In this episode of you say weytin, we selected 8 of the responses provided by the general public and discussed the first 4.
QUESTION FOR DISCUSSION
What is the easiest but most profitable business one can do in the university and why do you think so?
First and foremost, it is imperative you consider what you are passionate about before starting a business or a running a venture of any sort.
It is true you may be doing it for the money or whatever reason but you still need your passion to keep you on track when the challenges come rushing in. With that said, let’s go do some business already!!
REPLIES FOR DISCUSSION
1. Selling sachet water – [Grace Anna Aryeequaye, Instagram: @Annanaa50 School/Institution: Takoradi Technical University]
This really seems like an easy one to start indeed as requires a less start-up capital.
Basically, you need a fridge, electricity and stable distributor (source) of the bags of water to get started.
If one is fortunate to be in a hall or hostel with fridges available to them, then there will be no need to buy one.
Also, if you happen to be in a hostel where you are not required to buy your own electricity, the better for your pocket.
Aside selling of these sachet water, one can also supply bags of water to various rooms in the form of a delivery service at a little cost.
In order for you to manage your time well, you can set aside day(s) and time to deliver so your customers can pre-order.
This kind of business is not very labour intensive and can easily be combined with studies.
However, it can be very challenging when you do not have a personal fridge, even though we’ve stated that it may not be capital intensive to start, it may not be so in this case.
This is because some hostels or halls do not provide residents with fridges. So, the cost of a fridge (which will be around Ghc600.00) will be estimated as part of the start-up cost.
Also, in some halls/hostels, students are supposed to pay for their own electricity bills.
The challenge from here comes in when the room you are in happens to share their electricity meter with other rooms.
Usually, once you have a fridge in your room, the others expect you to pay more and this will also impact your business.
Profit Margin: If you are selling per sachet, the profit margin is not very huge.
You make a profit of about Gh2.00 for selling a bag of 30 sachets.
The number of bags you’re able to sell in a day will determine how much you can make.
If you happen to be supplying rooms with bags of water, you can make like Ghc 0.50 or Ghc 1.00 on a bag depending on how much you get it from the suppliers.
The total amount of money you get will be determined by how many you are able to serve in a day.
The demand is high but the profit is not much.
Hence, one needs to put in more efforts to make a great deal of money from this kind of business venture but it’s worth doing as a student.
2. Do an online business: This is because it can be easy to do along with studies
– [Donn Simon, Instagram: @donnsimon3 Twitter: @donnsimon3 School: Kwame Nkrumah University of Science and Technology]
- Less Capital: Starting an online business can cost you an amount within the ranges of Ghc 0.00 to like Ghc 1000.00 and even more depending on the particular business you want to run. Businesses to be run by social media, like social media advertising will cost you close to zero to start. But a business like an ecommerce business from scratch may cost you a little bit more. This is because in such a business, you need to build a website (which can cost you from Ghc400.00 and above to get a simple one set up for you).
- Less time involving: Online businesses if managed well can be less time consuming. Especially, when you put most of the things you do on a schedule.
- Distractions: Online business requires you to be online almost all the time and this may act as a distraction especially when lots of people start patronizing your services and you need to satisfy them all.
Only few of these online businesses guarantees profit upfront. The majority will take a lot of time to reach profitability.
Profits made depends on the type of online business you decide to run (social media marketing, ecommerce, blogging, dropshipping, affiliate marketing etc) and can start from Ghc100 a month for starters.
3. Food business like drinks and easy-to-make pastries: Because it requires less time.
– [Abby, Instagram: @abig_girlzz Twitter: @Abbypharma School: Kwame Nkrumah University of Science and Technology]
Demand: Starting a food business may be a good fit for students in the university. The main reason is that food is a basic need of every human. Most students go to class and will be in class for very long hours with only short breaks. During these short breaks, it becomes difficult for some of them to walk to the canteens to get food. So, by providing any form of food which people will like, will help solve some of these problems and by so doing, you can make some money for yourself.
