If you’re looking to start a business or grow your existing business, there are plenty of opportunities in Sri Lanka. After all, the country is dotted with small towns and villages where people live as self-sufficient farmers. These places are perfect for operating an online business if you can think up an idea that does not require a lot of capital. However, to succeed with your business venture, you must first identify the best type of business for you. The following list details some of the best online business ideas in Sri Lanka.
Blogging
If you have a writing talent, blogging could be a great way to make money online. Most blogging platforms allow you to set your rates, create a blog and a website, and sell products using affiliate marketing. In addition to earning an income from your blog, you can also build a following of loyal readers who may be interested in future products you have to offer. Additionally, with the ever-increasing presence of online media platforms, there is a large potential market for those willing to publish content online.
Dropshipping
For many entrepreneurs, selling items from China and other Asian countries is an attractive online business idea. It’s relatively cheap to set up a drop shipper storefront, find suppliers, and ship products to customers worldwide. With drop shipping, you don’t have to inventory or store any inventory. Instead, you design your products to look like a collection of items someone else has put together. The drop shippers fulfill orders, pack the products and ship them out, taking a small cut.
E-commerce
If you want to create a business around selling products, Sri Lanka is an excellent place to do it. The country boasts a large population and a rapidly growing middle class. Additionally, the internet is available virtually everywhere in the country, meaning that there is no reason that e-commerce couldn’t thrive in Sri Lanka. A great way to get into e-commerce is to find a profitable product niche. You could, for example, create a grocery store that sells only the highest quality products or someone who looks for the best deals online. You could also look into e-commerce companies that offer franchises. For example, many success stories exist about people who have become successful entrepreneurs by starting with a few thousand dollars through e-commerce.
Fulfillment by vendor
If you can source products from vendors overseas and have them shipped to Sri Lanka, you could run an online business selling products from other countries. With this business model, you don’t have to manage inventory, fulfill orders, or ship the products to your customers. Instead, you find Sri Lanka-based vendors to do all of this for you. This is an ideal business model for people who want to set up a small e-commerce business in the country but don’t want to manage large amounts of inventory. Several websites allow customers worldwide to request products from vendors in Sri Lanka. Customers then decide which vendor they want to work with and order from online. The vendor then sends the product to the customer and receives payment from the customer’s credit card.
Dropshipping for photography
Dropshipping could be a great online business idea if you have a talent for photography and know some people who have products to sell. First, find vendors who are willing to sell photography products. You can use sites such as Aliexpress and Alibaba to find vendors who have products to market. Next, find a warehouse in Sri Lanka to store the products. You can hire a company to keep the products or find someone willing to store products in their warehouse. With this business model, you don’t have to sell or buy yourself. You find drop shippers ready to purchase products from vendors overseas and drop ship the products for you. You can also look for drop shippers in Sri Lanka willing to buy products from overseas vendors and have the products shipped to Sri Lanka for you.
Marketplace
A marketplace is like a shopping site combined with an online store. You create a marketplace where people post products that others can buy from the market. This business model can be applied to any product. Like e-commerce, a marketplace could be an effective way to earn a living based solely on your internet presence. With no inventory to manage and no shipping involved, all you have to do is market your product and sell it to customers! Another advantage of marketplaces is that they can be used to source products that fall outside of your product type. For example, if you are a chef, a food marketplace could be a great platform to find ingredients you can use in your recipes.
Conclusion
In this article, we’ve detailed the best online business ideas in Sri Lanka. These include blogging, dropshipping, e-commerce, fulfillment by vendor, and dropshipping for photography. Beyond these, plenty of other online business ideas in the country could help you earn an income.
Read Also: Why You Should Get an Online Job and How to Do It?