25 profitable business ideas in Ghana in 2023 listed and explained
What do Jeff Bezos and Elon Musk have in common? Aside from their wealth, which is billions of dollars, they established powerful business empires that make billions in revenue every year. And it all started with the conception of an idea, which they followed through. First, you must come up with an ingenious idea, win the hearts of the masses, and then make millions in revenue. So, what profitable business ideas in Ghana can you go for?
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What happens when you have not been absorbed into the job market like most people? Do you sulk at the unfortunate incident or make things happen? The latter is the direction to take, and if you put your best foot forward, you might be impressed at the small business ideas in Ghana.
Fortunately for you, you don't have to start from zero, as there are business ideas out there that you can mimic and tweak to suit your interests. So, where should you start?
25 profitable business ideas in Ghana
The best way of starting a business is learning from a mentor how they did it. They have been there and done the business, and the insights they give are probably going to be revolutionary. It is the best way of maximising your opportunities as you start creating your lucrative business in Ghana. What start-up ideas make sense in the 21st century?
1. Taxi business
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A taxi business will always make you money as people never stop moving around. You are assured to ferry clients from point A to point B throughout the week and even at weekends. Thanks to technology, apps like Uber and Bolt have made it easy to register as a Taxi driver and run a good business.
You only need a little capital to buy yourself a car or even rent one, and you are good to go. The best thing about using these apps is that they can help build your rating as a driver. The higher you are rated, the more people want to use your vehicle.
2. Catering services
Do you trust your skills in the kitchen? Do you enjoy cooking for people? If your answer is yes, you need to be in catering. It is one of the profitable business ideas in Ghana as Ghanaians enjoy some excellent food, and a nicely prepared home meal by a skilled cook is the best thing.
This is one of the businesses that require low capital, as you can start with the cutlery you already own. Then, as you make your delicious food, remember to make the packaging appealing. Your food should taste as lovely as it looks.
3. Poultry farming
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Chicken rearing and any other type of poultry farming require little effort to run and is one of the best businesses to start in Ghana. With the way Ghanaians enjoy their meat, you are sure to make some good money from keeping poultry. There is always a party going on that will require the meat.
Eggs are also a favourite among Ghanaians. The best thing about this type of farming is that you do not need to have a lot of money or chicken to start. You can sell the meat, eggs, or even the chicks.
4. Home tutoring
Home tutoring may not be a famous, but home tutoring can make you serious cash if you love books and can teach well. In addition, subjects like mathematics and sciences are often tricky for many students. If you enjoy these subjects, talk to any parent with school-going children and pitch your idea.
You can even start your home tutoring services if you happen to get a good number of students. Some subjects are too technical, so you can make a rate card where you charge the complex subjects more than subjects seen to be easy.
5. Fish farming
Everyone loves eating fish. Many Ghanaians enjoy some quality fish in their meals. Fish farming may seem like it requires a lot of energy to run, but the opposite is true. With just a little space and a pond, you can start with the little money in your savings.
Things to consider are a good location for your farm and a good water source. Your fingerlings should also be healthy. Finally, decide on the type of fish to keep before making any purchase. Tilapia fish is a good choice for those starting.
6. Photography
Social media has made everyone crazy about taking pictures and has made photography one of the best business opportunities in Ghana. With a quality camera, you can make a killing just by taking photographs. So, be creative even when taking pictures and make everything exciting.
Ghanaians are not shy about spending money on things that excite them. So, build your catalogue online, and soon you will become a personal photographer to someone. Take great pictures of parties or other celebrations, and your work will get you dozens of clients in no time.
7. Frozen food shop
These types of shops are beginning to be popular in Ghana. For example, a frozen food shop has frozen foods and then sold later to people who want the easy way out when preparing meals. Learn your market and get the foods you think people will buy the most.
Beans and other cereals are common as it takes a while to boil and prepare. You can also sell meat and other things. Another great thing is that you can run your frozen food shop both online and offline.
