Green businesses priorities sustainability, as they aim to minimize their environmental impact while also promoting the benefits to their customers. Reducing their carbon footprint, minimizing waste, conserving resources and protecting biodiversity are at the heart of everything that a green business does. The main resources they conserve is water, energy and raw materials.
Ecopreneurs will be those that choose to set up a business that is considered ‘green’ and eco-friendly. They will create products and sell services that are focused on sustainability, as they want to actively improve the environment while generating business profits. Ecopreneurs are looking for ways to capitalize on the environmental problems that our world faces.
This guide will explore the best green business ideas that can catapult expat ecopreneurs into successful company owners. Continue reading to find out more.
An Overview of Ecopreneurship
Ecopreneurs have some of the most profitable businesses in the world with green business owners being the most successful in the modern world. The biggest example is Elon Musk who is constantly flipping between the first and second richest person in the world. He owns several green businesses like Tesla, SpaceX and The Boring Company, which all gain huge profits year-on-year.
While SpaceX and The Boring Company don’t directly aim to improve the environment, SpaceX reduces the cost of space travel, potentially contributing to long-term climate solutions as a result. The Boring Company develops tunneling technology for faster transportation and potentially more sustainable urban planning on the back of it.
6 Green Business Ideas for Expats
Sustainable businesses have slowly become the leading aim for aspiring ecopreneurs and it’s no surprise with how many opportunities are out there. Customers are always on the lookout for new eco-friendly options, so they have less waste and can reduce their carbon footprint. This can be anything from the transport used to the products sold. There are several huge green business ideas for you to explore:
Clean Energy
While non-renewable energy sources are still currently the most used worldwide, they have had a significant downfall over the past decade with more people looking for cleaner alternatives that will reduce their carbon footprint. Clean energy technologies are one of the fastest growing industries in the world and it is only expected to rise. The market is expected to grow at a Compound Annual Growth Rate (CAGR) of around 5.56% to 16.8% between 2024 and 2032/2035.
Solar energy is a big reason for this growth with both homeowners and businesses being able to easily incorporate this into their infrastructure to become more sustainable. This makes it a very profitable industry for expats to get involved in, even if it is oversaturated in some areas. Wind power offers more flexibility and has more market gaps, so there will be less restrictions on the market.
There are already many successful companies that use clean energy as their primary source with them being among the most profitable in the world. Some of these include First Solar, Tesla and Vestas. While it can take a lot of money to purchase the necessary equipment for these types of businesses, it’s a fail-proof way to make huge amounts of profits in a short period of time, as well as in the long term.
Sustainable Agriculture
The farming industry, while very difficult to manage, can produce great profits for expats who are looking to break into a new market. Sustainable agriculture has been made more achievable with newer technologies using less carbon emissions than ever before. Old methods used to overwork the soil and result in deforestation in some areas, which can have a negative impact on the environment and lead to an increase of waste. New techniques have also helped with the development of the industry, such as crop rotation and composting, as well as the better treatment of livestock and their living conditions.
There are several companies that are prime examples of those that have capitalized on the gaps in this market. Land O’ Lakes founded with the goals of achieving sustainable agriculture before the term was even commonly used. Freight Farms create mobile greenhouses from repurposed shipping rig containers for a more eco-conscious approach.
Compost and Food Waste Recycling
Following the agricultural route, we can focus that further by looking at composting and food waste recycling as it is one of the fastest growing industries in the world. This makes it the perfect opportunity for expats, no matter the new country they’re now residing in. Recycling food waste to enrich soil can make it last longer and result in fresher crops, so it benefits a number of other markets in the process.
Some companies will exercise this further by rescuing the food themselves before it gets thrown away and taking it to where it needs it the most, which boosts customer satisfaction and retention. Recycled City and Compost Lab are both very successful businesses that have focused on this niche to become very well-known and respected in their areas.
Biodegradable or Reusable Products
One-time use products waste so many resources every year, as they can’t be recycled for future products and will be sat inside landfills for years to come. If they aren’t biodegradable, they will be there forever and create an insurmountable amount of waste. They can even be dumped in oceans or at beaches to create an eyesore. Creating a business that focuses on biodegradable and reusable products will not only eliminate waste but help expats enter a very profitable market.
IKEA has started to implement biodegradable and reusable packaging for all their products, as they attempt to phase our polystyrene. They hope that in 2030, 100% of their packaging will be made from recycled materials. Coca-Cola has also invested in plant-based packaging firms as part of its transition to more sustainable materials.
Eco-Friendly Distribution
Transport has seen a huge shift in becoming eco-conscious, as there has been a surge in the number of electric vehicles on the road with many countries looking to reach net zero by 2050. The aim is to completely wipe out petrol powered vehicles on the road and become totally electric to benefit the environment. Distribution falls under the category with many green businesses sourcing sustainable ways to transport goods from place to place.
Many businesses are also aiming for net zero in 2050. DHL is one of the distribution companies leading the charge by offering green shipping and logistics worldwide. While there’s still a long way to go for them, they are aware that this sustainability will be good for their business. If you’re an expat, this might be the industry for you.
Ecopreneur Advising
Instead of actively creating a green business and becoming an expat entrepreneur, you can take a different approach by being an advisor for ecopreneurs. This will be effective with businesses finding it increasingly difficult to navigate the regulatory environment due to restrictions regarding pollution, consumption and human rights. That’s why starting up a legal firm that solely advises ecopreneurs could be the route to go.
Wood Mackenzie, Sustainable Law Group and Sustainable Oceans Alliance are all legal firms that have carved out interesting green niches. This allows them to be passionate about green practices and working with them for a good cause while also profiting at the same time.
Key Considerations for the Aspiring Ecopreneur
Before starting a green business as an expat, there are some key things you need to think about before embarking on your endeavor:
- Market Gaps: Conduct thorough market research to identify specific unmet needs and opportunities within your area.
- Community Focus: Businesses with a strong community focus and a clear social and environmental mission often resonate well with your area’s values.
- Innovation: Having something different you can offer customers in relation to sustainability will increase the likelihood of them using your services or purchasing your products.
- Collaboration: Working with other organizations who also have an eco-friendly approach can enhance your impact.
Aspiring expat ecopreneur have to find a more unique approach to drive business success, as they need to find the most innovative solutions to get ahead. It’s more than just making a quick profit with sustainability having to be a passion rather than simply a business strategy.
Conclusion
Green businesses offer a platform for expat ecopreneurs who want to help the environment while making a steady profit. Identifying the demand for sustainable solutions and the areas that have holes in the market will give the best chance of success, as you don’t want to start a green business that already has high market saturation.
Consumers now look for eco-consciousness when navigating the brands on the market they want to receive services or purchase items from, as there is an ongoing push to improve the environment and climate. Therefore, directing your business focus to sustainability will allow you to thrive and attract an audience that has a passion for what you’re trying to achieve. This is excellent for customer retention, so you will know that those that purchase from your brand are more likely to return in the future.
We hope that this guide has provided you with some fresh insight and allowed you to open your mind regarding starting a green business as an expat. Becoming an ecopreneur isn’t just about generating a profit for yourself, but about actively finding ways to help the planet simultaneously. Afterall, making a difference in the world will help you to create a lasting impact.
