According to recent reports from the Bureau of Labour Statistics, 20% of new businesses fail within the first two years, 45% of them don’t even survive the fifth year and generally, 65% of all new startups fail during the first ten years. The question is, what is the major reason for this failure? Little or lack of capital to continue running their business.
If the major cause of business failure is lack of capital and you’re about to start a business in Ghana with little capital, it means the odds are heavily against you. Well then, how do you plan, launch, and start a business in Ghana with little capital that will flourish and thrive? Consider the following five keys.
Businesses To Start In Ghana With Little Capital - Business To Start In Ghana With Little Capital title=Businesses To Start In Ghana With Little Capital style=width:100%;text-align:center; onerror=this.onerror=null;this.src='https://encrypted-tbn0.gstatic.com/images?q=tbn:ANd9GcR35nnM5M-f8HTCaV3rSHwGvAKoGUxY12fjKML1ua4CRIX3cQMBkdzgh255QRRDy-l5CgU&usqp=CAU'; />
One of the mistakes new startups make in Ghana is that they build their business on wrong assumptions which are not validated by market data. Your market is the target group of people that you will be selling to. Before venturing into your business, you need to understand the needs and problems of the target audience.
Most Profitable Business Ideas In Ghana 2023
You also have to understand your competitors, their pricing, their competitive advantages, and all others. You must get factual data from the grounds, access that information, and then develop a marketing plan to capture your target market. You should also consider picking a business that doesn’t involve so much start-up capital to start with.
Cash flow is king. To thrive in business, you need to develop a revenue model that will cause your business to receive consistent cash flow. If your customers are owing you GHS 15, 000 and you need just GHS 5, 000 to pay off current bills to keep afloat, and you couldn’t get those monies, you will be forced to borrow from others to pay off those urgent bills to keep your business going. If you couldn’t, you’re on your way out!
If you’re starting a business in Ghana with little capital, you’re already constrained. You need a business model that will generate cash sales—avoid credit— from customers. The more cash flows from your customers into your business, the better your business will stay afloat financially and grow.
How To Start Your Own Mini Importation Business With Little Or Zero Capital
Accounting is the language of business. Budgeting, forecasting, income generation, expenditure management, and general cash flow management, are all essential components of accounting. If you’re starting a business with a little capital in Ghana, consider leveraging free accounting software to keep track of your invoices, sales, and profit. You can monitor these numbers regularly to make changes in your business that will enable you to grow and thrive.
Good customers pay on time. They give fewer problems and enable your business to keep going. Bad customers buy your goods and services, delay for far so long, and siphon cash out of your business. Invest in guerilla marketing and attract more good customers who will buy your products, pay afront and keep your business going. You shouldn’t overspend on your advertising. It should generate more returns.
Two of the biggest expenses for business are labor and capital expenditures such as fixtures, furniture, and equipment. Good employees make your money, while bad employees waste your money. You need to plan and hire slowly and carefully to find the right person for your business. You should only hire when you absolutely have to. Also, delaying spending on the office until your business has come to the level where customers ultimately have to visit the premises or you definitely have to.
Ghana: 10 Best Business Ideas To Start In Ghana With Little Capital
7 Delicious Ghana Foods You Need to Try Ghana Foods are among the best you can find in Africa. Ghana is endowed with a lot of natural resources including good land for cultivating f...
How to Apply for a Schengen visa from Ghana The Schengen Area is a group of European countries that have done away with passport controls and other restrictive measures at their shared borders. This al...
Top 10 Ghanaian Musicians On Instagram 2022 If you are not on one of the biggest social media platforms in the world then you are truly missing out. Instagram is where all your favorite celebrities, fa...Ghana has a thriving economy and is known for its rich culture and friendly people. If you’re an entrepreneur looking for business opportunities here, there are many low-cost ventures you can start with little capital. In this article, we’ll explore 10 business ideas that you can start in Ghana without breaking the bank.
