Are you in Turkmenistan? Do you ever ready to start a business in Turkmenistan? Are you looking for profitable business ideas that you can start in Turkmenistan? Then you should definitely read this article.
Turkmenistan is a country that is located at Central Asia their main source of economy is agriculture and their most export products is textile. Turkmenistan is a country with a population of about 6.3 million people and 85% of their income is through export of oil and gas.
In this article am going to share with you a few profitable business ideas that you can start in Turkmenistan, you will get to know how to Start a Business in Turkmenistan, What business Ideas make the most money in Turkmenistan and lot more.
How to Start a Business in Turkmenistan
I know many of you are looking forward to starting a business in Turkmenistan. Before you do that, I want us to take some time and review the criteria that are required for starting a business in Turkmenistan. The factors are:
- You must be a master’s holder in business or economics.
- A business license
- A startup capital worth $50,000
What business Ideas make the most money in Turkmenistan?
That’s an interesting question. Turkmenistan is a country in Central Asia with rich natural gas resources and a growing economy. According to the World Bank, Turkmenistan’s GDP per capita was $6,949 in 2020, ranking 87th in the world. Some of the main sectors of Turkmenistan’s economy are oil and gas, agriculture, construction, textiles, and tourism.
If you have been wondering about the kind of business ideas that are the most profitable you don’t have to worry any longer, I am going to list 25 business ideas that you can make the most money in Turkmenistan.
25 most profitable business ideas in Turkmenistan
Here are some of the most profitable business ideas in Turkmenistan for 2023:
- Drop shipping
- Driving school
- Online classes
- Auto detailing and repair services
- Tutoring and Test Prep
- Real Estate
- Digital Marketing
- Online selling
- Graphic design
- Writer or author
- Web and app development
- Financial security
- Information security
- Social Media Marketing
- Beauty salon
- Personal training
- Personal Coaching
- Virtual Event Planning
- Restaurants and catering
- Home organizing
- Tutoring and Test Prep
- Auto detailing and repair services
- Tattooing
- Transcription services
- Translation services
What are the risks and challenges of doing business in Turkmenistan?
Doing business in Turkmenistan poses several key challenges for foreign investors and entrepreneurs, including:
- Legal Uncertainty: Turkmenistan lacks consistent and transparent business legislation, and contract sanctity is often undermined. Laws change frequently, with contradictory interpretations by government agencies and officials. The judicial branch operates under executive influence.
- Corruption: Corruption is widespread across all levels of business operations. Turkmenistan ranks poorly in international corruption perception indices, ranking 165 out of 180 countries in the 2020 Corruption Perceptions Index by Transparency International.
- Skilled Workforce: The local labor force often lacks familiarity with Western business practices. The Agency for Protection from Economic Risks, under the Ministry of Finance and Economy, has broad authority to scrutinize foreign companies before granting licenses for operation.
- Foreign Exchange Controls: Stringent foreign exchange controls are in place, with an official exchange rate fixed at 3.5 manat per U.S. dollar. This creates economic distortions due to a significantly higher black market exchange rate.
- Visa Procedures: Turkmenistan’s visa procedures are arduous and time-consuming. Foreigners must obtain an invitation letter from a local partner or sponsor, subject to approval by the State Migration Service, before applying for a visa at a Turkmen embassy or consulate.
- Internet Access Issues: Unreliable Internet access and slow upload and download speeds can impede business operations. The government frequently blocks access to certain mainstream websites and Virtual Private Networks (VPNs).
These challenges represent some of the primary obstacles faced by UK businesses looking to enter the Turkmenistan market. Successful business operations in Turkmenistan necessitate patience, persistence, and the cultivation of personal contacts. While the government verbally encourages foreign investment and business, the current investment climate does not align with international business norms.
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Profitable Business Ideas in Turkmenistan
Here are some of the most profitable business ideas in Turkmenistan for 2023:
1. Night Club:
If you ever think of starting a nightclub, all you have to do is to make sure you get the proper license that permits you to own a nightclub. Big boys will always like to party over the weekend after a lot of work in the office during the week. To do this, they will visit nightclubs to go and party with their friends. This is where they are going to spread some cash and also buy a lot of drinks and dance with the girls at the club.
2. Yoga Studio:
Yoga is one of the exercises that is important for our health. Many people spend their mornings doing yoga, therefore if you can open a studio, you will find that many people will come to your business. You don’t need to be an expert in yoga to use a professional’s services; all you need to do is pay them while they assist you provide high-quality services to your customer.
3. Teaching:
In the modern world, people can make money online by selling what they know. If you are good at anything, you can package it and sell it as a course online. People will buy it, and you can make a lot of money from it. In addition to what Turkmenistan has in abundance, you can choose to teach children at home. In exchange, their parents will pay you for your services.
4. Child Care:
In a world where both parents are going out to bring something to the table, they need somebody that will take care of their home for them because of this there are high demands for a babysitter which is why you need to start a child care service to help parents to take care of their children till they are back from work if you take this idea very seriously you will generate a lot of money from it.
5. Aerial Photography:
In a place we events are taking place every moment, there is a need for aerial photography to capture the best moments and memories for people so that they will always use the picture to remember the event that happened in the past in their future with tools like drone it has made it possible to capture moment that you want if you ever think of starting a business consider aerial photography.
Turkmens in Turkmenistan I hope you enjoyed reading this post, and feel free to return to our site for more intriguing content. This essay was written to assist you in understanding some of the lucrative business concepts in your nation. Do not forget to forward this post to your friends.
