Business opportunities in Turkey:
As of now, Turkey’s economy is the sixteenth largest in the world and the sixth largest in Europe. This facilitates home the fact that Turkey is a high-growth market for many investments and businesses. Turkey’s present growth has a record, its young and talented workforce. And its strategic location between Europe and Asia make the country a very attractive destination for growth and investment.
Turkey is a land that is located between Europe and Asia. And its capital city and seat of power is Ankara. Istanbul is its biggest city and it is considered by many as the commercial capital of Turkey. Turks are mostly Muslims. But they are considered liberal because of the religious views and lifestyle. That is largely different from Muslims in the Middle East.
GDP:
Turkey is known to be responsible for about 80% of the world’s hazelnut. Exports and it has the world’s 17th largest GDP by Purchasing Power Parity. Turkey’s economy is driven predominantly by the exporting sector with the automotive industry leading in this regard. Important exports from Turkey are hazelnut. Ships, oil and chemical vessels, consumer electronics and home appliances. with Beko and Vestel as the top brand, petrochemical products, textiles and processed foods et al.
Service Sector:
The services sector accounted for about 65% of Turkey’s GDP. While the Agric sector accounted for about 26% but the Agric sector. Still remains one of the highest employers of labour in Turkey. Tourism is a majority revenue generator for Turkey as a matter of fact; Turkey is ranked as the 6th most popular tourism destination in the world. The banking and construction industry also another major income generator for Turkey.
Turkey is largely becoming a darling country for foreign investors since the government of Turkey has deemed it fit to reform the economy by privatization of government owned industries and also the liberalization of other key sector of the economy. Below are ten Business opportunities in Turkey.
Salt Production Company:
Turkey is the 15th-largest salt producing country in the world, and it averages 4,000,000 metric tonnes annually. The above 10 countries by salt production are: China, United States, India, Germany, Canada, Australia, Mexico, Chile, Netherlands, Brazil.
Turkey is binded by the sea in three directions, and salt production from the sea is gaining in importance, thus making it a profitable business to start in the country. The process of natural raw salt production includes, Recrystallization, evaporation, salt excavation and storage, and you can carry out this process in a small scale serving your intimidate community, or in a large scale for the international community.
Start a Tourism Agency:
One of the most beneficial business opportunities that would serve you well in Turkey is opening a tourism agency. The reason why entrepreneurs must take this opportunity is because Turkey has become one of the most visited places in the world. So then, it can be a very great idea for you to provide all the best services for the tourists in the country. In layman’s words, it will be nice if you to start a business that can provide essential services to tourists, such as helping them book their hotels and flights, arranging for sightseeing and taxi services, etc. The best part is that there are no complicated and difficult regulations or requirements that you have to meet before you start this business.
Become a Tour Guide:
An easy system and less stressful form of starting a tourist agency is becoming a tour guide. The 13 spots in Turkey inscribed on UNESCO’s list of World Heritage Sites, and a whopping 62 on the tentative list. They range from a Mesolithic temple (Göbekli Tepe) to a Biblical city (Ephesus) to a World War One battlefield (Gallipoli), and all these help make Turkey the sixth most-visited tourist destination in the world.
The country is ranked to be the world’s sixth most visited lands. So becoming a tourists’ guide is surely one of the great small business ideas you can start in Turkey. One good thing about this business is that you can start it with little or no start-up capital.
Roadside Assistance service:
A country with a huge population, and a steady influx of tourists need a roadside service in order to help stranded road users. With more people using their vehicles in Turkey, you would never lack for business especially if your assistance service is located in a visible point of the road. Note that in this type of business, the more stands you have, the better for the road users and your business, so you should endeavour to expand your business as soon as possible.
Cleaning Services:
In Turkey, there is a huge demand for cleaning services. A large number of people visit Turkey and to keep the interest of travellers, the city should be kept clean. It will be great to start a cleaning service to earn good profit in Turkey. This is another business that does not require an arm and a leg to start. You can start small and grow it big.
Goods Delivery Services:
Another profitable business you can start in Turkey is a gods delivery service. This business is marked to thrive because a large number of local stores do not provide delivery services. You can be the one to help the consumer as well as the store owners to deliver the desired products to the consumer’s location safely. What you need to make a success out of this business is a means of delivering your goods such as a vehicle, motorbike or even a bicycle.
