10 Best Business Opportunities in Ireland

In recent years, business opportunities in Ireland have become more lucrative. Several international companies have invested in the country's rich ecosystem and multinational environment. Most entrepreneurs in Ireland have moved from generic business solutions and services to focus on more technologically innovative business models. Irish startups of today are cropping up around artificial intelligence, virtual reality, data science, blockchain, the Internet of Things, etc. 

However, technology is just one of the many sectors for your small business in Ireland. Let us take a quick look at the top 10 business opportunities in the country, along with why you should do business in Ireland.

Why Choose Ireland To Start Business?

The main benefit of Ireland is that it's an English-speaking country. Moreover, Ireland has a strong transport link, similar regulatory and legal frameworks to the United Kingdom, a sophisticated consumer market, an open economy, and a good perception of the quality of British goods and services. According to the World Bank, Ireland falls under the top 17 countries for ease of starting a business. Now, let us take a quick look at the key sectors to set up a company in Ireland.

Check out our other post here - 5 Reasons Why You Must Invest in Ireland

Key Sectors in Ireland For Business

Here are some key sectors where you can start your Irish Company. 

1. Construction

The need for additional housing, additional residential accommodations, transport infrastructures, and commercial markets drives the construction sector. There also has been a huge demand for new schools and new social services, particularly in office accommodation.

You can start your business in the construction sector as a supplier for: 

• Aluminium, glass, stone, steel, and plaster.
• Building blocks, bricks.
• Hand tools, nails, bolts.
• Plants and Prefabricated buildings.
• Iron and Steel structures.
• Electrical, Lighting and Air Conditioning

The Irish government has set a National Development Plan to reach its population and development goals by 2040.

2. Food & Drink Exports 

The Irish Food & Drink market is highly competitive and sophisticated. Irish products are locally produced and heavily promoted. The country exports nearly 73% of its total food and drink products. If you wish to set up your food and drink business here, you must first identify your USP. The next step would be to build your brand aggressively. 

3. Information and Communication Technology

Ireland is the most favoured location for tech companies, especially the US-based tech companies. Global leaders like Intel, IBM, Microsoft, and Apple have long-established operations. You can establish an Irish company in the following areas to help and support tech giants while growing with them.

• Cyber Security
• FinTech
• Smart cities
• Health care and E-health
• Specialist IT Services and Software

4. Life Sciences

Ireland heavily exports Life Science products like medical devices, pharma and bio annually. This sector also employs several citizens. Your Irish business can thrive if you support this sector by producing:

• Medicines for the therapeutic process
• Medical instruments and appliances
• Orthopaedic and artificial body parts
• Hearing Aids

5. Business Consulting

Ireland is known for its business-friendly economy. There is a high demand for professional services like Event & Wedding Planning, Legal & Will Writing, Human Resource Recruiting, IT sectors, HR, etc. You can start your own business consulting firm to fulfil this market requirement. 

6. Sanitization Services

The Irish cleaning industry is generating millions in the market annually. The Cleaning Industry is divided into two parts: (1) Domestic Cleaning and (2) Commercial Cleaning. Domestic Cleaning falls under residential maid service, janitor services, carpet washing, tiles Cleaning, etc., while Commercial Cleaning includes the same services but in office or commercial spaces.

7. Athletics

Sports is a profitable industry in Ireland. Most residents are interested in football and cricket, which makes this sector a lucrative option for you. Here is how you can capture this market:

• Sporting equipment shop
• Opening playing arenas 

8. E-commerce

A post-COVID world is more tech-savvy. People have realised the value and comfort of online shopping. Moreover, Ireland is developing its IT sector, so it makes sense for you to try your hand at E-commerce. You must figure out your USP before setting up your online shop.

9. Farming

Ireland's critical export industry is food and drinks. The country is known for its food products. So, if you have the capital, knowledge, and inclination, you can acquire some farmland and set up your farm. Even poultry farming is a good business option for you. 

10. Clothing

The clothing industry is growing leaps and bounds in Ireland. For example, a fashion boutique has the potential to be a profitable business in the future. Even if you have little experience in the clothing industry, you have plenty of options to enter this field.

By now, you have a clear idea of the different business industries in Ireland. Just ensure that you do your primary research before investing in Ireland. If you have set your heart on starting a business in Ireland, it is advisable to seek help from a business consulting expert and check out the steps to company setup in Ireland. 

At Business Setup Worldwide, you can get the assistance in understanding the ease of doing business in Ireland. Moreover, we offer you company formation packages that include visa services in Ireland and company secretarial services, among others. Feel free to contact us. We'd be glad to assist!