Business Projects You Should Start Today

21 October 2017
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There’s no reason you can’t get on the road to success with any of these solid business models. We won’t say it won’t take work, but with an investment of time and money the rewards are ripe for the taking.

Coffee
Coffee is a big business, and one of the most traded global commodities. The initial outgoings will be on equipment, staff and premises, but after that the returns are set to be big. Each dosage of ground coffee costs only a few cents, and can the retailed to the public for as much as a few dollars. That’s a great profit margin, that can also be buoyed by serving food and other accessorised purchasing options.

Vegan Food
Veganism is the dietary practice of avoiding any foods with animal-derived substances. It is popular in lots of countries: Germany, UK, USA, Russia and others. That means any person who is fond of, for instance, German casino games may turn out to be a vegan. In practice this means that, as well as meat, foods containing dairy or eggs are also off the menu. Veganism is becoming more and more popular in developed economies, as people adopt the lifestyle for ethical and/or health reasons. Get in on the action by offering alternatives to vegan eaters and supplement foodstuffs they can no longer consume. This could be anything from making dairy-free ice cream to developing vegan alternatives to popular fast-food options. The popularity of veganism is set to continue rising exponentially, so get in on this trend while there’s still a gap in the market.

Ethical Business Consultancy
We live in a more ethically aware world than ever. With the internet, people not only have more choice in which businesses to patronise but are also able to research their practices thoroughly before making a choice. People in general would rather shop in a way that makes them feel good, or at least not bad, about the kinds of places they’re spending their money at. Providing guidance on environmentally friendly production practices and ensuring ethical treatment of staff is something that more and more companies are looking to iron clad. Diversity training regarding sensitivities around issues of race, religion and gender are things every big company should be looking to polish to maintain their reputations. So providing training and seminars on this topic looks to be a growth industry.

Male Haircare
Once were the days when male grooming was frowned upon, being seen as effete and unmanly. Today, though, that taboo is rapidly dissolving, as men give way to vanity and self-absorption to partake in the non-stop treadmill of dead-eyed vacuity that is the social media roundabout. Take advantage of this trend by offering hair care products aimed at men. Volumising shampoo, conditioners and holding waxes and gels all have no upward growth limit as the market expands. The popularity of beards in the West means enriching oils and facial hair conditioners are also a sound investment. This could even extend into skin care products, exfoliating facial scrubs and other products aimed at the wider men’s grooming market. Alternatively, you could look into opening up a barbers: the labour comes relatively cheaply for a skilled trade, and there’s little overhead apart from manpower and occasionally renewing hair care supplies. Who knows, in the future we might see male beauty salons become popular, so make sure you get in on the ground floor.

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About Wachumi

EST brings together members of the economics profession in academia, research institutes, the government and business sectors and provides a platform for discussions on issues facing the Tanzania economy and the region.

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