B-Boost: the experience of make business on Cuba
As a good recommendation and that has been constantly repeated in different entrepreneurs when it comes to doing business, is that common tastes, the opportunity, having the information at the right time, and having the right team to generate a business, are factors keys, too, to generate business in Cuba
Our guests for this B-Boost told us that when their business was born in Cuba they had held an event and saw in the way the issue of lack of information was repeated when asking in the audience, they saw this pattern as an opportunity to generate content from business and as a business opportunity.
Thanks to the experience of our guests in this B-Boost, we could see that in order to do business in Cuba is really important to have knowledge of the day-to-day Cuban entrepreneurship path, to know how to knock on the right doors and to have knowledge about how the business that is going to be set up works culturally. The great opportunity for Cuba is that there is a lot to do, the doors are open with certain nuances, there are success stories and they shared with us that there are even cases with a net profitability of 45% in the gastronomic sector. Although it’s not so easy to enter the Cuban market, but once inside things are much easier.
In traditional sectors as gastronomy and construction there are opportunities, as well as in hotels, transportation services, textile production, among other activities that finally show that if it’s possible to produce in the country a business possibility is opened, given the difficulty of exporting to Cuba.
In the non-traditional, only last December has access to mobile data arrived, opening up a field of digital opportunities. An example is that now Autonomous should have a fiscal bank account as a rule, opening a space in digital banking as another important path in the development of innovation in Cuba.
There are different points to keep in mind when thinking about a business in Cuba, for example, you must have a local Cuban partner, the sale on credit or have a good ability to pay to cover the operation if you work on credit. Every business must have its nuances, and it’s a different world for everyone, but without a doubt Cuba is an interesting place to look when thinking about opening an international business.