Developing countries are in the process of reaching their full potential and meeting the criteria for becoming developed countries. Many countries around the world are in the process of developing. The economy is the main basis used to assign a country the developing tag.
In this article, we will share the top 18 small business ideas for developing countries that can be started with very little money and yet have great income potential.
Best Business Ideas for Developing Countries
Due to increased rural-urban migration, land and landed properties are in great demand in developing countries. There are numerous real estate opportunities in developing countries, with something for everyone. Furthermore, getting into and investing in real estate in developing countries is much easier than the stringent processes available in developed countries worldwide.
You can make money in real estate by doing things like land flipping (buying land, waiting for it to appreciate over time, and then selling it for a profit), open space leasing (buying a strategically located space and then leasing it out to others for temporary use), real estate agency services, property development, and, of course, buying a house.
2.Barbar Shop and Salon
Barbershops and saloon owners are experts at making others look good. The business does not require a large amount of capital to get started, and as a result, it is quite simple to start and manage as long as you have the necessary skills. Barar shop & salon is considered one of the low investment business ideas for developing countries.
Natural resources are abundant in third-world countries. In addition, the countries are popular tourist destinations. The most popular segments are adventure tourism, medical tourism, ecotourism, and so on. So, if you want to start a profitable business in developing countries, you should consider starting a travel-related business. Travel business is considered one of the top business ideas for developing countries.
Smartphones are currently one of the world’s fastest-selling items. For example, Africa mostly made up of developing countries, is currently the second-fastest-growing smartphone market, trailing only Asia.
Many people are always on the lookout for better things in the smartphone industry as technology and tech-savvy increase. Many people are eager to upgrade their smartphones to the most recent models with enhanced features. Granted, high-end devices with cutting-edge features from manufacturers such as Apple, Samsung, and Blackberry may not enjoy complete dominance in the developing-world smartphone market due to their high price tag.
As a result, there is now a market for low-cost smartphones. In terms of style and function, many of these low-cost smartphones are very similar to products from high-end manufacturers. Plenty of smartphone brands have emerged to capitalize on this gap and profit from it.
This entails tutoring and teaching students in addition to their regular schooling activity. You can start a tutorial center right from your home, eliminating the need to rent additional space. You will also need to promote your center through various channels such as social media, flyers, and, of course, word of mouth.
This is one of the most adaptable and simple work-from-home tech startup ideas for developing countries. When properly managed, a YouTube channel can be as profitable as, if not more profitable than, a traditional blog. First, you do not need a domain name, nor do you need to spend money on hosting your channel.
You also have a large audience and a platform on which to work. Furthermore, AdSense approval via YouTube is simple, and you can begin earning from the day you create your account and make your first post. You can simply go to YouTube and upload a video to get started.
There are numerous niches to choose from, such as online reviews, comedy, how-to, real estate, business, gaming, and motivation channels. Over 5 billion videos are watched on YouTube every day, and your video could be one of them. You can earn money by enabling Google AdSense on your channel, hosting sponsored videos, and selling your or others’ services on YouTube.
7.Car Wash Service
Cars would always get dirty and need to be washed. With little money, you can easily start your car wash service. You can also provide car wash services to your customers at their homes.
8.Sell used items
Have you ever thought about what happens to your old electronics, clothes, and shoes? In developing countries, the second-hand market is a multimillion-dollar industry. This is especially true in West and East Africa. The most commonly used items are second-hand shoes and clothes. Double-check that the item isn’t prohibited before you invest.
With copywriting services, you can leave a lasting impression on your customers. Create a product description for sellers to target the desired audience, and you will be compensated. Your services may be useful to good graphic designers. Some new business ideas for developing countries may cross most people’s minds, but inaction could put many developing countries at risk.
Photography has a wide range of styles that contribute to visual storytelling. As a result, you can take photographs of memorable events and use them to tell stories. Storytelling through photography is slowly becoming the in-thing, a gold mine just waiting to be discovered.
In this age, where you can quickly learn how to make different crafts, you can build a skill, thanks to YouTube. You will find out that some skills are not too difficult to acquire. Think of bead-making, canvas, cards, indoor decorations, homemade dresses, and many more that can earn you money.
Mobile repair includes a wide range of services like mobile software, mobile hardware, mobile accessories, etc. You may have discovered your ideal business idea for developing countries if you have a knack for fixing things and don’t mind driving around to do so.
13.Import and Export Business
Both developed and developing countries profit from the import-export business. The majority of developing countries export their goods around the world. You may want to consider starting a business in the foreign trade segment, depending on the resources available in your country. Examine the licensing issues thoroughly.
You can never go wrong with a restaurant or any food trade in an economy dominated by tourism.
You can begin with a food cart, which does not require a large investment. Make sure to diversify your menu to appeal to everyone, including foreigners who might enjoy a taste of their home country’s food once in a while.
Build your brand, and when you’re ready, opening a restaurant in Mauritius would be a fantastic small business idea for developing countries.
Read also about Profitable Food Business Ideas With Small Capital
15.Roadside fast food
As previously stated, you can never go wrong with any food entity. Despite starting small, you will make good profits as long as you maintain cleanliness and offer a variety of cuisines.
This is undoubtedly one of the most straightforward small business startup ideas for developing countries; you can start with little capital and reap huge rewards.
Read also about Profitable Street Food Business Ideas with Low Investment
Starting a coffee shop will be a rewarding experience as an entrepreneur because many tourists and locals would enjoy a good conversation in developed countries.
All you have to do is open a coffee shop in a busy area with many foot traffic. Before you start your business, the first thing you should think about is a good business plan and model.
17.Car rental service
If you have enough money to buy one or two cars and rent them out, you can be sure that you will get many tourists who want to drive themselves around different cities and explore more of developing countries.
Before operating a car rental service, you must have all the necessary paperwork and insurance permits to run your business more efficiently.
The grocery store appears to provide the best consumables of all types and categories, ranging from processed food to beverages. Because consumable products are required daily, this type of business idea for developing countries will always thrive.
A well-written business plan and an appropriately estimated startup capital will get you started in this industry.
The business ideas for developing countries listed above are just a small list of what is accessible in developing countries. There is much more, and for that, you need good research to find what these developing countries want.
Check also: Ultimate Guide To Small Business Ideas