30 Most Profitable Small Business Ideas in Sri Lanka for 2024

Are you fed up of stuck on a structural job? Yes, it doesn’t matter what your position is or how much you earn from your full-time job, once you explore becoming self-employed is even more beneficial than structural benefits with high pay. Becoming an entrepreneur is everyone’s dream, and it is on the majority’s bucket lists.

According to the Lord Buddha, “The mind is everything. What you think you become”. Never let the obstacles to nip in the bud.

Among so many small business ideas in Sri Lanka for 2024, you might get lost which are worth pursuing. So when it comes to new startups, e-commerce has done a major involvement in the global industry where Sri Lanka is still grasping the emerging strategies. With the help of digital marketing, you don’t need high-value investments or large business premises to be an entrepreneur. Sometimes you can conduct your own business just staying at home by using your laptop or the mobile phone or in another case you have to lease small business premises.

30 New & Best Small business ideas for 2024

To fire the first gunshot to start your small business idea in Sri Lanka is to have a proper and solid plan to execute. Conduct proper market analysis and find a niche market to gain more profit. A sound study of competitor analysis and their marketing strategies will pave the way to get a holistic idea of the business that you are going to involve.

When it comes to Funds, usually you can invest the current cash in hand, and when it expands, you can get financial aid from the government bank since they offer loans with less interest rate and extended payback period for the entrepreneurs.

In this masterpiece, you can discover 30 new and best small business ideas that are recommended to start in the year 2024.

1. Start an Online Business.

Since digital marketing is the newest trend in Sri Lanka, online business is the need of the hour. There are different genres you can choose and give more focus like;

• Ladies designer wears that have the greatest demand.
• homemade candles
• Handbags, paper bags. 
• Unique style of jewellery.
• Handmade organic soap varieties –going organic is the latest trend in Sri Lanka and so much popular on online businesses. 

Apart from the above, you can be a designer, illustrator, graphic designer, handle infographic and e-commerce, online coacher, etc.

Without having a single cent or a physical place, even you can start an online business just using your skills, and you can reach customers 24/7 online by replying to all their inquiries then and there. The payment method is so much secured since you can choose either cash on delivery or via a safe payment gateway.

The best thing Digital Okee Marketing provide in Sri Lanka best digital marketing solution you can achieve your online business goals affordable price.

2. Cooking and Baking 

“Home Made goodies” are the most popular products online. The majority of the Sri Lankan community tends to purchase homemade stuffs online rather than purchasing from outside stores. 

All you need to own an oven to bake and the potential to cook yummy food to immerse the clients’ taste buds. Customized cakes, brownies, cookies are the most popular baking items, and lump rice and other traditional cooking items are few attractions among the online client base. It is a very competitive market since customers are seeking for various products with different tastes at a reasonable price range. The market is highly potential if you are keen on cooking and baking.

3. Babysitting / Childcare 

Nowadays, the majority of moms are working on a busy schedule. So their main concern is a safe child care centre. So it is in high demand. It is the most profitable way for housewives to earn extra income while staying at home and taking care of their babies. You can conduct the childcare centre in your own home or can lease small premises. 

If you feel that business is growing, you can get the involvement of other ladies. Investment for this business is very limited. You can get online lessons to conduct the childcare centre successfully. When your clients are more satisfied with the work, you will get more children to the centre via the recommendations. 

4. Pet Sitter 

Are you a pet lover? Looking for an idea to start a new business. So the potential is on your doorstep. Pet sitter is a niche market in Sri Lanka because the concept is novel. When the owners are travelling for holiday or business, their major concern is where to keep the pet safe while they are away.  

As a solution to their problem, you can start a pet sitting centre as your business. Large investment doesn’t require to engage in the business. You can start it at your home if you have a large space. You can sell pet food and earn extra income while taking care of them.  

5. Reading & Writing

Nowadays, everything can be done using various kinds of apps and software. The only thing still human brain need is creative writing or content writing. This is the most demanding online business. 

Without a single cent in hand, you can be a freelance content writer. The only thing you need is your laptop on the internet. But you have to have the potential for the writing to earn more. You can charge per word, per page, per hour, per month, per article wise after comparing the market prices. This is a never-ending business since client’s preferable ways are different.

