Russia’s economy is ranked 9th in the world. With a gross domestic product of nearly USD 1.7 trillion, it comes as no surprise that individuals and organizations are keen on investing in the country. Considering that this is the largest country globally, business opportunities are in abundance. Let’s look at some of the potential business ventures that one may consider starting in Russia.
With temperatures reaching sub-zero levels most times of the year, you can be guaranteed that everyone in Russia needs a jacket. Starting a line of cozy, winter-wear such as beanies, boots, gloves, and earmuffs can turn out to be a worthwhile investment. Should the idea of starting a new line from scratch be a problem, one may consider buying in bulk from manufacturers and reselling in Russia.
Russia is home to some of the world’s largest forest reserves. A greater part of Russia’s economy depends on the export of timber harvested from its forests. With these enormous volumes needing to be moved for processing, haulage trucks are always on demand. The processing of wood is done all year round. Investing in the transportation of timber would therefore be a promising venture. It can be done all year round, and considering current statistics, Russia isn’t running out of trees anytime soon.
A large percentage of Russians are involved in sporting activity in one way or another. Many times we’ve seen Russians dominate in sports on an international level. From Summer Olympics to world cup soccer, Russia has been a formidable force. Opening a sports equipment retail store would therefore be a good idea. Equipment sold can extend to any of the numerous sports that Russians are interested in. These include soccer, boxing, skiing, basketball, skating, and ice hockey equipment. Considering that some of the equipment is made in Russia, it makes it easier to get easy access to it.
Bars and grills are the most common hang-out places for most Russians. Creating a place where one can hang back and enjoy a cold beer and a decent meal is something anyone would appreciate. Managing to find the right location, theme, and affordable products can bring leisure lovers rushing into your establishment.
Become a student affairs consultant
Many international students are moving to Russia to attain some education. The process of applying for a place at a college, acquiring a study permit, finding accommodation, and even a part-time job can seem to be a mammoth task if one is not well informed. A student affairs agency can be just what these prospective students do to make life much easier. Information and assistance would be given to these students from the application process until they settle in Russia.
The government of Russia has been giving farmers financial aid for a while now. This has allowed individuals and large corporations to venture into farming. With over a million square kilometers of land being cultivated, Russia has a healthy agricultural sector. Over the years, Russia has seen itself become an exporter of grain, and this has contributed significantly to its economy. Starting a farming business has promising results as all boxes are easily checked. The climate, the land, and the financial support are all available.
As mentioned earlier, Russia has vast forests, and in those forests, plenty of timber. If one were to start a furniture-making business, they might be guaranteed affordable and readily available raw products. Because of how easy it is to get timber at a low price in Russia, the furniture made may easily be exported. This would widen the market for the investor.
Although furniture making may require technical skills, one may consider hiring trained merchants to handle the manufacture. If that is not an option, you may always get training of your own. This may take up six months but based on the potential returns in the Russian furniture market; it is definitely worth the while.
Fishing and seafood
With easy access to the Arctic, Pacific, and Atlantic oceans, Russia’s fishing industry is enormous. In Europe, it is one of the largest fish and seafood producers. If one decides to venture into fishing, resources and the know-how is readily available as fishing has been taking place for a very long time in Russia.
If fishing is not for you, you may try cooking the fish. Seafood restaurants are a favorite in Russia. This comes as no surprise given the abundance of fish in the oceans surrounding Russia. The costs to start up these businesses depend on the scale at which you would want to operate.
Mechanical engineering and tool making
Russia has an abundant metal deposit. The manufacture of tools and engine components in Russia is convenient as the raw materials are readily available. If one were to open a company that is into tool and machine components, they would enjoy not only a large market but also an unlimited availability of affordable raw material. Russia has large engineering companies that manufacture numerous machines used around the world. In most cases, some of the components of these machines are not all made by the same company.
Landing a deal to manufacture one of these components would be a game-changer. Having decided to start this company, all that would be needed would be consistency, networking, and quality products.
There many more ideas on what to invest in Russia. The economy allows many opportunities for those wishing to step out and become entrepreneurs. Research however needs to be done on the potential investment idea looking at issues like competition and market availability.