Starting your own business is everyone’s dream, but unfortunately, many Ghanaians don’t believe they can make it a reality. Most people think you need a massive amount of capital to start a business, but this isn’t necessarily the case.
In this article, we’ll outline our top 40 businesses with low startup costs to help you find a low-cost business idea (or free) that aligns with your interests and goals.
Best Low-Cost Business Ideas With High Profit
Teaching & Consulting
These business owners enhance their clients’ lives by imparting knowledge of a particular skill set, whether it’s related to their personal or professional lives. This list of low-cost business ideas is for veterans of the relevant industries who are looking to change pace and pass on their wisdom.
1. Art Lessons Business
The world of art is fiercely competitive. Although art appreciation is subjective, you will nearly always need a sizable foundation of natural artistic skill to make a name for yourself. But teaching side gigs can help, so that’s why some artists advertise themselves as teachers. You can instruct in small groups or tutor individual students, but the demographic is up to you, depending on whether you prefer to instruct adults or children.
Between few necessary ongoing costs (students can bring their own supplies and undergo lessons in your home) and a standard teaching fee of Ghc10 – GHc10 per hour, a growing art lessons business has the potential to earn you quite a bit.
2. Relationship Coaching Business
Since it’s a form of therapy, building this business will require solid listening skills and an advanced degree in psychology. Some couples you’ll be working with will be attempting to repair a failing marriage, while others may simply be trying to hone their communication strategies.
Either way, due mainly to student loans, this one can be pricey to jump into. Once you have the degree and the counselling license under your belt, it’s not unusual to make about GHc200 per hour during a single session.
3. Home Tutoring Business
Since you will end up with a customer base made up exclusively of children, it helps to be good with kids. You will need to spend time between sessions reviewing your next student’s progress and preparing for their upcoming lesson.
Self-organization and motivation are key in this job, so profitability depends on your work ethic and how quickly your business grows. If you are focused and persistent, GHc 50 per hour could add up to solid profitability.
4. Personal Training Business
To earn client confidence, a personal trainer should be a walking advertisement of their own successful diet and exercise regimen. You’ll be developing individualized sessions for your customers, taking note of their goals and cross-referencing those with optimal dietary advice and physical activity.
On average, personal trainers make Ghc 10,000 per year, but steady customer flow and dedication could see that price rise even higher. You may need to put forth an initial effort into acquiring a certification, plus Ghc1,000 for advertising and a few hundred for liability insurance.
5. Nutritionist/Health Coaching Business
People who love giving practical advice are often a great fit for this low-cost business. In this career, you’ll be working to find healthy goals that fit individuals. Consultations with clients will centre around personalized plans and discussions of the latest trends in nutrition and exercise.
Regarding ongoing costs, there may be website upkeep, state licensing fees, and maintenance of exercise equipment. The average salary of nutritionists and health coaches is about Ghc 10,000 per year.
This is what we have for now. Watch out for part 2.