What are the 8 businesses to start in Ghana with little capital? Are these businesses lucrative in the long run? Will these ventures be worth your time?
With the loving help of my friends, we carefully selected 8 businesses that are wealthy starting here in Ghana for profit maximization in the long run.
If you are reading this from somewhere other than Ghana, there may be a way you can put these ideas into action and start a successful and profitable business wherever you are.
What Makes a Lucrative Business in Ghana?
Before we get to the businesses to start in Ghana with little capital, let’s take a look at some of the factors that make business lucrative.
- Demand
Demand is the first thing to consider when starting a business. Your business can be well-planned and perfect, but if there is little or no demand for your services, you can’t make a profit.
So, we need to ask ourselves, do people really need this service? If so, in what form do they want it? To answer these questions, we need to do a little research and gather some relevant information from our possible customers.
When we answer those questions correctly, then we have a greater chance of skyrocketing our business to make a profit.
- Location
The second consideration is location. You can start a business in an area where demand is great, but if the firm is difficult to access, it will suffer.
We should be able to place our business in a clearly visible and accessible location. This alone is a form of advertising for the business.
- Competition
When we launch our firm in an area where there is a lot of competition from more well-known and respectable companies, our chances of standing out in the market are very slim. This is because competitors have already stolen the customers’ trust.
But there is some good news. The only way to differentiate yourself from the competition is to tailor your services to the needs of your consumers. We can acquire this concept by conducting a questionnaire study.
We can directly ask customers of various ages about the services provided by our competitors and ask if there should be a slight improvement.
The findings of the questionnaires will influence our next steps.
For example, I established my mobile money business in an area where there are already seven mobile money shops. One thing I observed is that the other shops’ working capital is small. So I opened mine, and with the problem and the solution in mind, I increased my investment in the company. In less than a month, nearly all of the people around me had visited my shop to redraw or send money. This is because they know coming to my shop wouldn’t be in vain, so there is no need to go to the other shops only to be told they are short of cash.
So, if you carefully study the competition and identify potential ways to improve your services, you will be the winner.
Businesses to Start with Little Money in Ghana
Without wasting much time, here are 8 businesses to start in Ghana with little capital.
Mobile Money
The mobile money industry is at the top of my list. The mobile money service allows you to send and receive money using your phone. A mobile money merchant accepts cash from a customer and deposits or transfers it to another registered mobile money number. The merchant is also in charge of cash withdrawals for customers. The question now is, how can you become a Mobile Money Merchant and make money in the Mobile Money Business?
How to Become a Mobile Money Merchant
The requirements to become a MoMo Merchant may vary from one internet service provider to another. Here are the basic requirements for MTN, AirtelTigo, and Vodafone.
REQUIREMENTS
- Business registration certificate
- Valid National ID (Ghana Card)
- Passport Picture
- A working capital not less than GHȻ4,000.00
- Suitable place or location.
How To Make Money With The Mobile Money Business.
Your earnings as a Mobile Money Agent are based on commissions. This means that the higher your transactions, the more commissions you generate at the end of the month.
The commissions come in different ways. When you withdraw, send, or deposit money for a customer, your service provider pays you a 1% commission for the transaction. These commissions pile up gradually every day to a huge amount at the end of the month.
There are many things you can do and earn commission as a Mobile Money Agent: You can assist customers to send and receive money, pay utility bills, do card-less withdrawals, sell data and airtime.
What you need
The Mobile Money Business mainly depends on the location of your setup and the amount of money you have at hand. Setting up the business at a location where people can patronize and where there is less competition is advisable.
Doing transactions can’t be the only business you do at the shop. Depending on the location, you can sell phones, and phone accessories.
If you really focus on this business, you can make more money than you ever imagined.
Shoe Making
The shoe making business may sound like a joke for many people, but trust me when I say that it is an excellent business to start with less than GH100. My brother and I runned the same business back in my village, and guess what, we made some cool amount every blessed day from shoe polishing, sole changing, gluing and any other things you can think of when it comes to shoe making.
Our market days are usually Saturdays and Sundays. On Saturdays, individuals usually polish their shoes in preparation for church the following day. Sunday afternoon is reserved for students and workers.
If you have just a little knowledge about shoe making, you can start a profitable business. You don’t have to be walking around like most shoe markers do. Instead, make a tent or a small shop at a suitable place where people can see and patronize you.
Fumigation.
Fumigation is disinfecting or spraying an area with the fumes of certain chemicals. But, how can you make this a business?
Fumigation involves machines such as Knapsack sprayers, mist blowers, and any other equipment for spraying. You can get one of these. Go house to house and tell them what your business is about.
Farmers in some communities frequently require sprayers to spray their farms for weed or insect management. Let them know you are in to fumigation and trust me, the calls will come.
One advantage of this business is that if you finish with one individual and he is pleased with your work, he will recommend you to other farmers in the area. All you have to do is be ready to work whenever someone calls.
Mini Importation Business
This is the importation of in-demand goods in small quantities. You first need to check websites like alibaba.com, aliexpress, kikuu.com, amazon.com, and any other places where you can import the goods for a cheap price.
I do this business myself, I import seasonal trending goods like sleepers, shoes, shirts, and electronics. Anything that’s beginning to trend in Ghana, I import it in small quantities and sell it for my profit.
You don’t have to start with something big. Try small quantities, like 10 to 20 items. You must first decide how and to whom you will sell the goods (boys and girls, couples, for a particular age group, and where around Ghana the product can be patronized best).
Just give this business a try; you will laugh at the end.
Indomie or food vending
Do you remember that day you cooked food or made an Indomie for your friends or family? It was delicious, wasn’t it? Think of making the same meal in front of your house or a suitable place. Those friends will be the first people to enjoy the meal, but this time they have to pay.
If the food you prepare is great, you won’t need to advertise to get people to buy it since the consumers will do it for you.
As a food vendor, you may need some money to get started, some for ingredients, cooking gear, a shop, and anything else that will help the business succeed. A sound concept, initial funding, and the best cooking methods may keep your business afloat.
Hair salon
One of the best things about a hair salon is that you don’t have to be a barber or a hair stylist to establish one; you simply need the means (money) and a worker (babar or hair stylist) to get started.
The location of the shop, the experience of the workers, and the physical appearance of both the interior and exterior of the shop are all important. The branding of the establishment should be similar to that of a celebrity barbershop rather than a local hair salon.
A photographer and videographer,
You may think photography is a thing of the past, or you may ask, who pays for photos these days? Because nowadays, you can snap and edit photos with your smartphone. If you think so, you are right. But think of this;
Almost every Saturday and Sunday, there is a party or a special ceremony (weddings, naming ceremonies, funerals, and excursions) . People normally snap and print photos during these ceremonies, and this can be our money making machine. You need just a camera and a good photo printer for this job.
Farming
Farming is a wide and profitable business to start considering the type of crop to grow and the market for it. When we look here in Ghana, the most widely used raw materials for food production are maize and cassava. Almost every day there is a demand for maize and cassava because they are our main sources of food.
Find a piece of land, plant and harvest any profitable crop and start making money with it.
According to Agri Farming, maize can take from 60 to 100 days to harvest. Other profitable crops to farm are:
I am so happy to share this information with you, and I would also be glad if you could share your thoughts in the comment section.
Add a Comment