Cuba is the most important potential market
in the Caribbean. You should take advantage
of the opportunities which await you. Start-up
costs for a business should be far less
than what they are in the US or Canada.
Here is a list of businesses you may wish
to explore. This list should stir your creative
juices. Even if you can't find a business
idea to your liking, you may come up with
an even better idea.
Spanish/English language schools
An English, French, German or Italian
newspaper
A private bilingual elementary or high
school
Business consulting firm
New agricultural products
Internet consulting and web page design
Translating service
Bread and breakfast hotel
Restaurants
Automobile parts
State of the art gas stations
Fast food franchises
Copy centers
Importing used cars from the U.S.
Computer sales and software
Laundry (self-service)
Bicycle shop
Bakery
Money transfers
Housing renovation
Hardware store
Food imports
Toy store
Athletic foot ware
Private postal service
Secretarial and Typing service
Janitorial and maid service
English bookstore
Charter fishing and scuba diving
Foreign residents association
Travel agency
Super and mini markets
24-hour pharmacy with home delivery
Pizzeria
Cellular phones and beepers
Office products and supplies
Offshore bank
Money changing
Furniture factory
Cigar exporting
Swimming pool construction
Real estate office and find a home
Satellite T.V. and cable
An English radio station
A driving school
Pawn shop
Voicemail
Desktop publishing
Medical supplies
Mini storage units
New and used furniture rental
Mini storage units
Manufacturing of clothing
Car wash
US and European newspaper distribution
Gringo sports bar
US beauty supplies and cosmetics
Used US clothing
US style department stores
Large newspaper stands
Before going into business in any foreign
country it is a good idea to ask the following
questions: Can foreigners own property?
What is the cost of labor? What are the
country's tax rates? Can foreigners open
a bank account? What taxes have to be
paid? Does the country provide incentives
for investors? Are bank accounts available
in US dollars? How reliable is the mail
service? Does are skilled employees available?
What government agencies help foreign
businessmen? Do most businesses have Internet
access? Can foreigners own businesses
and what are the requirements? Is residency
needed to open a business?
Keep in mind that running a business
in Latin America or any foreign country
is not like managing a business in the
United States or Canada because of unusual
labor laws, the work ethic of the people
and the local way of doing business.
If you do decide to start a business,
spend a few months analyzing its potential.
Don't assume that what works in the U.S.
will work abroad. It is important to select
a business in which you have a vast prior
experience. It's much more difficult to
familiarize yourself with a new type of
business in a foreign country.
Remember a trustworthy partner or manager
can mean the difference in success and
failure. So, make sure you choose a partner
with local experience. Don't trust anyone
until you know them and have seen them
perform in the workplace. You will be
doomed to failure if you intend to be
an absentee owner.
You should learn the local rules of the
game. Talk to other people who have been
successful in business and learn from
them. Profit from their mistakes, experiences
and wisdom. Don't rush into anything that
seems too good to be true. The best strategy
and rule of thumb is to "test before
you invest."
There a few indispensable books on the
market for anyone thinking of doing business
in Latin America. All of these books provide
a great deal of business vocabulary and
useful phrases that should make doing
business easier south of the border. Barron's
Talking Business Spanish and the new version
Spanish for the Business Traveler are
both excellent. Passport Book's Just Enough
Business Spanish is also worthwhile. Although
English is the second language in Cuba
and most of Latin America, you shouldn't
assume that everyone speaks it.
In addition, there are other publications
which talk about doing business in Latin
America. Latin Trade magazine is an excellent
source for business information. There
is an edition in English and one in Spanish.
To subscribe write: Latin Trade, First
Union Financial Center, 200 South Biscayne
Blvd., Suite 1150, Miami, Fl 33131 Tel:
(305) 358-8373. Go to any public library
or chain bookstore and look for other
publications in the business section.
Also talk to others who have done business
in Cuba to find out what obstacles you
may encounter along the way.
