Are you a Greek citizen looking to explore the Greek market? Or a foreigner with a good eye for business looking to explore multiple business opportunities in Greece? Then this article is for you. In this write-up, we discuss all these while looking into some of the most profitable business ideas in Greece. Keep reading!
What We Covered In This Article
The Greek Economy
The Greek economy is ranked as the 54th strongest economy in the world with a GDP of over $200 billion annually. The country’s service sector is responsible for about 80% of its GDP. Although the Greek economy entered a major crisis in 2009 causing a GDP decline of about 4.6%, the country took important steps to bring its economy back to life. By putting effort into advancing digitalization while supporting the green environment, the republic was able to save its economy. However, the economy has not yet fully recovered and as such, it is not a very stable one.
Why Start a Business in Greece?
Greek citizens are highly skilled and educated which can drive your business forward. In addition to this, the World Bank recognizes Greece as the 79th easiest country to do business in. The country also boasts advanced transportation facilities which could significantly increase your business efficiency.
How to Start a Business in Greece as a Citizen
These are the steps you need to take to start a business;
1. Choose a business structure
Decide on the form you want your business to take. You could choose either a private limited liability company, a public one, or even a sole proprietorship. In any case, pick the business structure that works best for you.
2. Select a business name
After selecting a business structure, the next step is picking a business name. Choose a catchy business name that fits the business you want to open.
3. Create a solid business plan
The key to a successful business is a foolproof business plan. Drafting a solid business plan helps you know exactly what you want for your business thus reducing risks and helping you make better business decisions. It is not enough to simply have a mental image of your business goals. Write down your goals and come up with an effective business strategy to help you accomplish them.
4. Obtain legal permission
The next step in starting your business is obtaining legal approval. To achieve this, you would need to get a business license and a tax identification number (TIN) from the Greek tax authorities. Other licenses and documentation are dependent on the business you want to start.
How to Start a Business in Greece as a Foreigner
The steps to starting a business in Greece as a foreigner are only slightly different. The differences are;
- You would need a business visa and a residential permit.
- Bank and personal financial statements are also needed to prove that you are financially capable of running a business.
Most Profitable Business Ideas in Greece
1. Tourism
The tourism sector in Greece is responsible for a large chunk of the country’s annual income. With structures like the Acropolis of Athens, the Parthenon, and the archaeological site of Olympia, along with its beautiful islands and cities, it is no surprise that the tourism industry is the country’s major income source. The good news is that this provides many business opportunities. Here are some profitable business ideas for you in the tourism sector of Greece;
i) Hotel and Resorts Business
In a tourist country like Greece, the hospitality industry is sure to thrive too. Opening a restaurant in a strategic location is sure to be a prosperous business venture. The cost of starting a hotel business could be between $500,000 to $1,000,000, depending on the facilities you want in your hotel. However, with the right business strategy, you can make double the amount of money invested.
If you want to go bigger, you could open a resort instead. A resort typically contains restaurants, spas, and clubs. It could even be its own tourist attraction. Opening a resort could cost millions, but it would be worth it in the long run. Therefore, if you have the capital to build and sustain a resort, go for it!
ii) Restaurant business
Opening a restaurant that embodies different parts of the Greek culture could be very profitable. Food is part of the tourist experience after all. The cost of starting a restaurant business varies between $100,000 to $300,000. Like every business venture, your initial investment depends on what you want your business to look like. The average annual income of restaurants in Greece could be up to$1,000,000.
iii) Travel Agency
You can decide to interact directly with the tourist by helping them plan out their trip. Because of the high number of tourists Greece usually gets, it is an excellent business to venture into. Travel agencies in Greece usually make up to $200,000 and a start-up cost of about $30,000 to $50,000.
2. Manufacturing Business
The manufacturing industry in Greece is another strong sector of the Greek economy. Manufacturing in Greece contributes 8.8% of the country’s GDP with some of its major products including food and beverage products, metal products, and textiles. The start-up cost of a manufacturing business and the profit made is heavily dependent on the product you intend to manufacture.
3. Textile Business
The textile industry is also a strong one in Greece. The country is a major producer of cotton, wool, and linen clothing. For this reason, getting into the clothing business in Greece can be very lucrative. There are many different ways to tap into the thriving clothing business. Some profitable clothing business ideas to start in Greece are;
i) Vintage clothing store
Starting a vintage clothing store has the potential to amass great profit. The reason for this is the large number of visitors the country usually receives, and shopping is a tour activity too. Selling high-quality, comfortable, and eco-friendly clothes would definitely prove itself to be a profitable business. The start-up cost of a vintage clothing store ranges between $130,000 to over $200,000 and the annual income could be up to $500,000.
