South Africa has declined in the ranking of the ease of doing business, dropping to 84 out of 190 In 2019, it is no doubt that South Africa has a good business environment.
In 2015, the Open Budget Index stated that South Africa has the 3rd most transparent budget in the world, and South Africa contributes 23% to the combined Gross Domestic Product (GDP) of Africa.
In this article, we explore some of the most profitable business in South Africa which you can invest in. Below is our top ten most profitable small scale business.
1. Sales of Food Products
The low capital requirement makes this business a lucrative one. Various food products such as cakes, biscuits, koeksisters, vetkoek, and such other products can be bought and sold to corporate offices, and other shops that require them. However, your marketing strategies need to be top-notch to make your business boom.
2. Retail Business
Retail business involves filling the small orders of many individuals, who are end-users. Again, you need to be creative with your marketing strategy. You should ensure your target area does not have too many retail competitors to minimize the stress of attracting and retaining customers.
Another small scale business you can start is Catering. However, being a caterer requires you have certain qualities, you need to be calm, focused, and most importantly know how to cook several continental and indigenous dishes.
You can team up with an event planner so you could always get jobs or can cater to corporate organizations, events, and so on.
4. Laundry Business
The fact that some individual does not have time for their sundries, makes laundry business very lucrative business. So if you find washing and ironing exciting, you can sign up for this business and save people the stress of doing so while earning money.
5. Waste Management Business
Waste is something that almost every African country battles with and South Africa is not left out. This fact makes this business interesting and lucrative.
The fact about every successful business is their level of creativity, and this business is not different from others. So to succeed, your marketing and strategy need to be top-notch.
6. Bakery Business
If you are good at baking cakes and pastries, you can setup a bakery business. You can start small by baking from home and then expand the by moving into an official residence as your clients base increase.
7. Caretaking Service
A caretaker performs the function of servicing buildings, repairing the plumbing and other maintenance work. One thing that makes this business interesting is the fact that you can offer your services to numerous buildings depending on your capacity.
8. Jewellery Business
For starters, you need to get trained by an experienced jeweller. So If you love jewellery and have always wished to have your own jewellery line, then it is high time you start thinking of starting a jewellery business.
9. Catering Equipment Lease Business
There are people that have the skills to excel in a catering business but lacks the necessary equipment, this presents a business opportunity for individuals who do not have the skill, but have the means.
Thus, you can purchase the necessary equipment needed for catering, and then lease it out to individuals who need it for their catering business for a fee.
10. Tutoring services
There are many individuals in South Africa looking to study the second language or need the service of an expert for a particular subject or field, this makes the tutoring service very lucrative.
Another interesting fact about this type of service is how convenient it is, as you can do it at people’s homes and any other convenient setup.