With the current economic terrain, not having multiple streams of income is self-sabotaging. Nonetheless, entrepreneurship presents an equal opportunity for all to own a side hustle, either big or small.
The good thing about being an entrepreneur is that there are a lot of options that even with a low budget between 200 cedis to 2000 Ghana cedis you can still find a profitable venture to invest in and make a reasonable amount of profit.
There is no problem with starting small, most of the big Ghanaian companies we have today started small the likes of Osei Kwame Despite, Kofi Nsiah-Poku (Kinapharma) and Nana Kwame Bediako. The only problem is when you remain small, so I encourage you today to start from wherever you are and work towards being big.
Below are 7 Businesses You Can Start with a Low Budget Range of 200-2000 cedis.
All the business ideas stated here are flexible and convenient, you may not necessarily have to operate them yourself, but you can set it up for someone to run while yo keep your main stream job.
1. Fruits and Vegetables: The fruits and vegetable market in Ghana is a pretty huge market and if you position yourself rightly with a little bit of swag and brand you can be sure to make some good profit. For example, the demand for pineapple, banana, and coconut among others is huge. The good thing about this business is that with a little budget as low as 200 cedis you can start.
First, you must study your market area thus the location at which you want to establish your business and identify the kinds of fruits and vegetables that are in demand. Then you have to get a strategic location usually by a busy street, acquire some inputs like a table and chair, knives, toothpick, chopping board to start with. You can get the rest of the items as your business grows. Then use word of mouth to spread the news of your new venture, and some marketing strategies like giving discounts to your new customers can also be helpful.
2. Second-Hand Clothing and Underwears: Everyone wears clothing right? There is a huge customer base for clothing either imported or African made clothing. With a budget between 200 cedis to 500 cedis or more, you can comfortably start a small clothing business. Here there are varieties of clothing you can look at or specialize in, at the beginning level given that your budget is small. Either adult wears, baby wears, all males, all females or a mixture, you have to do your market research and see what would sell. You can look at baby clothing, teenagers’ clothing, or adult clothing. Either way, your customers will give you feedback on what products they would love to buy from you.
3. Footwears: Ghana like any other country, the demand for footwear is high, whether it is Adidas, Nike, Vans, or locally made shoes and slippers. With a population of about 26 million Ghanaians if not all, at least 2/4 of the population would demand some form of footwear that you would be able to trade-in. With a budget between 200 cedis to 500 cedis or more, you can sell Ghanaian made easy-wear, and slippers that are not expensive.
The ones that the cost price is not above at most 20 cedis so that you can also add a markup price to make some profit. You can start this way and scale up later. However, if your investment capital is up to 2000 cedis you can sell a variety of footwear, office shoes, designer wears, easy wears, and slippers. You can also add a shoe repair section to your business this is likely to bring in more customers.
4. Chop Bar or Mini Restaurant or Roadside Food Joint: Depending on your starting capital you can enter the cooked food industry as either a chop bar operator, mini restaurant, or a roadside food joint. Between 200 cedis to 2000 cedis, you can find a niche in the cooked food industry that will suit you. There is a huge customer base for food ranging from early morning Hausa Koko, waakye, kenkey and shito, kelewele, jollof rice, and fried rice.
If people can patronize expensive Kempinski hotel food, then you can be sure to get your own share of customers. All you have to do is to keep a clean and presentable environment where you sell. Add some swag and brand to your service, if it is Koko or waakye whichever kind of food it is, sell it with some difference. Your customer service should be on point coupled with your tasty recipes.
5. Retail Home Supplies and Provisions: There is an increasing demand for home supplies like toiletries, laundry care, dietary products (milk), milo, cereals, and beverages as families are increasing. Retailing these items is a good business venture to consider entering. However, it may require a significant amount of capital depending on the scale at which you want to operate. With a budget between 500 cedis to 2000 cedis, you can start a mini provision shop. You never know, maybe your small start-up today can become the next Shoprite of tomorrow.
6. Barbering Salon: Starting a barbering salon is a little bit more capital intensive than the already mentioned business avenues, however, it is a goldmine if managed well hence it is worth every investment. You can invest or start a barbering salon business whether you have the barbering skills personally or not. Without the skills, you can always hire barbers who will work for you.
At least your starting capital should be between 1500 cedis to 2000 cedis or more. If you have the barbering skills yourself there are three avenues through which you can make money. Your own personal barbering services you offer, that of your workers and product sales. However, if you don’t have the skills personally you can still make money from two avenues, selling hair products and accessories, and the barbering your workers make.
7. Catering and Pasteries Service: Another flexible and not too capital intensive business enterprise to consider entering is the catering business. With a budget range between 200 cedis to 500 cedis or more (2000 cedis), you can comfortably start a profitable catering business that would deliver value to your customers and earn you some money. The business is somewhat flexible, you can operate from home and it can be operated on part-time bases. Your customers would range from individuals having a wedding, anniversaries, birthday celebrations, and graduations ceremonies among others. With the catering business, you can also include making other kinds of pastries that can extend the reach of your market.
I hope you find this article helpful, kindly comment below any other business ideas you think can work within the budget range of 200 cedis to 2000 cedis.