The Best Business to Start in Ghana

You made it back! As promised, we’re diving into the big question: What’s the best business to start in Ghana?

Let me start by saying it again: starting a business anywhere is tough. But in Ghana? It’s not for the faint-hearted. That’s why choosing the right kind of business is crucial—it sets the foundation for everything else.

Now, there are plenty of business ideas out there. But to simplify things, I like to group them into two main types:

1. Product-Based Businesses
2. Service-Based Businesses

Let’s break these down so you can figure out which one works best for you.

1. Product-Based Businesses

This is the kind of business where you focus on buying and selling products. You could sell food items, electronics, fashion accessories, or literally anything that people need or want.

Let me share my experience. One of my first ventures was a product-based business—I was selling blenders. I’d buy them wholesale and sell them to customers at retail prices. Easy money, right? Well, not so fast.

What I Learned

• Speed is everything. If you can’t sell your product quickly, your money gets tied up. Imagine having 10 blenders sitting in your room for weeks. It’s frustrating.
• Groceries worked better for me. I realized groceries sold faster, so I started buying in bulk and supplying to businesses. But then came another problem: getting paid.

I made a rookie mistake: giving products on credit. Let me tell you, chasing clients for payment is exhausting. Some would dodge my calls, while others had excuses for days. And the worst part? The money I started with was a loan from my uncle. Imagine the pressure!

Another challenge was registration. Most companies I wanted to work with demanded that I register my business and sign up for their distribution plans. Even after registration, you still needed to buy large quantities of products upfront.

Pros and Cons of Product-Based Businesses

Pros:

• Easy to start.
• Can be done from anywhere.
• Potential for quick profits on a small scale.

Cons:

• Requires upfront capital to buy products.
• Scaling up can be difficult without funding.
• Cash flow can be a nightmare if clients don’t pay on time.

Am I saying product-based businesses are bad? Absolutely not. In fact, I still run one today. But it’s important to know what you’re getting into and plan accordingly.

2. Service-Based Businesses

Now, this is my sweet spot! Service-based businesses are all about offering your skills or expertise to clients in exchange for payment.

The best part? They’re much easier to start because you don’t need a lot of money. All you need is a skill and a willingness to put yourself out there.

Examples of Service-Based Businesses You Can Start

• Home tutoring: If you’re good at teaching, this is a great option. Parents are always looking for extra help for their kids.
• Cleaning services: Businesses and homeowners are constantly looking for someone to help clean.
• Delivery services: With the rise of online shopping, this is a goldmine.
• Social media management: Many small businesses need help with their online presence.

Let me give you a real-life example. My friend Richard started a cleaning business in 2018. At first, it was just him cleaning offices for a fee. Today, he has 50 employees and over 50 recurring customers.

For me, I started my agency with close to zero money. Fast forward to today, and I’ve employed about 10 people in my edtech startup.

How I’d Start All Over Again

If I had to start from scratch, here’s exactly what I’d do:

1. Claim my online space. I’d create social media accounts for my business on platforms like Instagram, Facebook, and Twitter. It’s free and gives you access to a massive audience.
2. Make business cards. Both digital and physical. The digital ones are perfect for sending to clients online, while the physical ones are great for face-to-face networking.
3. Work from a coworking space. Why? Because coworking spaces are filled with small startups that need services like marketing, web design, or admin support. I’d approach them, offer unbeatable deals, and build my portfolio.

This approach is simple, cost-effective, and positions you in the right environment to grow.

Bonus Tip: READ

Be curious. Open your mind to possibilities. Whatever you want to do, chances are, someone else has done it before. Find out how they did it and learn from them—it’s called a blueprint for a reason.

The best way to shape your thoughts is through reading. Whether it’s books, blogs, or articles like this one, make it a habit to consume knowledge. The more you know, the more you grow.

Final Thoughts

At the end of the day, you can start a business anywhere. Whether it’s product-based or service-based, the key is to just start. Don’t overthink it.

If you’re stuck or need help figuring out your next move, reach out to me. Let’s brainstorm and create a plan tailored to your needs.

Remember, every big business started small. Yours can too. Let’s make it happen!