Top 13 Small Business Startup Ideas in Nigeria 2023

Apart from curbing unemployment, starting a business could lead to financial freedom. But starting is always a challenge. Many Nigerians have little or no capital to start a business. Worse still, they have no idea of a lucrative business to start.

If you have saved 100k or thereabout, and you are looking for the best profitable business idea in 2023, then you’ll find many options in this article.

1. Snail Farming

The first untapped business in Nigeria on this list is snail farming. This business is a relatively new agribusiness that makes a lot of money. Snails are easy to breed, as it requires little investment since their feed can be sourced locally.

The cool thing about this business is that Nigerian (Giant Africa) snails are in high demand in the global market. That means snails can be sold within Nigeria or exported abroad where they can be sold at higher prices.

Although it may take time for snails to reach the stage of consumption, the profit from this business is massive. A medium size snail could cost anything from 700 Naira and above in most parts of the country.

2. Mini Importation/Exportation

Mini importation is one of the most profitable new business ideas in Nigeria that can be started right from home. Just like dropshipping, it involves buying products from suppliers. However, instead of shipping the products to the buyer, you’ll have them shipped to you here in Nigeria and sell them offline or online.

With mini importation, you can buy products for extremely cheap prices from China, have them shipped to Nigeria and sell them for a good profit. This business is very profitable as you can buy a pair of shoes for N1000 from China and sell it for N3000 Naira in Nigeria.

With the current war going on between Russia and Ukraine, the price of importation and exportation just went up the roof with people finding it very difficult accessing things from their various native lands.

You may think there isn’t much to export in Nigeria, but you would be wrong. Shipping materials are one of Africa’s most profitable foreign trades.

Exporting raw goods to other nations, such as cocoa, green vegetables, vegetable oil, yam, cassava, palm oil, or crude oil, is sure to make you wealthy. These commodities are in high demand outside the country.

3. Palm oil retailing business

If you would not see this business as dirty, it is indeed one of the best businesses to start in Nigeria with 100k.

Palm oil has always been one of the most valuable food items in all Nigerian homes.

Unknown to many, this business is one of the most profitable in Nigeria today.

You can make a 400% profit from selling stored palm oil when it’s in season. But you need to be able to buy when it is in supply and know the exact time to resell.

“I started this business close to 16 years ago. When I started it, I discovered, it was a very good business, it was better than all the businesses I had tried my hands on earlier. In good seasons, you can make 3 times the price or more. It is the business that I used to sponsor three of my children in the higher institution”.

What you need to start this business

Your hundred thousand naira or more to purchase your first 3-5 25-littles bottles of palm oil. The more money you are able to invest, the better.

You need to know some households or a small market where you can sell your palm oil once it time to sell.

Alertness and knowledge as to when it is the right time to buy and resell.

4. Catering services

You can start your low-cost catering services with your kitchen cooking equipment. You only have to spend little money on the few things you might need that you do not have. Offer your services to events, meetings, individuals, birthdays, and other several occasions, which can be done as cook and delivery services.

So you can see you don’t need a physical space to start. In the beginning, try out with friends and families; as your business expands, you can increase your offers and buy more cooking equipment like food trucks, delivery bikes, or commercial kitchens.

5.Cleaning services

If you used to clean apartments or offices for a daily wage and are good at it, why wouldn’t you start your own business? All you need is staff to work for you or with you and cleaning products. Thus, you can offer cleaning services for office spaces, houses, and apartments. This service doesn’t come cheap these days.

Many homes and businesses will need your services, so you can start alone, and as your business grows, you can employ people to assist you with a heavy workload.

Here are a few cleaning tools you might need to kickstart

1. Sponge

2. Microfibre cloths

3. Cleaning detergent

4. Bucket

5. Mop, dustpan, and broom

6. Spray bottle

7. Scrub brush

6. Pharmaceutical wholesales business

Next to feeding, people care about their health. People of all ages need to take one medication or the other at certain times.

This makes the pharmaceutical business one of the most lucrative businesses in Nigeria in 2023.

The most profitable aspect of the pharmaceutical business manufacturing. But considering that starting that line requires millions of money, you can play at the level where you supply to pharmacies and patient medicine store.

There are some fast-moving drugs like antimalarial drugs, painkillers, antibiotics, etc. These are very good pharmaceutical items to start with.

The profit margin could sometimes double, depending on how well you are able to get good prices from distributors or manufacturers.

What you need to start a Pharmaceutical supply business

Your N00k capital or more
Ability to look for pharmaceutical stores and market them effective to become one of their suppliers
Little knowledge of the business terrain and fastest-moving pharmaceutical brands/products.

6. POS business

This is another guaranteed good business you can invest with your 100k in Nigeria right now.

Mobile banking makes life easier for millions of Nigeria who find it uneasy to use physical banks due to the stress associated with it.

If you get your location right, you can make up to 10,000 naira in profit in day without incurring any expenses.

For example, you can make up to 200 naira on a 10,000 withdrawal. Some even withdraw far more with the mobile money.

Now imagine that you make 50 of such transactions of N200 in a day, that’s 10k per day which is 300,000k per month.

That’s by far more than what an average 9-5 employer earns in Nigeria.

What you need to start this businessTo start a POS business, you will need to go to any bank of your choice and request POS, and they will tell you the requirement. Then, with as little as N30,000, you can begin your POS business.
You need to register with a mobile money company in order to get your terminal (POS machine). You need to provide basic information about you such as your email address, ID card, phone number, etc. to register.

What you need to start POS business in Nigeria:You’ll pay a certain cost for the terminal, usually around 30k or less.
You will need to set up a location. A residential area or market is preferable. Make sure a bank is not near your location.
Get a small wooden kiosk or an umbrella and pay for rent for the space if it’s not yours. Your rent should not be more than 5k-10k a month max.

7. Perfume oil business

One of the cheap business ideas to start in Nigeria is perfume business. With as little as N5000, you can start a perfume business. Buy in small quantities from wholesalers and resell to customers. Do proper research about the products you will be getting since someone else is producing them. Do market research to ensure that your potential customers will be interested in the products or fragrances.

Consider dealing with a reliable supplier who will supply the best perfumes to you at the best price.

8. Interior Décor

Millions of houses are built in Nigeria every year that would need to be decorated. Apartments get rented out and tenants have to beautify their spaces.

This makes interior décor a business of all seasons and one of the best businesses to start with 100k in Nigeria.

Although some people start with as much as a million naira or more, but you can start on a very small scale with your 100k or more.

You can rent a small space with that amount and look for a distributor or manufacturer who can give you some products while you pay them once you are able to make sales. Better still, save up to 300k and get some good cash-me-down.

What you need for this business

Knowledge of the trade
Your capital

A small space to display goods and potential customer base

9. Event planning

Every day in Nigeria, people always have one event or the other, especially during the weekends and festive periods. Therefore, starting an event planning business will make lots of money. Event planning business is another unsaturated and untapped business in Nigeria. This business involves finding people who have events, then helping them plan it by suggesting and finding the best location, mc, rental service, etc.

You need to have a passion for organizing and coordinating events to offer your services to businesses and individuals for events such as weddings, birthday parties, and corporate events. Since it’s a low-cost business idea, start by planning small events for your friends and family.

And as your business grows, you can invest in equipment such as tents, tables, and chairs. But for now, stick with rental services. You can become an event planner at no cost, as all you need is to know in-depth what event planners do, and offer the service. There are lots of professional event planners who you can learn from before getting started.

Untapped businesses could make you a lot of money in Nigeria, as there are usually businesses with high demands. If you looking to start one, I believe this post has enlightened you more by providing 25 of the best ones you can venture into in Nigeria.

As always, if there is anything I didn’t touch on in this post, feel free to let me know in the comment session.

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12 Tips for Running or Growing a Successful Business

When you first launch your business, your main goal is to establish your brand and start growing. Unfortunately, this doesn’t happen overnight. Growth is an ongoing process that requires hard work, patience and dedication. There’s no special step or secret way to surpass other businesses in the industry or achieve immediate success.

Running a successful business takes passion, dedication, and strategy. The passion and dedication can only come from within you. The strategy, however, can be learned. Once you obtain the necessary permits and licenses, get incorporated and offer a legitimate product or service, you’re a business owner — on paper, at least. But keeping a successful business up and running is a different story.