So you can be;

• Author
• Blogger (you can have your blog or provide contents for the bloggers)
• Proofreader
• Researcher
• Content writer
• Copywriter
• Marketing content (Subject knowledge is required)
• ORM Moderator ( Online Reputation Management / Facebook, Articles, Feedbacks reviews reply and delete negative comments)
• Translator
• Transcription ( Doctors, Lawyers, authors & Chartered Accountant)

6. Tourism Industry- ( Best small business idea in Sri Lanka)

Sri Lanka is a hidden gem for the tourism industry since it has numerous tourist attractions. Locals involved in the industry as their main fund earning way. 

For those who reside in rural villages with few tourist attractions can be tour guides to show every nook and corner for the strangers. So foreigners can get firsthand experience by mingling with the locals. Another way is you can start a travel agency where you can gather groups and arrange tours within Sri Lanka. You can arrange a unique local experience for the tourists, and they may wish to come back to you as well as tend to recommend for the others. Apart from this local food serving restaurants with the village-style may attract foreigners. You can earn a sound income with limited resources. 

7. Consultant / Advisor

This the greatest opportunity if you are a specialist in a particular field and have a passion for it. You can be a consultant or an advisor as a side business meantime doing the full-time job. It paves the way to obtain the maximum use of what you have studied. 

Charges depend on per hour, per day, per visit basis. If your specialized area is from a rare sector, you can charge a high amount. This is a stable income source and a high earning mode.

So you can involve in the following sectors;

• Social media advisor
• Dieting consultant
• Career consultant
• HR Consultant
• E-Commerce
• SEO
• Fitness
• Organic Farming
• Marketing
• Sales
• Fund Raising
• Skin Care
• Pet Care

8. Outsourcing for overseas – (Best small business idea in Sri Lanka)

BPO – Business Process outsourcing is a budding concept in Sri Lanka. It is a world-famous technique used by huge cooperate companies to reduce cost and time. You can establish a local company to serve foreign clients. 

You can act as a third-party service provider for their business needs. Most of the countries tend to involve as the business outsourcing partner due to the less labour cost. You will get paid in foreign currency. So it will affect the country’s foreign exchange ratio. BPO servicing is highly competitive, and by proving outstanding work experiences, you can gain more businesses. 

You can start the BOP services in Sri Lanka on the following genres;

– Designing Service
– Web & App Development
– Software Development
– IT support
– Accounting
– Researching Service

9. Event, Party, Wedding Planner

This is the best small business idea in Sri Lanka. Nowadays, due to the busy lifestyle, people are seeking the help of a third-party planner. The client is providing their ideas and financial aid, so all you have to do is to execute them by satisfying them. You don’t want any financial investments for this business. 

You can build up acquaintances with the suppliers and able to offer a bundle package for the client. It is easy from the clients’ perspective as well as you can earn a bit more money. You can leverage the providing services to weddings, seminars, corporate events, birthday parties, baptisms, concerts, conferences, and other events by doing a diverse business. By fulfilling the customer requirements beyond the expected level, you can gain more businesses since the recommendations are highly important within this business category. 

10. Blogging

Have you aware that Blogging is the most viable source of income from diversified contents topics like travel, food, business, lifestyle and many more. So you can do Blogging as the main income mode by combining with email subscribers, affiliate marketing, blog sponsorships, ad sense, and other streams.

To fire the first gunshot, you have to gain both the technical background and understanding of the target audience as well as how to attract them online. You can refer to the online tutorials of successful bloggers. When you set up the blog, you can choose an affordable and user-friendly website hosting. So to grow the blog, you have to use the correct blogging tools to convince the reader.

11. Dropshipping 

This is the latest trend in the world. Perfect risk-free small home business idea for Sri Lanka. Without a big investment, you can start your own e-commerce business with fewer stocks in hand. The main feature of Dropshipping is you can order the product whenever the customer placed the order. Initially, you have to contact a few suppliers and come for an agreement with the required products. 

After that on your e-commerce site, you can display the items with the price, including your profit margin. Then you can promote your site using all-digital marketing strategies. Once the client placed the order, you can ask the supplier to deliver the product, and you can get the profit collectively. Never forget you can set the selling price as three times higher than the supplier price.

12. Food, Retail Item Delivery Business

Retail items and food delivery have become a compulsory option in today’s Sri Lankans’ life routine. Ex: Uber Eats is the most famous app on everyone’s mobile. It is a sort of courier service. You have to deliver the food from a restaurant or retail items from a store to the customer and obtain a delivery charge. The order is coming through a restaurant or the grocer’s website or an app. The service should provide under an agreement with the mentioned parties.