ii) Bridal boutique
Because of its many beautiful islands, many people choose to have their weddings in Greece. This is why opening a bridal boutique is a smart business decision. The start-up cost of a bridal store ranges between $100,000 to $250.000. Depending on various factors like the size of the store, the equipment, and the number of dresses, the start-up cost could be higher. The profit margin of a bridal boutique is usually between 40% – 50%.
iii)Formal wear store
Formal wear is an important part of the corporate world…and the wedding world too. Because of this starting a formal wear business in Greece. The cost of starting a formal wear business ranges from $5,000 to $100,000. The profit margin of a formal wear store is estimated to be 30%.
iv) Raw clothing materials store
You could decide to take a more direct approach to leverage the booming textile industry in Greece by selling raw clothing materials. After all, all the above clothes that would sustain the listed clothing business ideas don’t materialize from thin air. Cater to the people’s clothing needs that sells raw fabric materials and tailoring instruments. A clothing material store’s start-up cost ranges from $10,000 to $100,000 and its typical profit margin ranges from 20% – 30%.
4. Pharmacy Business
Not everyone has the financial strength to clear hospital bills. Consequently, some people prefer to see a pharmacist. If you are a qualified pharmacist, opening a pharmacy is the perfect business for you. If you are not qualified to be a pharmacist, you could partner up with a pharmacist and start a pharmacy business. The start-up cost estimate of a pharmacy is between $500,000 – $700,000 with an annual profit of $75,000.
5. Logistics Business
With the growing popularity of delivery services, a logistics business is a sound investment. The stable transport network in Greece is an additional advantage of starting a logistics business in Greece. The average cost estimate of starting a logistics business is $50,000 with an annual profit of between $80,000 – $150,000.
6. Furniture Business
The furniture business is known for its high demand and constant relevance. It also provides a chance to express your creativity while earning a profit, and with Greece being a major exporter of furniture, it is the perfect place to start a furniture business. The start-up cost estimate of a furniture business ranges from $50,000 to $60,000 with a 15% profit margin.
7. Event Management Business
Greece is a beautiful country and as such, it is the perfect location for a lot of events. Consequently, starting an event planning business in Greece is a profitable business venture. On average, the cost estimate of starting an event management business is $15,000 with a 30% profit margin.
8. Real Estate Business
The profitability of the real estate business in Greece leads back to Greece being a beautiful country. This makes the country desirable to live in. In addition to this, the Greek government is currently offering incentives to foreign real estate investors. The start-up cost estimate for a real estate business is between $20,000 – $100,000, depending on your investment goals. The real estate profit margin is about 15% of the price of any property sold.
9. Cleaning Business
The cleaning business is another business that is in consistent demand. It is also a low-cost business that gives room for flexibility. The cost of starting a cleaning business typically ranges from $3,000 – $30,000 with an annual profit of $50,000 to $100,000.
10. Hairstyling Business
Hairstyling is a highly lucrative business venture because of the high demand for hairstylists. The hairstyling business also gives room for a flexible work schedule and it promotes customer interaction. The cost of starting a hairstyling business could be as low as $1,000 and it could also be as high as $1,000,000. The determining factor is the type of business you want to operate and your budget. The profit margin for a hairstyling business in Greece is between 10% – 15%.
11. Car Rental Business
The car rental business is especially profitable in Greece because of its high tourist numbers and favourable transport systems. Because it saves people the trouble of maintaining a car, car rentals are in high demand. The average car rental business makes an annual profit of $150,000 with a start-up cost estimate of $30,000 – $100,000.
12. Painting Business
Painting is a low-cost, high-profit business. You can start a painting business with as little as $2,000 and earn as much as $75,000 annually. The painting business is easy to start, and because of the increasing property demand, painting is also in demand.
13. Baking Business
Everyone loves baked goods but baking can be a tedious process. If you have a passion for baking, you might as well monetize by going into the baking business. Opening a bakery could cost between $10,000 – $50,000 with an average annual income of $400,000. Because there would always be a birthday around the corner, or a wedding or simply a person with a sweet tooth, baked goods are also in constant demand. All you need to do to build a successful baking business is to create a brand that people can trust.
14. Coffee Business
According to a survey carried out by Kapa Research, 84% of the Greek population drink coffee every day. This means approximately 9.3 million people need at least one cup of coffee every day, and the demand for coffee is through the roof. Opening a coffee shop at strategic locations like bus stops, office and school environments, town libraries, and busy places in general is sure to earn you a lot of money. The average cost of starting a coffee shop is between $20,000 to $200, 000, depending on the size of your coffee business and your budget.
15. Consulting Business
You can decide to take a different approach to maximizing profit in Greece by starting a business consultancy. For many reasons, there are a lot of people looking to invest in Greece. You can make a profit from those potential investors by guiding them down the right investment path. The cost of starting a business consultancy is between $3,000 to $30,000. The profit margin of a business consultancy ranges from 10% – 30%.