How Startup Brands Can Survive In The Digital Disruptive Age
With the increasing demand for online shopping, starting an online retail business can be a lucrative venture. You can sell a variety of products ranging from clothing, electronics, groceries, and beauty products, among others. To start an online retail business, you will need a website, a social media presence, and a reliable supply chain.
A mobile food business is a low-cost venture that can generate high profits. You can start with a small food truck or even a cart and sell food in high-traffic areas such as markets, schools, and busy street corners. You can offer a variety of foods, including local delicacies and international cuisine.
Starting a cleaning service requires minimal capital and can be done from home. You can offer cleaning services to homes and offices, and hire staff to help you expand your business. You can provide services such as cleaning floors, windows, bathrooms, and kitchens.
Top 6 Reasons New Businesses Fail
If you have a passion for social media and know how to create engaging content, starting a social media management business is an excellent idea. You can offer services such as content creation, management, and advertising for small businesses. You can help businesses increase their online presence and engage with their target audience.
Many people in Ghana have busy schedules and don’t have time to shop for themselves. Starting a personal shopping service can help them save time and get what they need. You can offer services such as grocery shopping, clothing shopping, and more. You can charge a fee for your services or receive a commission from the sales you make.
If you have a passion for photography and videography, you can start a business offering your services for events such as weddings, birthdays, and corporate events. You can also sell your photos and videos online or offer them to stock photo websites.
Ease Of Doing Business Index
If you are a talented writer, you can start a freelance writing business. You can offer writing services for websites, blogs, and businesses that need content for marketing purposes. You can write articles, blog posts, social media content, and more.
Starting a tutoring service is an excellent way to use your skills and knowledge to help others. You can offer tutoring services for subjects such as mathematics, English, and science. You can also offer online tutoring services to reach a wider audience.
Starting a personal fitness training business can be an excellent idea if you are passionate about fitness and health. You can offer services such as personal training, group fitness classes, and nutritional counseling. You can also partner with gyms and fitness centers to expand your reach.
Start A Business: 22 Low Cost Business Ideas
If you have excellent organizational skills and enjoy planning events, starting an event planning business can be a profitable venture. You can offer services such as planning weddings, birthday parties, and corporate events. You can also offer event decoration services and provide event rentals.
In conclusion, starting a business in Ghana with little capital is possible with the right business idea and strategy. These 10 business ideas are just a few examples of what you can do to get started. With hard work, dedication, and a solid plan, you can turn your business
Coleman Publications is an education-focused blog dedicated to credible News. We provide updates relating to Ghana Education Service, Articles in Education, Colleges of Education, Universities, Politics, Religion, Sports, health, and events across the education sector in Ghana and beyond. Our team of educators will publish nothing but the best and most trusted content to inform our cherished readers.Ghana, a country well known for being Africa’s richest country with a rapidly growing economy, also happens to be the second largest Cocoa producer in the World.
Profitable Business Ideas In Ghana With A Capital Of Gh5000 Gh10,000.
Culturally rich and economically independent, Ghana is often referred to as the ‘island of peace’. The country is popular for its picturesque beaches and lush green forests that serve as a home to a diverse range of wildlife. Considering the improving economical conditions of the country, we decided to bring about a variety of small scale business opportunities and investment ideas in Ghana. Accra and Kumasi are two cities in Ghana which is suitable for small business startup. The population in these two cities are 2.5 million and 1.7 million respectively.
Your business choice should not be restricted to a certain idea, instead you should allow yourself to explore beyond your limitations and boundaries. Utilise the most popular places and occasions in your country to make them your unique selling point. For example, setting up stalls at the Bugum Festival or the Gologo festival can be an interesting investment opportunity. Not only this but also the Accra great olympics which can be a good opportunity to promote your football academies. These 20 interesting and profitable business ideas do not require a heavy capital or a
0 comments
Post a Comment