Looking at how to start a small business but you don’t have much money? Then check out this 12 list of profitable small business ideas you can begin to quickly and inexpensively in the Gambia. You can even start some of these business ideas with zero to few dalasis as capital. Originally written in June 2015.
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Cheap Small Business Ideas in the Gambia
1. Resume (C.V) Service
As a resume writer, you will do an in-depth assessment of people’s experience, skills and career goals to create a compelling resume and cover letter(s) that best represent their unique skills and value to potential employers. The fact that not everyone can write a good resume for themselves and many people wouldn’t mind paying D250 to D3,000 for a professional CV.
You must be discrete about the information you gather and honest in dealing with your client. You can start this business with free services at the university and other tertiary institutions.
2. Affiliate Marketing
Affiliate marketing is the process of earning a commission by promoting other people’s (or company’s) products. You will first find a product that is high in demand and promote it to others. The owner will give you a commission for each sale you make. Just be careful not to be caught up in a scam. Check out behind scam to get informed.
With a good amount of loyal followers on your social media profiles, you can start the affiliated marketing of many other products.
3. Weekend Lecturer
You can start part-time lecturing in the local colleges or schools that run weekend classes. With the relevant qualification and experience, you need first to identify your target market; that is a secondary school or university students. Many people have turned their part-time tutoring classes to a full-time school (business). For instance, Martin Tucker of Grace Institute of Accounting started as a part-time lecturer in Jollof Tutors, MDI and NMATC.
Note that It is not enough to know the subject you want to teach; you also have to be capable of teaching. You have to be an excellent communicator and be patient.
4. Bookkeeping and accountancy service for small businesses
Very few small businesses in the Gambia can justify putting a full-time accountant on their payroll, and some medium-size companies may prefer outsourcing the job to save money. Whether you are a certified accountant or an accounting technician, this is a potential business idea to consider. If your bookkeeping and accounting skills are up to date, be prepared to start a small accounting firm.
Many small business owners do not have time to record or cannot classify their business transactions into the right category. This is where you come and support them say once in a month or quarter. Analyse their transactions and prepare a small financial statement.
If there is only one thing that is certain in any government is taxation. There are numerous form of business taxes in the Gambia, which are filed with the government on a quarterly or annually basis. These include corporate income tax, VAT or personal tax. All you have to do is to understand the latest tax regulation in the Gambia. If you can afford it, enrol yourself into one of the local tax training courses and get ready to file tax for your clients.
6. Estate agents
Real estate agents are the people who serve as an intermediary between the buyers and sellers of properties. They are also involved in finding a tenant for property owners who intend to rent. For buying and selling of properties, many businesses are offering the service in the Gambia. However, I still believe that the renting aspect has some business potentials. You will approach landlords who are mostly busy or resides out of the country and offer to manage their properties for rent, lease and administrative activities. The tenants will pay an agency and service charges. This is one business you can do without opening a shop.
Part two – 9 Small Business Ideas in the Gambia
7. Website Setting and Content Management
For most modern businesses, an online presence has become at least as important as the brand. Even if it is a two-page site, small businesses also want to have an online address. With your technical skill, you may help small businesses to create a website for sharing their thoughts, pictures, and products. You do not have to be a super developer to do set up a site or run content management. Guest who helped me set up this site, ask me. I register, install and set up this site by myself.
8. Interior Design
As an interior decorator, you draw plans to decorate a client’s home or office with attention to style, quality, and budget. Companies need to have attractive spaces for conferences, meeting with customers or showrooms. You can also target busy couples and foreigners who just came to reside in town.
In addition to a good sense of design and colour, you’ll need to be knowledgeable about fabrics, styles of furniture and carpeting. You’ll have to be able to work in a variety of styles, from antiques and reproductions to commercial. Don’t forget to create a portfolio of jobs you have completed; obtain permission from clients to take photos for the collection or for a website.
9. Business-Plan Consulting
With excellent business writing skills, spreadsheet know-how, and general business knowledge, you can start your own business plan consultation. Sometimes, even the small businesses are required to provide a few page plan before banks approve their overdraft request. Again, if you can afford it, there are a number of business planning software in the market. I have written a free business planning template.
10. Employee Search Consultant
You will be acting as an impartial broker between the client and the candidate. This business idea sometimes needs a bit of experience and network. It requires using your contacts and network to help the corporate client to get the right staff. Your work will involve placing adverts, conducting interviews and screening potential employees for clients. Put on your best candidate, and get paid.
11. Language Translation Consultant
As writer and speaker of multiple international languages, you have the opportunity to participate in international trade or events. For example, in the Gambia, KBJ conferences have a team of consultants who do interpretation and translation services.
Study languages such as French or Spanish, Arabic etc. and you will find yourself in this international business.
12. Wedding Planner Service
With many ladies busy with their work-life, managing a huge event like a wedding may seem overwhelming to them. That is why most people wouldn’t mind using a professional wedding planner provided they can afford your fees. If you are a well-organized person, why not consider running your own wedding planning firm.
13 Fashion and Beauty.
Fashion and beauty are one of the industries that continue to grow around the world. With good labels and hot-selling products, you are sure to make some money in the fashion and beauty business. For example, you can get BestHairBuy hair products online and sell them margin.
Whatever business idea you want to adopt, remember you have to be solving someone’s need. Some of these business ideas can be operated as a side business with your current job, and some required you to open a shop.
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Please let me know your thoughts on these business ideas in the comment box below.