Are you a foreigner looking to make the most of the favourable investment laws in Belarus? Or a Belarusian citizen trying to capitalize on the country’s business-friendly location and developed transport network? The good news is, Belarus’ business laws are friendly to both residential and foreign investors, and if you are need profitable business ideas in Belarus, you are certainly in the right place.
What We Covered In This Article
Profitable Business Ideas in Belarus
1. Pharmaceutical Business
The pharmaceutical industry is one of the leading industries in Belarus, so it is certainly a sound investment. Below are a few business ideas in this category:
i) Retail pharmaceutical business
The key to starting a pharmaceutical retail store is finding trustworthy suppliers, and getting a drug license. Be very selective when choosing a supplier because the drug business is a very delicate one. The smallest error could get you shut down in a heartbeat.
ii) Online pharmaceutical business
With the growing popularity of online stores, an online pharmaceutical store is a great idea, and the advanced transport system of Belarus makes delivering these drugs easy.
iii) Wholesale pharmaceutical business
Because of the thriving pharmaceutical industry in Belarus, many are looking to open drugstores. These people need suppliers and you could be the solution to that problem.
iv) Surgical product stores
You could choose to go in a completely different direction and sell surgical products either as a retailer or a wholesaler.
2. Agricultural Business
Not only does the agricultural sector in Belarus meet up with the country’s domestic needs, they are also significant suppliers of food to other countries.
i) Crop agriculture
Belarus’ soil is ideal for growing crops, and because of this, crop agriculture is responsible for a major part of the country’s total agricultural output. The major crops grown are potatoes, wheat, oats, and barley.
ii) Livestock agriculture
Livestock production is the backbone of the agricultural sector in Belarus. The fundamental aspects of livestock farming in Belarus and their products are poultry farming (producing eggs and poultry meat), cattle farming (producing milk, and cattle meat), and pig farming (producing pork).
3. Clothing Business
If you have an undying passion for fashion, Belarus is the best place for you, as it offers many fashion-related business opportunities. Being the producers of high-quality garments, Belarus is one of the major suppliers of the world’s textile products, and as a result, the clothing business is a highly profitable one in Belarus. As stated earlier, there are many options to explore in this industry, but here are a few suggestions:
i) Retail clothing store
You could sell high-fashion products in a boutique, open a sportswear store, a tailoring store, and many more. The possibilities are endless.
ii)Wholesale fashion store
You could choose to take advantage of the prospering textile business in a completely different way by supplying retail stores with ready-to-wear clothing products, or high-quality textile materials.
iii) Clothing lines
You could even start your own clothing line and create your high-quality fashion brand. All you need is your business license, trade license, and a dream (alongside a couple more licenses lol).
The green environment in Belarus attracts tourists to the country. In addition to this, the federation is known for its rich cuisine, and its definite culture. It is also a known pilgrim location. This is why the tourism sector in Belarus is one to be explored. Below are a few business ideas in this sector:
i) Travel agency
To capitalize on the bubbling tourist sector of Belarus, starting a travel agency to guide these tourists is a brilliant business idea. Travel agencies usually plan tours, organize travel guides, make accommodation and transport arrangements for tourists, and oversee tourists generally. The average capital needed to start a travel agency is $6,000.
You could choose to create your own tourist attraction by opening a resort. Facilities like a nature reserve, a museum, a Belarusian restaurant, a spa, and of course a hotel are must-haves for a resort in Belarus. Depending on the facilities you have chosen to include in your resort, startup cost could be as high as $500,000. You could opt for simply opening a hotel with a start-up cost of about $100,000 if the capital investment of a resort is a bit above your budget.
iii) Car rentals
Every tourist needs to move around the country, but not every tourist has a vehicle for that. You could help out with that by opening a car rental business where you rent out cars to these tourists. The car rental business requires an initial capital investment of between $50,000 to $150,000, and you could make up to 45% profit, depending on the fleet of cars you are renting out.
5. Furniture and woodwork Business
It’s no surprise that a country with a prosperous agricultural sector would have an equally flourishing woodwork industry. Belarus’ furniture export to important EU countries like Germany and Poland has been known to increase steadily over time. Investing in this business would produce a yearly income of about $8,000, and the start-up cost could be as low as $2,000.
6. Petrochemical Business
Belarus is a major exporter of oil, serving as an oil source for highly developed countries like Russia, Ukraine, Spain, and Poland. This indicates that Belarus is an oil-rich country, and the oil and gas business would thrive there. However, oil exportation isn’t the only promising business in the petroleum sector. Oil refining is also a promising business area in the petroleum industry.
