Starting a business in the Asian country of Myanmar is a good decision for you because the economy of the country is growing fast and further growth is predicted in the days to come.
Myanmar is rich in mineral resources as well as fertile lands. Therefore you can start agriculture or manufacturing and allied business in Myanmar.
After 2011, Myanmar has opened up to foreign investment and entrepreneurship. This is a great opportunity for you to start your business in Myanmar.
Myanmar has rich reserves of coal, petroleum, and a high potential for solar power. This is another plus point for you to start a business in Myanmar.
There are different business areas suitable for Myanmar.
25 Business Ideas in Myanmar
1. Mechanized Farming
Agriculture is the leading occupation of Myanmar and the country is full of fertile river planes. That is why agriculture, especially mechanized farming can be a very good business idea for you. You need a plot of agricultural land and need to do the farming with modern machinery and good quality seeds. Rice is the most cultivated and demanded crop. Therefore you can opt for rice farming. Otherwise, you may choose sugarcane or vegetables. Remember the quick selling of crops is important to get your profit.
People of Myanmar are fond of fish. Hence aquaculture or cultivation of fish can be a lucrative business idea for you in Myanmar. Choose a pond or water reservoir, take it on lease and start fish cultivation. You can also do it in water tanks. You need some knowledge of aquaculture before starting the business. Along with it, the sales network should also be strong for reaping the profit.
3. Food Processing
Food processing is gradually gaining importance in Myanmar. So it is a good business idea for you. You can choose items like juices, processed meat, and fish or vegetables. Choose a location for your processing unit that is close to the supply of raw materials. Depend on well-planned marketing for the sales of processed food. You can also export these products.
4. Agricultural Equipment Manufacturing
The manufacturing business is quite profitable in Myanmar. Hence you can start an agricultural equipment manufacturing unit in Myanmar because agriculture is the main industry here. You can start with small equipment like a sickle, ax, or shovel and gradually scale up your business to include modern and big machinery like tractors, sprinklers or seed sowers, etc.
5. Furniture Making
Myanmar is famous for its teak wood popularly called Burma Teak. Furniture making is a traditional occupation as well as an art form in Myanmar. Hence you can start a furniture-making business in Myanmar. Use your imagination and innovation to make the furniture suitable for modern living as well as offices. You need a good sales and marketing team for selling the furniture made in your unit.
6. Handicraft Store
Myanmar is famous for its handicraft like a traditional umbrellas, puppets, metal and wood carvings, and many other items. Hence you can start a handicraft store in Myanmar and earn good profits. The handicraft items are preferred by tourists as well as locals. You can also sell handicraft items online to get more customers. Good online and offline marketing is essential for this business.
7. Gems Trading
Myanmar has a rich reserve of precious stones, especially ruby. The business of gem trading is not very organized and that is your advantage to start an organized gem trading business with authentic licenses and permits. You can set up a showroom at a good location, where you will be able to find buyers from different countries. Online selling and exports are also very profitable options. Hire a good gemmologist to certify the authenticity of the gems you will sell.
8. Fashion Designing
Fashion designing and dressmaking or tailoring are much in demand in Myanmar. If you have the acumen for designing, you can start your garment designing cum tailoring shop in Myanmar. There are traditional dresses in Myanmar both for men as well as women. However, with changing times there has been a rising demand for western dresses. You can design such dresses or make a blend of both the styles and design some fusion dresses. Remember good marketing and publicity are important to grow your fashion designing business.
9. Jewelry Designing
Myanmar being a storehouse of precious stones, jewelry designing is a good business idea for you in Myanmar. Designing precious jewelry with stones is a good idea. However, you can also design semi-precious and junk jewelry that has a good demand among the common people. Starting your signature store or an online store-both are profitable options. You need your website and good marketing for maximum sales.
Salon business is a profitable business universally and Myanmar is no exception. Set up your beauty salon in a busy urban area and provide various kinds of hair care and beauty care facilities. Good décor, efficient staff, and the use of reputed beauty products will give you great mileage in your salon business. Apart from that, you need good marketing strategies both online and offline.
11. Grocery Store
The grocery store business is very lucrative in Myanmar. You can start a grocery store with all the items of daily requirements. Apart from that, keep some farm-fresh fruits and vegetables and locally made items like pickles and sauces for value addition. Good publicity and excellent service and customer relations are keys to the success of your grocery store business.
12. Financial Services
The economy of Myanmar is growing fast. In such a scenario, financial services are good business ideas for you. Apart from the regular accounting services of book-keeping, tax filing, and balance sheet preparation, you can also provide consultancy on investment options, profitability projection, and tax advice to your clients. You need a website and good networking and credibility for your financial service business.
Tutoring has a very good demand in Myanmar. If you are a teacher or have a good academic background, the tutoring business is a profitable business for you. There are various options like teaching school and college students, teaching professional courses, or fine arts. You can teach from home or at a teaching center or online. Good publicity and contacts are necessary for your tutoring business.
