how to prepare business plan in ethiopia

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Business Plan

YEP focuses on group and management skills, but also individual skills such as preparing your own business plan. The knowledge, expertise and skills you have learned through YEP will give you the tools to create this plan for your organization. This business plan will challenge you as you will need to incorporate innovative and creative ideas. Business plans can include an introduction to a new product, launch of a unique service, or the plan to acquire a new market. They are a way to add value to your employers’ business and will describe how the new ideas will affect the various functions and finances of the organization. YEP trainers, your personal coach and your employer will support you and be involved in this challenging exercise. The business plan that you create will be developed over the course of the two-year program and will be presented to the examination committee upon completion of the course.

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Business Plan Proposal

my company name is mars cafe that is located in ethiopia addis ababa

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It is conventional wisdom that new businesses be planned prior to their start-up hence prospective business founders are generally advised to develop formal plans of their proposed ventures. A business plan that serves as a blueprint or road map that provides direction and increases the firm’s chances for survival and success is thus essential. According to Kraten and Kenneth (2010), a business planning document represents “a nuts-and-bolts document” that clearly demonstrates that the business operator prepared to operate the business from day one. Andualem (1997) asserts that SMEs with regards to Ghana comprise activities that are independently owned and operated; managed by the owner; have a small share of the market; and employ 6-49 employees. This study investigated the impact of a business planning document on the growth of small scale businesses. Basically, the researcher chose the survey strategy in line with the observation that it is possible to use survey approaches within either a qualitative or quantitative research strategy. All the 50 respondents chosen purposively from the target population responded to the survey questionnaires. The study found that business planning influences the success or survival of SMEs. Also SMEs Enhance poverty alleviation, Improve per capita income, Enhance the quality of lives, Encourage technological innovations, Enhance export promotion, Enhance GDP growth, Encourage entrepreneurship, Accelerate employment generation, Ensure inter- and intra-regional decentralization, Serve as a countervailing force against the economic power of larger firms, Accelerate the achievement of wider socio-economic objectives, as well as Serve as cornerstone for socioeconomic growth and stability.

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Business Plan: Coffee Industry in Ethiopia

Business Plan for the Coffee Industry in Ethiopia

The coffee business plan provides a detailed roadmap for entrepreneurs seeking to dive into the coffee industry in Ethiopia. The plan offers an in-depth analysis of essential commercial elements, equipping you with actionable insights to build a robust foundation for your venture. It meticulously explores the nuances of your business idea and considers the local market dynamics, competitive landscape, and the driving forces behind market growth.

The coffee business plan is focused on a particular product group within the coffee industry in Ethiopia. Specifically, it will be tailored for one of the below product groups:

• Coffee : Roast coffee; Instant coffee

Designed to be an indispensable resource, the coffee business plan serves is an essential guideline for both new and established enterprises in the industry. It addresses business planning, operations, marketing, organizational structure, and finance and outlines how to effectively manage them. Moreover, the document includes a detailed financial model crucial for attracting investors and securing loans or venture capital to fuel business growth.

The comprehensive business plan provides a framework for establishing a solid foundation for your coffee business in Ethiopia, keeping you on track to meet your goals. The tailored business plan will effectively analyze and present the details of your business, communicating its current state and future goals both internally and to interested third parties. It will serve as a foundational document for your business analysis, tracking, and development.

The coffee business plan offers a realistic, flexible, and data-backed action plan. It will assist you in calculating the risks associated with necessary decisions. The analysis is designed to cover business growth opportunities and challenges in Ethiopia, effectively navigating market complexities.

You will receive the business plan within 3 to 5 months after purchase. After project delivery, your team will have enough time to study it thoroughly and ask questions. Our team will be available for any clarifications or questions you might have in up to 3 months after the project delivery.

In the same industry and geographical region, we also offer detailed market reports, feasibility studies, due diligence studies, market entry, market development, product launch and product development studies, direct access to millions of potential new consumers, partner search and selection and more. Contact us for more information.

Business Description

This section of the coffee business plan involves an overview of your company. It will contain a detailed description of your business vision, goals, and key value proposition. In addition, the chapter provides an analysis of your products, including their unique features, benefits, and limitations.

The section answers the following questions:

• What are your company's goals, vision, mission, and values?
• What are the different types of products offered by your coffee business?
• How do your products solve problems or add value?
• What is the unique value proposition of your offering?
• What are the implications and the recommendations of the feasibility study conducted for it, if any?

