take to build: 110 days (?)

Case Study How We Developed A $6K/Month Online Video Editing Software VEED.IO, a London-based start-up co-founded by Sabba and her partner, offers a simple online video editing platform using batch job cloud architecture to help social media managers across the world auto subtitle, filter, rotate videos and much more, earning the company $5,300 MRR and the founders Ramen profitability within just a year of starting. $6K Monthly Revenue 13 11.2K

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Top 25 Profitable Business Ideas in Sri Lanka for 2023

Do you want to start a small business in Sri Lanka? Find here a list of chosen profitable investment opportunities in Sri Lanka for your ready reference.

Basically, Sri Lanka is an island country. The country is located in the area of the Indian ocean. The capital of the country is Colombo. Most of the people in Sri Lanka use English, Tamil, and Sinhala for communication with each other.

Generally, the economy of the country has mostly had strong growth rates in recent years. Currently, the country is focusing on long-term strategic and structural development challenges as it strives to transition to an upper-middle-income country.

According to the Global Competitiveness Report, Sri Lanka’s economy is transitioning from the factor-driven stage to the efficiency-driven stage. Hence, it makes the country ranks 52nd in global competitiveness.

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List of 25 Small Business Ideas in Sri Lanka

#1. agriculture.

Basically, the country’s economy depends hugely on agriculture. Some of the specific items like tea, rubber, and cinnamon are the most important products here. Additionally, these items have good export potential also. Animal husbandry or livestock farming is also getting immense popularity nowadays.

Related:  Most Profitable Agriculture Small Business Ideas 

#2. Backyard Plant Nursery

If you love gardening, you can start a backyard plant nursery in Sri Lanka. This is a low-cost and profitable business. However, you must have some space for this business. Selecting plants is the most crucial aspect of this business. You must keep the plants according to the local market demand. Also, you can start and operate the business on a part-time basis initially. Read More…

#3. Cell Phone Repair

Cell phone demand and population are increasing very fast. And after the warranty period, people look for an affordable local repair service for fixing their phones. Even, if you don’t have repairing skills, you can visit classes to gather knowledge.

Generally, this type of business offers services like repairing cell phones, smartphones, iPhones, tablets, etc. In addition to that, you can offer several specific repair services too. Read More…

#4. Export-Import

Export-import is one of the most prominent business sectors in Sri Lanka. The country is the 81st largest export economy in the world. The top export items of Sri Lanka are Tea, Women’s Undergarments, rubber, cinnamon, etc. Its top imports are Planes, Helicopters, and/or spacecraft, Refined Petroleum, Cars, Crude Petroleum, and Light Rubberized Knitted Fabric.

Some of the top export destinations of Sri Lanka are India, the United States, the United Kingdom, Germany, and Italy. The top import origins are India, China, Japan, France, and the United Arab Emirates

#5. Information Technology

Sri Lanka is ranked among the top 50 outsourcing destinations by AT Kearney. Some of the most lucrative IT sectors are business process outsourcing, knowledge process outsourcing, software development, IT Services, and IT education. Hence, it is needless to say, the country is one of the best destinations for starting a business in the information technology sector.

Related:  Lucrative Business Ideas for Information Technology Professionals

#6. Jeans Making

The Govt. encourages the small-scale sector of the country. Additionally, there are several schemes you can avail of assistance from the Government. If you want to start a small business in the clothing and apparel segment, you can consider starting a jeans manufacturing business.

With proper planning and substantial capital investment, jeans manufacturing projects can be initiated on a small-scale basis. Read More…

#7. Real Estate & Construction

The property industry broadly covers the areas of rents, domestic housing, capital market, office space, retail and industrial space. As confidence returns to real estate, the industry faces a number of fundamental shifts that will shape its future. Moreover, the sector offers several service-based business opportunities to aspiring entrepreneurs. Read More…

Retail is another growing sector in Sri Lanka. However, you must have a retail space in a prominent location. Otherwise, you can also consider getting a retail space for rent. As tourism is one of the most important revenue-earning sectors in the country, you can find several retail business opportunities there. Read More…

#9. Tourism

Tourism is one of the main industries in Sri Lanka. Major tourist attractions are focused on the island’s famous beaches located in the southern and eastern parts of the country. Additionally, ancient heritage sites are also popular in the country.

