How do I start a business with 2,000 Ghana Cedis?

January 12, 2020 kwaku Abedi

How do I start a business with 2,000 Ghana Cedis?

Photo by Andrew Neel on Unsplash

This is a question someone asked on Quora, my answer is below

2,000 Cedis in dollar term is about $350.00 (using the Foreign Exchange Rate) which is not much of a capital to begin business. Also note that new businesses have a high risk of failure in their early stages and most businesses fail within the first 10 years of opening.

I’ve noticed the answers on questions like the this is generally geared toward trading, i.e buy products for cheap and sell them at a marginal gain which is an OK idea.

I have another simple alternative, invest that 2,000 ghc in yourself and learn a valuable skill. Preferably a skill that can be used to satisfy client needs remotely.

Skills Such as

Coding

Graphic design, video editing,

Writing

Digital marketing

Excel

Data Science

Animation

Etc.

are constantly in demand.

Basically, log on to sites like Udacity, Udemy, Coursera and the likes to scan through some of the courses that are most in demand. Go through each of the course material and select one that is of interest to you and has the potential to provide decent source of income once you have mastered that skill.

Benefits

Pays Higher in the longer term

Having such a valuable skill pays off in the longer term. Once the skill has been acquired and you start charging clients a fee for rendering service to them, the skill becomes a long term source of income. Over time the payments made by clients will offset the initial 2,000 ghc invested

Constant Demand

These type of skills are constantly on demand on the labour market hence businesses are always on the lookout for such skills. There are greater opportunities with small business or solopreneurs that cannot afford bigger agencies to help them with their needs.

Acquired for life

Skills are acquired for life and will pay off in the longer term, once this skill is practiced and you become better.

Possessing quality skills make you valuable.

Just as a lawyer, doctor, teacher can practice till death, these skills can be practiced till you choose not to do anything with it.

Read my original answer here

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kwaku Abedi

Kwaku Abedi is Marketing, Public Relations & Digital Enthusiast

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