Here Are 12 Business Ideas That Will Make You A Fortune
Unless you win the lottery, making a fortune takes hard work and patience. However, if you’re looking to start your own business, and don’t want to wait until your retirement, then consider the following business ideas that are bound to make you a fortune as recommended by the Uganda Investment Authority.
Growing Water Melons
This business idea is aimed at growing and marketing of watermelons. The idea is premised on harvesting 12,000 watermelons per quarter which translates into 48,000 watermelons per year. The revenue potential is estimated at USD 7,200 per quarter, which translates into US$ 28,800 per year. The business has a good market demand throughout the year and can provide employment to youths and women. The Project cost is about US$ 135, with a net profit margin of 84%.
Because smartphones are everywhere, the demand for new and creative apps is increasing in popularity more than ever before. Between Google’s Android and Apple’s iPhone market, people are using countless apps every day. And, most of them are selling right and left. Taking the time to develop and sell a smartphone app may be worth your while since it’s a very lucrative way to earn money online. The apps cost almost nothing to actually develop and don’t involve any shipping or storage costs, which works to expand your overall profit margin. Well, performing apps can make thousands in ad revenue each month for their creators, making them another great passive income strategy.
This business idea is aimed at setting up a Chicken Hatchery. It is premised on hatching eggs for layers and broilers for both local and hybrid birds. The business will be hatching 38,000 chicks per month, which translates into 456,000 chicks per year.
The revenue potential is estimated at US$ 45,805 per month, which translates into US$ 549,657 per year. The business has a good market demand throughout the year and can provide employment to youth and women. The project initial total cost is US$ 19,500 with a net profit margin of 88% with a payback period of 3 years and 5 months.
Become A Social Media Consultant
Large corporations and business firms can easily hire a full-time staff coordinator or corresponding agency to run their Twitter, Facebook, and Instagram accounts, but smaller businesses frequently have to manage their own marketing for social media. But, because they have a great number of other responsibilities, many times business owners are too overwhelmed or busy to spend a lot of time on developing their social media approach.
As a consultant for social media, you can effectively steer them in the right direction concerning ideal tactics, implementing schedules, and posting content regarding their target audience. Therefore, as their business grows, so will yours.
Grains are agricultural products that have a very high demand in the country. They usually include Simsim, groundnuts, soybeans, maize, popcorns, beans and cowpeas.
The project idea is based on adding value by packaging good quality grains and selling them at relatively low prices. The project expects to package 72,000 kgs of assorted grains per annum. Initial investment costs are estimated at US$20,370 generating revenue of US$92,695 at a net profit margin of 43% and a payback period of approximately 2 years.
Become An Expert Blogger
If you’re passionate about writing and feel strongly about certain subjects, type your way to riches by creating your own blog or signing up to Medium.com. Launching your own blog doesn’t require a great deal of technical or computer skills. It is important, however, that you do know what you’re talking about relative to the subject you’re writing on. Over time, you’ll start to develop an audience since people will trust your expertise and knowledge.
By building an extensive following, this will allow you to gain profit by attracting key advertisers or get commissions by promoting other brand products (think affiliate). Blogging is big business; just ask Heather from Dooce.com. She’s a mom that blogs daily about her children and pets and has successfully turned her daily adventures into a very lucrative business by simply making money blogging. One of my favourite ways to make money from a blog is by creating your own online course.
Local Hens for Eggs
This business idea is for the rearing of local hens for the production of eggs. A hen is a domestic fowl bred for eggs or meat. This business idea is viable because you can get eggs, meat, hatch more chicks, which can also be sold at your wish. The business risk involved is diseases like coccidiosis; the solution is proper management and control of the business.
This business idea aims at the production of 30,000 trays of eggs annually and 3,000 off layers per year. The revenue potential is estimated at US $ 135,000 annually. The initial capital investment cost for the project is the US $ 995. The first three months demand a lot of investment yet returns are not realized. This idea needs a lot of patience.
Manufacturing Printing Ink
Printing ink is one of the most needed products in the printing industry. Most of the printing ink is imported and this gives an opportunity for any new company to explore the untapped section in the industry. This Idea, therefore, targets a wide market with an estimated fixed capital of US$ 15,020 and operating costs of US$ 377,663 generating revenue of US$ 561,600 in the first year of operation with the net profit margin of 33%. The payback period for the project is three months.
Dairy farming is a class of agricultural, or animal husbandry enterprise, for long-term production of milk, usually from dairy cows but also from goats and sheep, which may be either processed on-site or transported to a dairy factory for processing and eventual retail sale.
It is a lucrative business, which can fetch big profits due to the increasing and ready market for dairy products.
The production capacity is based on the quality and number of animals raised on the farm. However, for 5 Friesian Cows, 100ltrs of milk will be produced as each Dairy Animal is capable of producing 20 Litres of milk per day.
This project will be operated locally on a small scale, i.e. 5 Friesian Cows operated on 5 acres of land. The Fixed Capital Investment required to start this project is approximately US$ 73,521, generating a revenue potential of USD 374,400 per annum. The net profit margin is 6% with a payback period of 2 years.
There is a high demand for dairy products in Urban Centers of Uganda, especially in schools, hospitals, households, and Dairy processing industry. However, they may also be exported.
Animal Feed Plant
An animal feed plant is a place where their feeds are made. The need for balanced animal feeds forms an essential part of the intensive dairy development programme.
What is proposed here, is the setting up of an animal feed manufacturing plant using local products like maize, millet and wheat. The business idea aims at the production of 93,600 kgs of animal feeds per year.
The revenue potential is estimated at US$ 121,680 annually, while the initial capital investment required is US$7,150. The payback pay period for this project is approximately 6 months with a net profit margin of 50%.
With agricultural modernization and diversification, there is a good future and solid potential for growth. Thus, the market for animal feeds is guaranteed except the need for sensitization of the local population on the benefits of using animal feed visa vie natural grass and plants.
This business idea is for rearing pigs aimed at production and sale of 360 pigs annually. The revenue potential is estimated at US $ 86,850 per year with a profit margin of 75%. The total capital investment for the project is US $ 11,900 and the payback period is almost 5 months. The business risk involved in this idea is the high rate of infection, which spreads quickly among the animals. However, this can be mitigated by increasing the animal’s resistance e.g. by improving the quality of feeds.
The structure of the pig market is wide throughout the year in butcheries as pork is popular among the public. There are several pork joints in the city and upcountry making the demand for pork high.
Making Cotton T-Shirts
This business idea is for production and marketing of cotton t-shirts. Cotton t-shirts are particularly for sports and casual wear.
A good sweat absorbent wear, these garments are soft, tough and wrinkle-free. The revenue is estimated at US$ 702,000 per year, and the project cost is estimated at US$ 107,819 inclusive of operating cost in the first year and the revenue potential is US$702,000. The pay period is 3 months at a net profit of 87%.
The production capacity per day is 450 t-shirts per day. The risk associated is the marketing mix which can be managed by better management and control of the business.
The demand for T-shirts has been increasing as casual wear, especially for sportswear. Apart from domestic demand, shirts enjoy a lot of demand from the export market.