13. Interior Re Designer.

Never misunderstand the business idea. This is interior redesigning. This is the best opportunity for creative people who are keen on home designing. Instead of designing a new area with new furnishings and equipment, the redesigner creates a new look using existing items. They use whatever the homeowner owns, including purloined and rearranges it to give a completely different perfection. With limited resources, you can start this business very easily. This is a niche market for Sri Lanka and a novel concept. So it heads you to gain more revenue.

14. Start Direct Sales Consultant 

It is a convenient business to start. All you have to do is to sell a company’s goods or services to others and earn money. Good olden days, it used to sell the items during the household parties, but nowadays you can do them online. So there are two types in direct sales, one is direct marketing, and the other is MLM marketing.

 Direct marketing is a promotional model to present information of the company, product or service to the target audience without the involvement of middlemen for advertising. MLM marketing is also known as multilevel marketing is one of the strategies used by the direct sales companies to encourage the existing distributor channel to recruit new distributors and pay them a percentage of their recruits’ sales. Health and beauty products are the most successful direct sales. 

15. Wedding, Event Photography.

Wedding, Event Photography is the most competitive business ideas in Sri Lanka. Most photographers are charging premium rates. Every couple wants to capture their most important event in life in an amazing way. So if you are talented, they never hesitate to pay you what you demand. Apart from the wedding, you can do photography on events, and Pre shoots as well. The business mainly grows by word of mouth. So references and recommendations play major roles. Satisfying your client is the key component to establish a name in the industry. 

16. Ayurveda Herbal Product Manufacturer 

Again a new trend has developed in Sri Lanka to use Ayurveda herbal products. Still, the market is developing. It is a potential market where you can earn a sound income. Sri Lanka is a pool of resources for this business since you can find the ingredients everywhere. You can obtain the necessary aid from Ayurveda research centres. You can manufacture from skincare products to varieties of oils, soaps, shampoos, etc. The market is open, with lots of opportunities for the best quality products.

17. Imported products.

The majority of Sri Lankans prefer to use imported products. Voila, you can grab the opportunity. If you are travelling for personal or business, you can grab some products which can be sold locally. If not you ask someone to bring down the items if they are coming from abroad. These items you can sell at a lesser cost since they don’t incur any additional shipping cost. Fragrances, cosmetics, liquor varieties, chocolates, food items, fancy wears, and t-shirts are some of the highly demanded imported products.

 18. Manpower supply

Manpower supply another successful small business idea in Sri Lanka. The unemployment rate is increasing but still for some work, locals unable to find the labourers. So you can find few labours with different expertise and provide the service who require them. As an example of constructions, supply helpers. If you are capable enough, the clients will contact you for all their labour necessaries. Building relationships is the key factor in this business. You don’t want to have a big investment to start this business. 

19. Sub Construction Company

Sri Lanka is the best place to conduct small scale businesses. You can establish a sub-contract firm where you can obtain contracts from the main company with a profit margin and complete the task on the requested date with agreed prices. As an example, construction companies delegate tasks for the sub-construction company to meet the deadlines if they are lagging behind the schedule. This is a good way to gain a higher revenue without prior investment. 

20. Stationery supply 

Stationary is a mass market. Everybody is using some sort of stationary without an age limit. Writing materials, envelopes, writing implements, foam papers, and other office stationery supplies can be categorized as fast-moving items. So you can start a business to collect these items from small scale manufactures and supply them to officers, schools, stores and whoever required them. Since you are directly purchasing from the manufacture, you can keep a profit margin and sell them to the ultimate end customer. 

21. Air conditioner maintenance

Nowadays, Air Conditioners are compulsory equipment in officers, homes, shopping malls and, etc. even though their products, there is less expertise to maintain them. Thus who are in the business have a greater demand that they are unable to handle. So it is a greater opportunity for you if you are an expert in that subject. Since the demand is high, you will get paid more than the industry prices. Satisfying more clients will pave the way to gain more income.

22. Skin and beauty treatment-(Small business idea for men and women)

Especially skin and beauty treatment is an ideal small business in Sri Lanka. Majority working men and women tend to use third party places for the treatments. First, you have to gain knowledge and passion for this industry. Without basic awareness, you are unable to start this business. Background investment should be made to purchase the required equipment. The return of your investment can be done within a few years. If you are giving the best and quality service, clients will visit you frequently. 

