International Living---Fund Your Life Overseas (4)

Easy Business Ideas in Panama
By Jessica Ramesch

For most expats, David's a place to pass through on the way to more popular destinations. But as far as expat Stephen Hyland is concerned, the capital of Panama's Chiriquí Province, David, is Panama's new business frontier.

"I wanted to work for myself and make more money, and in David…well it's like going back 20 or 25 years. Barriers are low, and it's way easier to start a business than in Europe or Australia where I have experience," says Stephen.

He and local partner Angela Valdés have just started their café called Da-Li.

"Panamanians make up about 80% of our target market. It would be foolish to focus solely on the expat market here. There aren't enough expats to support a business like this," says Stephen.

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Despite that, David has other niches to fill and a growing middle class eager to spend money in venues that are unique in any way. "We don't fit into any one category," says Stephen, explaining how Da-Li has set itself apart. "We are part coffee shop, juice bar, art gallery and community center. We hold events and classes and are looking to collaborate with as many local providers as possible. For example, we may have a sushi chef sharing the space soon. We want to maximize the locale. In any market there are always established players, and it's difficult to grab some of the share. You have to stand out."

What other businesses might do well in David? Stephen reckons you could start a trendy Internet café for as little as $10,000 here. He'd like to see more ethnic restaurants and cosmopolitan bars here, and he feels other locals and foreigners agree.

"We could also use some bookstores and fashion outlets," he adds. When asked about his first months as an entrepreneur in David, Stephen doesn't hesitate. "I wouldn't change anything," he says. "We learned a lot about choosing items for our menu, staffing and marketing…you make mistakes for a reason. You need them."

And Stephen has learned his lessons. He advises that in smaller towns like David, consider having a local partner or manager. It helps when dealing with the language barrier, getting through red tape and local permits, negotiating prices and with networking. And always keep an eye out for other opportunities. "Your first attempt at doing business in a new country may or may not be successful. But each attempt is a golden learning opportunity. If you do well, ask yourself: How can I branch out? If you don't, then reevaluate the market. The more you learn, the better your future will look," says Stephen.