Market Research

The market analysis section of the coffee business plan provides an overview of the market size, dynamics, and segmentation in volume and value terms for the last five years. It contains data on the trends and other aspects related to the development of the coffee industry in Ethiopia. The section also gives a forecast for the market development in volume and value terms in the next six years.

This chapter answers the following questions:

• What are the size and the dynamics of the market in Ethiopia in volume and value terms?
• How is the market segmented (by origin, product type, application, end-use, etc.)?
• Is the domestic market self-sufficient?
• What are the major trends and regulatory factors that affect the market?
• What are the drivers and challenges behind recent market developments?
• What is the degree of competition based on Porter's five forces?
• How has the volume, value, and segmentation of domestic production changed over the past five years?
• How is the value chain of the market formed? What is the structure of price formation?
• What are the average producer and retail prices on the market and how have their dynamics changed for the last five years?
• How has the volume, value, and segmentation of imports and exports changed over the past five years?
• What are the average import and export prices? How have their dynamics changed over the last five years?
• How has the consumption and the consumption per capita changed over the past five years?
• How will the market within the coffee industry in Ethiopia develop over the next six years under three possible scenarios (base, optimistic, and pessimistic)?

Consumer Behavior Survey and Customer Insights

A representative consumer behavior survey pinpoints the sentiments and thought processes behind consumption decisions. The coffee business plan will include a survey with 250 respondents who align with your target audience profile. This feature brings you insights that are directly applicable to your market, analyzing your target audience, and its segmentation. For a deeper understanding, you have the flexibility to add extra respondents at an additional fee and customize questions to get specific answers. Contact us with your specific requirements.

The consumer behavior survey and customer insights chapter answer the following questions:

• What products does your target audience purchase, and why?
• Which product characteristics are valued the most?
• Are consumers brand-loyal, or are they more likely to experiment?
• What are the needs and preferences of your customers?
• Which are the dominating price and product segments?

Marketing and Sales Strategy

This section of the coffee business plan presents you with a comprehensive guide outlining steps for the successful promotion and distribution of your products. The analysis focuses on estimating the penetration rate of your products, the total serviceable market, and the actual realistically obtainable market. Thus, it assesses the growth potential of your products in Ethiopia. That will help you select the proper strategy and market penetration tactics. As a result, it will support the establishment of your products and brand name, promoting loyalty and positive word-of-mouth advertising.

The marketing and sales strategy chapter answers the following questions:

• What are the values of key demographic indicators in Ethiopia?
• What are your key target segments and their demographics, needs, and preferences?
• What is the current marketing strategy of choice? Which communication and distribution channels are used to reach the target audience?
• What specific tactics are employed to achieve marketing goals and generate sales?
• How to communicate your value proposition to customers consistently and compellingly, and effectively connect with and appeal to the target audience?
• What is your brand positioning and how can you build brand awareness?
• How easy is it to expand the penetration rate of your brand and broaden the number of new customers in Ethiopia?
• What is the cost of your products and the pricing strategy that your venture currently relies on?
• What is the size of the total serviceable coffee market by product, price, and positioning segments?
• What is the size of the total realistically obtainable market within the coffee industry in Ethiopia?

Competitive Analysis and Strategic Comparison

This section of the coffee business plan analyzes the products of your top competitors in Ethiopia. It compares them with your own market offering, focusing on product characteristics and unique selling propositions (USPs).

• Which are the major companies in Ethiopia? What are their main characteristics and market shares?
• What is your company's market share (if any)?
• How intensive is the competitive landscape?
• What are the USPs of competing products? What are their strengths and weaknesses?
• How do your products distinguish themselves from the offerings of others?
• How to position your business on the market to create a unique value proposition?

Supply Chain Management

This supply chain section of the coffee business plan outlines how your business executes its day-to-day operations. It analyzes your supply chain management in several stages - raw materials procurement, core production phases, inventory management, and logistics. It also presents the key assets required for your business to operate effectively, including facilities, equipment, machinery, and key technology.

• What are the strategies employed by your business? What is their operational impact?
• What are the core operational activities required for your business to function effectively (manufacturing, logistics, etc.)? How are they managed?
• Where are the main business facilities (production plants, offices, warehouses, retail locations) situated? How do they support operational processes?
• What technologies and machinery do you need to ensure efficient operations?
• How does your business manage production capacity and stock levels?
• How can your business achieve its operational efficiency and productivity? How can it enhance overall performance?
• What are the specific operational goals that your business aims to achieve in the short- to medium-term through the long-term? Who might be a suitable future strategic partner?