You’ll run into roadblocks that can threaten business viability if you overlook critical administrative tasks like bookkeeping or maintaining relationships with high-quality suppliers. In fact, the top reasons for new business failure include a lack of marketing strategy, having no plan for how to scale the business to meet growing demand, or offering a poorly conceived product or service with a too-small total addressable market (TAM).

According to stats published in 2019 by the Small Business Administration (SBA), about 20% of startups fail in the first year, while half go under within five years. There are, however, proven ways to reach growth milestones that can catapult a business to success.

With that in mind, Here are some tips and tricks for keeping the lights on so you can avoid being just another statistic:

1. Hire the right people.

Before you can even think about your company’s growth trajectory, you need to have a solid staff to help you achieve your goals.

Your goals are essentially your definition of business success. There are various approaches you can take to defining them. In the context of business success, however, the SMART system is probably the most appropriate. These initial goals are just to get you started. As you start getting close to achieving them, you’ll set yourself new ones.

“Hiring the absolute best people you can is a surefire way to ensure fast growth,” said Christian Lanng, CEO and co-founder of business software provider Tradeshift. “It’s all about having the right team.”

When you have hardworking employees who are dedicated to your company’s success, your business will be better equipped for continued growth. In addition, delegating tasks to focus on important work will free up your time and energy, allowing you to perform at your best and cultivate a collaborative work culture.

2. Stay organized.

Proper documentation, time management, and automating repeatable tasks can mean the difference between boom and bust. 

Keep accurate records of business finances: Record every transaction (customer billings and vendor payments) into the proper account at least once weekly and keep an eye on the bottom line. Keep copies of all invoices, cash receipts and cash payments for bookkeeping and tax purposes. 

Set (and keep) deadlines: Stay on top of administrative tasks using project management software — this lets you set deadlines, assign tasks to employees and upload documentation to a central repository.

 
Plan ahead: Plan your social media campaigns in advance using social media scheduling software. Use email marketing automation to follow up with new leads. Use Slack, Zoom and Microsoft Teams for quick communication with your team. If something can be explained in an email, you don’t need to have a meeting about it.

3. Create a written plan

Your why is your starting point and your goals are your first milestones. Your business plan sets out the path you believe will take you from your starting point to those milestones. Write down your plan in as much detail as you can, then conduct a thorough SWOT analysis on it. Ideally, ask someone you trust for an independent second opinion.

If you identify weaknesses and threats in your plan, then try to address them before you even start your business. If you can’t, then start addressing them as soon as you possibly can afterward.

In particular, make it a priority to deal with anything which may limit your ability to make and receive payments. For example, if you’re setting yourself up as a limited company, apply for a business bank account as soon as your incorporation is confirmed. Likewise, if you’re planning on using a payment processor get your account(s) set up as quickly as you can. You’ll probably have to go through some kind of verification process before you can actively use the account(s), and you may need time to familiarize yourself with the system.

4. Reduce your risks.

Risk is an inevitable part of starting and growing a business. It’s impossible to control everything, but there are many ways to limit internal and external threats to your company and its growth. One important resource to help you accomplish this is your business insurance provider.

“Small businesses need to manage their growth to avert disruptions that can bring business to a grinding halt,” said Mike DeHetre, senior vice president of underwriting and insurance at Preferred Mutual. For example, “the theft of employee data, customer records, and product designs can destroy a small business, generating significant costs and eroding customer confidence and loyalty,” he said. “Not every business owner’s policy covers data breaches or other cyber losses. Small businesses should be prepared by seeking insurance products that help them recover, including those that cover the cost of remediation and lawsuits.”

As your small business grows, you may add space or equipment, create new products or services, or increase your operating and distribution footprint. Therefore, DeHetre recommended reviewing your policy periodically to ensure you have the right coverage.

“It’s easy to forget this step amid rapid expansion, but you don’t want to find out that you’ve outgrown your coverage just when you need it the most,” he said.

5. Protect your intellectual property.

Intellectual property consists of the intangible assets — trademarks, copyrights and patents — that differentiate your ecommerce business from any other. 

For a small business, this means protecting things like designs, business ideas and trade secrets. If a competitor tries to copy your product, they can erode your market share and damage your reputation. If you decide to register a trademark or apply for a patent, it’s best to seek an attorney’s help to make sense of the legalese and avoid making minor mistakes (eg: omissions in descriptions or drawings, missing deadlines) that can result in your request being denied. 

6. Invest in yourself.

In the early stages of your business, you’ll likely see a very lean profit margin (or no profit at all), so any money you make should go directly to helping your business grow.

“A startup’s ability to invest in itself [helps] accelerate growth,” Lanng said. “In those early years, it’s critical to make sure that you’re redirecting any revenues back into the company. It’s vital to invest early and heavily in order to grow quickly.”

While it might be tempting to pocket all of your profits, it’s better to invest in your business’s growth so you can reap bigger benefits later. Determine which parts of your business need more attention. For example, do you need to hire more workers, expand your marketing efforts, or secure additional funding? When you find a crucial area that needs improvement, give that area your financial support.

7. Always think ahead.

While agility is an important quality for a startup, you can’t fly by the seat of your pants when you’re running a business. Planning your next step — in anticipation of all possible scenarios — is the best way to stay grounded and secure as your business evolves.

Thinking ahead is broad advice, but it can be as simple as reviewing all ongoing contracts, like comparing rates with the best credit card processors and seeing if you can negotiate a better deal.

8. Boost your customer service.

In most industries — especially retail — businesses compete on the customer experience rather than the product. Make it easy for your customers to get in touch with a real human on social media, messaging apps, email or even by phone.

Remember, a small business should be accessible. There is no excuse to present like a faceless corporation. If orders take time to fill or you’re creating a custom item, keep your customers informed of the process and manage their expectations accordingly.

If customers do complain, use active listening to understand their pain points, investigate the root cause and offer a resolution that matters to them.

Another great method of growing your business is to focus on providing superior customer service. When you exceed customers’ expectations, they are likely to tell their friends, family and followers about your business.

When you go the extra mile, such as by offering discounts if a customer has a poor experience or following up to ensure a client was satisfied with your product or service, you establish a reputation for great customer service. [Make sure you have the best business phone system for your customer service team.]

9. Deliver unforgettable experiences.

Great customer service increases the lifetime value of your customers and helps attract and retain new customers. In fact, 86% of consumers say a good customer experience can turn them from one-time buyers to loyal customers.

Also, manage people’s expectations. You’re a small business with limited resources and scalability. You probably can’t offer 24/7 customer support or a two-day turnaround on a custom item. What you can do, however, is resolve issues expediently, deliver a consistently great product and provide personalized support.

 
10. Practice corporate social responsibility.

Consumers want to buy from businesses that are passionate about causes that help make the world a better place. Whether you donate to cancer research or support a nonprofit such as a homeless shelter, look for ways to contribute meaningfully to the causes you support, and share that with your customers.

You could publicly express your support to underserved communities, donate to various organizations, offer your time to fundraisers, and provide sustainable products to help the environment. There are many ways to be socially responsible as a business; find a few that work for you.

11. Research your competitors.

Although it might not elicit immediate growth, researching your competitors is one of the most important first steps in launching your business. Ask yourself who your competitors are, what they’re doing (that you’re not doing) that works for them, and how you can differentiate your business from theirs. The answers to these questions will help you form a more productive business strategy that defines the areas of your business that require more attention.

How to measure business growth

There are a few factors to examine to gauge your business’s growth. Depending on your goals, you may prefer one factor over another, but analyzing them in context with one another can give you the clearest picture of how well your business is scaling.

Revenue: Revenue is a go-to metric in establishing business growth; after all, it’s the amount of money your company is bringing in. Revenue growth over time can be good, as it generally means you’re making more sales or higher-value sales. However, it’s important to balance revenue with expenses, because making more often means spending more.

Profit: A more important indicator than revenue is profit, which is what your company has netted over the course of a given period. When it comes to profit, a positive growth rate is great, but it doesn’t always tell the whole story. If your profit margin is healthy, even a flat profitability year over year might not be bad. But for new businesses, quick profitability growth should be a key focus.

