How to start a business with 500 Ghana Cedis
Did you know that you can start a business with 500 Ghana Cedis? You can invest in the fastest growing business in Ghana that requires low starting capital to minimize the risk of making a loss. Your salary will never be enough. For this reason, you need a second source of income to complement the salary. Brainstorm to come up with as many business ideas for 500 Ghana cedis as you can that will interest you.
Source: Original
500 hundred cedis are enough for you to grab wholesale business opportunities in Ghana. Create a business plan. In the business plan, decide the amount of capital you need to finance the business. Use your savings or borrow from a friend or a family member. Formulate marketing strategies like advertising on social media, call or SMS people you know and send samples as gifts to potential customers.
What business can I start with 500 cedis?
Are you in need of a profitable business to start with 500 Ghana cedis? There are many fast-moving items to sell in Ghana that you can invest in and start a business with 500 Ghana Cedis. Here are some of the most profitable small businesses in Ghana:
1. Phone repairing
Source: UGC
If you already have the skills, you can offer phone repair services. Concentrate on repairing Smartphones alone because people who own Smartphones are more than those who own iPhone's and tablets. Here is a list of services you can offer to Smartphone owners:
- Camera repair
- Screen replacement
- Water damage repair
- Battery replacement
- Motherboard repair
- Home and power button replacement
- Charging port replacement
- Full diagnostic services
Phone spare parts and their prices slightly differ with the brand. Do not invest in providing Smartphone spare parts for your customers to cut down on the starting capital you need. Request your customers to bring their spare parts as you recommend trusted sellers that they can choose from.
Alternatively, include the price of the spare parts in the amount you will charge the customer for repair services. Insist on getting a down payment (payment for the spare parts) before you repair the phone. The final payment will be the cost of your repair services.
The site www.mobilecellphonerepairing.com has all the phone repair tools that you need. At the same time, you can find essential and affordable phone repair tools at www.fonefunshop.com. Here are the tools and their prices included:
- Screwdriver Kit: ₵62.70 (£9.99)
- Phone tweezers: ₵52.28 (£8.33)
- Phone disassembler: ₵20.90 ($3.33)
- LCD screen tester: ₵31.38 (£5.00)
- Craft knife: ₵41.80 (£6.66)
- Soldering accessories: ₵20.90 (£3.33)
- Multi-meter pen: ₵36.59 (£5.83)
- Precision wire cutter: ₵26.04 (£4.15)
- Anti-dust wipes: ₵47.01 (£7.49)
- Battery charger and activation tool: ₵78.40 (£12.49)
- A hand-held magnifying glass with LED light lamp: ₵20.90 (£3.33)
- Toolbox (for storing your tools): ₵ 41.80 (£6.66)
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2. Baking cakes using a gas stove
Source: UGC
Cakes are yummy! Not everyone can bake; hence they need your services. If you have a refilled gas cylinder and burner, prepare and sell cakes in the neighbourhood, to friends and colleagues. Use your kitchen utensils and equipment. Below is a list of kitchen items that are vital for home baking.
- The flour filter at GH₵44
- A set of cooking pots at GH₵100
- Measuring cup at GH₵50
- Hand-held stirrer at GH₵11
- Bowls at GH₵35
- Kitchen towel at GH₵27
Create a budget for the following ingredients or the ingredients that are on your recipe. Save money by buying one or two ingredients where there are several alternatives:
- Eggs
- Yeast
- All-purpose cornflour
- Salt (omit it if you will use yeast recipes)
- Fat: Butter, shortening, margarine, or oil
- Liquids: Milk, cream, buttermilk, or juice
- Sweeteners: Brown sugar, molasses, honey, or jams may
3. Phone accessories business
Source: UGC
A phone accessories business is profitable and is one of the fast-moving items to sell in Ghana. It can be merged with a phone repair business. You do not need phone repairing skills to start this business because you can do it alone. Alternatively, partner with or employ someone who has the phone repair expertise to draw more customers to your business.
This business idea is a great way of how to start a business with 500 Ghana Cedis. You need to buy the accessories in bulk because the wholesale price per item is lower than the retail price. You can find good retail prices of phone accessories at www.jumia.com.gh. Invest in any of them by starting with six to twelve pieces. Buy more stock to sell as profits and demand increases:
- Camera telescope lens for Smartphone: GH₵43
- Wireless stereo headset earphone for iPhone: GH₵35
- Wireless stereo headset earphone for Smartphone: GH₵13
- Mobile phone screen magnifier: GH₵23
- Lightning OTG cable: GH₵20
- Microphone adapter cable: GH₵5
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4. Women make up tools
Source: UGC
There are countless good business ideas for Ghana that you can think of doing when you focus on targeting women. Check retail prices of makeup tools and buy in wholesale from brands that you and your target customers can afford. Invest in these beauty products from www.jumia.com.gh:
- False eyelashes for GH₵7
- False eyelashes remover for GH₵9
- Nose shaper GH₵13
- Neck face brush GH₵27
- Foundation sponge blender GH₵6
- Baby hair styling brush for GH₵6
5. Vegetables and fruits
Source: UGC
No one can avoid spending on food. Ghana’s living standards are high. On average, here are the prices of vegetables and fruits that are highly consumed by Ghanaians. Visit traveltables.com to understand the prices of fruits and vegetables.
You can buy 10 kg each or more (the wholesale price is lower) and start a business:
- 1 kg of onions: 11.35 cedis ($1.97)
- 1 kg of tomatoes: 8.52 cedis ($1.48)
- Lettuce per head: 4.78 cedis ($0.83)
- 1 kg of oranges 7.89 cedis ($1.37)
- 1 kg of apples 12.44 cedis ($2.16)
Start a business with 500 Ghana Cedis today. Remember to get a license and other necessary documents from the authorities. However, some businesses do not need a permit, especially if you are doing it from home on a small scale.
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Source: YEN.com.gh
