There is no gainsaying the fact that most young Africans are fade up with looking up to their governments. even the ones in public service are not able to make up with present day living standard from their salaries alone. having an a business you can rely on for livelihood or as a side hustle has now become a means of making up to our present day living standard. in this article, we are going to look at Best 10 small business Ideas in Africa 2020.
Before talking about 10 low budget business Ideas in 2020, Lets start by Understanding what a business is, Our main types of businesses with respect to this article and the importance of starting and running your own business.
what is a business ?
A business can simply be defined as ” using available resources at one’s disposal to solve a problem a societal problem for a reward often times in the form of money”
Going by the above definition, an activity is not a business if it doesn’t (1) Employ resources, (2) solve a problem in the society and (3) rewarded. Therefore, to start a business, you need to identify your resources, the problem you are looking to solve and how much the society can give you back for employing your resources.
Types of businesses.
In this article, we consider 3 principal types of business
There are three major types of businesses: That is Services, 2. Merchandising Business and Manufacturing Business
1. Service Business
A service type of business provides intangible products (products with no physical form). Service type firms offer professional skills, expertise, advice, and other similar products.
Examples of service businesses are: salons, repair shops, schools, banks, accounting firms, and law firms.
2. Merchandising Business
This type of business buys products at wholesale price and sells the same at retail price. They are known as “buy and sell” businesses. They make profit by selling the products at prices higher than their purchase costs.
A merchandising business sells a product without changing its form. Examples are: grocery stores, convenience stores, distributors, and other resellers.
3. Manufacturing Business
Unlike a merchandising business, a manufacturing business buys products with the intention of using them as materials in making a new product. Thus, there is a transformation of the products purchased.
Why should you start your own business?
Flexibility, Build a personal brand, More spare time (eventually), Make more money, Set your own deadlines, Pursue your passion, are among so many advantages of running your.
10 low budget business Ideas in 2020
Grocery (food store) :
- People will always eat nor matter the economic situation. Groceries will always sell. so if you are struggling with what business idea to invest on, i will recommend you try Grocery business. The service is high on demand by individual customers and big supermarkets. It is an interesting business to pick up since some people are too busy to run all the errands, and such will become some of your happiest customers. Even more interesting, you can couple the business with other well-paying opportunities in the delivery line. taking it online or delivering at home will be of added advantage.
2. Laundry services:
Personally, I hate laundry and i know for sure there are thousands of people like me out there who don’t only hate laundry but are always willing to pay someone for that. If you are living around a rich neighborhood, you can start or advertise your business by printing a few flyers and distributing or going from door to door to propose your service.
This is one way through which you can make fast money in Africa. In starting the business, you do not need to learn additional skills except for a few requirements. Depending on your financial capability, you can set up a laundry shop or carry out the business on a domestic basis. The returns vary considerably based on your location and target population.
3. Hairdressing services:
With a salon or hair cutting experience, you can launch this business opportunity for a financial breakthrough. Consult with the local authority for state requirement compliance. You can equally brand yourself as a makeup artist and even open a massage parlor. The good thing about hairdressing is that you can establish yourself as a mobile service provider. It is, however, advisable to get a shop so your business can become more sustainable.
4. Affiliate marketing:
Affiliate marketing entails promoting company services and products at a commission. This business is not only easy to start but also easy to run. Start by selecting a product which you like and then start pushing it for a profit. It is arguably more accessible to start an affiliate marketing business if you have a website. Have a means of proving your success through statistics if you can persuade potential clients to use your service. With the advent of social media, you can start by creating social media accounts and pages to promote the goods in question.
Snapchat, whatsApp statuses, Facebook and Instagram stories have proven to be very useful tools in Affiliate Marketing. A good example of a business practicing this is ACCESS DOUALA in Cameroon
5. Babysitting services:
This business is as old as childbearing, making it a profitable and sustainable business for passionate business persons. Hit the road and make money through babysitting. Seeking advice from experienced persons will help you be an excellent baby sitter. Similarly, you can work as a nanny or tutor depending on the level of your skills. Alternatively, you can work as a baby’s teacher if you have all the required qualifications.
6. Restaurant business
Some people have money but do not have enough time to attend to their kitchen chores, which may include but not limited to cooking, vegan dishes, and diet meals for patient cases. You can earn a living by opening a small restaurant or attending to the personal chef opportunity. Same as groceries people will always look around for what to eat. NB: a restaurant business needs more level of personal hygiene and sanitation. always include that in your cost.
7. Web designs
Web design is one of the most luxurious Business in the 21st century. as a web designer, you don’t only make money from designing people’s websites, you are able to easily build your own websites to sell marketable products and make good money for yourself and family. You can equally become a web consultant. Many Africans are expressing interest in blogging. You can build WordPress templates for them or respond to different expert questions that surround WordPress setup, use and applications. Becoming a WordPress agent and consultant is a suitable business.
8. Social Media Consultancy
Social media is not only changing our long-established social landscape but also how we routinely engage in commercial activities. Almost every South African is an active user of prominent social media platforms such as Instagram, Facebook, Twitter, and WhatsApp among others. You can take advantage of the ever-growing online community by establishing your brand as a social media influencer. If you do not have the right skills to start this venture, you can look out and complete professional courses offered by Google and other affiliates concerning the niche. The possibility of this business opportunity is limitless and will undoubtedly earn you well. Even better, there are social media management tools already available in the market to make your work accessible and more comfortable.
9. Bridal Concierge.
Weddings and associated planning are tedious and often beyond the ability of both the bride and groom. If you have excellent organizational skills, you can tap into this field and build a strong portfolio in this high paying business opportunity. you can associate this Business with makeup and other related services and Charge people for perfecting their appearances and looks. You may receive well-paying clients including public figures and other invitations. The business requires relevant certifications, so get trained and offer this service professionally to make an earning out of it.
If you are interested in learning professional makeup, see post below.
10. E-commerce Store.
With a great product, you do not have to worry about a physical outlet space. It is now possible to sell your product online where marketing opportunities and tools are endless. Establish an e-commerce store and then strategize to become a leading seller. The good thing about this type of business is that you must not spend money in buying goods to resell. you can drop ship from a number of shops around.
Conclusively, these business Ideas vary over time and space. check around for the ones that can suit your location at a particular time. If you have another profitable business idea, please drop it in the comments box below.