There are many reasons why some popular businesses fail. Some fail because they don’t have enough capital to start up, and some fail because they lack the right skills to run their business, while others fail because they don’t know how to market themselves effectively and in the proper way.
But the most common reason why businesses fail is that they don’t have the right idea. This means that they don’t have a good plan for how they want to grow their business.
In fact, according to research conducted by the World Bank, only 30% of small businesses in developing countries actually succeed. And if you look at the statistics, you’ll see that most businesses fail due to poor planning—That’s why it is necessary for entrepreneurs to develop a solid strategy for growing their business.
Are you living in a developing country and want to know the best business which you can start while having a minimum capital than in this article we are going to discuss 33 business ideas which you can do in developing countries
Business Ideas For Developing Country
In the following paragraphs, we have discussed some of the best business ideas for third world countries.
Open A Clothing Boutique
Clothes are something that everyone needs, especially women. Women love buying nice dresses, skirts, tops, etc. Because these items are included in basic necessities, you should charge relatively low prices for each piece of clothing. But, since you’ll be dealing with women who tend to spend a little bit extra on fashion accessories, you could potentially earn a few hundred dollars per week without doing too much hard work.
Open A Bookstore
Books are another necessity that almost everyone has read at one point or another. You might think that books don’t generate as much income as other products generate, such as electronics or furniture, but this belief is not true. In fact, according to statistics provided by the National Association of College Stores, college students spent over $3 billion last year just on textbooks. That means textbook sales account for approximately 2% of total bookstore revenue.
Start A Furniture Business
There are plenty of different ways to start a furniture store. But it is a bit risky, and the profit will depend on the kind of furniture you choose to sell because people usually prefer to customize furniture from local artists. As long as you are confident that you can create unique designs, then you should go for it.
Open A Electronics Store
If you’re looking into starting an electronics store, then you might be wondering that first you should be focused on which product lines. Well, this really depends on whether you know anything about technology already or not. Do you like playing video games? Then maybe computer hardware is right for you. Are you interested in photography? Maybe cameras are your thing.
Start A Jewelry Store
Many people always wanted to own their very own jewelry store, so now it is your chance! Just make sure you do adequate research before jumping headfirst into setting up a jewelry store. First, learn all the techniques involved in making necklaces, bracelets, rings, earrings, etc. Secondly, find out where wholesale suppliers are located so you can get lower prices when purchasing gold, silver, diamonds, pearls, gemstones, etc. Thirdly, figure out how much money you’d have to put down as well as monthly payments before opening up shop.
Open A Pet Supply Store
This may seem like a no-brainer, but owning a pet supply store does require some serious investment capital. However, once you buy the necessary equipment, you could potentially earn enough profit to justify buying expensive items such as dog food, cat litter, toys, leashes, collars, cages, beds, blankets, etc.
Start Sporting Goods Store
Sports gear is something that every person needs. Whether we realize it or not, sports teams often rely on sponsorships with companies that sell sporting goods. For example, Nike makes shoes and clothing for athletes; Adidas makes clothes for soccer players; Under Armour makes shirts for baseball fans. So if you decide to open up a sporting goods store, you could definitely expect high profits.
Stationery And Office Supplies Store
Staying organized doesn’t come naturally to everybody. Which is why office supplies such as paper, pens, staplers, folders, labels, pencils, rulers, dry erase markers, sticky notes, etc., are essential tools for most businesses. And since these products don’t break easily, there’s little risk of losing sales due to damaged merchandise.
Open A Toy Store
Toys aren’t just for kids anymore. In fact, adults love them too. That means that toy retailers can enjoy healthy profits each year. All you need to do is invest in new toys, collect old ones, and keep track of trends.
Video Game Store
The gaming industry has grown tremendously over recent years thanks to titles such as “Grand Theft Auto” and “Madden NFL.” As more video games become available on mobile devices, consoles, computers, tablets, and smart TVs, this market will only continue growing. If you want to cash in on this trend, consider starting an online game store.
Open A Gift & Home Decorating Center
Do you remember when was the last time you bought gift? Did you go for shopping to buy something for someone special? Maybe you went out to eat at a nice restaurant before going home to wrap presents under the tree. Either way, you should feel proud of yourself whenever you think back to doing one of these things. Why wouldn’t you want other people to experience similar feelings?
Open A Coffee Shops
Who says coffee shops have to taste bad? With so much competition in today’s society, it’s essential to stand out from the crowd. One great idea would be to serve fresh-brewed coffee beans right inside your shop. People will appreciate knowing where their morning cup of joe comes from.
Open A Thrift Shop
Do you remember thrifting during your childhood? I’m sure you loved finding exciting items at garage sales, estate sales, flea markets, and tag sales. Nowadays, thrifting isn’t limited to weekends alone. Many thrift stores offer cheap deals throughout the week. This allows shoppers to find unique things without breaking the bank.
Open A Car Wash
A car wash used to be something reserved for local residents who wanted to get clean cars but didn’t have access to a full-service auto detailing center. However, car washing services are becoming increasingly popular among small businesses. Not only does a car wash save drivers valuable time, but it also saves them money through reduced gas usage.
