If you are an adventurous entrepreneur, rather than starting a business in your own country, you can do it overseas.
There are many countries to choose from, but one of the most prospective countries where you can start a business is in Mexico.
If you choose wisely, you can start a lucrative business in Mexico. This country has some of the most lenient trade agreements in the world.
In recent years, thanks to amendments in Mexico’s foreign investment policies, many people are setting up businesses in that countries and Americans are among the leaders in this movement.
Ideas for Starting Profitable Businesses in Mexico
The borders have opened up with regards to doing business in Mexico, and you can be one of these adventurous entrepreneurs. The trick is to choose a business that will flourish.
Here are a few great ideas for starting a business in Mexico:
Automobile Parts
A major chunk of the manufacturing sector is dedicated to the automobile industry. It is estimated that the contribution of the automotive industry to the country is about 20%.
There are over a million people already working for this industry in Mexico.
The above statistics indicate that there is a lucrative market awaiting you if you open an automobile parts business in Mexico.
Fashion Designing Institute
With an explosion of e-commerce in Mexico, you could exploit this platform for a startup as a fashion designing institute.
There is a huge market for clothes of varying fashions from daily wear to high-end designer wear. You can create your own shirt and other clothes and monetize them.
You have a good chance of success with an influx of young fashion designers vying for attention in the world of fashion.
Vending Machines
Almost half of Mexico’s population is middle class and one of the major public consumer items is vending machines. These machines dispense foods, beverages, tobacco, and other personal items.
If you set up a factory that manufactures vending machines it is a viable business option that could be a highly profitable business.
Amusement Park
With the huge influx of international tourists into Mexico each year, amusement parks are a great option for visitors and Mexican nationals alike.
It is a high-capital investment, but you can expect proportional returns as well.
Mexico has been listed as the third-largest computer manufacturing company in the world. It is the largest producer of electronic goods in Latin America. There is a huge market for anything related to computers.
So, if you manufacture computer peripherals, sell software, or repair computers, you will find huge demand in the market.
Export Business
With the boom in the manufacturing sector in Mexico, there is a need to sell a large chunk of the products overseas. You can step in to contribute to this requirement by starting an export business.
Healthcare
The government and private sector spend over a billion dollars in healthcare every year in Mexico. There is an increasing awareness in this sector resulting in even higher budget allocations for each successive year.
If you have the required experience and qualifications, there is massive scope to set up a successful healthcare business in Mexico.
Tourism
There is a massive number of international tourists entering Mexico every year. Anything to do with tourism is bound to meet with success.
According to surveys, Mexico is the eighth most frequently visited country in the world. Any business related to tourism will meet with success.
Tips on Starting a Business in Mexico
Now that you have read about a few good ideas for starting a business in Mexico, perhaps you could come up with a few ideas of your own.
In the meanwhile, we bring you a few pointers of how to go about it, once you have decided on your business:
- Conduct market research to verify that there is sufficient demand for your product or service.
- Mexico has many requirements for startups, like licensing fees and permits. Make a list of these requirements ensure that you meet them.
- Get accustomed to the way of doing business with the Mexican people.
- Employ independent contractors and do not hire Mexican nationals directly. The Mexican government favors employees, so you will not be able to intervene directly to terminate the services of an employee if the need arises.
- You can own a Mexican business whether you are a foreigner or a Mexican national but the Foreign Investment Law (FIL) of Mexico applies.
- You can complete the registration of a new business within about two weeks, but it may take a bit longer in case you need special licenses.
Conclusion
If you are an entrepreneur and feel a bit adventurous, you could hit paydirt by starting a business in Mexico. It is a colorful and vibrant country, with a rich heritage and an enchanting culture.
If you set up a business in Mexico, you will forge a bond with people of one of the greatest cultures of the world, and prosper at the same time.
