By Barbara Esinam Bonney
The state of the Ghanaian economy is a very tough one for entrepreneurs although there are many government and nonprofit organizations who have invested in creating opportunities for startups by providing financial aid, creating business networking events for sharing ideas, and having award shows to motivate hardworking entrepreneurs. The main challenges of entrepreneurs or business starters in Ghana is funding, and interestingly, you can begin a business with as low as GHC20. Ideally, you should make profits to be able to expand your financial input into the business. Here is how you can become a CEO starting from a budget as low as 20 cedis.
- Sachet water retailer: You can buy a bag of sachet water at GHc3 and sell one 200ml at a standard price of ghc 0.20ps. This would give you a profit of ghc2. Water is always in high demand, so certainly you will never encounter a loss.
- Selling thrift clothes: There is a lot of money to be bagged in the thrift clothes selling business. Many people do not have the financial muscles to pull off a 500ghc dress from the boutique and you can be the solution to their problem. First find your ready market, buy two nice straight dresses at 10ghc each, and sell them at 14ghc. This should give you a profit of 8ghc. Plough back the profit into your initial 20ghc amount and add another outfit. Have a social media presence and find a captivating name like “Akos Affordable Wears” to be able to reach a wide range of customers. With time the business will expand.
- Sell fast food: Anytime the conversation of selling fast food comes up, people think about setting up a restaurant/food joint and so on. But you can sell fast food in the comfort of your home at the initial stage. All you need is your home kitchen and a filled gas cylinder. Tell your family and friends to tell their friends. Let people pre – order the food from your list by making payment and use that money to buy the necessities for the meal to be complete and deliver it to them.
For these businesses to thrive, you have to brand them extremely well, and learn more ways of increasing efficiency. Good luck!