Capital Requirement: Not very capital intensive, but will depend on the kind of food business you want to get into. Making drinks or pastries or meals where people can order? You can start almost all of these at a cost less than Ghc 100.00. Examples of these business that I’ve seen students in the university already doing includes: Cakes for various occasions, Pie and drinks during break time, special breakfast on delivery, making stews for sale. You can also do it on contract basis, where you sign up some of your friends who do not know how to cook and prepare their meals for them probably over the weekend.
Time: Cooking can sometimes take up lots of your time, depending on how many people you’re serving. You may have to wake up very early than most people to be able to make the food before time for class.
Labour intensive: This kind of business takes lots of efforts. We would have to cook and also serve or go selling it. However, you can team up with friends who will help you out. Like say, one of you does the cooking and another the selling.
Profit Margin: One can make quite a lot of money from this kind of venture. But it obviously depends on the kind of food you decide to sell. A profit of about Ghc10.00 and above in a day is probable.
4. Printing: Cost of capital (printer is low; less than Ghc200). Students prints a lot and would be glad to send it to a friend to print it for him/her. All you have to do is to set timeline and delivery mechanisms.
– [Youngtony, Instagram: @ Youngtony School: University of Health and Allied Sciences]
Capital requirement is not so much:
In fact, you can get a printer for less than Ghc 200.00 but the truth is these types of printers cannot be used for commercial purposes since the cost of ink and catridges are expensive. But for commercial purposes, one can get a good printer for about Ghc 800.00 upwards.
Thus, a minimum capital of Ghc 1000.00 may be required. However, if you are interested in starting one but do not have up to a Ghc 1000.00, you can still go ahead to buy the one below Ghc200 and manage it till you are able to raise more money for the other printers. (You may probably want to add on other services like scanning, lamination, comb-binding etc).
Huge Customer base: These are services that students require on the daily basis, so if you are able to market yourself well, you can really make a great business out of this.
Requires expertise: This kind of business requires a bit of technical knowledge. So, for you to succeed, you have to probably go understudy someone who is into it for a while and learn everything possible before you start yours.
Also depends on the kind of services rendered and the type of machines you have to work with. The profits start from about Ghc 100.00 a month upwards.
5. The Sale of Contraceptives: Sex is something that is inevitable on campus and we know that.
Almost everyday someone have sex on campus.
These people knowing the consequences of sex try to protect themselves against the negative effects of it by using contraceptives and other sex related stuffs.
But this is the situation where they feel shy of buying such stuffs from the pharmacy therefore it will be probable to save that shame for your money.
– [Team_Lowkey, School: Kwame Nkrumah University of Science and Technology]
6. Selling stationaries and credit cards at lecture halls and residential halls: Most student often buy pens, A4 sheets, credit cards in the course of the day’s work and when they return to their rooms.
It’s mostly convenient to have someone close by selling these items to you without walking a distance.
During break periods you can move from one lecture hall to another with these stationaries and sell them.
These items can be sold at a reduced price as well. For example, if a single official sheet sells at 20pesewas at a regular book shop, you can sell it at 3 for 50pesewas and yours will sell faster.
If a pen is sold for a Cedi at a bookshop you can sell at 80pesewas. The faster your product sells, the higher your gains.
– [El Christos, Graduate and employed, Kwame Nkrumah University of Science and Technology]
7. Selling Text Books and handouts: It is not capital intensive and the market already exists. You don’t need too much research to know the books your market needs
– [ Anphylled, Instagram: @anphylled, Graduate and employed]
8. Selling shoes/clothes: Students like buying these, for various reasons (to look good in them, for occasions, etc) and these things are necessities, and as compared to food where there are issues of spoilage or expiration dates, clothes don’t get spoilt.
– [ Nana Afua, Instagram: @afua_akyaa, Kwame Nkrumah University of Science and Technology]