Are you an entrepreneur with a knack for investing? Do you reside in a third world or developing country and you are looking for a way to make your money work for you? Then below are 20 innovative business ideas for third world countries.
Many people would rather avoid investing in third world countries with the belief that their investments are not secure but smart investors are aware of the huge investment potential of developing countries.
Most Third world countries are blessed with a lot of natural resources and unfortunately, lack a lot of things. As a smart entrepreneur living in a third world country or just interested in investing in a developing nation, below is a list of a few innovative small business ideas you can take advantage of.
Top 20 Innovative Business ideas for Developing Third World Countries
1. Alternative source of Energy
One major thing that most developing countries lack is constant power supply and as a result, citizens have learnt to rely on alternative sources of energy. You can make a lot of money by supplying alternative sources of energy such as solar energy, geothermal energy or Wind energy. You can also make money from importing and selling generators.
2. Alternative sources of fuel
The most popular fueling option for third world countries are petrol, diesel and kerosene. However, these products are very expensive and considering the fact that most people need them in large quantities daily, a lot of people would not mind buying cheaper alternatives.
Biofuel and Ethanol are popular alternatives that people are now embracing and you would make a lot of profit by investing in this emerging business.
3. Fuel Savers
Another smart business idea for people who are interested in investing in Africa is the production of products that would reduce consumption of fuel. You would make good money if you can come up with a product that is highly effective.
4. Importation and Exportation
Like I said earlier, developing countries are blessed with a lot of natural resources and also lack a lot of things. Starting an importation and exportation business in a developing country is a very smart idea.
You can import hot selling items like computers, mobile phones, solar chargers, clothes, shoes and some food items while you export agricultural produce that are abundantly available and in high demand by developed countries. Such items include Bitter Kola, Millet, Charcoal and palm kernel products.
You can never go wrong with a food-related business in a third world country. Try processing and packaging popular food items like cassava, flour, custard, palm oil, flour, wheat, seasoning and spices and a whole lot of other food items. You stand to make lots of profit from this business.
6. Selling Used items
Used items are very popular alternatives for people in developing countries who cannot afford to buy new items. Used items like phones, electronic gadgets, computers, cars and even clothes are hot sales items.
7. Meat Packaging and Delivery:
People living in third world countries are becoming more aware of the health implications of consuming meat that is not properly handled in a hygienic way. A lot of people now prefer to buy pre-packaged meat instead of the ones sold in the local markets which would have been exposed to flies and germs. If you can afford the equipment, then opening a meat store is a very good business idea.
Security is a great challenge for developing countries. Many individuals and companies look for ways to protect themselves from security threats. You can start a security outfit that specializes in providing protection for companies and individuals with hi-tech gadgets. You can also make money from selling such gadgets.
The real estate industry is really booming in Africa and other developing nations of the world where housing is a major problem. This is one industry you won’t regret investing in.
10. Procurement Services:
There is usually a high demand for procurement services for government projects and other capital projects. If you have a good idea of places where you can get items at a cheaper rate, you can start your own procurement agency.
Manufacturing companies, Importers and several other business owners need people to help them move raw materials or imported items from one location to another on a daily basis.
Transportation is also a huge challenge for most citizens because a large number of people cannot afford their own cars. If you are interested in investing in Africa, this is a business opportunity you should give serious consideration.
12. Data Encryption and Protection
Government agencies, Banks and multinationals spend millions on protecting their data from hackers and spies. If you have the expertise and resources, you can start your own data protection agency too.
13. Fast Food / Supermarket Franchise
A MacDonald or Tesco in a third world country would make great sales because contrary to popular opinion, People who live in developing countries love to have the best things in the world.
14. Cloth Making
You can make good money from starting a fashion label and making high quality, affordable ready-to-wear clothing for sale.
15. Educational Consultancy Services
Due to the poor educational system in such economies, a lot of people prefer to study in developed countries if they can afford it. You can offer your services in these area by providing expert advice and helping aspiring students package their college applications and provide Visa assistance.
You can also provide travel consultancy services by providing online hotel reservation services, ticket booking services, airport pick-up and drop off and tour-guide services to people visiting third-world countries from other countries.
A lot of people are faced with challenges of unemployment and at the same time, lots of companies are seeking for ways to recruit the best hands for vacant positions. Most of these companies outsource these services to other companies.
You can help bridge the gap between prospective employer and employee by starting your own recruitment agency and earning good money while doing same.
Third world countries are not left out of the e-commerce revolution. A lot of people are now embracing internet buying and selling. You too can make money by starting your own e-commerce store where you can retail items for profit.
19. Financial Services
There are many business ideas for entrepreneurs in third world countries but one major problem is the lack of capital. If you have lots of funds that you do not readily need, why not start a financial services company where you lend this money out to people and charge them interest for it?
You can also make money from brokering such deals. Look for people who have money to spare and look for people who need money, link them together and get paid commission for it.
20. Survey and Data Collection:
International organizations interested in Africa, Research Institutes and even government pay people to gather data and conduct surveys on particular topics. If you are good in this field, you should start a survey or data collection company and start earning money from it.