How To Start A Business In Ghana: According to Trading Economics Global Macro Models and Analysts Expectations, the unemployment rate in Ghana is expected to reach 4.60% by the close of the year (2022).

In a developing country like Ghana where the population keeps increasing, unemployment will also be on the rise, and with the government’s efforts not being sufficient to solve the menace, many security analysts have tagged this situation as a national security threat.

With this unfortunate development, starting a business has become the order of the day. In Ghana, becoming an entrepreneur is a common phenomenon but not an easy task due to the current economic state where inflation keeps skyrocketing hence affecting everything..

Before you set up your business, you need to have a plan and research adequately to structure, run, and grow the business hence aiding you in making relevant financial and managerial decisions. The plan will also convince other people either to work with you or not. Should anyone want to invest in your business, your plan is what will convince them.

Also choosing the right name and location for your business is very important, the name or the brand should resonate with the business type. Local names identify well with Ghanaians and make sure the name has not been used by any other business and should also reflect your brand.

Does It Cost Much To Start A Business?
Starting a business may be coupled with mixed feelings due to the cost that might be involved. But to become an entrepreneur you should be able to take financial risks hoping to gain profits and no matter how big or small the business is, you need money because it takes money to make money.

While some businesses require huge capital to start, others are quite easy to start. The costs involved in setting up depend on the type of business you have in mind. For this reason, before you start, you need enough money to be able to run and sustain the business from the beginning.

In the situation when you don’t have enough money at hand to start your business, it’s prudent to borrow from a trusted person or any trusted loan firm with a reasonable interest rate as long as you are sure to make enough profit at the end of the month.

The entire setup and other organizational expenses like space, furniture, equipment, utilities, and advertising, alongside other unexpected and unplanned expenses, can add up hence you need enough money to be able to run and sustain the business from the beginning.

What Is The Best Business To Start In Ghana
As stated earlier, as an entrepreneur, you should have the passion for the journey you’re about to embark on else you might start something and regardless of how profitable it may be, you might not be able to follow it in the long run.

After carefully studying and analyzing the Ghanaian entrepreneurship space and also reaching out to a few entrepreneurs, we’ve identified and outlined some profitable business ideas in Ghana and would love to share them with you.

BLOGGING: Blogging happens to be one of the most lucrative business ventures in Ghana. This type of business doesn’t require much capital, you just need to have the technical knowledge and skills to express yourself.

To kickstart this type of business, you need to know the actual content the masses are interested in and work towards it. With blogging, you can earn some cool cash by direct advertisement from your blog.

FOOD VENDOR: In our everyday life, food is an essential part. Many hardly get time to prepare meals at home due to the constrained nature of their work. These groups of people resort to purchasing food from food joints across town.

This type of business doesn’t require much capital but the type of food you want to sell should depend on your location and the consumers. For instance, religion bans a group of people from eating a particular type of meat, hence when setting up in such an environment, you should be mindful of what to sell.

DELIVERY SERVICES: While the rate of online shopping keeps soaring in the country, several Ghanaians who purchase deals on these online shopping resorts to either sending or receiving purchased items through reliable delivery services.

Therefore courier/delivery service is also one of the most profitable businesses in Ghana and this type of business does not require a huge capital to kick off. Depending on your location, you can either opt for a bicycle or a motorcycle.

HOME TUTORING: Home tutoring can make you serious cash if you love reading and can teach as well. Subjects like mathematics and sciences are sometimes difficult for many students hence if you enjoy these subjects, you are good to go.

With some subjects being technical, your prices must differ, and the rate card for complex subjects must be more than subjects seen to be easy. With this type of business, you can even start your home tutoring services in case you get a sizable number of students.

POULTRY FARMING: During the weekends and even on weekdays, there is always a party going on, from engagements, weddings, birthday celebrations, outdooring, naming ceremonies, and other hangouts that will require meat.

With the way Ghanaians enjoy eating meat, you are sure to make some money from keeping poultry either from their meat, eggs or even the chicks. Chicken, Guineafowl, Turkey rearing and any other type of poultry farming do not require much effort to run and it’s one of the best businesses to start in Ghana.