Open A Ice Cream Shop
Have you ever tried ice cream sandwiches? They may not sound fascinating, but if you try eating one, you’ll realize why everyone loves them! Most ice cream sandwich recipes call for vanilla wafers, chocolate chips, and ice cream. However, there are tons of different flavors to choose from. For example, some places sell strawberry shortcake flavored ice creams while others make delicious cookies n’ cream treats. You can also offer some cool customization offer to attract customers.
Open A Barber Shop
If you love getting pampered on a regular basis, then starting an upholstery barbershop is probably perfect for you. The owner can use his skills to cut hair as well as trim eyebrows, sideburns, mustaches, and beards. He could also do manicures, pedicures, waxing, facials, massages, etc. Everyone wants to be updated all the time in today’s world so opening a barbershop can give you a heavy amount of profit annually.
Open A Beauty Salon
Starting a beauty salon has become more common than ever before. In fact, according to Entrepreneur Magazine, “The average age of U.S. entrepreneurs increased by five years between 2000 and 2010.” As such, this industry continues to grow rapidly. Every day, it seems like we hear new stories about how successful salons were able to turn into billion-dollar companies. If you are a girl who loves to makeover, this might be a perfect job for you.
Open A Flower Shop
Flowers aren’t just pretty; they’re useful too. You don’t need me to tell you that flowers can brighten someone’s mood when they need cheering up. And did you know that people spend over 30 million dollars per year buying floral arrangements? That means flower shops are doing really good financially. So what kind of startup costs should you expect? According to Business2Community, most florists start with a capital investment ranging anywhere from $10-$25 thousand.
Open A Bed And Breakfast
There are so many reasons why B&Bs are great options for travelers looking for affordable accommodations. First, these types of hotels usually cost less than other lodging choices. Second, guests tend to feel much more comfortable staying in homes since home-cooked meals are often included. Third, owners of beds & breakfasts typically live on-site, making for personal connections. Fourth, B&B’s allow their hosts to interact with lots of tourists each month.
Work As A Massage Therapist
Did you know that massage therapy was the second largest health care profession back in 2007? This means that there’s still plenty of room for growth within this field. Startups like “Therapeutic Touch” provide mobile therapeutic massages where patients pay out of pocket to receive deep tissue or Swedish massages based at their own location.
Open A Butcher Shop
Butchers have been around for centuries due to their ability to preserve meat longer and butcher large animals quickly. Nowadays, butchers are making a comeback because customers want healthier meats.
Open A Fruit And Vegetables Store
Selling fruits and vegetables doesn’t seem complicated enough already. But it turns out that there’s actually a lot of competition in the market. Some startups even specialize in selling only certain kinds of produce. Others focus on growing their own fruit trees. Still, others offer delivery services. Select those which seem appropriate to you.
Open A Cosmetic Store Business
Many cosmetic stores sell makeup products. However, some cosmetics stores go one step further by offering skin treatments. These include everything from Botox injections to laser eye surgery.
Open A Pharmacy
If your goal is to open a pharmacy store, you’ll probably be happy to learn that pharmacies make tons of money. The National Association of Boards of Pharmacies reports that pharmacists earn an annual salary of approximately $66K. Not bad!
Open A Pet Grooming Parlor
Pets are part of families now. They help us relax after long days at work. They also bring joy to our lives. Unfortunately, pets require grooming as well. In fact, pet grooming has become a billion dollar industry.
Open A Bicycle Repair Shop
When I first started my blog, I had no idea how popular cycling would eventually get. It seems like every day I see another article about bike repair. People love bikes. Why not capitalize on that passion?
Open A Bakery
Bread may very well be the staff of life. After all, who could forget those warm slices of bread straight out of the oven? Well, if you’ve ever thought about starting a bakery shop, here’s your chance. As we all know, bakers make millions of dollars annually.
Open A Juice Bar
Juicing has exploded over the past few years thanks to its numerous benefits. So what better way to cash in on this trend than opening a juice bar? You can start small by renting space in someone else’s restaurant or grocery store. Or, you can try going the route of franchising. Either way, you should expect to invest between $10-$20 thousand just to get things off the ground.
Go With Affiliate Marketing
This business model works best when you’re promoting other people’s products. For example, let’s say you wanted to promote a weight loss product. Instead of paying the manufacturer directly, you’d sign up with them as an affiliate. Then, whenever you send them new clients, you get paid a commission.
Open A Cleaning Service
The cleaning service industry is booming right now. According to the Bureau of Labor Statistics, employment opportunities will increase by 17% through 2022. That means plenty of job openings for aspiring cleaners.
Work As A Virtual Assistant
Are you good at typing fast? Do you enjoy helping businesses grow online? If so, why not consider becoming a virtual assistant? This is especially true if you live near Silicon Valley, where tech companies need these types of employees.
Conclusion
So we have discussed many type of business which you can start easily. It doesn’t matter what your age is or are you a boy or girl. Everyone can run these businesses and will be able to make good amount of money.
