Are you looking for business ideas and investment opportunities in Turkey? This guide provides 6 business investment ideas that are proven to be very profitable in Turkey.
Turkey is a high-growth market for many investments and businesses and one of the countries that have a high score on the ease of doing business index. Istanbul is its largest city and it is considered by many as the commercial capital of Turkey.
Moreover, the government encourages entrepreneurs who want to do business in Turkey and people who are willing to invest in new projects by making the procedures quick and affordable.
Start a Business in Istanbul
There is a saying that if the world were one country then Istanbul would be its capital. You don’t need to be a business genius to know that Istanbul is a hub for business and investment. It is the largest city in Europe and one of the largest cities in the world.
Business in Turkey is booming, even though the economy in Turkey is going through some challenges. Now is the best time to invest in Turkey. If you are thinking about buying property in Turkey, now is the time to do it. There are endless personal and commercial real estate options available in Istanbul right now at reasonable prices.
Turkish Currency and Business
It is no secret that the local currency in Turkey, the Turkish Lira has suffered major losses over the past few years. However, Turkey is still a major influencer in the region and globally. Regardless of its economic and political woes it is not going to fall down and vanish. Turkey can only get better.
As a country rich in natural resources and with the ability to produce high-quality manufactured products, Turkey will most probably be an economic superpower in the years to come. This country has stood the test of time.
In the past, the people that ruled over this land were always dominant players on the world stage. Today is no exception. Therefore, now is the time for you to capitalize on the weak Lira. This is probably your best chance to exploit the opportunity of foreign investment in Turkey.
Also, the Turkish government is currently providing many residences and even citizenship options for people who are interested in living in Turkey. These options may not always be available.
6 Small Business Ideas in Turkey
1. Open a Tourism Agency
Turkey has become one of the top travel destinations and most visited countries in the world with more than 45 million visitors according to a recent ranking by the United Nations World Tourism Organization. And this is the reason why a travel agency would be a great business opportunity.
Your agency can provide accommodation, transport services, and travel packages. Opening a tourism agency will require going through some regulations and procedures to register a company in Turkey, a thing that can be very stressful if you are not familiar with the process.
In case you cannot afford to start your own company in Turkey, there is another form of business to provide travel services to tourists. Being a personal travel guide is an easy way to start a tourism agency with no investment. You can provide essential services to tourists, such as helping them book their hotels and flights, or arranging for sightseeing and taxi services.
2. Open a Photography Business
If you are a skilled photographer, this investment opportunity is for you. Photography services are highly sought after in Turkey, especially in Istanbul. You can offer your services to individuals such as influencers and small business owners and you can also target large companies as a freelancer or a company owner. Being a photographer does not require a huge investment, but having a studio and a team of photographers and videographers would open the door for big projects.
3. Start a Web Development Business
This business could be very profitable in Turkey. Companies and small businesses are looking to open up to the world through their websites and you will be shocked how many companies are willing to redesign their websites. web development won’t probably require any financial investment but opening a company does. The process of registering your company in Turkey is very easy and quick (it takes about two days).
4. Start a Clothing Export Business
The textile industry represents about 10.8% of Turkey’s GDP. It is one of the crucial industries in terms of foreign investment. Turkey is also known internationally as a major producer of quality clothing so there’s a huge demand for its textile products.
If you are interested in investing in the textile sector in Turkey then you should consider opening your own manufacturing company that exports Turkish textiles worldwide. Opening a manufacturing company requires investment but if you don’t have the intention to come into Turkey as a big-time investor, you can start a wholesale business in Turkey.
Also, the export sector is a great way to make money in Turkey because the country offers low export taxes compared to other countries in Europe and Asia. Another reason that encourages businessmen to export from Turkey is the quality-price factor. Turkey’s products are as good as European products and at the same time as cheap as the Chinese ones.
5. Open a Real Estate Agency
In the past few years, property prices in Turkey have gone very high due to the high level of inflation. But for foreign investors, the opportunities are attractively priced. Property investment in Turkey, specifically Istanbul, is proven to have the highest potential of return of investment. And this has encouraged a rise in foreign purchases, primarily by buyers from Gulf countries. Investors have a wide range of choices in prices and locations that generate handsome rental incomes.
Find out more about real estate investment in Turkey:
6. Open a Restaurant
Istanbul is the most diverse and visited city in Turkey. This is the reason why tourism investors are more attracted to Istanbul than any other city in Turkey. It is known for its multi-cultural vibes as well as the ever-rising number of restaurants and cafes that offer food and beverages from around the world.
Even though opening a restaurant is considered a profitable investment in Turkey, it should be studied very carefully. A lot depends on their location and the marketing strategy to attract visitors.
More of Turkey Resources:
Are you struggling to find a bank willing to open an account for you? Read here about how to open a bank account in Turkey
Thinking about moving to Turkey? Applying for a residence permit is the first thing you should do once you land in Turkey
Istanbul is a huge city with extensive public transportation lines. If you are not used to taking public transport, don’t worry. renting a car in Turkey is very easy and quite cheap.