Hospitality and tourism are vast areas providing different types of services. It includes broadly restaurants, restaurant chains, food services, hotels, transportation, photography, business and leisure travel, holiday destinations and activities, camping, and the cruise industry. Read More…

#10. Transportation Business

Transport business opportunities are emerging globally nowadays. Transportation is one of the world’s largest industries. Different types of specific demands with changing lifestyle habits have introduced several innovative and profitable startup opportunities in the transport industry. Read More…

More Low-Cost Small Business Ideas in Sri Lanka

#11. Recruitment Agency #12. Translation Agency #13. Event Management #14. Car Repairing Services #15. Auto Spare Parts Store #16. Courier Services #17. Food Truck #18. Creer Counseling Service #19. Salon Business #20. Open a Restaurant

Home-Based Online Business Ideas in Sri Lanka

Below we list down the best small online businesses you can start online in Sri Lanka:

#21. Start a Blog #22. Affiliate Marketing #23. Freelance Writing #24. Dropshipping #25. Web Design Services

After selecting your business idea, you need to register your company. Sri Lanka has seen a rise in small startups in the last decade. If you are the next one looking forward to starting a company here, find below the options to be explored.

How to Start a Company in Sri Lanka, Sinhala

There are several types of business structures offered by authorities for startups in Sri Lanka. The most popular among beginners is a sole proprietorship, partnership, and limited liability company.

The procedure of forming a sole proprietorship is more or less similar to other countries in the world. You will be solely responsible for all the liabilities incurred by the firm. This is the easiest option to start a company in Sri Lanka.

The partnership business structure is almost similar to a sole proprietorship. The significant difference is that you can have multiple owners.

Limited Liability Company is the most popular business structure among startups. This structure allows a minimum of one director and two shareholders. There is no need for minimum share capital.

Sri Lanka is a small country. However, the business sector is famous for agriculture, plantation, export, food processing, and telecommunications. We hope this list of profitable small business ideas in Sri Lanka will help you in making an informed decision to start your own business venture.

What products are in high demand in Sri Lanka?

Some of the most in-demand products are as follows:

• Consumer electronics products
• Rice, vegetables, and fruit.
• Clothing and textiles
• Pharmaceuticals and medical supplies
• Coconut & Coconut-based Products
• Spices, Essential Oils & Oleoresins.

What are the top 3 imports of Sri Lanka?

The top there products that Sri Lanka imports are the following:

• Textile fabrics

What is Sri Lanka famous for producing?

The biggest item that Sri Lanka exports are tea, textiles, and garments. In addition, the other major export items are spices, gems, fish, coconut products, rubber, and fish.

About the Author: 99businessideas.com led by Rupak Chakrabarty is committed to helping beginners, entrepreneurs, and small business owners in starting, managing, and growing their businesses.

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Startup News, and Inspiration for Entrepreneurs

Top 10 Best Small Business ideas in Sri Lanka [2022]

posted on 04/01/2022

Sri Lanka has shown a lot of character in revamping its struggling economy after an unfortunate civil war in May month of 2009.

While governments have always done their part, residents need to embrace aggressive entrepreneurship so that the country goes further ahead on the path of progression.

Here are the 10 best and profitable business ideas that we think shall inspire Sri Lankan entrepreneurs to start their businesses.

1. Airport shuttle service

More than 1 million international tourists are being received by Sri Lanka annually through airplanes. These tourists require transport to be able to move from airports to their holiday destinations and vice versa. Keeping this need of tourists in mind, interested persons can open a shuttle service business in Sri Lanka.