Organizational Structure and Staffing

This section of the coffee business plan analyzes your business' recruitment needs, organizational structure, and management team. It provides a comprehensive overview of the decision-makers and the key employees within the team, focusing on their qualifications and roles. This chapter answers the following questions:

• What is the organizational structure of your company?
• Who are the key leaders and executives in the management team?
• What is the number and type of employees by department and geographic location?
• What are the backgrounds, experiences, and qualifications of the most important employees and managers? Can they support the strategic investment considered?
• What recruitment and onboarding strategy do you utilize?
• How is the company culture characterized?

Financial Analysis

This chapter of the coffee business plan includes a custom financial model with different scenarios, which allow you to better prepare for the future. The financial model will provide you with a forward-looking perspective on the financial health of your business for the next 15 to 25 years.

It will show you a clear path to profitability by analyzing the investment model, required financing, project revenues and expenses, cash flows, and discounted cash flows. It also incorporates a number of key project performance indicators such as net present value (NPV), discount rate, internal rate of return (IRR), return on investment (ROI), profitability index (PI), investment payback period, etc. They will enable you to optimize your business model from different financial standpoints.

The financial analysis section answers the following questions:

• What are the values of key local economic indicators in Ethiopia?
• What are the assumptions used for the financial projections?
• How is your business forecast to fare during the next several years financially?
• What is the expected revenue, profit margin, and return on investment of your coffee business?
• What is the cost breakdown of the operation?
• What is the anticipated level of cash inflows and outflows?
• What is the amount of the investment needed? How will it be utilized?
• What is the overall effectiveness of the investment?
• How profitable is the investment project expected to be based on the internal rate of return (IRR)?
• How long does it take for an investment to pay back its initial cost?

The financial model is built on three different scenarios, which allow you to better prepare for the future. The high-level data of the financial model can support optimizing your financial efficiency and help you determine whether your financial expectations are economically sound and likely to come to fruition.

During the actual project implementation phase, you can use the financial model as a checklist, tracking, and updating of financial projections. Some of the largest global financial institutions have already backed up new business ideas and projects, based on our financial models.

Risk Management and Mitigation Strategies

The risks section of the coffee business plan in Ethiopia outlines the risks that can impact your project's success. Companies face several types of risk, including market risk, financial risk, operational risk, technological risk, and legal and regulatory risk. The chapter also includes risks associated with commodity pricing, regulatory changes, interest rates, foreign exchange exposure, future capital requirements, product life cycles, etc. It is imperative for your company to carefully evaluate these risks and implement mitigation strategies to ensure a realistic assessment of the venture's viability.

• What risks of technical, operational, market, financial, and legal nature is your business exposed to in the short- and medium-term?
• What strategies are employed as a way to mitigate those risks or work around them?

Action Plan

The action plan section of the coffee business plan provides a step-by-step guide for your business. It will outline the various stages your company will have to go through and a reasonable timeline for each step in the process.

This section answers the following question:

• What are the different stages that your business will have to go through?
• What is the implementation timeline for the various stages of the business plan?

Short Methodology

The coffee business plan is prepared using WMStrategy's research methodology. It includes a blend of qualitative and quantitative data. The market information comes from official sources and includes insights from at least 20 market experts (representatives of the main market participants), gathered through semi-structured interviews.

A crucial component of the methodology is the consumer behavior survey. It is an indispensable tool for monitoring customer sentiments and preferences. The business plan includes a survey with 250 respondents who align with your target audience profile. The survey methodology utilizes precision targeting to identify and engage respondents who closely match the profile of your target audience. Depending on your requirements, a survey with a larger sample of respondents can be commissioned and you can ask specific questions to get verified insights.

The approach also includes an in-depth financial analysis, which is built on carefully researched data, creating actionable insights for your business. The classic valuation method of discounted cash flow (DCF) is utilized. In the process, some key financial indicators are developed to serve you as a tool for performance tracking. The collected data is then applied in the analysis of the main business strategies, maximizing your probability of success in light of current market dynamics, trends, and challenges.