Profitable Business Ideas to Start from Home in Greece
1. E-commerce Business
Over 80% of the Greek population has access to the internet. For this reason, E-commerce is one of the most profitable business ideas in Greece. The convenience of online shopping is the main reason why e-commerce stores are usually patronized. Like physical stores, the start-up cost of an online store is between $20,000 to $40,000 with a 10% profit margin.
2. Dropshipping Business
The dropshipping business is similar to starting an online store except you don’t need to have your products in stock. Dropshipping is a low-cost, high-profit business with all the benefits of running an e-commerce store. It is very possible to open a dropshipping store with no initial investment and make up to $40,000 annually. Of course, with time you would need to make investments.
3. Selling Home-made Products
You don’t need to own a factory to produce, and you don’t need a store to sell. From the comfort of your home, you could manufacture products and sell them. Products like jewellery, paintings, liquid soaps, perfumes, clothes, and many others can be manufactured from home and sold. The cost and profit made from selling home-made products are highly dependent on the products manufactured and their quantity.
4. Web Design
Following the growing number of internet users, the demand for website designers has increased. These days, there is hardly any business without a website and these websites are created by web designers. If you are already skilled in web design, you should start putting your skills to use, and if you’re not, you should consider developing your web design skills. You could decide to work for someone or freelance. The average web designer makes up to $80,000 annually.
5. Content Creation
Content creation has become an important part of today’s world. Most brands use content creation to promote their products because online presence has become a key part of any business’ success. Some content creation platforms even pay content creators with high engagement. On average, the content’s creator salary is about $50,000 per annum.
6. Social Media Management Business
Social media management is similar to content creation but with a stricter content creation schedule and pattern. Content creation could involve only creating content when you are motivated to do so but social media management is much more stringent. You need a content creation schedule and social media growth strategy to get into the social media management business. A social media manager typically makes between $50,000 – $90,000 annually.
7. Photography Business
Greece is the perfect to start a photography business because of the large number of tourists the country gets, and with a good camera and even better photo editing skills, you can easily start a photography business. The minimum capital required to start a photography business is $3,000 and the annual profit amassed from the business is about $50,000.
8. Interior Design Business
It is easy to start an interior design business from home. All you need is a dedicated workspace to avoid distractions, and access to the internet to reach out to customers. With at least $3,000, you can start an interior design business from home and make up to $70,000 per year.
9. Online Tutoring Business
Online tutoring is an easy way to make money online if you are a skilled teacher. Teaching online skills is especially profitable because of the growing value of the online world. An online tutor typically makes between $50,000 – $70,000.
10. Graphic Design Business
Every brand has a logo and every logo was created by a graphic designer. Events like weddings, birthday parties, and launches also have graphic images that represent them. For this reason, the graphic design business is a very profitable one. As there will always be a new brand or event, graphic designers are constantly in demand. The average graphic designer’s income is about $800 monthly.
11. Voiceover Business
Nearly every video advertisement has a voiceover and as such, the demand for voiceover artists is constantly increasing. Starting a voiceover business is easy because all you need is fluency in at least one language, a good voice, a microphone, and a quiet recording space. Voiceover artists usually make between $50,000 – $70,000 annually.
12. Proofreading Business
Proofreading is an easy-to-start business that is in demand. With the growing number of bloggers and online writers, proofreaders have become important. Not every writer has the time and patience to proofread their work and that’s where proofreaders come in. On average, proofreaders make about $60,000 annually.
13. Fitness Training Business
More people have become more aware of their health and the need to stay fit but not all of these people have the time to go to the gym daily. Because of this, the demand for fitness trainers is high, and you can easily start a fitness training business by scheduling training times with clients from the four walls of your home. Fitness trainers make between $40,000 – $70,000 yearly.
14. Product Management Business
With the growing tech industry in Greece, the demand for product managers has increased. Product managers, as the name implies, are responsible for the success of a product. The product could be a software product or a hardware product as long as you have the skills needed to run a product management business, you are sure to succeed. Product managers earn up to $1,000 per month so it is certainly a business you want to look into.
15. Virtual Assisting Services
The virtual assistant, the online version of a personal assistant. You’d be surprised at how lucrative rendering virtual assisting services could be. Virtual assistants handle tasks like responding to emails, scheduling meetings, performing market research, handling trips, and many more. The best part is that you can choose the services you want to offer. A virtual assistant usually earns about $40,000 per year.
