Do you have a small pocket with great business ideas? Worry not, in today’s guide, we are going to elaborate on how to start a business in Ghana with a little capital.
A greater part of the population can’t afford to establish themselves in businesses that are capital intensive.
Many of these people don’t meet the requirement to get loans from banks, microfinance, and other means of getting business loans.
Therefore, if your only source of capital is the little that you’ve saved down, then you find yourself reading the right article because we are going to help you understand how to start a business in Ghana with the little capital at your disposal.
Never think your start-up capital is little. Knowing the right business is the key to your success.
How To Start A Business In Ghana With Little Capital
To easily start a business with a little capital in Ghana, the following factors have to be considered:
1. Conduct A Market Research
Make a thorough research on the business market, target businesses that can be established with a capital between (50 – 500) Ghana cedis.
Your market research result must contain the cost involved in starting every business, the abundance of the business, a calculation of a possible profit that will be made on the business.
2. Make The Right Choice Of Business
After conducting market research, study your result and choose a business that will coincide with your little capital.
Also, remember individual potential and interest. Your choice of business should be one of your interest, and you should be able to meet the potential of running the business.
Don’t just choose a business because the start-up capital is 50 Ghana cedis. Even though it might come with small start-up capital, but you might not have the potential to run it.
3. Make The Right Choice Of Business Location
Identifying the best location for your business is a very key factor for the success of your business.
Even though there will be competition with successful players in the business, making the right choice of location reduces competition and helps you make a fair share out of the market.
4. Set Up Your Business With Little Capital
After going through the procedures above, set up your business and start operating. Know that your business just commenced with no or few customers.
Therefore, it takes hard work for you to gain and attract customers from every corner.
5. Know The Business Code Of Ethics
Knowing your business code of ethics will help build the best business out of your little capital. The business code of ethics will help you build upon your integrity, objectivity, professional competence, confidentiality, and professional behavior.
6. Set Targets
Set a target for your business operation, do all you can to achieve it. In situations where you don’t meet your target, find the problems and challenges that caused your target failure.
7. Face The Challenges In The Business Operation
There will always be challenges on the road to success, but never settle less for challenges to overcome you.
Always find solutions to your challenges. If the problem at hand exceeds your abilities to solve them, find a successful player in the business to help you solve your problem.
8. Save Enough To Expand Your Business
Don’t settle for small businesses. Save enough to expand your business. Business expansion can be made bit by bit, don’t rush to enter into large-scale if your capital doesn’t meet the demands to run a large-scale business.
Businesses In Ghana That You Will Need A Little Capital To Start
Below are some of the businesses in Ghana that you’ll need a little capital to start:
1. Pure water retail business
2. Sobolo business
3. Cleaning business
4. Home laundry business
5. Fruit retail business e.g., oranges
6. Credit transfer business
7. Hausa porridge (Koko) business
8. Fried yam business
9. Fried fish business
10. Article writing
That is all the information we have on how to start a business in Ghana with a little capital.