A lot of people would like to know how to start a business in Ghana either with little capital or Large Capital.
There are a few secrets you should know beforehand. We’ve gathered 10 best business ideas in Ghana that you can try and also a few problems and tricks you should know about.
You have a little capital, so you should think about a small business.
It’s better to make a detailed analysis of all needed requirements, Ghanaian market feasibility and other things can help to start your business.
We also advise you to download series of industry-specific sample business plan templates.
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Starting a business in Ghana cannot be called a luxury but a real necessity for everyone whose aim is to get huge profit and become, for example, a millionaire.
This is a good motivation for starting your business in Ghana. There are a lot of people who can patronize you.
There are some clear advantages in business in Ghana: the heavy taxes which some entrepreneurs complain about, cannot be compared with the sums in some other, even African countries.
There is no specific recipe for business success in Ghana or any other country, however, there are several lessons that can serve you as a guide.
They are based on the experience of several successful companies and include a detailed market research in order to choose the right strategy, demanded product and reliable partners.
It is important to build and maintain good relations with stakeholders. Business should be flexible and open, with a long-term perspective, and, of course, does not contradict the laws regulating entrepreneurial activity in the country.
THE PROBLEMS YOU MAY FACE
However, according to theconversation.com, the business environment in Ghana is burdened by many problems, such as underdeveloped infrastructure, instability of food security and the national currency, foreign exchange deficit, high inflation, corruption, high capital and rental costs, Unpredictability of legislation.
In Ghana, there are the same business risks and problems that are inherent in most African countries.
But the main difference is the population size and the complex social structure.
It seems that the size of the market, coupled with huge economic potential, makes the country a kind of testing ground for companies seeking to enter the markets of Africa.
Successful business in Ghana is seen as the key to success in other regions of the continent.
You should know the economic situation in the country very well.
It will help you to choose the best time for opening your business and the sphere you are going to work in.
However, do not forget how to start export business in Ghana. It requires much more money. So first, stay away from it for a while.
Here are 10 ideas for business in Ghana…
Choose the one you like the most and start changing
1. RAW FOODSTUFF BUSINESS
This is a very profitable business that can easily give you good money in Ghana.
Ghanaians love homemade foods than any fast foods, unlike other foreign counterparts. Rice, vegetable, beans are amongst other things that are well-sold.
2. CALL CARD BUSINESS
This type of business can be also called the recharge card business.
In Ghana, everyone owns a phone. This is the reason why the recharge card business is always doing well. You can dive into the business market too.
3. DRY CLEANING BUSINESS
This is extremely fast growing businesses in our country.
A lot of people have become really wealthy due to this business and they are still doing well.
There are people who are too busy to have the time to wash the clothes.
Therefore, it is a good idea to start a dry cleaning business.
4. RESTAURANT BUSINESS
In Ghana, the restaurant business has always been in the leading positions. It means that it is always trendy.
If you are a great cook, you can easily start your restaurant business. You will have to do a lot of things in the area of cooking business.
5. BAKERY BUSINESS
All people all over the world prefer to eat baked things. Our country is no exception.
Before you start bakery business it is important to gather all the necessary information that you will certainly use in work.
You may go to a school that teaches baking services if it is needed. You should be a professional to start own business.
6. GRAPHICS DESIGN
There is a growing demand – more and more companies are ordering the development of corporate identity elements (logos, trademarks), packaging, promotional products, and relatively small investments that quickly pay off.
So making a studio of graphic design is a very attractive idea for small investors.
7. PHONE REPAIR BUSINESS
Workshops for the repair of cell phones, smartphone and communicators are everywhere, but as a rule, they are filled with orders, and in a rare workshop you will be offered some urgent repairs.
The opening of such a business will cost, according to H & F estimates, about $3,000, monthly costs can be up to $2,000, this amount includes salaries and purchase of spare parts. Workshops earn on an extra charge for spare parts – as a rule, it exceeds 100%.
Money for work usually goes to the salary of the master.
With good traffic (up to 10 orders per day), monthly revenue will be up to $6,000.
8. GYM BUSINESS
The first thing you need to do is to find a suitable premise, the area of which should be approximately 150 square meters.
Such a large area is necessary because, in addition to the gyms, you need to place: locker rooms, showers, cloakroom and administrative premises.
Their total dimensions can be up to two- thirds of the total area. Then you need to determine the optimal price of one hour lesson in your fitness club.
Although, frankly speaking, a regular gym is not a fitness club, because it does not provide the volume of services that is usually offered there.
So whether you want to open a fitness club, it is a totally different thing.
9. CAR WASH BUSINESS
The mobile car wash is a mobile structure that can be installed in a relatively small area for a couple of days.
The positive aspect in this washing is that when choosing an unsuccessful place, it can always be dismantled and transported.
In addition, such sinks are not objects of capital construction and do not require a permanent connection to urban communications, as they work on a closed cycle of water treatment.
The profitability of an automotive wash depends primarily on its location. With an average passability of 30 cars, a car wash consisting of two posts and running for 10 hours a day with an average cost of washing one car $3, can make you an impressive income.
And we mean only making standard services, without taking into account dry cleaning, polishing, lux washing, etc.
10. FASHION BUSINESS
The art of tailoring has been in existence from time immemorial. It means that it has not just started recently.
If you are a fashion-goer, then you can start to work on delving into the tailoring industry.
One of the good things about this business is the fact that you will be able to beautify people and get money for that.
You have to know how to sew the clothes to follow all the processes of your work.
PROCEDURES TO START A BUSINESS IN Ghana…
Here are some of the steps you need to take:
1. Develop a business idea. …
2. Write a business plan. …
3. Register your business. …
4. Complete tax registration. …
5. Obtain necessary licenses and permits. …
6. Acquire office space. …
7. Set up a website. …
8. Develop a marketing plan.…
9. Promote your business…
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