Market share: Market share describes how dominant your business is in its space compared with competitors. For new companies breaking into an industry, growing market share rapidly is a major concern. Without gaining a significant foothold against your competitors, it will be hard to drive sales to grow revenue.

Customer acquisition: One of the best ways to grow market share is by focusing on lead generation and sales volume. By getting your brand in front of potential customers and then converting them to make a sale, you can grow your company’s market share and revenue at the same time.

Customer retention: Acquiring new customers helps you gain market share only if you retain those customers, so focusing on customer retention and improving this metric over time is also key to monitoring the growth of your business.

Team size: Growing your team is a significant expense, but the size of your team also represents how much you can do. Balancing a team that can meet operational needs with the payroll budget is a key challenge for every entrepreneur, so monitoring the growth of your team over time is particularly important.

Successful small businesses are run by passionate entrepreneurs who also possess strong business acumen. To maximize your chances of success, keep accurate records of all transactions, cut costs wherever possible (without sacrificing product quality) and focus on providing an outstanding customer experience. Successful businesses offer products and services that ease a pain point, solve a problem or serve a passion. 

One of the most helpful things a business owner can do is write a business plan. This document lets you define the scope of your business needs, startup costs and the target market.

In this way, would-be entrepreneurs can evaluate the viability of their business idea without sinking time and money into starting a business that will not succeed. 

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Good Insurance Agent Qualities That Will Make You Successful in 2023

If you’re passionate about helping your friends and neighbors protect what is important to them or you’ve always wanted to manage your own business? If you have ever contemplated becoming an insurance agent or wondered whether this career path could be right for you, there are several qualities that you will need to possess, at least to some degree. Whatever your reasons, with every new job comes new skills to develop.

When learning how to be a successful insurance agent, it's critical to know that agents who are willing to put their clients into a product that pays a lower commission because it better fits their needs are much more likely to retain customers.

Selling insurance can be a lucrative proposition, with relatively high-paying commissions and a high degree of autonomy with flexible work hours.

However, it is not an easy job. You can expect a high rate of customer rejection, stress, and attrition rate. Still, all good insurance agents share some of the following skills and knowledge, plus core qualities in one way or another.

1. Communicative

Client/members want to work with someone who they can have a conversation with and trust. At Farm Bureau, we don’t just sell insurance; we grow relationships within our communities. We look for individuals with strong communication skills to navigate important life topics with their clients and to deliver on the Farm Bureau promise of continuing these conversations as needs change and evolve.

2.Flexible

Helping protect your community isn’t always a 9 to 5 job. Our client/members count on us to be there in times of need, both day and night. Successful agents know that selling insurance is more than just a job. They’re on-call and ready to go when their products and services are needed most. Customers who are able to get hold of their agents when they need them are much more likely to stay happy and reassured. A timely response to inquiries and phone calls is a must, and you must be able to do what you say you will do, when you say you will do it, or at least have a good reason as to why you can't.

3. Persistence. 

This is perhaps the most vital quality of any good insurance agent. Those who work in this field absolutely must be able to handle rejection on a daily basis over the course of their careers and do it with a smile. Good insurance agents understand that each "no" only brings them closer to someone who will say "yes." Successful insurance agents do their homework and use the resources they have at their fingertips. Great agents are attentive to detail, return client calls promptly and are on time to every appointment. 

Being organized makes you more productive, which helps you reach your business goals while helping protect the futures of your client/members. But, with determination and persistence, you can survive the rejections and use them to your advantage. Again, that doesn’t mean badgering prospects until they say yes or slam the phone down. It means understanding that not everyone wants what you are selling. Keep going despite the rejections.

4. Honesty. 

Insurance agents who use deception to close business seldom stay with the same company for very long—and can end up behind bars in some cases. A good agent knows that telling the truth upfront will win them clients' respect and trust and is likely to lead to repeat business over time. Becoming a successful agent requires building relationships and being an important resource in your community. Making connections in your community will help you understand the insurance needs of your client/members. Community engagement will give you the opportunity to show your community what’s important to you and how you’re willing to do what you can to help your community.

5. Technical know-how. 

A good insurance agent knows much more than how to sell a policy. The agent must understand the tax and legal aspects of the products they sell and how they are designed to fit into a client's overall financial situation. Many agents earn financial planning designations such as the Certified Financial Planner®, Chartered Financial Counselor, or other credentials. Some agents practice financial planning, income tax preparation, or some other avenue of financial service as their primary profession, and then add-in insurance business when it becomes necessary.

6. Self-Motivation 

Being an insurance agent and running your own business is not easy. In any given day, there is a multitude of challenges and frustrations to overcome; from frequent rejections to financial concerns. Without a strong mental attitude, you can easily become dejected and lose faith in your ability to succeed as an agent.

One of the most common traits among successful agents is the ability to self-motivate. Those that stay the course to success can overcome rejection and other business challenges better than anyone else. They know that there is no smooth path to success. 

A wide array of products. As the old saying goes, if all you have to work with is a hammer, then everything in the world looks like a nail. A good insurance agent will be able to offer a comprehensive selection of products and services that can meet any reasonable need a client might have.

You will have to stay motivated and keep going despite failures. The more energy and enthusiasm you have for your career, the easier it will be to stay motivated. A big part of developing self-motivation is loving what you do.

7. Willingness to Win 

The competitive landscape in business is stronger than ever before. You have to compete with other agents, companies with better financing, and technological advances. Knowing how to turn all the apparent adversities into advantages is crucial. You can find ways to become the best agent in your area, use the lack of financing to position your agency as the endearing underdog, and leverage technological advances to your benefit. 

In short, you need to have the willingness to win. You must find ways to gain the competitive edge over other agents if you are to succeed in today’s contentious market. Winning, however, does not mean alienating yourself from other agents. In fact, remaining friendly and cooperative with other agents will be beneficial to your success. 

Winning means being the best at what you do. You could, for example, become known as the agency that provides the most comprehensive after-sale service; or perhaps, you will be the best at finding the most appropriate policies for individual client needs. Whatever the case, the key is to adopt a winner’s mentality that will drive you to become a successful insurance agent.

These points are just some of the qualities that life insurance agents must possess in order to be successful. The life insurance business can be very challenging and immensely rewarding for those who are willing to learn the necessary skills to build their business.

 

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15 small business ideas in South Africa that actually work in 2023

Are you thinking of starting a small business in South Africa? We got you covered! South Africa is a very good place to start a small business.

The place is full of opportunities and with the right business idea and careful planning, you can be sure that it’s going to be a successful one.

If you are planning to start a small-scale business in South Africa, there is no shortage of opportunities.

Find out below reliable jobs aggressive wealth hunters use to generate wealth in South Africa in the 21st century.

The market has been growing at a rapid pace in the past few years, thanks to the advances in technology and the ever-increasing demand for various goods and services.

1. Open a Cyber Café

If you live in South Africa and have always wanted to start your own business, then you should consider opening a cyber café.

Cyber cafés are known to be one of the fastest-growing markets in the country and you could make a tidy profit if you set up shop in an area with a lot of foot traffic.

To get started, all you need is a computer that has access to the Internet, and you’re good to go. Allowing customers to surf the web at your establishment is all it takes to be profitable.

If your cyber café is located near a university campus or shopping mall, then you will likely have customers coming in daily.

You can also add extra services such as printing, faxing, and scanning documents to increase your revenue.

2. Hairdressing

How do you make money fast in South Africa? The world of beauty and cosmetology is ever-growing, and hairdressing services are a fantastic business opportunity.

Today, men and women are more conscious about physical appearance, and hair grooming has become crucial. Before starting this venture, check the legal requirements in the country and adhere to them to avoid closure.

3. Event Planning and Management

Event planning and management is one business idea that does not require a lot of capital to set up. You can start this business as a side hustle and make it a full-time business later on.

Event planners organize everything from small parties and birthday celebrations to large corporate events, conferences, seminars, and product launches.

You will need to be detail-oriented, organized, and have excellent networking skills. You may also be required to work long hours when planning an event.

The more successful you are in your event management business, the more you will be able to charge your clients.

4. Professional make-up

Do you enjoy doing make-up and wonder how to start a business in the beauty industry? Professional make-up artists earn big money from offering their services, and so can you.

