New business ideas in Africa

New business ideas in Africa

Africa is a highly resourceful continent with so many business ideas that have already been converted into lucrative businesses. So how do you offer new and unique business ideas in Africa in a market that has already been saturated? Everyone will tell you the continent is a land with so many untapped business opportunities. What most successful entrepreneurs will also tell you is that to succeed in any business you must have passion. But when it comes to Africa, the most important factor is to ask the right questions about the problems that Africans experience frequently.

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Which are the new ideas currently?

New business ideas in Africa provide solutions to not only the problems that the continent is facing now, but also open minds of different individuals to see opportunities where others only think of the risks. For most ventures, you don’t need a lot of money to start your dream venture as there are many profitable business ideas with low investments.

Here are some new business ideas in Africa to inspire you.

1. Insect farming business venture ideas

The growing demand for proteins has caused most African countries to turn to insect protein; making insect farming one of the profitable and most successful small business ideas in Africa.

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Food and Agriculture Organisation (FAO) estimates that by 2050, commercial feed production will have increased by 70% to meet the ever-growing demand for protein consumption. In the meantime, meat prices continue to rise all over the world.

The search for alternative proteins is a major issue that affects Africans especially those frequently hit by food shortages. Insect farming posses as a viable business idea in Africa as its one of the main ingredient found in both fish and animal feed.

Aquaculture is also one of the fast growing protein producing sectors in Africa, and the farmers will need plenty of fish meal to keep up with the consumer demand. Another example of where insects play a significant role is in commercial poultry farming. Insects are a natural source of food for poultry. Insects are not just for farm animals; edible insects are nutritious, healthy and also a major delicacy in many local African parts which makes them money makers. In South Africa, the annual trade value for an edible insect called Mopane worm is more than $85 million.

With over 1500 edible insect species found across Africa, the overall value is excellent and these locally available protein sources can fetch high prices in both local and foreign markets. Some of the highly demanded insects in Africa include the grasshopper, Mopane worms, termites, crickets, locusts, and palm weevil larvae.

These insects can be cooked, eaten raw or processed into powder. Some of the African countries that have embraced insect farming are Kenya, South Africa, West Africa, Uganda, Zambia, Zimbabwe, Congo, and the Central African Republic.

2. Yoga instructor – One of the cheap business ideas in Africa

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A simple search for yoga in Africa will lead you to agencies like the Africa Yoga Project. The mere lack of extensive information on the continent practicing yoga goes to show that this can be one of the best entrepreneur business ideas in Africa. While opening a gym may be capital intensive, with yoga all you need is adequate space where your clients can freely pose in different ways and you can either provide the mats or ask your customers to bring their own.

While yoga is known and practiced in urban centres especially in well to do areas, it is yet to be popular in rural areas and low income neighborhoods. As a guru in yoga, you can offer training programmes where you can teach private classes and even franchise your yoga business in the future. What’s great about this business idea is that once you expand, you can train or teach other people in unexpected places like schools, hospitals, prisons and even in a gym.

As a yoga instructor, you can earn lucratively by teaching just a few classes. Yoga is practised in different parts of the world, and there is no reason why so many African countries should not embrace this business idea considering that it also has physical and spiritual benefit.

3. Podcasting business ideas for students in Africa

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Are you an African student who is looking for new business ideas? A business opportunity is realized by finding out if there is an unmet need in a particular location. While you can replicate methods that successful online business have used; its best to look at what you can do differently than your competitors to reap maximum profit. One of the best business ideas for students in Africa is to be a podcaster.

Most individuals in the continent spend a lot of time on their social media pages so you can use that time to grow your audience and promote your podcast which can eventually result in lucrative advertising deals from well-known brands.

The larger your podcast audience, the more sponsors will be willing to pay for placement on your show. Podcasts can cover any topic from cryptocurrency, family life, fitness to the best vacations. Great sums of cash are spent on advertisement deals placed on podcasts, and this is expected to increase in future.

Therefore, as you reach your target audience through podcasts, you can monetize your stream through sponsorship deals and ad placements. And for this business, all you need is a topic for your podcasts, a voice recording app, and editing app and an online platform to host your podcast.

4. Online store selling African inspired products

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As Ankara fashion continues to trend in the recent years, designers have been coming up with new styles that have captured even the international market. African prints just don’t work on clothes, but also on bag packs handbags, wallet, shoes, sofa pillow cushions and many more products, making African inspired products one of the viable low capital business ideas in Africa.

You do not need to be a designer to venture into this business, and the local demand for African wax print is high. So, you can buy African inspired designs then sell them online on your website or social media pages. Notably, this African print business has the potential to hit significant sales levels.

