Three options available on how to make money in El Salvador are to get a high paying job, open your own business, or work from home as a freelancer. Making money in El Salvador or earning a living is not as easy as in other countries; nonetheless, options to make money do exist.
Obviously, answering how to make money in El Salvador is not easy; there are so many variables involved in giving an opinion.
Factors such as the location you live in, the skill you possess, and your financial situation will impact how to make money in El Salvador.
I am in no way saying that making money in El Salvador is easy and anyone can do it. If it were easy, and anyone could do it, Salvadorans would stay in the country and not try to go somewhere else.
To clarify, to get a high paying job, you will need to have the qualifications necessary to get the position. Furthermore, to open a business, you will need to have the capital to start or find a way of putting it together. Lastly, to work as a freelancer, you must possess the skills to get the work done.
Make money by getting a high paying job.
Because the country has a developing economy, getting a high paying job in El Salvador is not easy; jobs that pay well are not easy to come by.
Nonetheless, El Salvador does have jobs that pay well or at least better than Salvadoran standards. The biggest issue is getting to know when those jobs become available and then getting the job.
Networking is one of the best options available to stay informed about job possibilities in the country. Sites for professionals such as LinkedIn and Internations are great for finding out about job opportunities; also, they are great for making connections with other professionals.
El Salvador has a large number of industries that offer high paying jobs. Examples of these industries are banking, call centers, non-profits, imports/exports, and many others.
My point of view is that getting to know about those jobs is going to be the biggest obstacle. Once you know about the employment opportunity, it will be all about getting the position.
Doing business in El Salvador. Starting your own business.
Doing business in el Salvador or starting your own business is another way of making money in the country. This is an excellent option for anyone willing to put the time and effort to get it done.
Doing business in el Salvador has similarities to doing the same in other nations. Obviously, the first thing that you will need to do is to create a business plan with all the details.
After the planing part is completed, it comes the part that can be frustrating to some people. Opening a business in El Salvador is not an easy thing to do if you want to do it properly.
On the other hand, if you want to operate as an unofficial business, everything is easier to get done; I don’t recommend running a business this way.
Doing business in El Salvador has bad things and good things. Examples of bad things you will have to deal with include setting up the business, getting the right employees, and dealing with the possibility of extortion.
On the positive side, the starting capital needed to open the business is less than in other countries. The return on investment is excellent. And the cost of running the business is lower.
The bad things about opening a business in El Salvador.
Starting a business is difficult in any country; however, in El Salvador, there are a few other things that will make it even harder.
Properly setting up the business, hiring employees, and dealing with the possibility of extortion are some of the issues that you might have to deal with while doing business in El Salvador.
Getting the business established.
Properly setting up a business entity in El Salvador is a complicated and tedious process. The country doesn’t have a system that will allow you to get it done in a single location or online.
The process of getting permits, tax ID, and any other item that you will need might take time and money. If you are doing it yourself, you will have to go to many different places, at many different times. Surely, you can hire a professional to set it up for you, but that will cut into your starting capital.
Getting the right employees.
Although El Salvador has a high unemployment rate, getting the correct employees to help you with your new venture will not be easy. Just because they are plenty of individuals looking for work, it does not mean they will fit what you are looking for in an employee.
Extortion issue in El Salvador.
The possibility that your new business venture can be targeted for extortion is something you will need to consider. As Salvadoran, it makes me sad that some business owners take into consideration extortion as a cost of doing business in El Salvador.
Before deciding on a location to open your business, make sure you do your homework about the area. Make sure to check if, at this location, your company has the potential of getting hit for extortion.
Extortion is an issue that many business owners deal with on regular bases in El Salvador. I am not saying that this problem is going to happen to you; nevertheless, you must know about this problem.
My intention of sharing bad things about opening a business in El Salvador is not to discourage anyone. It is just to be upfront about things and let you know what you might encounter while doing business in El Salvador.
Opening a business in El Salvador or doing business in El Salvador might not be an easy process for some people; however, it is a journey worth taking as the financial rewards could be excellent.
The good things about opening a business in El Salvador.
There are many good reasons why opening a business in El Salvador is an idea worth pursuing. Some examples that come to mind are the capital required to start the business, the return on investment, and the cost of running the business.
Starting Capital.
The capital needed to open a business in El Salvador is less than many other countries. Obviously, the bigger the company you are looking to open, the more capital you are going to need.
Equally important is the location of the potential business, this will have an impact on the capital needed as well.
It is difficult to give a specific amount that is needed to open a business. If you are looking to start a small business in a small town, you can probably start at about $3,000; of course, it depends on the type of business.
By all means, if you want to open a high-end store in an upscale area of San Salvador or Santa Tecla, you will definitely need a higher starting capital.
Return on Investment.
For any business in El Salvador, that is profitable, the return on investment is always high; this is due in large part to cheaper labor and rental cost.
Without a doubt, other factors also affect the return on investment. These factors will vary depending on things such as industry, business size, and location.
Freelancing work from El Salvador.
Cost of running the business.
Running a business in El Salvador is not as expensive as in other countries, this is good for profits. Rental costs, labor, and professional services are cheaper; therefore, the cost of running the company is less.
Obviously, there are many other good reasons to do business in El Salvador. The reasons to open a business mentioned above are the most common.
In today’s global economy, working from home as a freelancer is a viable option to make money; there is a large number of people in El Salvador doing just that.
Freelancing work from home can be rewarding but is not for everyone. This is self-employed work, so to make it as a freelancer, you need to have what it takes to get the job done.
Clearly, to be a freelancer from home, you need to have the skills necessary to get the job done. Freelancing is not easy work; to be successful, you are definitely going to have to put the time and effort required.
Freelancing opportunities are found in fields such as web design, marketing, sales, writing, editing, and answering services. These freelancing jobs are not the only ones available, they are just the most common.
If working from home is something that you might want to do, take a look at these two Facebook groups on freelancing work; freelancers El Salvador and Somos freelancers.
Making money in El Salvador.
El Salvador is a developing country with a slow-growing economy. Therefore, getting a high paying job, starting a business, or working as a freelancer, is not easy. However, if you have the means and the necessary skills to do it, it’s possible to make money in El Salvador.