8. Daycare services
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Look around, and you will notice mothers always looking for babysitters as they go on with their businesses. Starting a daycare is a great idea as all you need is a lovely room where kids can comfortably stay. You also need to love children and know how to take care of them.
The main supplies you may need will be toys, cleaning items, and comfortable chairs. The place your daycare is in should also be neat all the time as children can easily get infections.
9. Micro-lending
This may require you to have a crazy amount of capital, but there is no harm in trying. Many Ghanaian businesses take loans time and again to help run their businesses and make investments. Some small and medium-scale enterprises cannot easily access bank loans, and that is where your micro-lending comes in.
This business may seem risky and needs one to have a background in finance and accounting before anything else. It would help if you also did due diligence on everyone before giving them money.
10. Event planning
Event planning is an exciting venture and amongst the top business ideas in Ghana that will never have you broke. Starting may be a bit of a challenge, but once you are on your feet, you are set to be one of the wealthiest entrepreneurs in your area.
There is always a birthday somewhere, a baby shower, a graduation party, and all types of celebrations throughout the year.
Learn a few things about planning and making your events distinct. The better you make your events, the more client referrals you get.
11. Heliciculture (Snail farming)
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Many people may not love snails but keeping them for business is profitable. You will only need a small space to keep edible land snails, primarily for human consumption or cosmetic use. It takes 6 to 16 months for a snail to mature.
Like fish farming, you need to decide on the snail species to keep and choose the best food for them. For your snails to grow well, ensure that your soil has enough calcium for the snail shells.
12. Scrap metal recycling plant
Walk on any street, and you will see how many scarp metals just lay bare. A scrap metal recycling plant is profitable as some companies are always looking for these metals. You only need a small area to collect your metals before selecting and sorting them.
You can collect everything from aluminium cans, car rims, copper, and radiators from air conditioners. The raw materials you generate can be used in different industries. Scrap metal recycling plant can make you good money like any manufacturing business in Ghana.
13. Dry-cleaning
Doing laundry can be challenging for busy people, and therefore it is a lucrative business in Ghana. With an affordable dry-cleaning agent in the area, many people will choose to bring you their dirty laundry for cleaning every week. As a result, the dry-cleaning business is quickly picking up in Ghana and making entrepreneurs rich.
14. Driving school
Driving schools will never run out of clients as people always want to learn how to drive. Given the nature of this business, the registration process and logistics may be overwhelming for a young entrepreneur. You will have to register and acquire specific certificates from the relevant government bodies.
Once you are registered, you can introduce classes for different vehicles. Companies are always looking for drivers, and people are always looking to buy cars. You are assured of a steady client flow if your driving school gives the best lessons. It will be better if you are a skilled driver before starting.
15. Make-up
Make-up is one of the most rewarding small business ideas in Ghana. Women regularly want to look glam and cute when going out. So many women do their make-up though some are not professionals in this.
As a make-up artist, you can collaborate with salons and other beauty joints to offer your make-up services across the town. You can also do house calls for your clients. Learning how to be a good make-up artist is not complex, as there are resources like YouTube that can help you perfect your skills.
16. Gym/fitness centre
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Gym fitness is an excellent business in Ghana. However, it would be best to market your fitness centre in Ghana and creatively strategise to increase your investment's chances of getting a massive return.
Therefore, you must figure out the fitness niche you want to venture into. And you can choose between speciality fitness centre, traditional gym, medical fitness and wellness centre, family fitness and wellness centre and others.
17. Real estate
One of the most extraordinary things about real estate is its high probability of appreciating over time. Real estate property includes land, buildings, fixtures, structures, and utility systems. As a result, you can create a real estate management venture to sell and manage properties.
You can enter the real estate venture as a brokerage, property management, sales and marketing, lending, or a professional service provider. Figure out what works for you and progressively build it into a lucrative business in Ghana.
18. Auto mechanic garage
If you are a skilled mechanic and have what it takes to service automobiles, you can open an auto mechanic garage. Then, who knows; your garage might become the biggest in Ghana with branches all over the country?