For this idea to succeed, you must understand and master various make-up techniques. It is important to enrol on make-up classes to hone your skills.

5. Open a Bakery Shop

If you love baking and have a flair for it, opening a bakery shop is one of the best small business ideas in South Africa.

One of your biggest tasks would be to set up a kitchen, where you can store the ingredients and bake your products.

Once this step is completed, you will need to start selling your products. You can either open your store or supply baked goods to other stores.

You will need to learn the basics of baking and handling food products. In addition, you should also know how to maintain hygiene standards in the kitchen.

6. Electronics repair

Repairing electronics is a well-paying service that feeds several South Africans. The business is rapidly growing as almost everyone uses technologies like phones, smart TVs, computers, and audio devices.

These devices are prone to damage, meaning that electronics repair services are in demand throughout the year. One of the challenges faced in this business is the need to update tools and knowledge because technology is ever-changing.

7. Become an Uber Driver

If you’ve got a car and you’re looking to make some extra money, then why not become an Uber driver?

Uber is a ride-sharing app that allows people to request a car ride with a couple of clicks on their smartphone and have someone turn up to pick them up within minutes.

It’s an easy way for people to get around without having to hail a taxi or wait for the bus.

To become an Uber driver you’ll need an in-date driver’s license and a smartphone that can download the Uber app.

You can drive whenever it suits you, as Uber allows you to set your hours, so it’s ideal for people who want to earn some extra money in their spare time.

8. Gym

Physical fitness and health are a growing concern, especially in towns and cities in South Africa. You can start a gym where people can come and exercise under the guidance of people trained in sports science.

9. Open a Restaurant

If you have a passion for food and love mixing with people, opening a restaurant could be the perfect business idea for you.

The most important thing is to know your market and your USPs (unique selling points) – what makes your food special or different?

Who is going to eat at your restaurant? What’s the right type of food to serve in your area and how will you price it?

Once you’ve done that, it’s time to think about the practicalities.

You can start researching suppliers and looking at premises, but remember you’ll need to create a business plan, raise finance, and secure funding before you can open the doors.

10. Music instructor

Can you play one or more musical instruments, or are you a professional musician? You can use your skills or talents to make money by training others to sing or play the instruments. This idea is fantastic because you can train online or in person. You can also have multiple clients, as each only demands a few hours a week.

11. Laundry services

You can set up a laundry mart in South Africa and make big money. Before starting this venture, research your location to establish the target population and how much people are willing to pay. Beware that you will need capital to purchase the requirements for the business.

12. Online custom tailoring

Can you sew quality and fashionable clothes? People are increasingly becoming aware of their looks and the quality of fabrics. You can brand yourself as a custom tailor and deliver your products to clients via courier services.

You should perfect your sewing and design skills for this business to succeed. You must also listen to customers' needs and deliver as agreed.

13. Start a Uniform Sewing Business

The uniform sewing business is very lucrative in South Africa. It is a highly profitable venture for anyone who doesn’t mind getting his or her hands dirty.

This is because uniforms are needed across all sectors, from schools to hospitals and the public sector. Uniforms are used by governments, businesses, religious institutions, and private individuals.

They are used to project a sense of belongingness, uniformity, and professionalism. Uniforms can also be used to differentiate employees from customers and clients.

Starting a uniform sewing business will require that you know how to use a sewing machine as well as other equipment that’ll be used in the process.

Although it might seem easier to employ someone to do this for you, it’s better that you learn these skills yourself so that you can keep costs down and maximize your profits.

14. Start a Brick Manufacturing Business

If you’re looking for small business ideas in South Africa, a brick-making business would suit you.

Once you have decided to start your brick manufacturing business it is very important to choose the right location for starting your business.

You need to make sure that there is a sufficient amount of raw material available in the area where you have chosen to start your brick manufacturing business.

You also need to make sure that there is a market for buying bricks in the area where you are planning to start your brick manufacturing business.

If you do not find enough customers then you will not be able to make high profits.

You also need to make sure that there are no competitors nearby so that it will be easy for you to survive in the market.

15. Writing and editing services

If you have editing or writing skills, consider setting up a website and offering your services professionally.

With more and more companies moving part or all of their trade online, the demand for well-written online content is high. If you’re familiar with SEO basics and have strong copywriting skills, you can offer content marketing services.

If you have a passion, you could also simply start a local blog. Then work towards using it to earn advertising revenue.

For example, South Africa is a travel destination of note. A blog could give potential visitors a glimpse into everyday South African life. Write articles about your favourite local places and activities, and illustrate with attractive images.

Each of these small business ideas in South Africa deserves your consideration and will pay off wonderfully if you are ready to invest your time and hard-earned money into it.

It is important to note that this article is targeted at helping you start a business whether you are an unemployed graduate or a stay-at-home mom who would want to earn a living while raising her children.

These business ideas are not restricted to any certain type of people and anyone can take advantage of them.

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12 Great Business Ideas to Start and make Money in 2023

A home-based business is a venture—whether full time or run as a side hustle—you can start and operate using your own personal residence as your base of operations. A few home-based businesses, especially those that sell online and don’t buy and hold lots of inventory, can even be run on the go, without the need to be bound to your home.

1. Online reselling

If you’re interested in clothing and sales, you might consider starting an online reseller business. Although it takes time, dedication and an eye for fashion, you can start your business as a side hustle and turn it into a full-time resale business. You could start by using online store websites like Poshmark and Mercari to sell your unwanted clothing and items, then expand to your own resale website.

Consider shopping estate sales and flea markets for hidden finds at a low cost and then listing them for a profit online. You may be able to collect a substantial inventory of items that are in good shape for very little overhead if you’re diligent enough and search the right places.

2. Start a print-on-demand business

Using a similar dropshipping model, a print-on-demand business doesn’t require you to hold any inventory or ship anything yourself. Print-on-demand even offers you more flexibility to customize white label products with your own creative designs.

Rebecca Lee Funk launched The Outrage, a women’s rights activist apparel brand that sells print-on-demand t-shirt designs, from her home. The business donates a portion of profits to non-profit organizations that work toward social causes like gun control and women’s rights. Her launch campaign went viral, and The Outrage turned into a thriving ecommerce business.

There are many other print-on-demand products you can sell: books, hats, backpacks, blankets, pillows, mugs, shoes, hoodies, phone cases, watches, and more, depending on the supplier you choose to work with.

3. App development

If you are knowledgeable and experienced in technology, you may want to consider a career in app development. Smartphones are an everyday accessory for many Americans that has increased the demand for mobile apps. Similarly, virtual reality software has become popular in recent years, so there is also a demand for VR app development.

4 Transcription service

If you have a good ear and can type quickly, a transcription service would allow you to work from home with a flexible schedule. Medical transcription services are especially needed as voice recognition technology proliferates for healthcare provider dictation.

You can accept as few or as many transcription jobs as you’d like. This flexibility can be especially beneficial if you’re not looking to start all at once or if you have a day job you would like to keep for now. To boost your business prospects and justify charging more, consider becoming a certified transcriptionist and delving into a few specialties.

Medical transcriptionists typically charge 6 to 14 cents per line of transcription, which adds up quickly. The typical turnaround time for transcription work is 24 hours, so it’s important to stay on top of the jobs you accept. However, the ability to accept only a few requests at first means you can scale up as you are ready. Best of all, there is very little startup cost and overhead. You only need a computer, the appropriate software and a secure messaging service.

Tip

While not required, a medical transcription license can increase your business’s competitive advantage while expanding your customer base to include larger companies. Some service providers prefer that their transcriptionists have training from a certified program.

5. Play video games

While many may think video games are a waste of time, it’s a hobby that can actually turn a profit. And there’s nothing more home-based than sitting on your couch in front of your TV.

Esports and video game streaming platforms like Twitch have opened the door for gamers to gain notoriety—and eventually money—from their talents. The esports industry alone is worth more than $1.2 billion, and a Twitch streamer can get up to 100,000 viewers at a time.

So how do you monetize this? Sponsorships are one of the best ways to start a home-based competitive gaming business. Companies will pay you to play their games and stream it to your audience. You can also sell merch on Twitch to your audience.

Video gaming is even known to be a great résumé booster. Note, though, success requires some level of gaming skill.