An airport shuttle service business doesn’t demand you more than a vehicle in good condition, driving skills, and of course, a driving license. This business can be operated on a part-time basis as well.

2. Allergy translation cards

Those who look for work in Sri Lanka’s growing tourism industry but are on a budget may consider an allergy translation card making business. Allergy translation cards tackle away language barriers.

Allergy-sensitive tourists use these cards to convey the restaurant staff to avoid food that causes allergy to them in their native language.

3. Eco-Tourism business

There are many destinations like Sinharaja Rain Forest, Buttala, Knuckles Mountains, etc. that are being passionately explored by tourists for adventure travels.

Suppose you live up near any such place that offers an excellent prospect for such trips. In that case, you could consider starting an ecotourism business to educate visitors about the site, community, and environment and hence get paid.

4. Tea production

Sri Lankan is one of the best agriculture business ideas that enjoys tremendous demand in overseas markets, particularly in Iran, Pakistan, the United States, etc. However, the local tea production capacity hasn’t yet reached its full potential.

Prospective entrepreneurs can export revenue into the country while exploiting the easy availability of ideal geographical and climatic requirements for tea production in Sri Lanka to the fullest.

5. Tobacco production

Even though people, whether those who live in Sri Lanka or anywhere else in the world, know that tobacco kills, they smoke.

Domestic demand for tobacco in Sri Lanka is so spectacular that even thousands of suppliers can’t match it. More tobacco production units are thus required in the country.

Aspiring entrepreneurs benefit from land availability, which supports tobacco production and cheap skilled labor in Sri Lanka.

6. Coconut production

Sri Lanka ranks fifth in the production of coconut commodities in the world. There are many commercial uses of coconut, such as deodorants, toothpaste, body lotion, and many other products.

Coconut cultivation can become a significant catalyst in the Sri Lankan economy’s growth as coconut demand, and its value-added products are high internationally. Unfortunately, due to drought conditions, the local supply is struggling to meet this tremendous international demand.

Sri Lankan government needs to search for ways to avoid the expected effect of drought on coconut cultivation. That would ensure the control of local prices and the avoidance of losses incurred when a ban is imposed on coconut export.

7. Value-added textile products

The textile industry has been the cornerstone of the Sri Lankan economy over the past four decades. However, the involvement of local entrepreneurs in the textile value chain is shallow.

Many value-added textile products such as buttons, zippers, hook and loop fasteners, embroidery works, etc., that hold great promise for advancing the economic status of many people in Sri-Lanka.

8. Vegetable farming

Vegetables are daily consumable items used by both rich and poor in their meals. People would probably never give up the use of vegetables since they are both healthy and budget-friendly. Farmers can grow many different vegetable varieties for profit.

Potatoes, onions, tomatoes, peppers, etc are some good examples of vegetables they can grow while using their lands, watering, farming skills, and manures. Apart from these basic requirements, farmers need marketing strategies that will ensure them good profits while they sell their produce to buyers.

9. Diary farming

Every family consumes milk every day. Milk that we use for making tea, feeding infants, etc comes to us all the way from dairy farmers while they raise cows, buffaloes, and other milk-producing animals.

To open a dairy farm, you’ll be required to keep high milk yielding species of cows ( Holstein is popular), a farm building ( cowshed) to provide housing and get them milked.

The only heavy investment in a dairy farm business goes alone for buying cows while the rest requirements are affordable.

10. Salt production

If you have studied the law of demand in Economics, it tells us that when the price of a commodity hikes up, its demand turns downwards. But the same law of demand doesn’t hold true for certain goods like salt.

Even if the prices of salt touch skies, there won’t be much effect on consumer demand as it is a basic necessity we can’t avoid using in our foods. Therefore, starting a salt production business is another worth business opportunity for entrepreneurs in Sri Lanka.

About Becky Holton

This Guide is brought to you by Becky Holton who is a journalist and a blogger. She teaches and trains budding entrepreneurs on various startup aspects.

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