23. Agriculture

After the civil war finished, locals tend to involve in more agriculture-related things. So it is high time for farming. If you have the potentials, ways have been to open export the crops too. For Agriculture, state banks are allowing loans that can be paid after a grace period and low-interest rate. Government agriculture office is there to help with expert knowledge. Food city chains like Cargills purchasing directly from farmers at a reasonable price. So without any hassle, you can sell the products and gain a profit. 

Also, you can export coconuts related products & virgin coconut oil.

24. Mobile phone repair/ accessories/ recharge / Mobile selling

Everyone is using Mobile phones without an age limit. It has become an essential device. Mobile phone repairing is a rare service to find. So it is a potential market. But you need to have a ground knowledge for mobile repairing. Apart from repairing, you can sell mobile accessories, recharge and latest mobiles selling on the same roof. Sometimes people who come to repair the mobile may tend to purchase a new device or extra accessories. Recharge service is really helpful for travellers and for those who need to charge the mobiles in an urgent situation. 

25. Instagram Influencer 

Instagram has been gaining impressive progress during the past recent years. It has become the most important social media platform in today’s life structure. So Instagram influencer refers to the person who creates and shares content, building communities based on various topics. You can cover travel, cooking, fashion, beauty, photography, and so much of the topic since it is a visual platform. Once you start as an Instagram influencer, you can start increasing the number of followers for your account. Uniqueness and authenticity are the keys to success as an Instagram influencer. 

26. You Tuber

Have you aware that the majority of people use youtube as an entertainment mode to relief from stress. So it is an excellent opportunity to use YouTube as a legitimate business idea. So you can create entertaining videos with a value, you can grow thousands of subscribers for the channel. 

The videos you are uploading can generate an income with the advertisements that display on the video. Annually, you tubers are earning a pretty income around the world, so there is a clear potential to grow up in this business by creating the right content to the target audience, maintaining the quality with skills, timing, and relationships. 

27. CCTV & surveillance

With the inflation rate, so many thefts are happening due to unemployment and lack of a stable income. So people are now becoming more security conscious. They want the protection for the house and the family to avoid theft, rape and other sorts of crimes. 

The newest trend is to fix CCTV and surveillance cameras at the officers, homes and other buildings. You can import all these items at a low cost and charge from the client, including the fixing charges. 

28. Making Wooden Toys.

People are practising a more eco-friendly lifestyle. Manufacturing food toys is a unique small business idea in Sri Lanka. Still, the concept is not familiar and has a niche market. You can collect the wooden pieces which are throwing from Milles. Those will not cost you much. So creativity is the success of the business easy and very convenient business with a big investment. You can sell your products online as well.

29. Recycling Plastic 

Plastic recycling is reprocessing waste plastic into useful products or sometimes completely something different. People tend to buy recycled products. So you can collect all the waste plastic and recycle them into an amazing product. For example, MAS manufactured t-shirts from the plastics found in the sea. If you are talented and think out of the box, the sky is the limit. You can take financial aid from the government since plastic is a major issue in the current scenario.

30. Curry Powder Making

The compulsory component in Sri Lankan cuisine is curry powder. There is a high demand for quality curry powder. So you can start the business without any hassle since you can find all the ingredients so easily. Initially, you have to find the traditional curry powder ingredients and start producing the authentic product. You have to find the best possible ways for the packaging and distribution channel. For the implementation process, you have to get a small investment. Nowadays, the government is allowing loans for small scale entrepreneurs with less interest.

Extra: Freelancing Agency

Freelancing is a new concept for Sri Lanka. You can work freelance while doing your regular job or you can involve in full time. Depend on your talents and skills, and there are plenty of websites you can get registered without any fee and get work. www.upwork.com ,  www.fiver.com are few well-renowned freelancing websites.

 Once you get registered, you can maintain your profile and bid for the published works. If the clients have chosen you, directly can be dealt with him. Payment methods are flexible and secured. The more work you do, you will be able to earn as much as possible. There is no limit for some freelancers who earn millions annually. 

Small Business Ideas Sri Lanka Conclusion

This article bought you the best possible ideas to start a new business in Sri Lanka within 2024. Still, we are at the beginning of the year. The wait is over. It’s a high time to plan your own business without doing a boring day to work. Especially you can earn more money. 

Before entering into the new venture, it is always advisable to legitimate your business. So it helps to get financial and expertise aid without any hassle. Without investing your money blindly, make sure you are fully armed with the required skill to function in the business fully. 

If this article is missing your choice for the best business ideas, share your comments. Have a look for the other articles. There is a lot more to learn. We are always there for you to give the proper guidance.

Bonne Chance!!! Good Luck!

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