Here’s a unique spin: Twitch isn’t limited to just gaming anymore, and Maxx Burman and Banks Boutté used the platform to launch an online festival where they featured 12 top video game art directors.

They repurposed this content for other digital channels like Instagram and YouTube. After building a loyal audience, the two launched KitBash3D, where they sell 3D assets for video games and movies.

6. Sell NFTs

Non-fungible tokens, or NFTs, have garnered a lot of attention as a lucrative creative business you can start from home. If you or someone you know and can partner with have artistic skills, creating and selling NFTs can be a great way to generate income from home.

Artists like FEWOCIOUS have managed to make money selling their art as NFTs to the tune of millions. While those might be outlier success stories, there are plenty of other artists selling NFTs they create at home. And you can get creative, even if you’re not an artist. Take the story of Brittany Pierre, a struggling Chicago-based resident who made $109,000 selling her own art pieces and photography as NFTs, as well as flipping others’ art as NFTs.

To get started, get familiar with the minting process first. You need to have a general idea of how cryptocurrency and blockchain technology work. That way you can confidently create NFTs to sell on marketplaces like OpenSea, SuperRare, and Foundation.

To make a living selling NFTs, it’s key to stay active on social platforms where NFT communities gather. As you get your name out there with your own social media presence, making connections with like-minded sellers and collectors is key to ongoing success.

7. Launch a photography business

You can sell photos online, regardless of your level of expertise. Consider selling stock photography by either opening your own storefront or selling photos to established stock photo websites like Adobe Stock, iStock, or Shutterstock.

Being able to create a good business from your images takes more than simply knowing how to take a good photo. You also need to know how to market yourself, develop your own brand, and pick a photography niche. Our video goes deeper into the process, including how to create a storefront for your images, with plenty of examples.

8. Start a beauty business

As an at-home business, you can start selling health and beauty items to customers through dropshipping or white label products. Some beauty items to consider include:At-home spa rituals
Personal care items. Beauty technology (think massage guns and smart mirrors)

As you dive in and think about the best products to list in your storefront, consider convenience as part of your seller strategy. Consumer trend research shows customers are keener to buy from businesses that offer convenience in the form of multiple purchasing and delivering options, like subscriptions.

Besides a beauty product, what are you providing that makes for an experience that keeps your customers coming back? Keep in mind that customer loyalty, as well as customer retention, are a key part of maintaining recurring revenue.

9. Start an affiliate marketing business

Affiliate marketing is a profitable and unique business idea when you have digital marketing skills. Product affiliates can make money on all sorts of platforms that allow partner links. Affiliate portals like ShareASale or LTK are only a few out of many places you can find products to be an affiliate for.

Deciding on an affiliate strategy is where you’ll want to get creative. For example, some businesses choose to share their affiliates through their Instagram Stories, while others choose to create a website with valuable content that contains affiliate links to partner products.

Your Social Team has a highlight reel on Instagram where it shares its best affiliates with its existing customers. It’s a great way to generate passive income as your target audience visits your profile.

Affiliate pins on Pinterest are yet another possible route. The more people repin your affiliate pin once you create and pin them to your boards, the higher the chances you’ll be able to add up commissions.

The affiliate industry does come with its own set of regulations. So if you’re looking to make money through affiliate links, it’s important to publicly disclose that you’re a partner with that brand. FTC regulations surrounding affiliates are mandatory. So don’t gloss over those as you begin to establish an affiliate online presence.

10. Owning a food truck

Food trucks come in all shapes and sizes, serving up a wide range of snacks and cuisines. Take your favorite style of food on the road, and sell your culinary passions directly to hungry customers. Sure, you’ll be working, but you’ll be in a space you’re passionate about, with a chance to connect to people who have similar interests.

Starting a food truck is a great small business idea for entrepreneurs with a taste for the culinary. The overhead and upkeep for a truck is significantly less than for a restaurant, and you have the added benefit of mobility. [Check out our recommendations for POS systems for your food truck.]

Starting a food truck business can be profitable. However, there are some startup costs to consider, such as purchasing a food truck and modifying it to meet local regulations.

11. Graphic design

Corporations, small businesses and sole proprietors all need eye-catching promotional materials, but not everybody has an eye for what looks good. If you have an artistic streak and know how to organize content into a visually pleasing format, start a graphic design business to provide flyers, digital ads, posters and other engaging visual materials. Graphic design requires few physical tools beyond a laptop and a desk.

12. Become a social media manager

You don’t have to work for an agency to dive into social media marketing. You can start your own social media management business from home with a laptop, social media management tools like Sprout Social, Hootsuite, or Buffer, an internet connection, and your own social media presence.

Take it from Rachel Pedersen. With a TikTok following of one million and a strong presence on Instagram and YouTube, she was able to quit her job as a hairdresser and run her social media business from home.

The hardest first step in a service-based business is landing your first customer. Leverage your network to let them know you offer social media services. Use social platforms like YouTube and Instagram to show your expertise and draw in customers.

The average salary of a social media manager hovers around the $70,000 to $80,000 mark. As your own boss, earning potential can surpass that.

12. Host a podcast

Podcasts have become extremely popular, with more than 100 million active podcast listeners in the U.S. alone. Best of all, you can start a podcast on any topic that interests you, from business to history to pop culture and more. Starting a podcast requires consistency and dedication, as well as a basic understanding of audio editing (and video editing if you want to start a companion YouTube channel for subscribers to follow).

Once your podcast has built up a substantial following, you can sell time to advertisers or establish partnerships with companies that generate revenue. As your brand expands further, you may even be able to charge to speak at events or moderate panels on topics your podcast focuses on. Of course, in order to get to that level, you need to come up with a unique small business idea that you’re passionate and knowledgeable about, and then make sure you can relate to your target audience.

Starting a business takes work, but with the right tools and guidelines, your company will be up and running in no time. Although your specific business journey will be unique to you, we identified a few steps that entrepreneurs can take to start their businesses.

As you would when starting any type of business, think carefully about your goals and what you enjoy working on to create a new at-home business that works for you.

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8 Best Sales Strategies and Plans for Success from Real Companies

No matter how big or small, every business needs a sales and marketing strategy. Depending on how much experience you have in either field, that task can sound daunting.

A strong sales strategy plan creates the foundation for a cohesive and successful sales organization. Sales strategies and initiatives also align salespeople on shared goals and empower them to do their best work — keeping them happy and successful, too.

There’s no need to worry! You do not have to reinvent the wheel. The beauty of being in business is that you walk on a road paved by giants. Sure, you’ll want to toss in a little spice of your own. Perhaps someday, you’ll be a pioneer in your strategy. But for now, we need to take a look at some real examples. In this guide, we'll dig into some sales strategies and initiatives that can help you generate more leads and close more deals.

A sales strategy is a series of actions, decisions, and corresponding goals that inform you how your sales department depicts your business and its services/products to new customers. A sales strategy is the guiding light for salesmen and saleswomen to follow, providing clear objectives for the sales process, competitive analysis, and product/service positioning.

Most strategies involve a detailed plan of best practices and processes set by management. For the most part, all sales strategies involve management creating a plan for processes, practices, and goals. The most important component of choosing and implementing your sales strategy is your customer. For this reason, a sales strategy shouldn't be one-size-fits-all. Every customer is different; therefore, different organizations should draw up and implement different strategies.

1. Become a thought leader.

Sharing your advice, tried-and-true best practices, and niche expertise are some of the most long-lasting ways to build your personal brand and lend more credibility to your organization. I’m sure we all can agree that nobody wants to feel like they’re being sold to. Instead, it’s better to help people by offering solutions to their problems.

Thought leaders do exactly this, and it’s even been backed up by Edleman data. In its 2022 Thought Leadership Impact Report, Edelman found that “Thought leadership is one of the most effective tools an organization can use to demonstrate its value to customers during a tough economy – even more so than traditional advertising or product marketing, according to B2B buyers." According to the study, 61% of decision-makers said thought leadership could be moderately or very effective at demonstrating the value of a company’s products compared to traditional product marketing. Additionally thought leadership becomes even more important during economic downturns with 51% of C-suite executives stating it has more of an impact on purchases.

So what’s the catch?

