We had to do a lot of research to come up with this list of profitable business ideas in Ghana. I bet to let you know that, these business ideas when carefully practiced as I’ve explained below can seriously change your financial and business life. Now let’s begin.
Prerequisites for Doing Business in Ghana
Before you begin to go full time into business, there are certain disciplines you should train yourself with. Among them are:
Financial discipline among others is a key principle that is not thought in schools. The majority of those who really know it got that gift from their families. You need to have a sound financial management else you will fail in business. It’s a fact.
Solid Business Plan
It’s sad how most businesses startup without a business plan. What they don’t know they’re missing. A good business plan can open up all the opportunities that are available for your idea. It does more than just become a written document. A business plan can even tell you whether to really pursue an idea or quit it. All you need is a good business plan template like the one in the just mentioned link and you are good to go.
Good People Management (Human Resource Management)
It is very unreal to start a business all alone and expect a bigger success than with a few people. No matter how your idea is, you need a few, if not more people to be involved directly or indirectly. Because of that, you need to know how to easily interact with people and get them to like both yourself and your business idea. This is very important because if no one buys into your idea or appreciates who you are, you’d be left alone struggling in the mud. Now, it’s your responsibility to go fishing for the right team that can skyrocket your business growth.
Two people can start the same type of business at the same time, with the same amount of resources. At the end of a specific period of time, one would outgrow the other; definitely. That is when personality comes in. No two people are the same in this world. There are no two ways about that. What kind of personality have you developed or developing for yourself in the business world? Most great businessmen and women are born with gifts for business. They know how to get along with their business for big profits. If you are one, you’ll understand. If you are not, you’ll need to train yourself, learn more, do more research and you’d get there.
Check this out: How to Make Money Online in Ghana.
List of Profitable Business Ideas To Venture in Ghana
Blogging (Internet Business)
This is first on my list of the profitable business ideas I want to talk about. Blogging is not for everyone. But if it may be for you, just like any other internet business, I urge you to go into it. Comparing the Ghanaian cedi to the dollar which is increasing on a daily basis you can make a lot of profit from Google AdSense. If the dollar is now 4.6 cedis as at the time of writing this article, any amount you make in dollars is four times your currency.
You determine how much you make by how smart and hard you work. This is seriously a very rewarding business. Startup capital required: Low.
Banking is a very profitable business anywhere in the world including Ghana. I strongly believe that the banking system is making more than enough from the entire human race. Check out how banks create money from this link. It requires a lot of investment but it pays off in the end. Usually, it is best to start in small towns and villages. Startup capital required: High.
Agriculture is wrongly practiced and perceived by most Ghanaians. We have been made to believe from childhood that farming is for poor people. This is because, a majority of the farmers in the country practice peasant farming – farming to feed their family only. Meanwhile farming when done on a large scale with the right methods can bring more profits than you can expect. Don’t forget that the more you invest in a particular business, the higher the profit margin. If you have the interest in farming, I’d advise that you pursue it, and on a large scale be it plantation, poultry, livestock, vegetable or fish farming. Startup capital required: Medium to High.
Starting your own school may be quite difficult but a good step to financial freedom. This business is more of having a solid brand, providing quality service, and having a good management skill set. If you can really look after people’s kids well, I can assure you that you’d go into this and succeed. Though the beginning may be a bit difficult if you lack some startup capital, I still urge you to start. You can do it. I believe that there is no mountain so big for man. Whatever you dream of, you can accomplish it. Startup capital required: Medium.
All the businesses I’m listing here may be difficult to start, especially for low, and middle-income people, but you know what? If you can take the risk to start something that is difficult, the benefits that will come out of it can change your life forever.
I wouldn’t add cheap businesses like selling of credit cards and stuff like that to my list because though you may make profits, you end up locking yourself in a specific scope of profit that may never increase just like working for the government or for other people. In choosing the profitable business ideas, go for one that can get you exponential income from time to time.
That means your profit graph will always be moving upwards instead of stagnating.
This part of the article talks about the qualities you need to start a business and four of the 9 business ideas. Read the next part of our profitable business ideas. See you there.