Business Ideas For Developing Countries: Developing countries often don’t have access to the same business resources that countries with more economic development do, which can make starting and running your own business there seem like an impossible dream.
Business Ideas For Developing Countries
But it doesn’t have to be so difficult! We found 10 great business ideas for developing countries that are especially suited to the unique situations these countries face. Take a look, and start brainstorming how you can take advantage of them in your own developing country!
1) Online Businesses
The Internet is full of online business ideas, but they all have one thing in common: research. Many entrepreneurs have success from a simple idea that takes off because of their knowledge or experience in an industry. However, there are other ways to go about starting an online business.
Look for models that are working for others and try to come up with your own twist. There’s no need to reinvent the wheel if you can find a concept that’s proven, even if it’s not completely new.
2) E-Commerce
A developing country might not seem like an ideal place to start a business, but there are many unique opportunities. Look no further than Amazon, Alibaba and eBay as examples of companies that began in developing countries—not to mention PayPal, which was founded by a Cameroonian and made its way to Silicon Valley.
E-commerce is such a big industry these days because it’s easy for anyone to set up an online store; all you need is some computer knowledge and a website host like WordPress. Depending on where you live, your costs could be even lower than those of traditional brick-and-mortar businesses.
Here are 10 business ideas for e-commerce entrepreneurs from all over the world 1. E-books: If there’s one skill you can learn without much money or time invested, it’s how to create digital content. With software tools like Microsoft Word and Open Office available for free download and self-publishing platforms available at affordable prices, aspiring authors have greater flexibility when it comes to what they can produce.
Meanwhile, books continue to offer good profit margins even after print costs are covered—not so with other kinds of retail products.
3) Agriculture
Agriculture is very important in many developing countries, and depending on your business idea, you may already be a step ahead. If you have an idea for something to do with farming or ranching, look into improving agricultural practices for developing countries.
Some possibilities include creating local crop varieties better suited to local conditions, finding sustainable ways to farm that preserve soil and water quality, or creating new forms of animal husbandry that benefit local economies as well as food quality. If your idea is more specialized than simply improving agriculture in general, look into crops specific to that country’s climate and culture.
Handicrafts
If you have a talent for making arts and crafts, consider setting up shop online. Etsy is a great place to sell your creations. Though you can open an Etsy store with little money, it helps to get an early start by attending craft fairs and using social media to build a following before you have all your goods ready.
If you enjoy being creative, setting up a craft business can help you turn your hobby into a money-making side hustle that’s still small enough to leave time for other pursuits such as parenting, volunteering or travel. You may even earn enough from selling your goods that it helps keep those other activities afloat — especially if you’re willing to hire helpers.
Who knows—it might even lead to saving enough income so that you don’t need to take a full-time job on top of your hobbies. Today’s social media platforms offer many opportunities—from Instagramming your outfit of the day (#OOTD) to creating Pinterest boards filled with visual business ideas (like #StartupBiz). But one platform where grammers are really winning big is Tumblr.
The microblogging platform has more than 196 million active users who produce 6 billion posts per month; it’s estimated that more than 33 percent of Internet users visit Tumblr at least once per month, according to Kissmetrics . With about 300 million blogs currently in existence, there are plenty of ways for bloggers to gain exposure.
5) Food & Restaurant
If you’re in a country where food is scarce, opening a restaurant might be a good way to generate additional income. It can also be an excellent way to build your social network and gain valuable business skills. A food cart or truck is an option if you want to keep costs low (or have limited start-up capital). If your idea for a restaurant in developing countries gets big enough, consider hiring help to get it off of its feet.
Once established, you can sell shares and invite other people into your venture. This gives you even more investors and helps with ongoing expenses as well as growth opportunities. Another option is to take advantage of an existing market opportunity by offering locally sourced products.
Most likely, no one in your community has ever offered these products before so you’ll have a clear market advantage right out of the gate. To make sure you’re truly meeting a need or solving a problem with your product/service, ask yourself: Is there anyone else doing what I’m thinking about?
You don’t want to open a new barbeque shop when there’s already one that closes down due to lack of business (unless they somehow manage their finances poorly) but opening another bakery probably wouldn’t be too hard. Even better: look at some failed businesses that failed due to poor management practices or location difficulties and see if yours would fit into that niche.
6) Property Development
If you’re thinking of starting a business in a developing country, property development may be a good option. You could specialize in commercial property, or build residential units that can be sold off for profit. This is often seen as an easier option for first-time entrepreneurs since you don’t need to acquire any special training to get started.
As long as you have access to land and capital, your business can essentially run itself once it’s up and running. While there are more obvious risks involved with real estate development than with other businesses, it’s a good fit for many developing economies. Many governments offer start-up incentives that can help offset those risks.
Transport
Festivals and events are a great business opportunity for entrepreneurs in developing countries. These can be large festivals like Oktoberfest or smaller festivals that celebrate local culture. Finding a niche market is key to success here because you don’t want to compete with other festivals.
If you can cater to specific interests, like wooden chess tournaments, then that is a perfect opportunity. You could even set up booths at larger events by partnering with organizers or offering your own ideas. The beauty of festivals and events is that they have constantly changing products and services available; if one product doesn’t do well then you can simply take it down and replace it with something else.
Tourism
The tourism industry is huge worldwide, as people are constantly visiting new places and exploring what’s available in different parts of their country or around the world. Tourism isn’t just limited to popular tourist destinations like Florida, New York City, and Los Angeles—it’s present everywhere.
As you get into your niche or industry more, you may see an opportunity to develop a tour that encompasses what makes your area special. It might be historical sites in a neighborhood or state park (we have quite a few here) or local attractions that others don’t know about yet.
Whatever it is, look for ways to create something interesting and valuable for your community by showing off its strengths. If there’s interest from locals and tourists alike, you could quickly launch a successful business while contributing value to those around you.
Manufacturing
Manufacturing is one of those niche industries that often seem to be geared towards large, wealthy countries—but that doesn’t mean there isn’t an opportunity for entrepreneurs in developing nations. In fact, manufacturing is an extremely profitable industry that can lead to great things for entrepreneurs.
Who are able to develop a solution and run with it. Before you start your next business, ask yourself if your product or service could be made better, safer or more efficiently elsewhere in the world. If so, you might just have discovered a lucrative idea for developing countries!
Events & Festivals
The older, more established towns and cities are often packed with festivals, fairs, and other public events. They’re a great way to make new connections in a community and can also be used as opportunities to sell goods or services. If you own a car, consider driving it around with your business cards on display. You could also hire yourself out as a shuttle service between events or offer free coupons for your products at local businesses. Every little bit helps!
Also Read: Business Ideas For Doctors
Conclusion
At its heart, entrepreneurship is simply about unlocking human potential. So many of us are confined by our circumstances—poverty, discrimination, and oppression being a few examples. We don’t always have access to quality education or we struggle with basic necessities that prevent us from ever realizing our full potential.
This list presents 10 opportunities for entrepreneurs in developing countries to provide better lives for themselves and others around them. Many of these business ideas can be scaled up to help entire communities lift themselves out of poverty.
While serving as great examples for other individuals looking to start their own companies. As more people pursue meaningful entrepreneurial endeavors like these, greater prosperity will undoubtedly follow. What do you think is one of your best business ideas? Let me know in the comments!