Businesses for Sale in Greece
Building a business from scratch is arduous as it requires a lot of planning, time, and patience. If you are not willing to go through all that trouble, you can still exploit the business opportunities in Greece by purchasing an established business. Here are some profitable businesses available for sale in Greece;
1. Young Engineers franchise in Athens
Young Engineers is an educational platform that guides children by teaching them science-related topics. They are operational in 45 schools, leading the kids down the right scientific path. The starting price of a Young Engineers franchise is $19,500.
2. Juice Production Business in Thessaloniki
A private juice company with between 15 – 17 wholesale and retail customers. The company currently uses the artisan approach and as such, production capacity is 2,000 units per shift. They have machinery like fruit freezers, fruit washers, tanks, and a walk-in freezer. The asking price is $800,000.
3. Guest House in Corfu
A six-room guest house with no unpaid debts is up for sale in Corfu. The business is a seasonal one, however, when in season (summertime) the guesthouse is fully booked. In the winter, the business generates about $5,000 monthly while in the summer, a monthly income of about $10,000 is generated. The asking price for this guest house is $400,000.
4. Restaurant Bar in Chania
This restaurant’s capacity is about 150 people and it has both a restaurant and bar license. The business has already earned itself a reputation and it already has deals with three hotels, serving their breakfasts. The building’s facilities are fully renovated and it is a two-floored building occupying 200 sq.m of land. The asking price for this business is $100,000.
5. Burger Brand in Thessaloniki
A fast food joint specializing only in burgers is available for sale. The brand has two stores on different sides of the city, the east side and the west side. The branch on the east can seat 50 people and the branch on the west can seat 35 people. Both branches are strategically positioned near tourist locations and it is ranked as one of the top 10 e-delivery food companies in Greece. The burger brand has been in business for over five years and it has amassed 360,000 unique clients. The asking price for this burger brand is $585,000.
6. Furniture and Decoration Company in Thessaloniki
A luxury furnishing company in Thessaloniki is seeking investors. The business has been operational since 2018 and they have deals with large-scale hotels. They produce at least 400 units of furniture per month. Although the company has a loan of $35,000 for 15 years, they are looking to sell 30% of their shares for $200,000.
7. Cosmetics Business in Thessaloniki
This cosmetics business sells eco-friendly products online. While they sell other cosmetic products, they also have their own branded products and on average, they receive about 40 – 50 orders each month. There are no debts and the business is owned by one person who is willing to sell the business for $30,000.
8. Hotel in Volos
This hotel has been operational for seven decades. Like most hotels, business is seasonal. During its peak seasons, the twenty-room hotel receives 100% occupancy as it is a well-known business. The hotel rooms have a seaside view and a Greek tavern restaurant by the sea. It is a recently renovated, fully furnished hotel and restaurant with no debts and two owners. The asking price for this business is $1,250,000.
9. Wine Restaurant on Tinos Island
This business has been in operation for three years with a focus on Greek food and wines. The restaurant has a five-star rating on Tripadvisor and it has earned itself a high social reputation. The business is debt-free and owned by three people. The asking price for this business is $72,000.
10. Digital Marketing Agency in Athens
A digital marketing agency with 20 years of experience in computer science and software development is willing to sell 49% of its shares. They have a small rental office and their funds and profits are made solely from the income generated. Services offered include WordPress services, Search Engine Marketing, Search Engine Optimization, Social media marketing, and Google services. The asking price for this business is $1,000,000.
All business listings in this article were gotten from the Smergers website. To find out more about these businesses, contact the sellers, and find even more available businesses for sale, create an account here.
How to Run a Successful Business in Greece
Partnerships are an important part of a business’s success, especially with larger brands. Find strong businesses within your niche, establish a niche with them, and who knows, you could get the partnership deal you need to turn your business around for the better.
2. Set high quality standards
By setting high product and service standards, you enhance customer trust and increase your chances of gaining staying customers. Irrespective of what the situation may be, do not compromise your quality standards.
3. Be prepared for anything
As previously stated, the Greek economy is not a stable one. Consequently, you need to be prepared for any changes in economic trends. To run a successful business in Greece, you need to be flexible and able to adapt to any change.
4. Set realistic goals
While it is important to have high expectations for your business, do not set unrealistic deadlines. As the popular saying goes, Rome wasn’t built in a day. It is okay to not have many customers in your first week of operation. Just keep working towards your goal, maintaining high-quality standards, and implementing efficient customer acquisition strategies and with time, you will reach your desired heights.
5. Learn some Greek
The lingua franca of Greece is Greek. No surprise there. If you can’t already speak the language, you can hire a translator. However, it would be in your best interest to understand the language to some extent.
Conclusion
The number of visitors Greece gets constantly is what makes it an excellent location for your business. The business-friendly location in Greece gives room for external trade and the country’s citizens are all skilled. The hospitality industry is especially profitable in Greece but with the right business strategy, you can maximize profit in any industry.