7. Grocery Store Business
The grocery business is a continuous one, as it runs on goods being stocked and restocked. The flexibility of the grocery is especially advantageous because your products have the ability to change with consumers’ demand. Although grocery stores have a low profit margin, keeping up with consumer trends, providing excellent customer service, and maintaining a hygienic shopping environment are some of the basic steps to maximizing profit. After all, if Walmart was able to beat the profit margin, your store can too.
8. Baking Business
Baked goods are everyone’s favourite but no one wants to go through the stress of baking. In addition to being a strict, demanding process, baking is also a very time-consuming process. If you are one of those people that happen to enjoy the fastidious and time-consuming process of baking, you might as well make some cash out of it. A bakery costs between $15,000 to $100,000 to set up, depending on the bakery type you have selected, and the pastries you choose to sell. The average income per year for a bakery is between $300,000 to $500,000.
9. Cleaning Business
The main benefit of starting a cleaning business is the stability it provides. There would always be places that need cleaning, regardless of the season. Additional advantages include low start-up cost (about $3,000), and work flexibility. The profit you make is heavily dependent on your rates, but keep the target market’s purchasing power in mind when setting prices.
10. Food Business
As previously stated, The Republic of Belarus is known for its fertile soil and productive agricultural sector. The good news, is you don’t have to be a farmer to make the most of this. The restaurant business does not only maximize Belarus’ agriculture but it also taps into the tourism sector too. There are hardly any tourists who visit a country with the intention of making their own. Strategically placing your restaurant within the area of a tourist hotspot will definitely have positive effects on food sales. Opening a restaurant costs at least $100,000. You could go for the low-capital alternative (a food truck) that costs at least $35,000. Starting a food truck provides the extra advantage of mobility.
11. Accessories Business
In a country where textile production makes up 3.5% of its GDP, it only makes sense to open an accessories store. After all, what’s a good outfit without matching accessories? Your accessories store could either be an online business or a physical one, depending on several factors. If an online store is what works best for you, the initial investment capital could be as low as $1,000, but for a physical store, the initial investment could range from $5,000 – $30,000. The profit margin for a fashion accessories store is known to be as high as 45%.
12. Coffee Shop Business
What’s better than a nice cup of coffee to start your day? Two nice cups of coffee. Studies have shown that over 2 billion cups of coffee have been consumed worldwide, meaning that coffee is an important part of most people’s day, and a coffee shop is bound to make profit. Opening a coffee shop in strategic areas (for example, beside offices, schools, and bus stops) will undoubtedly bring in some change. Depending on the size of the coffee shop, and what you want your menu to look like, starting a coffee shop business costs between $30,000 to $300,000. The average annual income also varies from $50,000 to $250,000.
13. Thrift Store
Along with being a low-investment business, thrift stores are also a great way to preserve the green terrain that is Belarus. Because of the nature of thrift companies, it is possible to get high-quality goods for low prices. There are two reasons why people open thrift stores; to make profit or for charity. Seeing as this article has “profitable business ideas” in its title, it’s safe to assume that your main objective is to maximize profit. Focusing on market trends, creative sales strategies (such as loyalty cards, promotional games, etc.), and cost-effectiveness (now, this is not synonymous with being miserly, just don’t spend more than you need) are effective ways of maximizing profit in a thrift store. The cost of opening a thrift store ranges from $2,000 to $30,000, depending on the type of thrift store you intend to open.
14. Logistics Business
One of the things Belarus is known for is its brilliant transport system and with the increasing popularity of online businesses, a logistics/delivery business is a sound investment. There are different types of logistics businesses, and the start-up process and cost are heavily dependent on the one you choose to operate. However, with a strategic location and a solid business plan, your logistics business is sure to thrive, irrespective of the logistic service(s) you wish to offer. The initial investment could be as little as $1,000, and income per annum could be as high as $200,000 per year.
15. Ice Cream Business
Ice cream is a highly desired dessert option, and understandably so. With Belarus being Europe’s leading producer of milk, opening an ice cream shop just makes sense. There are different types of ice cream shops and the start-up cost, as always, depends on the one you choose. The average cost estimate, however, is between $20,000 to $200,000, and the profit margin is between 30% to 60%.
Home-Based / Online Business Ideas in Belarus
1. Online Tutoring Business
Offering teaching services online is both convenient and cost-effective. Starting an online teaching business also widens your potential customer range, and you can earn as much as $1,000 per month. The key to maximizing profit is selecting a high-demand course, but remember to master it before you start teaching it. You want to give your customers value for their money.
2. Online Store
Before online stores, shopping was a project. The task of having to leave your house and dedicating a part of your day to shopping turned it into a chore. Thank God for the invention of online stores! This is why the popularity of online stores keeps growing rapidly on a global scale. Along with providing comfort for customers, starting an online store is a low-investment, high-profit business with a minimum start-up cost of $2,000 and a 40% profit margin.
