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7 Profitable Small Business Ideas in 2022

Date: 2022-05-30

Statistically, the employment rate in Ghana rose from 4.16% in 2018 to 4.12% in 2019 and 5.53% in 2020 by Statista.com. This simply means that unemployment is rising. 

Employment is no longer guaranteed for graduates, and youth now have lesser choice than to follow the part of entrepreneurship.

Starting a small business may sound like something that you need to be rich or have experience to do it. But the truth is, you do not need a lot of money or experience to start a small business. You can begin a profitable small business with as low 1,000c and some good information on how to get started.

On this post, we will be looking at some profitable small business ideas you can start. Be it in offline or an online business, below are businesses you can start with a low as 1,000c.

 

What Makes A Business Idea Profitable?

There are many types of businesses that you can start, but not all of them are profitable. There are some that have higher chances of being successful than others. 

You need to take several factors into consideration if you want to be successful in business.

An idea is the first milestone in the process of building a successful business. But much of the determining factor for the success of your business will be on you, the Business owner.

 

The characteristics of a promising business idea are:

Innovative: your idea should be able to solve problems in a new and interesting way, other than what has been done before.

Unique: What mostly makes a business idea unique is the personality, each team members or business owners brings to the business. So, the uniqueness of your business idea depends on how you approach it.

Problem-solving: Obviously, if your business is not there to solve challenges or uplift the life of people, then you will struggle to stay in business.

Profitable: No one start a business to lose money, so you should ensure that your business idea should be able to make you money.

When you can factor all these characteristics into your new business idea, you can be sure that it will not only be profitable, but also sustainable.


How to determine which small business in good for you?

There is no guarantee that the business idea that works for Mr Ahmed will work for Mr Osei. Any of the below business ideas are viable, but figuring out what’s the best business to start involve you asking some questions internally. 

There are (at least) two parts to finding a winning idea: 

Thinking about your potential customers and their problems; 

Knowing what skills/expertise you can offer to solve their difficulties.

Businesses thrive by being able to solve the challenges of their customers. This means that you need to be reasonably sure your business will solve the problems of people and that they want what you’re selling.

Also, you should ensure that you are able to deliver what you promise. Be sure to serve your clients or offer solutions just as you have promised.

Now, let’s dive into the main business ideas

Physical Business Ideas:

Poultry Farming: is the process of raising various domestic birds like chicken, turkey, ducks, geese, etc. for their eggs or meat. 

This has been a common practice in Ghana for such a long time that it has become an indispensable part of the farming and agriculture system.

You can prefer to produce day-old chicks and sell them to growers, as this option is easier and less risky. The choice, however, is up to you.

However, with minimal funding mainly to acquire land, farm structure to house the birds and other resources like feeds, fungicides and others, day-old chicks and those to take off the farm, you can begin a profitable poultry business.


Pros: 

Poultry farming can be immediately lucrative, that is, you can sell day-old or even the eggs immediately

It doesn't require much capital to begin with.


Cons:

It can sometimes be cost intensive as you have to provide your birds with adequate feed to be successful

A clean farm environment is needed to avoid infections.

 

Fish Farming: Fish farming is an act of rearing fish for commercial purpose. 

This involves building the earthen, tarpaulin or concrete pond, fertilizing the pond, stocking the fingerlings in good water and feeding the Mackerel, Tilapia or catfish till market size.

Especially Tilapia fish, having a fish farm in Ghana can be seen as highly profitable because of the high rate of consumption. Fish could be grown in two ways: Extensive aquaculture where fish grow under natural water (i.e. river or stream). Then, intensive aquaculture where fish are fed with external food supply.

Materials required to start a fish farm in Ghana are:

Land, fish ponds, water supply, security, healthy fingerlings, fish feeds

Pros: 

Easy to sell

Fish farming is very profitable

 

Cons: 

May pose some harm to the environment

Start-up cost might be high.

 

Uber: Since transportation is a basic necessity for humans, one can never run out of users. Hence, starting an Uber or other ride hailing business in Ghana is quite profitable.

Notwithstanding, you need to know how to go about it before venturing into the business. 

This business model can be done on 3 basis: 

It can be done part-time if you are doing another job.

It can be done full time.

You can contract someone to drive around and bring you monthly passive income.

Agreeably, the best model to go after is having someone drive around for you by going into agreement that they double the cost of the car in two years, after which it is for them. 

Reason being that, you ask them to work on a salary basis, they might leave the whole maintenance on you.

 

Snail Farming: One outstanding thing about snail farming is that it requires very low capital to start, plus the ever growing demand for snail meat. Snails prefer a wet atmosphere; this is something you have to put into consideration when setting up your snail farm. And be sure that you have the right species, as there are different species of snails.

 

Sell Your Own Product: This small business model is for those who are creative with crafting wearable accessories such as hand beads, an Artist who paints, as well as those who refine local products.

 

Fitness trainer/Gym centre: Since people are more conscious than before about their body image and how they appear before their friends, spouse and even to the public, starting a gym and fitness business is now very lucrative. Once you have the experience and a document licensing you to carry out training and the basic equipment to begin with, you can start your gym and fitness business.

However, if you have zero capital, but you have years of experience plus a compelling weight loss success story, you could offer personal training services. If you’re a regular gym member, you may invite your clients over, or you could also provide home service.

 

Courier Services: Starting a courier business can be a lucrative opportunity, but there are practical considerations and logistics you may overlook that need to be taken into account. With a little time and effort, you can start a great courier business.

When starting out, you require getting your licence and insurance, after which you need to partner with an existing business by advertising where prospective customers can see you.

The businesses you require to partner with are the food ordering business, local ecommerce businesses as well as errand delivery service for corporate bodies.

The following are what you will need to begin with: Delivery bikes, how much you will charge, smartphones, clipboards, Maps, GPS systems, etc.

 

Now, we know what kind of business we can start offline. Let’s move to small business ideas we can start, using the internet as our Launchpad.

 

Conclusion: 

If you are interested in learning more about an online business you can start, then this article will help you. You can learn various high profitable online businesses which you can easily start.

Publish By: Samuel Davidson

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