Sometimes I feel like Hillary Clinton in that I have “too many ideas and cannot afford them all”.

Doing business for nearly a decade in Panama and Costa Rica, I managed to squander nearly all of what were supposed to have been my “hard partying 20s” in the pursuit of the golden fleece of business success. I’ve had plenty of hits and some gigantic flops, but overall I’d say I’m batting somewhere below a Ted Williams and ahead of say, Bob Uecker. So, I feel somewhat qualified to offer “batting tips” (no more baseball analogies, i swear) for other startup junkies here in Panama. Listed below are a few concepts that I’d love to see come to fruition in Panama and that also, I’m quite certain would generate cash flow for those with the guts to “swing for the fence” (i lied).

1. Convert Condo to Condo-Hotel — There simply are not enough hotel rooms in Panama City. I run a travel agency and see this first-hand. Scarier still is that there are scant new hotels even in construction, much less nearing completion. So while supply is scarce, prices are rising sky high for room nights at average hotels as demand rises. A fantastic opportunity exists for an investor or developer to purchase several floors of a condo or an older 8-10 unit building and convert it to a condo-hotel. Several smart investors have already done so with great success.

2. A Surf and Water Sports Shop — Sure there area few in the mall in the city, but where’s the nice surfboard repair, bikini, and sunscreen shop at THE BEACH? With as many projects going up in the Santa Clara area, it would sure seem like the first guy to build a proper shopping center catering to tourists would make a bundle. At least that’s how it went in Costa Rica…

3. An Ultra High End Casino-Hotel — The Veneto is well…kinda nice. But the service is pretty shabby, a lot of the common areas are poorly kept and the casino is a gong show. With the high roller money pouring into Panama, it would seem a no-brainer to build a super swanky and exclusive hotel/casino in Panama City. Until then, I’ll have to roll the dice while hearing live salsa music blaring at a volume of “11″.

4. Earth Moving Equipment Rental — It’s hard to even find a backhoe in Panama City right now, much less in more remote locations. With all the construction and land improvement going on, a quality provider of heavy equipment and likely, equipment operators, would net a king’s ransom.

5. Pool Services — There are no firms that I know of who are strictly in the business of design, construction and maintenance of swimming pools. I’ve seen dozens of fantastic and original swimming pools at hotels and homes in Costa Rica, but cannot name three in Panama.

6. Hospitality Training — Wow, does Panama ever need this. From simple “please and thank you” to, “how to handle an angry client”, Panama desperately needs some outside training.

7. Ad Agency/PR Firm — Tons of local businesses are attempting to get their message out to the world, but as confused, misspelled, poorly translated and very often, off-target as the messages are…one can safely assume that talented PR and Advertising consulting would be a hit.

8. Buy Remote Land — Pretty simple advice and one that certainly should entail an entire series of articles. In short, if you have a some cash to invest and know what you are doing, prices seem likely to rise over the next 5-10 years.

So get off your big butt and start a biz in Panama! With an economy posting double-digit growth annually, if you’re any good, you’ll make money.

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Filed under: News on March 4th, 2008