3. Dropshipping Business
The dropshipping business involves acting as a middleman for higher companies. Here’s how it works, you make a deal with the company you wish to get in business with, the products are advertised (usually in an online store), and customers place orders. The orders are forwarded to the company you have reached an agreement with. The company forwards the goods to you and you sell it to the customer at a higher price (your service fee). How much profit you make in the dropshipping business depends on what you’re selling and who you’re selling it to.
4. Blogging Business
Blogging started as a hobby but over time, people have found ways to monetize it. The blogging business idea is a low-investment and home-based one. Great content and consistency are paramount to making money from blogging. Choose a niche and stick with it. The more you write, the more readers you’ll have, and the more public visibility your blog will get. As your public presence increases, brands will begin to contact you for ad placements, and you would begin to make profit. Within your first month of blogging, you could make up to $1,000.
5. Social Media Influencing Business
Online influencing is similar to blogging in the sense that you need to build your reputation before you can earn money. However, unlike blogging, social media influencing is more dependent on online activity than quality content. Don’t get it wrong though, content quality is still important, but building a strong online presence is more important. This can only be possible if you keep appearing on people’s timelines, and their comment sections. With time, more people would pay attention to you, and businesses looking to promote their brand will begin to contact you.
6. Web Designing / Development Business
The internet is an essential part of everyone’s lives, and websites are a key component. Statistics show that 71% of businesses have websites too (excluding strictly online businesses). This indicates that the demand for website developers is high. As a web designer, you could make up $5,000 per month.
7. Affiliate Marketing Business
The affiliate marketing business involves promoting other brands for a fee. The primary job of an affiliate marketer is to drive traffic. To reach this kind of agreement with any brand, you have to reach out to them and persuade them that you are what they need. Once you have succeeded in convincing them, the most effective way of getting the job done is by joining an affiliate program. An affiliate program provides the advertisement platform affiliate marketers need to promote the brand they are affiliated with. The average annual salary of an affiliate marketer is approximately $70,000.
8. Online Advertisement Business
The difference between affiliate marketing and online advertisement (digital marketing) is that online advertisement of focused on brand awareness (promoting a particular brand or product) while affiliate marketing is not limited to brands alone. A digital marketer’s annual salary ranges from $40,000 to $80,000.
9. Online Event Managing Business
In a world where seminars have become webinars, physical meetings have become Zoom meetings, and nearly every physical gathering is streamed live, virtual event managers are a necessity. A virtual event manager ensures the smooth running of all these online events. Registering attendees, ensuring easy access to the meeting, and providing a seamless and trouble-free online experience are all responsibilities of an online event manager.
10. Freelance Business
Freelancing is a brilliant business idea because you work on your terms. However, to succeed in this business, you must be good at the freelance service you offer. Nobody likes a shabby job so be sure to give every work deal a hundred per cent and you’ll certainly have returning clients, and even new ones. Freelancing is also profitable because freelancers could get paid up to $100 per hour.
11. Content Creation Business
Creating content is adjacent to being a social media influencer. However, content creation is not limited to social media. Online content comes in different styles and some of these include blogging, SEO content writing, and online videos. Select the one that works best for you, and stick with it, and you could earn up to $50,000 in a year.
12. Online Business Consultancy
Many people are looking to venture into profitable businesses, yourself inclusive, so why not do something different? By guiding new and old entrepreneurs through the business world, you could earn as much as $70,000 per year.
13. Resume Writing Business
Both the unemployed and the employed are constantly looking for jobs because people are always looking to explore new/better options. If you are an expert in writing and marketing (because you’d be marketing your client’s skill to their possible employer) writing resumes is an excellent business for you. The average resume writer makes up to $60,000 annually.
14. Proposal Writing Business
Writing grant proposals is a tedious task, and not everyone who deserves a grant knows how to conjure a convincing grant proposal. This is why the proposal writing business is a lucrative one as grant proposal writers earn up to $70,000 annually. However, you should only venture into this business if your writing skills are very strong.
15. App Development Business
With the ever-increasing prevalence of mobile phones, the demand for app developers keeps growing to. The reason if this; mobile phones need apps to function, and app development isn’t a skill that everyone possesses. If you have the knowledge and the time to create apps, then this is the right business for you.
Starting a business in Belarus provides you with a large audience, and enough resources to run your business. Belarus’ strategic location in the centre of the EU, exemption from profit tax, and its advanced transport network are reasons why Belarus is a business-friendly country. With a population of 9.34 million as of 2021, Belarus provides a sea of potential customers. This is why it is profitable to start any of the aforementioned business ideas in Belarus.
Image Credits: All images on this website are sources from Getty Images, Pexels and Unsplash.