What business ideas can one consider in 2024?

Dickson Tumuramye

Every human being is business-oriented though we are gifted uniquely in running businesses. Some people do better with hands-on businesses while others do well through others.

Some businesses are done without your direct supervision yet others need you to be directly involved with monitoring and supervision. As long as you are saving and investing in any activity/project to make more money and get a profit, you are already in business.

If you ever thought you were not a business person, look at other things you do besides your main job especially if you are in a corporate world or what you are interested in to make more money to supplement your current income. That should encourage you to think about business. I share with you these business opportunities you can think about in the year 2024.

*Other ideas that one needs to consider for business 2024:*

*Passion and interest*

When considering the type of business to start, it is important to take into account your passion and interest. Investing in something you are truly passionate about will provide inner strength and motivation, even during challenging times.

*Start-up capital*

Yes, every business starts with an idea but at the end of it all, you may need to consider how much you will need either to start or to run that business. This involves making a financial projection, resources, priorities, income, and ensuring long-term sustainability. Take the time to carefully plan and identify potential sources of funding.

*Knowledge about the business*

It is not good to see and admire any business and you want to start it the next day because you have some resources. It may be beyond that. What knowledge and skills do you have about that business? How much research have you done? How many people doing the same business have you consulted? Why are similar businesses in that location? Is it what you would want to do? Do you know what it takes? Do you know what the one you admired started? Therefore, do you background check and make your own SWOT analysis considering different factors at hand.

*Competitors*

Competition is very healthy in any business because it can inspire you to work hard and cherish well. However, understand the muscles of your competitors, their quality and quantity, ability of supply, source of clients/customers, experience, customer care, staff, location, and source of the products/services they are dealing in. Is it a business you can manage? Do you have the stamina to stand all your competitors?

*Purpose of the business*

Don’t start a business because you feel you need to start one or because you have redundant capital. First answer the 5Ws (Why? What? When? Where? and How?). This should originate from your long/mid-term plan and therefore this calls for strategic planning with clear and SMART objectives (Specific, Measurable, Attainable, Realistic, and Time-bound objectives/goal). It is not about the fact that others are succeeding therefore it is a guarantee that you too will succeed. What kind of problem/customer need is in place and what proper solution are you offering to meet it?

*Useful resources needed*

Get to know what kind of resources you will need. These could be financial, human resources, infrastructure, technology, transport, etc. These will also guide you to calculate the cost involved, various resources needed, technical/professional and non-technical, and what kind of support you need/have around you. Therefore, a plan and budget come in handy here. Also, know the source for all your resources and the time they will be needed.  

*Set actionable targets*

You need to dream big and be very ambitious but don’t exaggerate what you intend to do. Start small with what you can manage, cut your court according to the clothe you have at the time and gradually you will grow into your dream. Thus have SMART targets that are achievable and will not overwhelm you.

 

Farming projects

Uganda’s biggest economy relies so much on agriculture with around 70% depending on agriculture and there is always a market for whatever farming project you invest in. You can think of projects like poultry, piggery, rabbits, zero grazing, cattle rearing, mushrooms, banana plantation, coffee, tea, vanilla, fishing, variety of trees, and horticulture, among many others. What you need most with agriculture products is the space you have, location, market, workers you will need on your farm, season, soil type issues, purpose of the project because this determines what variety you will need and the income to start with. Please do your thorough market research before you embark on any project. 

Hospitality business

Ugandans generally like a good life and people like to eat, travel, work outside their homes, and need meals/refreshments.  You can think of starting hotels, restaurants, guest houses, rentals, gardens, etc in any location of your choice depending on the market and the kind of business you are starting in that line.

Tours and travel

Again, this is also part of the hospitality business. Uganda is a country that hosts so many visitors for various reasons. We are also endowed with many natural resources like mountains, forests, wild animals in national parks, game reserves, Zoo, gold, oil, and more that you can imagine.  All these attract visitors internally and externally. Therefore, you can put up a safari lodge, chain of vehicles, boats, or travel agency that specializes in coordinating or organizing travel bookings, accommodation, tours, etc

Events management

You will also find functions everywhere anytime in Uganda. People celebrate birthdays, anniversaries, bridal/baby showers, introductions, giveaways, weddings, burials, church events, corporate gatherings, name them. All these functions need different services ranging from food and beverages, ushering, public address systems, tents and chairs, decorations, cakes, and entertainment. You can specialize in our event that you can manage and do better and go for that. Read more about various of them and look at what you can do.

Technology benefits

We are now living in a technologically advanced world where the use of computers, phones, the internet, satellites, etc are part of us. We also advancing into a virtual world and working from our homes or anywhere outside physical offices. You can think of what ICT service you can offer and meet people's needs and make money. Remember, anything can be turned into business depending on the problem at hand and what solution you can offer.

In conclusion, there are many business opportunities one can venture into depending on your interests, purpose, areas of specialization, and thorough market research done. What you need is a business mind that is creative, innovative, and critically thinks faster to offer a solution.

Dickson Tumuramye is the Executive Director of Hope Regeneration Africa, parenting coach, marriage counselor, and founder – Men of Purpose Mentorship Program

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