“I'm A KNUST Graduate With GH¢10,000 For A Venture”: US-Based Ghanaian Business Consultant Advises
- A Ghanaian graduate who struggled with unemployment years after completing university in 2015 became a shoeshine
- In 2019, he ventured into coconut selling, navigated the challenge of COVID-19 in 2020, and saved over GH¢10,000
- US-based Ghanaian business consultant Kwesi Nkrumah shares five ideas one can turn into a business with GH¢10,000
''After I completed the Kwame Nkrumah University of Science and Technology (KNUST) in 2015 as a Bachelor of Science in Administration student, I struggled to secure employment to advance my career aspirations. Life became tough due to financial constraints owing to my modest family background. I resorted to menial jobs, including working as a shoeshine in Ghana's capital, Accra.
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''When COVID-19 struck the country in 2020, things swiftly turned into hell, especially when the government imposed a lockdown in some urban areas to control the coronavirus's spread. However, this period allowed me to rethink and invest my little savings into selling coconut after President Nana Addo Dankwa Akufo-Addo lifted the movement ban.
From January 2021 to December 2023, I saved over GH¢25,000 from selling coconut. In January 2024, I acquired a land with GH¢15,000. I want advice about starting a new business with the remaining GH¢10,000. I can reinvest my savings in the coconut business, but I want to diversify and pursue different projects,'' the KNUST graduate turned businessman shared with YEN.com.gh.
US-based Ghanaian business consultant shares advice
Kwesi Nkrumah is a Ghanaian engineer/business consultant living in Washington, DC, in the US, who graduated with an engineering degree from the Kwame Nkrumah University of Science and Technology (KNUST) in Ghana. Also the founder of Venice View Beach Resort, he shares five ideas one can turn into a business with GH¢10,000.
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Agriculture sector/Farming
With GH¢10,000, you can go into farming. You can aggregate from experienced farmers or start farming yourself. You must first research the field, specialise in an area, and determine which countries need your produce. You can go into onion production or target products that require relatively less capital.
Food brand
You can invest in producing local products such as caramel candy with a life shell of over six months. Focus on packaging and determine your primary and secondary audience.
Service industry
With GH¢10,000, you can venture into mobile home care services by targeting affluent communities to render your services. Your target can include people too busy to attend to their elderly family members.
You can apply this approach to teaching and target homes to provide home services or education. You can also venture into the SAT (Scholastic Aptitude Test) and GRE (Graduate Record Examination) to easily make $100,000. Identify people who want to study abroad, create a group, and charge them at least $1,000 for SAT services.
Technology sector
You can create platforms like Jumia to service your intended demographic. For example, a platform that allows senior high school students to find out which schools they qualify to attend based on their grades and the courses they can study to eliminate or lessen the stress and financial loss associated with applying and being denied admission at a price.
Transportation sector
Finally, with GH¢10,000 savings, you can go into mailing services and merge it with ride-hailing/okada services to satisfy your audience. It must be done professionally at a fee. Thank you.
Disclaimer: The advice given in this article is general and is not intended to influence readers' decisions about investing or financial products. They should always seek their own professional advice that takes into account their own personal circumstances before making any financial decision.
Do you have a story or need expert advice? Feel free to contact us at ask.an.expert@yen.com.gh, with Ask an Expert in the subject line.
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