Café business is very popular as well as profitable in Myanmar. Start your café at a good location. Keep the option of serving tea also along with snacks, baked food, and fast food. Small cafes are also very popular in Myanmar. However, try to make your café cozy, clean, and comfortable. Advertising and publicity are important for getting more customers.
15. Food Truck
The concept of the mobile food truck is quite popular in Myanmar. This is a good business idea for you with low investment. Serve traditional food of Myanmar along with popular fast food like burgers, French fries, sandwiches, etc. The food must be fresh and tasty. Take your food truck to busy places like offices or college areas for better sales.
16. Food Delivery
Food delivery has become a popular concept in Myanmar. Start your food delivery business and earn money. There are two ways here. Firstly you can deliver home-cooked authentic food as per order. Secondly, you can provide the service of picking up food from the famous joints and delivering them to the doorstep. A food delivery app is very effective for the second option. You need good marketing strategies to succeed in the food delivery business.
17. Computer Sales and Service
With rapid digitization, demand for computers and their servicing has increased by leaps and bounds. You can avail of this opportunity and start your computer sales and services business. Selling has two options firstly selling computers of reputed brand and secondly, selling assembled computers. Both are profitable. Add servicing and repairing of computers for better income. Along with it sell computer spares. Good personal networks and advertising are important for your computer sales business.
18. Solar Panel Manufacturing and Consultancy
Myanmar has a very high potential in the utilization of solar power as alternate energy. Hence you can start your consultancy and manufacturing business. At one end you will be the consultant for the use of solar power in different sectors. Along with it, you can manufacture solar panels and provide services of installation, maintenance, and repair. By this, you will offer a one-stop solution for solar power use.
19. Real Estate Agency
With the growth of the economy and rapid urbanization, a real estate agency is a prospective business in Myanmar. You can start your real estate agency business both online and offline. Contacts with the builders and sellers as well as buyers are necessary for this business. You can have your website and match the requirements of buyers and sellers online and get your commission. On the other hand, you can also do the business face to face.
20. IT Services
IT services are much sought after in Myanmar. You can start your IT service company and provide services like software development, customized software service, installation of necessary software and manpower training, up-gradation of the digital system, maintenance of the system, cybersecurity, and troubleshooting. You need good online marketing as well as your website for this business.
21. Internet Service Provider
Myanmar has widespread use of the internet both at professional as well as personal levels. Therefore you can start your business as an internet service provider in Myanmar and earn good profits. You need to provide fast and hassle-free internet service to your customers and be extremely prompt in any kind of troubleshooting. Both online and offline marketing is necessary for your internet service-providing business.
22. App Development
Different kinds of apps are gaining popularity in Myanmar. Therefore you can start an app development business in Myanmar and get good returns. Knowledge of programming is essential for this business. You can develop different kinds of apps like healthcare app, pharmacy app, food delivery apps, childcare app, news app, or apps for different business houses. Good online advertising and your website are very important for your app development business.
23. Online Marketing
Online marketing has a very good demand in Myanmar. You can start your business as an online marketing consultant in Myanmar and earn good money. You need your website for this business. In an online marketing business, you have to provide services like SEO, Content writing or restructuring, increasing media visibility, website designing, social media marketing, and advertisement, etc. You have to be well connected with the digital world, especially social media to achieve success as an online marketing consultant.
E-commerce is one of the most important concepts of modern life. Myanmar is a prospective market for e-commerce. Start your e-commerce business and choose your niche. You can sell various things from electronic gadgets to grocery items; from beauty products to dresses. A good app and a hassle-free punctual delivery system are the essences of an e-commerce business. Along with it, you need good marketing strategies to make your online store popular.
25. Travel Agency
Myanmar is a favorite tourist destination. Hence travel agency can be a profitable business idea for you in Myanmar. Get the necessary license and permits, have a good website and start the travel agency to take care of all the details of the tourists from boarding to check out and all kinds of local tours. Marketing and advertisements along with good rates are the foundations of your travel agency business.
Frequently Asked Questions
Will I get any tax benefit by starting a business in Myanmar?
As per the Myanmar Investment Commission (MIC) income tax exemptions are provided to investors for the first 3, 5, or 7 years according to their nature and location of business. Commercial tax is exempted for goods that are manufactured for export.
How can I get funds for my business in Myanmar?
Many investors invest in start-ups. Apart from that, you will get assistance in setting up your business in Myanmar.
Can a foreigner start a business in Myanmar?
Yes and no both. As per regulations, foreigners can start a 100% owned representative office in Myanmar. However, manufacturing or domestic commercial activities are barred for foreign companies.
What are the best cities to start and run a business in Myanmar?
Yangon happens to be the best city in Myanmar to operate a business. Find below the top 5 places in Myanmar to open e new business:
Myanmar is a country with a lot of opportunities that have not yet been fully utilized. It is your turn to utilize these opportunities and grow your business in Myanmar.
About the Author: 99businessideas.com led by Rupak Chakrabarty is committed to helping beginners, entrepreneurs, and small business owners in starting, managing, and growing their business. Our aim is to educate the entrepreneur on the various stages of entrepreneurship.