Not all thought leadership content is created equal. Just as much as it can positively affect a company, poor thought leadership can be devastating to a company’s sales goals. A quarter of decision-makers who answered Edleman’s previous survey reported that thought leadership content contributed to their reasons for not doing business with an organization.

Before you plan a spree of LinkedIn posts to drive leads, consider who your audience is, what they need to know, and how your organization can help. And, it may not hurt to have a second set of eyes from your marketing, communication, and PR departments review your plan first to make sure everything is on-brand (and trackable!)

2. Value-based selling – UPS

One of the more popular sales strategies recently is value-based selling. This is the process of positioning what you’re offering and the received value of your products or services. This is the opposite of selling based on the product or service alone. Focus on the benefit, not the product.

UPS does this very well. As one of the biggest shipping and logistics companies globally, they have a lot of competition constantly nipping at their heels. However, they tend to gallop ahead of the competition by providing an extra layer of value to their services and products.

UPS has built a global infrastructure for shipping, offering deals and value to businesses that other shipping companies simply can’t. They offer a wide range of shipping options for businesses, broadening their value by producing extra value for their customers. They don’t just sell shipping deals. They sell convenience, variety, simplicity, flexibility, and peace of mind.

3. Properly research and qualify prospects.

Even the strongest sales strategy can't compensate for targeting the wrong customers. To ensure your team is selling to the right type of customer, encourage them to research and qualify prospects before attempting to discuss your product. They'll find that more work on the front end can lead to smoother closing conversations later on.

Outline the criteria a prospect should meet to qualify them as a high-probability potential customer. This should be based on a prospect’s engagement history and demographics.

4. SPIN selling – everyone

SPIN selling is a strategy that utilizes a set of four basic questions in order to move closer to a sale. In his book titled “SPIN Selling,” Neil Rackham summarizes sales as simply learning to ask the right questions. He then goes on to highlight the four types of questions that you need to ask:

S – Situational

Asking situational questions gives you data that you can’t gather through research. These are questions that are unique to the lead/prospect.

P – Problem

Asking about the problem they’re having gives you insight into their needs. It points out priority number one for them.

I – Implication

Implicational questions let you know the urgency of the situation. How soon do they need a fix?

N – Need/Payoff

Asking about what they need outside of your company gives you a general understanding of their interest independently. This provides for a solid transition to talk about features and pricing.

The idea is that each one of these questions, if asked correctly, will tell you everything you need to know about the lead, whether they qualify or not.

No specific company is mentioned here as an example because most fortune 1000 companies use this strategy in some way or another. Because this strategy is not limited to four-set questions, it can be adapted very heavily.

5. Offer a demonstration of the product.

Pitching can be the make-or-break moment in a sales strategy. The sales pitch has to be a powerful, compelling presentation, but it also can't come on too strong lest you’ll scare away the prospect.

Study the elements of a successful sales pitch and demonstrate to prospects how they’ll benefit from making the purchase. Have your team practice amongst themselves, too. Better yet, test your presentations on a few loyal customers and gather their feedback.

6. Challenger Selling – Cyber security

The challenger sales strategy is potentially one of the most popular sales models right now, but it’s not for everyone. Challenger selling may or may not be relevant depending on the sales rep, the situation, and the customer.

Challenger selling involves taking full control over the sale (as the sales rep) and aiming to teach the customer something new about their company. In turn, this forces the experience to be tailor-made to the situation.

Because of this, you can understand why it’s hard to nail down a specific name as an example. Instead, let’s imagine a situation based on an industry:

Cybersecurity.

Remember, the goal of the challenger sales strategy is to take control of the situation by informing the customer. In cybersecurity, users may not know exactly what they need, but they know they need something. Big businesses worldwide implement some sort of security network to protect their data, but they may not understand how dire the situation can be.

Cybersecurity salespeople swoop in and inform the customer of the potential dangers and what they need to stay protected. Instead of asking, they’re telling.

This can come off as a bit rude on paper, but in B2B, this is precisely what many business owners are looking for. They won’t care so much about the emotion of the sale. They want results.

7. Be willing to adapt your offering.

In sales conversations, you should expect to come across clients with unique demands. It’s only natural when working with companies of different structures and needs. Instead of saying “you won’t” or “you can’t” — make sure your sales strategy is adaptable to accommodate the customer’s desire.

8. Close deals with confidence.

How you close a sale is just as important as how you start the conversation. Encourage clear, concise, and firm closing techniques to ensure your sales team sets the right expectations and delivers on their promises.

Keeping a list of proven, go-to closing techniques will help salespeople routinely win deals. Such techniques can include the now or never close, “If you commit now, I can get you a 20% discount,” or the question close, “In your opinion, does what I am offering to solve your problem?”

What It Looks Like When Sales and Marketing Act as One

The outcome of a Sales and Marketing strategy is truly coordinated efforts that look like this; imagine that the first time a prospect indicates interest in your company, you start sending timely, relevant content introducing them to your brand and thought leadership on top-of-mind issues. Seeing the buyer’s interest and the content being sent by Marketing, the Sales team personalizes and amplifies those messages through their activities on social channels where the buyer spends time.

As the potential buyer continues down the buying path, Marketing shares mid-funnel content that makes a compelling case for change, followed by specifics about your services and products. Again, because the Sales team is in the loop, they get busy reinforcing the key messages with social shares.

As you close in on the “conversion” stage, the Sales team connects with the interested buyer who has been fully primed. Marketing reinforces these conversations with highly targeted content, such as ROI studies and success stories. Marketing can even share personalized content that resonates with the buyer’s key stakeholders and incentives the buying committee to close the deal more quickly.

The rise of the empowered buyer and importance of an indispensable customer experience are forcing organizations to reimagine how their Marketing and Sales teams interact throughout the buying process. Today’s success hinges on a truly orchestrated effort built on a solid strategy.

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11 Business Opportunities In Africa That Will Make More Millionaires

Every crisis creates two things: problems and opportunities. There is room for more millionaires to emerge in Africa. That is why this article focuses on business opportunities that can make more millionaires in Africa.

These are the biggest business opportunities in Africa that will probably define 2024 and the rest of the new decade.

These opportunities will inspire new business ideas, spark creativity and innovation, and create considerable wealth, growth, and jobs on the continent.

Some opportunities on this list are quite familiar. But some will probably shock you.

If you’re thinking of starting a business or diversifying into a new business this year, this detailed list of opportunities provides clear insights to guide your next moves.

The business opportunities you’re about to read are based on serious but unsolved problems, underserved and ignored needs, growing consumer demand, and shifts and changes in the market.

You are going to learn a lot from this.

Don’t forget to SHARE this list with your business friends.

They’re going to thank you for it.

Let’s meet the big market trends and business opportunities in Africa to watch in 2024 and beyond.

1) Solar Power

Solar energy is one of Africa’s most abundant natural resources. Most parts of sub-Saharan Africa enjoy more than 300 days of free God-given sunlight every year.

Still, over 600 million people on the continent, especially in rural areas, don’t have access to reliable electricity. In most cities and towns, power outages are the norm and people often have to rely on noisy petrol and diesel power generators.

Solar energy is free, absolutely clean and abundant. And it provides the best alternative for people in remote parts of Africa who are out of reach of electricity grids.

Interestingly, some smart entrepreneurs are rising to the challenge of lighting up Africa through solar energy, and are very likely to join the millionaires club.

I’ll share a few interesting examples…

Off Grid Electric, a solar energy provider in Tanzania recently raised $25 million from international investors and won a $5 million grant from USAID. The company is already on track to provide solar power to 1 million homes in East Africa by 2017 and has recently expanded into Rwanda.

M-KOPA, which provides ‘pay-as-you-go’ solar power systems has attracted investments of up to $40 million. This Kenyan-based business has already provided solar power to nearly 300,000 homes in Kenya, Tanzania and Uganda.

2) Food and Agribusiness

According to How We Made It in Africa, food and agribusiness are lucrative in Africa, with unending business opportunities. With high-value export crops and over one billion people to feed, the food and agribusiness market is a multi-billion dollar opportunity for Africans. With Africa importing lots of food, the market years for more entrepreneurs.

Entrepreneurs with the resources and skills to produce food locally can become the next millionaire in this industry. The market is profitable for entrepreneurs offering cheaper locally grown food that the continent imports. For example, the continent imports soybeans, rice, wheat, milk, frozen meat, wheat, coffee, and grains.