Hazelnut farming and exportation:
According to Statistics it has that Turkey is responsible for about 80% of the world’s production and export of hazelnut. In the scenario that you don’t know what Hazelnut is, it is a sweet-flavoured nut that grows easily in Turkey. It is also known as filberts. If you want in investing in the agaric sector in Turkey, you should consider going into hazelnut farming and exportation since Turkey is one of the most fertile grounds to grow this nut. You only need to choose countries that need this nut and start negotiating export terms with them.
Open a Construction Company:
Building is one of the key sectors in Turkey, and equally one of the main drivers of public and private investment. There are huge construction companies as well as small ones that undertake niche services. If you want to thrive a profitable business in Turkey, you will be well served to open a construction company.
Supply Vehicle parts:
Turkey has a market of 74 million people, with a great majority of this population owning cars. The largest automotive companies such as Ford, Fiat, Renault, Toyota, Hyundai, Mercedes, Citroen, etc., have factories in the country, thus helping in the steady supply of vehicles.
But the nation is still in need of industries that can supply automobile parts as the ones in existence are hardly sufficient. This has just opened up a business idea for the savvy entrepreneur. You can grow a business in this industry and either manufacture or import your vehicle spare parts. As this is still a growing industry, you are guaranteed a good portion of the market.
Become a telecom subcontractor:
In the sector here are few telecom operators because of the huge entry barriers (state regulation, mainly). While there are interesting opportunities in the provision of services, especially for the integrators which subcontract directly these operators. Surely if you have the ability and capability, you can become a telecom subcontractor in Turkey. This business is quite complex and can prove to be capital intensive, but it is a very profitable venture.
Having innovated 10+ lucrative markets in Turkey, it is up to you to sit back and brainstorm for ideas on how to explore any of these markets you choose. With the required knowledge of the market and enough start-up capital, you can start a profitable business in Turkey.
More Small Business Investment Opportunities in Turkey
Construction:
Standing as one of the main drivers of public and private investment, construction is one of the key sectors in Turkey. When there are many construction firms in the country, there are still many gaps in the environmental and energy infrastructures.
So, there are lump sum opportunities for investors in the construction sector. With a solid background in engineering or construction, you can flag off construction business in Turkey. It’s better still, you can start a business that sells raw materials used for construction.
Information Technology:
Due to the large entry barriers by state regulation, there are few telecom operators in Turkey. But there are lot many opportunities in the provision of services, especially for integrators which subcontract these operators. This sector might be very difficult to explore, as the required start-up capital is usually high.
Automotive and Metal:
However, only 25% of the Turkish population have an own car, the consumerist middle class has been growing steadily since 2000. This represents huge potential in terms of domestic utilization of cars and automotive. In addition, the automotive industry is lacking in suppliers for various kinds of automotive spare parts. So, if you can start a business that sells automotive or spare parts, you will make a lot of money in Turkey.
Energy:
The numerous moves by the Turkish government in the last couple of years to achieve deregulation and privatization along with strategies to increase domestic demand for reliable energy has made Turkey a good place for energy investment. The energy industry in Turkey is one of those few sectors into which the government readily welcomes new investors. The Turkish government has declared that the sector needs an investment of about $130 billion by the year 2020.
Packaged fast foods:
Due to the increasing number of women employed full-time, there is increased demand for packaged and processed meals and frozen foods as well as snacks. The food sector in Turkey has enjoyed steady growth over the recent years, and changes in consumer trends are making the market grow at more rapid rate.
Textile:
The textile unit is one of the most important in the Turkish economy, representing about 10.8% of the GDP. Turkey is mainly famous as a major producer of textile and the industry is open for more investors to come in. It is surely one of the leading sectors in terms of investment, employment, manufacturing, and macroeconomic indicators. So, there’s a large demand in Turkey for textile products.
If you are interested for a business to invest in, if you have the intention to come into Turkey as a big time investor; then you should consider establishing your own textile manufacturing company. The business for textiles that are manufactured in Turkey is indeed large.
Environment:
The environment industry has, in recent, years become one of the priority sectors of the Turkish economy. Along with the continuous growth in population and industrialization come environmental problems that are far more than what the government alone could handle. So, there are large opportunities for businesses that handle solid wastes and sewage and offer water treatment services. The Turkish government welcomes investors into this sector.
Natural Stone:
With above hundred varieties of natural stones like onyx, limestone, basalt, turf, granite, travertine, andesite, diabase, and slate, Turkey is the fourth largest producer of natural stone in the world. The country owns a whopping 40% of the world’s marble reserves. Unwantedly, Turkey has serious shortcomings in terms of expertise in mineral exploration and processing. This, of course, opens a door of opportunities for investors.
