Best ideas for small business in Lithuania
Around 10.000 companies are now operating in Lithuania (as per Delfi). Most popular small businesses are in retail, wholesale as well as vehicles repair services.
Easiest businesses to establish in Lithuania
The repair services, retail and wholesale businesses are most popular in Lithuania, because they are the easiest to establish.
The model “buy cheap, sell expensive” is the most simple one and it can be done in various ways: kiosks, markets, online shop, etc. In comparison the technology or production companies are much harder to establish, because you need a lot of capital.
Lithuania is a “sales country”. It is connecting the East with the rest of the European Union. This causes high levels of mercantil transit both ways and high availability of merchandise.
The business related with sales requires just 20% of investment of what a production company would require.
Construction and Real estate
The construction business is quite popular as well due to constantly increasing property prices. The best return on investment can be found in big cities, like Vilnius, Kaunas or Klaipeda in new constructions near the city center.
To calculate the average ROI of a flat in Vilnius you can read our article about flat prices in Vilnius. Try to figure out in how many years the rent would pay-off your mortgage.
One of the easiest and least expensive options to try your entrepreneur skills is via online service company. The most popular types of online business in Lithuania are:
- Virtual assistant / secretary
- Websites administrator
- Social media marketer
- SEO specialist
- Text writer, translator or editor
- Accountant or tax advisor
These types of businesses need to be focused on client acquisition techniques, because the sector has no barriers for new entrants.
Lithuania is one of the great destinations for a IT start-up! The labour force in not expensive and the capacity to drive innovative ideas is limitless. Read more about Lithuanian IT start-ups environment here.