Agribusiness is Africa’s untapped goldmine, and a major potential source of millionaires in 2016.

According to a World Bank report, Africa’s agribusiness industry is expected to be worth $1 trillion by 2030.

With up to 60 percent of the world’s uncultivated arable land, fertile soils, abundant labour, and all-year sunshine, sub-Saharan Africa surely has the potential to become the world’s biggest exporter of food products.

Even if Africa decides to ignore export markets, the continent’s one billion people provides a huge and ready market for agribusiness.

Still, every year, African countries import more than 70 percent of wheat consumed, over 300,000 tons of chicken and spend more than $10 billion on imported grains, especially rice.

Interestingly, more African entrepreneurs are tapping into the vast opportunities in Africa’s agribusiness market.

And with the continued harsh impacts of low crude oil prices in 2016, sleeping agribusiness giants like Nigeria and Angola are finally putting a strong focus on agribusiness as a means to diversifying their economies. This means that governments in these countries are now more open and supportive of agribusiness initiatives.

3) Smartphones

The phone in the picture is one of the versions of the Obi Worldphone; a low-priced smartphone that’s specifically targeted at the African market.

Guess what? It sells for just about $129, and it’s selling like hot cakes.

Africa is currently the second fastest growing market for mobile phones, after Asia. However, the first wave of Africa’s mobile phone revolution is almost over.

These days, African consumers are looking to upgrade from ‘first generation’ feature phones to smartphones. It’s no surprise that the continent’s growing population of technology and fashion-savvy youth now presents a multi-billion dollar market for smartphones.

However, most ‘new-age’ smartphone devices like iPhone, Blackberry and Samsung are quite expensive for the average African. This has created a huge opportunity for low-priced smartphones that are now hitting the African market.

Better still, many of these smartphones are built on the Android operating system, have similar features to the ‘high end’ smartphones and most are just as stylishly designed.

In the last eighteen months, over a dozen low-priced smartphone brands have debuted on the African market. Given the market potential for these phones, they’ll very likely make more millionaires for the entrepreneurs behind them.

4) Internet Access

Africa’s internet market is worth billions of dollars.

It’s no surprise that tech giants like Google and Facebook are scrambling to improve internet access to millions of Africans. Google’s Project Loon and Facebook’s Free Basics are just two of several bold initiatives to connect Africa.

However, some smart African entrepreneurs are already making impressive moves to conquer the internet access market.

One example is ‘BRCK’ a startup company in Kenya that has created a rugged internet modem device that’s designed for harsh environments with limited internet connection and electricity. The modem can hop between Ethernet, WiFi, 3G and 4G, and comes with eight hours of battery life.

This African-inspired invention has already sold thousands of units in 54 countries, even in faraway places as India. Their biggest customers have been schools.

Recently, BRCK raised $3 million in funding from investors to extend the reach of this amazing device. The entrepreneurs behind it will surely be smiling to the bank, after all the hardwork is done.

5) Education

Africa’s human talent is one of its most ignored and underexplored assets.

With one of the world’s youngest populations (over 50 percent of Africans are younger than 31), the continent is rich with creative and innovative talent. However, poor access to quality education is a serious threat to Africa’s human capital.

Currently, a couple of interesting businesses and initiatives are achieving remarkable successes as they tackle Africa’s education problems head-on.

Bridge Academies (in Kenya and East Africa) and Omega Schools (in Ghana and West Africa) have built an incredible education model of low-cost primary schools that allow pupils to pay as low as $1 a day as school fees.

Another interesting business on Africa’s education scene is Andela. Through its free and highly rigorous training program, Andela develops promising African talents into top class software developers who are hired out to the likes of Microsoft and other tech giants in the USA and Europe.

This interesting business model is called ‘talent-as-a-service’.

Andela recently attracted $10 million in investment and is on track to train 100,000 world class African software developers over ten years.

6) African Art

How much do you think African art is worth these days?

You’ll be surprised.

In November 2014, a collection of antique African art from Mali, Gabon, Congo and Liberia was sold in New York at Sotheby’s for a record-breaking price of $41 million. This is the largest ever sum realized from the sale of African art in the USA.

Not too long ago, a set of wooden sculptures by the Nigerian artist Ben Enwonwu sold in London for over $500,000, three times the expected price.

New World Map, the aluminium and copper sculpture of El Anatsui, the Ghanaian artist, sold for roughly $767,000, one of the highest prices ever fetched by the work of an indigenous African artist.

After decades of neglect, both antique and contemporary works of African art are attracting high prices in the world’s major art markets.

In 2017, more investors and collectors will be upping the demand for African art, and more millionaires will be made in the process.

7) Retail

In April 2016, the Mall of Africa opened in South Africa. This massive 131,000 square metres of retail space is the largest shopping mall in Africa ever to be built in one phase.

Recently, the Two Rivers mall opened in Nairobi, Kenya. It’s the largest shopping mall of its kind anywhere in East Africa.

Across the continent, both local and international supermarket brands like Shoprite, Game, Checkers, Woolworths, Edgars and Spar are expanding as they scramble for every inch of available space in shopping and retail infrastructure developments.

Interestingly, the battle for retail supremacy in Africa isn’t only happening in physical retail chains.

eCommerce giants like Konga and Jumia have grown quite impressively in the last few years. Both internet-based retail businesses now have a combined worth of over $1 billion.

In fact, the battle ground for Africa’s retail market is moving beyond the continent’s shores. New eCommerce entrants like Mall for Africa and Shop to my Door now make it possible for Africans to shop directly from retailers in the USA, UK and China.

Amazing!

Africa is now one of the fastest growing retail markets in the world. A large and growing middle class, increasing local spending power, and a boom in the number of expat workers are fueling the shopping trend on the continent.

8) Apps and Online Services

There’s a digital revolution taking over Africa. These days, many services now have an app or are going online. Africa’s digital economy is growing really fast.

These days, there’s almost an app or online service for anything you want.

If you’re looking for a suitable hotel accommodation in Nigeria, Hotels.ng and Jovago.com are now the biggest online services in the hotel booking business. Recently, Hotels.ng attracted an investment of $1.2 million.

If you want to watch African movies on the fly, there’s an app for that. IrokoTV is an app that gives you access to 5,000+ African movies on your mobile phone.

Recently, IrokoTV secured an additional $19 million in investment funding to expand its presence across Africa.

If you’d like to order bespoke furniture pieces without having to run after artisans or worry about quality, there’s an online service for that too. Showroom.ng is a Nigerian startup that’s changing how people buy furniture in Africa’s biggest economy.

In 2020, more apps and online services will launch across Africa to solve problems and provide value. And more millionaires will be made in the process.

9) Payment Solutions

Every year in Africa, over $100 billion in transactions are still done in cash. This presents a huge and lucrative financial services opportunity for savvy entrepreneurs.

Since M-Pesa was introduced in East Africa, the transformational mobile-based money transfer and payment service has proved to be phenomenal in Kenya and Tanzania, where the platform handles over 200 million person-to-person transactions every year.

In other parts of Africa, there is a huge scramble for Africa’s next big money transfer and payment service.

In Nigeria alone, several promising businesses are jostling to dominate Africa’s biggest economy. Some of the top contenders are Paga, PayAttitude, SimplePay and PayWithCapture.

Less than six months ago, Paga attracted a $13 million investment to expand its business within and outside Nigeria. It’s a huge bet that has the potential to really pay off.

Payment solutions will be a key area to watch in the coming years.

10) Real Estate

According to The Exchange Africa, the real estate market offers lucrative business opportunities and a goldmine for investors. With Africa's rising population, commercial and residential real estate demand continues to grow. In addition, accommodation shortage is a massive problem in Africa, and bridging the gap can make you a millionaire.

Consider investing in landed properties and real estate to maximize profits. You have a lucrative potential in building office spaces and low-income housing for rent, lease, or sale. Home-renovation flips, vacation rentals, and contract flipping are ways to benefit from the real estate market.

Africa’s real estate market is a multi-billion dollar opportunity, and several new millionaires will build their fortunes in this market.

In almost every corner of the continent, real estate projects are emerging. The biggest attractions are high-rise hotels and office buildings, residential homes and apartments, and shopping malls.

