Small Business Ideas Ghana – What are the most profitable business ideas in Ghana today? What makes these companies worth entering? Are you looking for a business opportunity in Ghana?
After carefully studying the business landscape in Ghana, we have identified 21 of the most profitable business ideas in Ghana and put them together in plain language in this post. You’ll also find invaluable tips on how to put these ideas to good use.
Small Business Ideas Ghana
Check out this curated list of the 50 most profitable business ideas in Nigeria, many of these ideas are applicable to various other emerging economies.
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Again, using information from the Ghana National Chamber of Commerce, we have identified the following sectors of the Ghanaian economy with the most lucrative business opportunities.
Are you a recent graduate? Are you part of the African diaspora looking for a viable investment opportunity at home? Take this list as a glimpse of what people are doing today to make money in Africa.
Before we get into the list of the 20 most profitable business ideas to develop in Ghana, we can identify 7 main factors that make a business profitable and worth considering. You can use these factors to assess how profitable a business idea really is.
It’s easy to see that entrepreneurs who own multiple businesses often attract this industry interest, and there’s good reason for that. You’ll discover that secret in today’s post, so let’s dive right in:
Simple Steps To Choose The Right Business Idea
As an entrepreneur, you will do best in a business venture if what you do resonates with your “personal calling.” You might start something, but if you don’t believe in it, no matter how profitable it is, you might not be able to stick with it for long.
While this determines how easily you can install, it also tells you how much competition you’ll have. A company with a low barrier to entry is often saturated with so many half-baked schemes. It is often very difficult to stand out in such a niche
How often do your customers need your services or products? Do they need it often? Is it something they can do without? Is the service you provide something a customer can use continuously and make recurring payments for?
If so, your business can be so profitable just because of the service you provide.
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This can be a barrier to entry, reducing niche saturation, but if it hinders your ability to get started, you can’t ignore it.
According to Investopedia, you can think of scalability as your ability to grow as a business, when faced with increasing demand for your products or services, how easily could your structure and resources meet the demand?
So, scalability is how easily your business can expand without being limited by your corporate structure. Can you easily hire more workers and expand your team? How much of what you do as a business can be delegated? If this is something only you can do… then scalability is low.
Not all products move quickly and not all are used by everyone. Some products have a high inventory turnover, and this can be attributed to the constant demand from users of these products. Also note that some products have a short shelf life and are sold at relatively low costs.
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Consider transportation, food and beverage services, beauty and hair salons, and many of the business opportunities we’ve added to this list of lucrative business ideas in Ghana.
You will notice that the products or services offered are constantly needed by every consumer, and sometimes they are needed by everyone. This is how you identify a fast-moving service or product.
Not everyone is your potential customer, and not even everyone in your market is your potential customer. Trying to reach everyone would be disastrous for your business because people always have different desires and you will spread yourself too thin to make an impact.
Some parts of the market may not even give you enough returns to justify your marketing effort, and you need to identify that and strategize accordingly.
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Every product is made with a specific customer in mind, and as an entrepreneur, the first step to marketing success is identifying who you are targeting with your products and services.
This is crucial because you will be spending a lot of money and effort promoting your brand or products to them and attracting them to your service offerings. Getting your target audience wrong will make your products seem irrelevant or unapproachable.
There are different classes of people in every society, you may need to identify the key demographic, behavioral and cultural characteristics of your target market.
To do this effectively, ask yourself questions like where your prospects are, what they’re most interested in, what their pain points are, how old they are, their education, and their financial situation.
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This basic customer analysis and market segmentation will affect your pricing, your business location, and your service area. It will also provide any corporate social responsibility that you intend to exercise.
Very few people know this but a very lucrative business that anyone can easily do in Ghana is selling EKG prepaid credit. It only takes someone who has been in this business to tell you why it is such a profitable business these days.
The real secret here is that the vendors keep the revenue for quite some time, long enough for you to use it in some of your other projects before the ECG officials ask for liquidation.
You can also locate your prepaid EKG provider business in residential areas or commercial districts; if people use power, then they need credit.
One Quarter Smbs Expected To Make Half Their Annual Revenue In The Final Months Of The Year
With minimal funding, mainly to acquire land, farm structures to house the birds, agricultural inputs such as feed, fungicides and other medicines, day-old chickens and a few farmers as caretakers, a profitable poultry business can take off.
A business with a loyal demand base is snail farming. Similar to poultry farming, the initial capital can be very minimal
The demand for essential vegetables never goes down. In fact, vegetable prices in our local markets are known to always rise. what is missing is always imported from neighboring countries.
Do you have a large agricultural area and access to an irrigation source? Then you should definitely consider getting into vegetable farming. Produce like onions, tomatoes, garden eggs, carrots, etc., you always have a ready market.
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Fourth on our list of the most profitable businesses in Ghana is owning an Uber. With as little as GHC 25,000 to 40,000, an extremely profitable business can take off.
The appeal of Uber is that the returns are fast and incredibly high. If you finance your taxis with a loan, you can pay it all off in a couple of years.
Note that the typical taxi model where you hire a driver and pay him a monthly or weekly salary is no longer popular.
You might not find a good driver with this approach, and even if you did, it would burden you with another maintenance problem. What’s prevalent these days is offering the car to the driver on a work-and-pay basis.
Ghana Business, Banking And Economic News
The way to do this is to insure the vehicle with comprehensive coverage, install a vehicle tracking system in the car, add up all these expenses and double them. This will be the future value you would get from this investment. Now divide that by the number of weeks in 2 years. This will be the amount of the weekly payment that the driver will have to make into the account.
Next, create a dedicated bank account for the driver. Let the driver do the work and deposit the money into the account. You should monitor this to ensure that the contract is running correctly as it should. Make sure you have standard clauses in your contract and again don’t forget the vehicle tracker.
An elite training center is so profitable in Ghana that any entrepreneur who invests in it can expect to strike it rich, as long as he is willing to put in some effort to provide value for money.
With the advent of social media, every business and literally every public figure or celebrity needs professional and well-edited photographs. And they need them multiple times every other day for social media and content creation.
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You can easily see why the modern wedding photography budget alone can justify the profitability of a photography service business.
In some of the best photo studios in Accra, 5 photos cost GH¢200. Having just 10 customers a day will make you a thriving and profitable business. Add some proper advertising and home service and you can become an industry leader in a few years.
A business we can invest in is owning a hair salon. You need a well-furnished shop and a couple of skilled workers, and you; it was fine Add some quality branding and offer professional service and you can attract the entire middle class to your city.
Consider upping your hair salon by taking turns
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