After all, cars always need service, and your venture will facilitate this regular service. First, however, you must have in-depth knowledge of advertising marketing and be conscious of start-up costs.
19. Mobile phone accessories retail/wholesale
Imagine how many people need mobile phones in Ghana. Now, envision a retail or wholesale store that sells or distributes these phones and accessories. It is an excellent venture, hands down, but of course, you must be strategic on how you run it to make profit.
Also, you can source capital from any investment bank, or microfinance institution that you find meets your unique needs. If you do everything well, you will have a lucrative business making millions.
20. Building materials outlet
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Construction is one of the biggest businesses in Ghana because of the ever-growing demand for building materials. Every building or infrastructure coming up in any region requires material, which can be sourced from your outlet. Just imagine the profits you will enjoy once you focus on this profitable business in Ghana.
21. Courier/delivery service
With the increase in online shopping, people in Ghana require a reliable courier service that can safely deliver their packages at home. That is why a courier/delivery business is one of the best business ideas in Ghana.
22. Outdoor advertising
Outdoor advertising is an excellent way for small and large organisations to create awareness and stay in the entrepreneurship scene in the country. Therefore, it is a great idea as you will have many clients looking for your expertise.
Outdoor advertising mainly involves billboards advertisements placed strategically in high traffic areas to attract interest.
23. Beauty products retail centre
A beauty products retail centre is among Ghana's most profitable business ideas. Why? Everyone wants to look good and, in their quest to make their hair and apply make-up, buy beauty products. And guess from whose store they are going to source? Yours, if you capitalise on the idea early and expand to reach every corner of Ghana.
24. Light manufacturing industry
Light manufacturing involves processing, fabricating, assembly, or disassembly of items within an enclosed building. It is a great idea because it doesn't limit one to a particular product, and one can go for apparel, food, drapes, clothing, accessories and more.
25. Travel agency
If you love travelling and are a great planner, you can start a venture offering people planning services. This way, you can make money while helping people have great experiences. The good thing about this business idea is that it only requires human resources and no physical stock.
Also, it is an inexpensive business whereby you can get away with limited staff and low set-up costs.
Which business can make you rich faster?
Gaining wealth in business is a gradual process, which the investor or entrepreneur must master to make the most out of. However, if you are looking for a way to make money faster, you can go for certain business ideas like:
- Freelancing for Professionals
- Food & Beverage Business
- Blogging
- Boutique
- Digital Marketing
- Custom Jewellery
What do Ghanaians buy most?
Did you know that Ghanaians spend a lot of money buying certain products and services? Ghana residents are spending on food products, healthcare products, home and personal care products, apparel, electronics, building hardware, and more. Therefore, if you are planning on setting up a business, it is better to focus on such fast-moving products.
What business can I start with 1000 GH in Ghana?
While a lot of businesses require massive capital, some are quite easy to start if you have the right expertise and interest. So, what business can you start with 1000 GH? You can venture into fashion design, laundry services, photography, saloon business, blogging and more.
As a budding entrepreneur, you are advised to be solution-minded. Therefore, take any challenge as a learning opportunity and expand your knowledge in your area of specialisation. Several profitable business ideas in Ghana have seen young jobless youth grow their small business to empires.
DISCLAIMER: This article is intended for general informational purposes only and does not address individual circumstances. It is not a substitute for professional advice or help and should not be relied on to make decisions of any kind. Any action you take upon the information presented in this article is strictly at your own risk and responsibility!
READ ALSO: Top 10 richest companies in Ghana 2021
Are you searching for the wealthiest companies in Ghana? Yen.com.gh featured an interesting article about the country's richest firms, and you will be amazed by the ones that make the list.
For instance, Scancom (MTN) easily tops the list as it is part of many people's lives in Ghana. The company was responsible for 7% of Ghana's GDP. What other companies have immense wealth in Ghana?
Source: YEN.com.gh