In Nigeria alone, there is a shortfall of 17 million housing units, with a funding requirement of $363 billion.

In Angola’s capital, Luanda, prime office rents are among the highest in the world at US$150 per sq metre per month.

In Mozambique, property prices at the sea ports, particularly for warehouses, are one of Africa’s most expensive.

The key markets for real estate on every investor’s agenda are Angola, Nigeria, Egypt, Mozambique, South Africa and Kenya. All of these countries are experiencing a real estate boom like never before in history.

Africa’s large and youthful population, an expanding middle class, increasing urbanization, influx of expatriates and multinational companies are the key drivers of demand for both commercial and residential real estate.
11) Startup financing

Investing in startup and early-stage businesses is on the rise globally, accounting for 67 percent of all venture capital (VC) funds in North America and increasing 19-fold in Europe.

Across Africa, start-up companies are attracting the interest of venture capital, private equity, social impact funds and angel investors who are looking for higher returns on invested capital.

In 2015 alone, the amount of capital invested in African startup businesses was roughly $0.5 billion. And in 2022, this figure is expected to double.

As Africa’s young entrepreneurs continue to come up with brilliant business ideas that have the potential to significantly disrupt both new and established markets, it’s almost impossible for investors to ignore the lure of attractive investment returns.

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8 Money Habits That Will Keep You Poor Forever

Bad money habits can trap you in a cycle of financial struggle, while good money habits can set you on the path to financial prosperity. It’s a simple principle, but mastering it requires discipline, knowledge, and a commitment to long-term financial health.

In order to provide security and a decent standard of living for you and your family, you need to break bad money habits. They can prevent you from reaching your financial goals and set you up for failure. Some habits, when left unchecked, could leave you stuck in a cycle of financial struggle. Let’s explore these habits and how to break free from them. Let’s look deeper at the ten money habits that can keep you broke.

1. Lack Of Spending Discipline

One of the biggest culprits that keep people broke is a lack of spending discipline. It’s like a leaky bucket—you earn, but the money slips through holes of unnecessary expenses. Consider an individual who splurges on gourmet coffee every morning. What seems like a harmless $5 treat totals up to $150 per month, $1,800 per year. Conversely, brewing coffee at home could cost pennies daily, freeing up funds for more important financial goals. You get several bad spending habits that are not in your budget, and your money will melt away.

2. USING YOUR EMERGENCY FUND FOR NON-EMERGENCIES

Emergencies are those life and death situations that can alter your life forever ​​if you’re unprepared. You can’t protect yourself and your finances if you keep dipping into your emergency fund. Once you start an emergency fund, make regular contributions to it and don’t touch it unless it’s an emergency.

3. You’re Not Paying Yourself First

A typical money trap is paying everyone else—landlords, credit card companies, utility providers—before paying yourself. This habit leaves little for savings or investments. The individual who follows this pattern often lives paycheck to paycheck, struggling to build wealth. Aim to save or invest a portion of your income before you pay your bills. It might be challenging initially, but you’ll thank yourself later. Ultimately, it would be best to work for yourself, not bill collectors. Put your name at the top of your budget to pay first.

This poor spending decision can add up quickly and cause you to run out of money fast. The more you spend on non-essential items, the less money you have left for essential items. No matter how great they sound, avoid all discounts, sales, special offers, and rewards. Before you purchase anything, take a moment or 24 hours to think about how much you need or want this item.

Impulsive buying is a fast track to an empty bank account. The thrill of a sale or the desire for instant gratification can lead to purchases you don’t need or can’t afford. If you’re buying a new pair of shoes every month, consider whether it’s necessary or a want. Instead, save for long-term value or invest that money for a higher return.

4. Selling Your Time For Money Is Your Only Income

If your only income comes from selling your time—a salaried job or hourly work—you’re caught in a cycle that limits your earning potential. There are only 24 hours in a day, after all. Consider building passive income streams, like websites, YouTube channels, or online businesses, which could generate money while you sleep.

Cultivate spending discipline and avoid unnecessary expenses.
Improve your skills and seek opportunities to increase your income.
Show dedication and hard work at your job to boost your earning potential
Acquire financial literacy to understand how to make your money work for you.
Prioritize paying yourself first to build savings and investments.
Curb impulsive buying and focus on long-term value.

Surround yourself with financially secure individuals for positive influence.
Seek passive income opportunities to break free from trading time for money.

5. Lack Of Financial Literacy

Financial literacy is critical. It’s not just about earning and saving money but understanding how to make it work. A person who isn’t financially literate might save, but without investing, they lose the potential for compound growth. Start reading financial books and blogs, and consider speaking with a financial advisor. Knowledge is power, especially when it comes to money.
Not keeping a record of your money

This ties in with the concept of budgeting.

If you don’t know where your money goes and how much your bills are, and who they are payable to, how can you possibly keep on top of your finances?

The reality is, many are aware of their major expenditures, but the smaller ones slip through the cracks and end up eating away at our finances. By keeping track of your finances and writing down exactly how much you need to pay, and to who, can help you budget for the rest. Also, by keeping a close eye on your money ensures that if there is fraudulent activity on your account, it's identified and dealt with straight away. 


6. NOT SAVING EVEN WHEN YOU CAN AFFORD TO


Failing to prepare for unexpected events is one of the most common bad money habits to break. Paying yourself first by saving money before you spend any money is the best way to protect your finances and reach your goals.

The difference between poor people and self-made millionaires is that the latter make a habit of saving regularly. After all, the more you can save at an early age, the more wealth you’ll accumulate. So whether you’re saving a rainy day fund, for retirement or for a big ticket item, it needs to start today.

After you’ve set a budget and begun to track your spending each month, you should start to put money away each month towards an emergency fund.  Most financial experts recommend that you save between three and six months worth of expenses in an emergency fund so that you have something to fall back on should an unexpected bill pop up.

Once you’ve established a budget and stashed away some money for an emergency fund, your next focus should be saving for retirement. 

Whether that is salary sacrifice, paying off your mortgage early or investing in property, the long-term goal should be how you plan to pay for your retirement when the time comes.

By automating your savings, you can save more without even thinking about it. Don’t wait to “have more” before you start saving. No matter how tight your current budget is, you can always find ways to trim your expenses.

7. Living beyond your means

It’s a simple bad money habit, and also one that many of us do. If you’ve sat down and worked out a budget, put money for bills and general living costs aside and don’t have anything left for food, you’re living way beyond your means.

Or maybe you live paycheck-to-paycheck, live off credit, continually exceed your budget, buy impulsively or daily to save?  Or all of them?

You’re spending more than you earn. Living beyond your means immediately puts your finances at risk by increasing debt, not having enough for bills, and not being able to save any money. This is a fast-track way to being, or staying, poor.

8. Lack Of Earning Power

Next up is a lack of earning power. Sticking to a low-paying job or not seeking opportunities to increase your income means you’re likely to stay broke. It’s a harsh truth, but money often flows towards skills and value. If you’re not improving your skills, you’re not increasing your value, and you’ll find it hard to earn more. A diligent approach to continuous learning and career growth could help escape this vicious cycle. You must raise your value to employers through skills, knowledge, experience, responsibilities, and education to increase your earnings power.

It can be tempting to hike up the budget, or even throw it out the window altogether, when your pay goes up, especially if it's a substantial increase to your income. Sure, there is no harm in raising your standard of life when you can, or treating yourself once in a while, but constantly raising your budget and spending can see you run out of money just as fast, even if your income has risen along with it.

It’s important to keep expenses and spending at a constant level while looking for ways to increase your income or gain a passive income to help boost your overall wealth. Financial success means different things to different people. It might mean achieving millionaire status, owning your own home, or even living debt free.

The trick to financial success is being able to manage your money… and that’s where your good or bad habits can play a vital role. The lesson from all this is to spend less than you earn, save the difference and when you have sufficient saved, start investing.

Planning your future, budgeting for the present and staying on top of your finances will allow anyone with any income to reach the ultimate goal of financial freedom.

Not only will you have a nest egg to fall back on if an unexpected expense comes your way, you can also grow your financial freedom and even build the retirement lifestyle of your dreams.

One of the key ways to build real wealth is to invest…

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