FISH FARMING: A lot of Ghanaians love eating fish, in several homes, they resort to eating fish due to its affordability on the market. Fish farming might seem to require a lot of resources but it’s the opposite of what’s perceived.

With just a little space for a pond, you can start with a little money in hand. You need healthy fingerlings, a suitable location, and also a good constant water supply source. According to experts, for your fingerlings to grow well, the water must have enough oxygen since it’s critical to fish life as it is to human life.

SNAIL FARMING: Back in the day, snails were easy to come by, you could wake up and find snails at your doorstep. As the population keeps increasing and forests are being cleared for construction purposes, snails have become scarce. Hence with this type of farming, you are good to cash out.

Many people might not love eating snails but keeping them for business is profitable. Starting snail farming does not require much effort. All you need is suitable conditions and an enclosed place to monitor their movement.

According to experts, an average snail can lay 86 eggs per cycle, and with an average of five reproductive cycles a year, each snail can lay 430 eggs a year making it a very lucrative business venture. Experts also say that, for your snails to grow well, ensure that your soil has enough calcium.

VEGETABLE FARMING: With a section of Ghanaians eating vegetables each day, this type of farming is sure to fetch you some money, Vegetable farming does not require any huge capital, just a piece of land and a few seedlings of the actual vegetable you want to produce.

In the cities where it’s difficult to own a big piece of land, it could be done in a small space on your compound. Vegetables like carrots, cabbage, lettuce, cucumber, green pepper, potatoes, and others could be done in your backyard provided the soil is suitable.

MAKE-UP ARTIST: Make-up is another lucrative business idea you can consider. There’s an occasion every weekend and every woman will want to be gorgeous before stepping out for an occasion.

Even though many women do their make-up themselves, a lot of them prefer their make-up to be done by a professional. Hence with this type of business, you are sure to make some cool cash out of it.

As a make-up artist, you don’t necessarily require a big space and money. You can collaborate with salons and other beauty joints to offer your make-up services or you could do house calls for your clients.

How Can A Beginner Start A Business
As a beginner, all you need to do is come up with an idea of exactly the business you want to pursue. As stated earlier, the business should resonate with your passion in order not to give up along the way.

A business cannot be successful without customers therefore it’s very important to know your target market. You need to research to have a fair idea of who your customers are likely to be and where they’re going to come from.

With this research, create a business plan, this plan will convince other people either to work with you or not and should anyone want to invest in your business, your plan is what will convince them.

Remember that your business needs a name, it might sound easier but there’s a lot to consider, more importantly, make sure the name has not been used by any other business and should also reflect your brand.

Your location will also play a key role in the success of your business but if your business is online, make sure you build enough social media presence. You can pay for advertising to enable your business a larger audience.

What Business Sells Fast in Ghana
Several businesses sell fast in Ghana. Some businesses generate more profit than others and are also not affected by any economic crisis. Below are some of the businesses that sell fast in Ghana.

SELLING ALCOHOL BEVERAGES: Many Ghanaians undoubtedly love taking alcohol probably at an event or home before they eat. Hence with this type of business, everyone in the chain, that is from the distributors down to small pubs or joints is making good money from this business.

SELLING FOOD: It’s difficult to stay away from food in a day, everyone needs food to survive. Therefore with this business, you are sure of getting zero losses and high profit. You don’t need a world-class restaurant to make money, operating in a small joint is enough to fetch you money.

TOILETRIES: Toiletries is one of the fastest-booming businesses you can engage in. The demand for items such as toothpaste, shaving sticks, diapers, toilet rolls, sanitary towels, and wipers is on the rise since it has become a major necessity among Ghanaians.

PHONE ACCESSORIES: We are in a technology age hence the demand for mobile phones is high. People are always in search of the latest phone to switch to whilst others look for parts of the phone to replace. Accessories such as phone cases, screens, screen protectors, batteries, and power banks are also in demand. As a young entrepreneur, you should surely consider venturing into this kind of business.

Source: Blackgh.com

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