Another incredible part of this business is that the raw material can be sourced locally, which translates to convenience and better quality. Also, the shift in consumer taste where a growing middle and upper class have a preference for locally made items makes African inspired designs a profitable investment opportunity. With this business idea, you can help empower African artisans as well as offer a unique shopping experience to both local and international customers.

5. Digital health solutions-entrepreneurship ideas

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profitable business ideas with low investment
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Thanks to the available fast internet connections in many parts of Africa, digital health is becoming a booming business. Companies in the sector tend to make deals worth millions if not billions of dollars. Unlike the old day where most sick patients had to rely on brick and mortar healthcare system to get prescription, digital healthcare is providing easily accessible health solutions.

Smartphones have also become a must have for a large population. This means that different African countries are getting on board on the use of innovative technologies to provide low-income earners with timely and quality healthcare solutions.

While some health care business requires experience and the necessary medical certificates, entrepreneurs with a health or medical background can make use of a smartphone to provide a paperless system of issuing and handling medical prescriptions. If you have skills in app development, you can create a healthcare app that helps to offer medical billing services while ensuring that healthcare practitioners and doctors get paid.

Another idea is to create a system that makes it easier for healthcare professions to share data either with each other or between different health centers. Entrepreneurs that lack the necessary health knowledge can venture into this business by forming a partnership with more experienced individuals.

6. Food trucks money making business ideas in Africa

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It’s a fact that big restaurants and food brands cannot open their franchise in every corner of the street. As a result, opening a food truck business is one of the best ideas that restaurants can adopt to promote their flavour and maximize the number of customers they can reach. Food trucks do not have geographical limitations which means you can cost-effectively showcase your food product and even reach new consumers.

As an entrepreneur, you won’t just focus on using the food truck to sell food. You can use it as a billboard to advertise a client brand or products. You can also use the truck to provide outside catering services for private parties, at food markets or ticket events. This business idea works for people who don’t have the capital to start a restaurant.

This venture also helps to reach clients who do not have time to go to a specific restaurant and eat their favourite meal. Instead, the restaurant comes to them in the form of a food truck. Recent research shows that by 2030 most meals eaten at home will be ordered online or delivered from central kitchens and restaurants.

7. Online delivery retail business ideas

If you can remember a few years ago the only food you could order and have it delivered to your doorstep was pizza! But, the food industry is changing at a fast pace and fast food delivery services has just started booming in various African countries.

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This business can be very lucrative for those who own restaurants. However, if you don't have one, you can still venture into the lucrative industry by starting an online food delivery company which will serve potential clients in any destination as requested by your clients.

You don’t have to focus solely on food ordering and delivery; you can extend your services to include grocery delivery, restaurants booking, home deliveries as well as office deliveries. You will need a car to deliver heavy goods, but for faster delivery in remote areas, the readily available motorcycle can be a cost-effective choice.

While this business is not new, what makes it unique is that you can focus on delivering healthy foods and grocery shopping from supermarkets. Because most people are now focusing on healthy eating, you will reach a whole new target market for organic foods.

8. Digital content streaming services- emerging business ideas

Africa has one of the fastest growing content streaming markets globally. A recent Pay TV report shows that the number of Pay TV subscribers in Africa will increase between 2017 and 2023 to reach 40.89 million and pay TV revenues will rise to 41% by 2023.

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Taking these numbers into consideration, it’s safe to say that the idea is a lucrative one.

While the growth for traditional pay TV has been impressive, there is still money-making opportunities for those providing online streaming services that will meet the needs of evolving customers who look for speed and convenience for their content delivery channels. Instead of being a cost burden, the modern online content streaming services will grow to support the users changing needs.

Through a software-based security solution, entrepreneurs can deliver secure content across many devices without any piracy and security risks. This has to be accomplished without the use of hardware dependencies which are so common with many African households that use pay TV

By taking advantage of digital migration, the massive increase of subscribers for digital content and the decreasing data costs and home internet connectivity; online streaming providers can enjoy robust profits and growth.

9. Fun education business ideas-makeup tutorial

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If you are searching for new business ideas in Africa that don’t require any capital, then make use of the social media followers and unique skill that you already have! We live in a world where makeup sells, and everyone wants to look attractive regardless of gender. To capitalize on this, vloggers are putting up tutorials where they mention or review specific brands.

What makes this business idea new is that as an African savvy content creator with a huge social media following, you can use your skills to showcase locally available beauty products made only by Africans.

Jumping on a new business idea can be scary and sometimes due to the risks. But with the right information and commitment, many business ideas in Africa not only end up profitable, but also rewarding in the long run. All you need is to do extensive research and follow your passion. The above-listed business ideas in Africa don’t need extensive experience or lots of money. You can begin with a part time or full time business depending on your schedule.

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Source: Yen.com.gh

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