Prospective small business entrepreneurs in Ghana have identified real estate as the most lucrative sector for them to start their businesses, according to a new survey by ZenBusiness.
The strong desire to enter into real estate business in Ghana is as a result of the huge housing deficit in the country which makes the cost of renting and even owning an apartment very expensive.
The 2021 Population and Housing Census conducted by the Ghana Statistical Service (GSS) showed that the country’s housing deficit currently stands at 1.8 million as of 2021.
Despite the huge capital required to venture into this area, smallest businesses in the country see it as the best place to invest to make huge returns in the shortest possible time because demand for housing in the country is high. This makes landlords very powerful as they charge exorbitant rent, especially in the urban areas, which consistently contributes to overall inflation in the country.
Aside Ghana, Real Estate also emerged as the best type of business that small business entrepreneurs want to start in Ethiopia and Rwanda.
Using data on internet search frequency, ZenBusiness found that the industries that most attract entrepreneurs vary from country to country, and depend on a variety of factors such as infrastructure, business climate, and culture.
Trend on the African continent
The report also found that the range of businesses being searched for by prospective entrepreneurs across Africa varies from cooking gas refills in South Africa to interior design in Mauritius.
According to the survey, Personal services are the most-searched-for small business type in 22.7% of African countries, the largest share of any continent. These include interior design in Mauritius, cooking gas refills in South Africa, and photography in Namibia.
One factor influencing the aspirations of African entrepreneurs may be the region’s growing waste problem. According to a recent survey, 58% of young Africans are dissatisfied with current recycling efforts on the continent. In Zimbabwe, 80% of respondents are dissatisfied, the largest share of any African country.
In Zimbabwe, as well as Burkina Faso, the Republic of the Congo, Madagascar, and Mali, searches related to starting a recycling business outnumbered searches for any other business type.
Small businesses are the driving force of economic growth in both developing and developed countries around the world. According to the World Trade Organization, small- and medium-sized enterprises account for 45% of GDP in developing and developed countries and 66% of total jobs.
The ability to start and grow new businesses is crucial to the health of any economy, and the types of businesses that entrepreneurs start within a given country can significantly shape the path of its economic growth.
The 10 Most Popular Startup-Related Keywords Worldwide
The top 10 business types entrepreneurs are looking to start around the world reflect the tastes and needs of the global consumer market. The top startup-related search in nearly a third of all countries is either clothing, real estate, or cleaning – essentials in any economy.
One standout is the frequency of queries related to starting a recycling business in developing economies. Waste recycling is a fast-growing industry due to rising awareness of the harmful effects of pollution and an increase in electronic waste. Recycling is the top startup-related keyword in seven countries – making it the fourth most popular business type for entrepreneurs around the world.
Clothing-related businesses are the most-searched-for across 22 countries, putting it just ahead of real estate in 19 countries. The survey further revealed that 16% of countries in Europe look to capitalize on the hot housing market, as the top business to start is real estate.
In 47% of countries in North America, the most popular query related to starting a business is about the retail and e-commerce space – the largest share of any continent.
The Middle East and Central Asia have the most startup diversity of any region. The diversity of business aspirations reflects the variety of industries in the region and highlights differences in the area’s local economies, ZenBusiness stated in the survey report.
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