What are the most profitable business ideas in Ghana today? What exactly makes these businesses so worth going into?
Starting a Lucrative Business in Ghana
Before we get into 10 of the most profitable business ideas to pursue in Ghana, we can identify 5 main factors that make a business lucrative and worth your consideration
1. Personal interest
As an entrepreneur, you’ll do better in a business venture if what you’re doing resonates with your “personal calling”. You may start something, but if you don’t believe in it, then regardless of how profitable it may be, you might not be able to follow it for the long haul.
2. The existence of an entry barrier:
Even though this determines the ease with which you can get set up, it also tells of how much competition you’ll have. A business with a low entry barrier is often saturated with so many half-baked setups. It’s often very difficult to stand out in such a niche.
3. Nature of the market — Semblance of a subscription model:
How often do your customers need your service or products? Do they require it frequently? Is this something they can do without? Is the service you provide something that a customer could use continually and make payments recurrently? If so, then your business could be so profitable just by the nature of the service you provide.
4. Startup capital
This can be an entry barrier, which reduces saturation in the niche, but if it hinders your ability to get started, then you cannot overlook it.
According to Investopedia, you can think of scalability as your ability to grow as a company, when you are faced with increased demand for your products or services, how easily would your structure and resources be able to meet the demand.
So scalability is the ease with which your business can expand without being constrained by your structure as a company. Can you easily hire more workers and increase your team? How much of what you do as a business can be delegated. If this is something only you can do… then the scalability is low.
Business Ideas in Ghana 2021
1. Poultry farming
Number 1 on our list of most profitable business opportunities in Ghana would be poultry farming. With minimal funding mainly to acquire land, farm structures to house themselves birds, agro-inputs like feed, fungicides, and other medication, day-old chicks, and a few farmhands as caretakers, a profitable poultry business can take off.
- You would require adequate security on your premisses to avoid theft
- A clean farm environment is needed to avoid infections.
- Continual income from the sale of eggs
- Very scalable
2. Snail farming
One business with a faithful demand base is snail farming. Similar to poultry farming, the initial capital can be very minimal
3. Vegetable farming
The demand for basic vegetables never dips. In fact, the prices of vegetables in our local markets are known to always rise. what is lacking is always imported from neighbouring countries.
Do you have a sizable farming area and access to a source of irrigation? Then you should definitely consider going into vegetable farming. Produce like onions, tomatoes, garden eggs, carrots, etc, always have a ready market.
Fourth on our list of most profitable businesses in Ghana is owning an Uber. With as low as 16,000ghs to 40,000ghs, an extremely profitable business can take off. The attraction of Uber is that the returns are quick and amazingly very high. If you fund your uber taxis with a loan, you can easily pay it all off within a few months.
- You would require trusted drivers
- High startup cost
5. Day Care Center/Basic School
An elite educational centre is so profitable in Ghana that any entrepreneur who invests in it can expect to become rich, provided you are ready to invest some effort into providing value-for-money
- Needs investment in decent classrooms
- Requires trained and faithful attendants and school managers. Such people seem to be found only through months of training and personal investment and coaching
- As a services industry, it requires reputation management and good human relations with parents and the community.
- Difficulty in balancing receivables requires that you hire a strong accounts person and you offer value to defuse rumours of being heartless towards Defaulting and non paying parents
- Ruthless competition
- Officialdom and employee social security
- Like any subscription business model, the profits are amazing.
6. Photography services
With the advent of social media, every business and literally every public figure or a famous person needs professional and well-edited photographs. And they need them multiple times every few days for social media and content creation purposes.
You can easily see why the photography budget of modern weddings alone can justify the profitability of a photography services business.
In some of Accra’s best photo studios, 5 pictures cost 100ghs. Roughly having just 10 customers a day will make you a thriving and profitable business. Add some proper advertising and home service, and you can an industry leader in just a few years.
- May requires setting up a good photo studio in a business district.
- Requires skilled photographers and image editors
- Requires professional cameras and equipment
- Can be successfully run as an online business
- Easily scalable
7. Barbering Saloon
One business venture we can bet on is operating a barbering salon. You’ll need a well-furnished shop and a couple of skilled workers, and you; be good to go. Add some quality branding and offer professional service, and you can attract all the middle class in your city.
Think of scaling your barbering saloon by running shift working hours for your team, and spreading out to other operating centres. You can also use technology and business improvement services like loyalty cards and coupon systems. Offer special home service for clients at extra fees.
8. Gym/Fitness Center
Gyms inspire the subscription business model identified as a prime mark of a profitable business. Healthy living has become a need for many city dwellers. Start a modern gym in any residential suburb of Ghana, and you can quickly run a very profitable business.
9. Food and Drinks
This can take the form of restaurants and small beverage-making businesses. Many of them produce packaged local juices, cereals, pastries, etc. Catering services are actually a most lucrative service the world over. what makes it so profitable is the cost of preparing the food or drinks is always a small fraction of the revenue. With just a little understanding of Home Economics, you could easily make over 400% profit.
Garnish your business location and add a little good business decision-making, advertising, and branding, and packaging, and the return on your investment will skyrocket in no time.
10. Real Estate
We added this last because the version of real estate that makes long-lasting profits goes beyond just being a middle-man between property owners and renters.
In Ghana today, any form of acquisition of land and buildings for rent or sale is immensely profitable. The margins are simply unbelievable.
Besides residential apartments and townhouses, roadside stores are such hot cakes in many of Ghana’s cities.
If you own a chain of stores in Accra, you can be sure to make so so much.
- The high initial investment in land and construction works.
- The most profitable versions are the well-furnished properties with all needed service utilities and amenities
- Land litigation
These are 8 of the most profitable small business opportunities in Ghana we could come up with. What are your thoughts on them: and what would you add or take off this list. Let us know your thoughts in the comment section below. Thank you