Business Plan Benefits

• Get an insight-based plan, 100% developed for your specific business, taking into account your goals, needs, and targets;
• Appeal to different investors and meet their diverse interests and criteria, including venture capitalists, angel investors, and private equity firms;
• Gain a comprehensive marketing strategy and tactics, developed to effectively reach and engage your customers;
• Get a clear understanding of the fundamental requirements, such as the physical resources, facilities, technology, and operational processes, necessary for your coffee business;
• Benefit from detailed financial projections and budgeting aimed at creating a coffee business that achieves sustainable and profitable growth;
• Back up your coffee business plan with a financial model that serves as a benchmark to track your current performance;
• Obtain evidence of your company's growth potential and alignment with market trends;
• Save invaluable time and resources and easily secure a loan approval;
• Get a detailed overview of your supply chain, along with current and possible future partnerships;
• Strategically compare your products to your competition;
• Acquire a concise coffee business model to present to stakeholders for a quick understanding of your activities;
• Provide stakeholders with information about the realistically obtainable market in the foreseeable future;
• Acquire an expert analysis of the strengths, weaknesses, opportunities, and threats of your endeavor;
• Effectively communicate your company's objectives to employees;
• Strategically assess the competitive position of your main rivals;
• Quickly and cost-effectively receive a strategic analysis of key indicators on the market;
• Find out what and why your target audience likes and purchases;
• Identify and reach the most relevant audience, making sure that the insights you gather are directly applicable to your strategic goals;
• Receive a clear outline of the risks faced, along with strategies to mitigate them.

Business Plan Users and Target Audience

The coffee business plan is ideal for people who plan to start or expand a company and want to bring their ideas into reality. The coffee business model provides real market data, clear and comprehensive analysis, and sound strategies. It will help make your coffee business more profitable, attract funding, establish new goals, mitigate expected risks, aim at higher growth, and uncover more opportunities. The coffee business plan is tailored for an audience, which could include the following stakeholders:

• Bank managers;
• Investment managers;
• Shareholders;
• Financial professionals;
• Angel investors and venture capitalists;
• Franchisors;
• Business partners;
• M&A managers;
• Family and friends.

This document is also suitable for people who want to gain a comprehensive understanding of your current operations, including internal and external users such as:

• C-suite executives;
• Industry strategists;
• Marketing professionals;
• Business development professionals;
• Management consultants;
• Product developers;
• Product marketers and strategists;
• Product managers;
• Project managers;

Business Plan - Anticipate Revisions

A step-by-step business plan is crucial when starting a new business. It is an effective tool for measuring success, aligning goals, and taking advantage of new opportunities. You should consider revising your coffee business plan in the following cases:

• Before employing growth strategies or launching new products;
• When implementing a new organizational structure;
• To address changes to the industry or legislation;
• When new market trends emerge;
• When raising capital;
• When preparing to sell your business;
• At regular intervals (e.g., annually).

Deliverables

• Detailed and personalized coffee business plan in PDF format;
• Excel-based, editable financial model covering several possible scenarios that can serve as a benchmark to check and track your business performance;
• Compelling investor pitch deck PPT presentation;
• Business model canvas, a 1-page overview of your business model.

TABLE OF CONTENTS

INTRODUCTION

BUSINESS PLAN METHODOLOGY

BUSINESS DESCRIPTION

• Company Overview
• Contact Details
• Short Company History and Business Operations
• Goals, Vision, Mission, and Values
• Product Portfolio, Characteristics, and Unique Selling Proposition
• Feasibility Study Conclusions and Recommendations

EXECUTIVE SUMMARY

• Business Model Canvas

MARKET RESEARCH

• Characteristics and Analysis of the Market within the Cocoa Industry in Ethiopia in 2019-2023
• Volume, Value, and Dynamics of the Market
• Structure of the Market by Origin
• Structure of the Market by Product Types
• Trends and Insights on the Market
• Five Forces Analysis
• Drivers and Challenges that Will Affect the Future Development of the Market
• Characteristics and Analysis of the Production in Ethiopia in 2019-2023
• Volume, Value, and Dynamics of the Domestic Production
• Structure of the Domestic Production by Product Types
• Characteristics and Analysis of the Prices in Ethiopia in 2019-2023
• Value Chain Analysis and Structure of Price Formation
• Characteristics of the Producer Prices by Product Types
• Characteristics of the Retail Prices by Product Types
• Overview and Analysis of the Imports to Ethiopia in 2019-2023
• Volume, Value, and Dynamics of the
• Structure of the Imports by Product Types
• Main Countries Exporting to Ethiopia
• Average Import Prices by Product Types
• Overview and Analysis of the Exports from Ethiopia in 2019-2023
• Volume, Value, and Dynamics of the Exports
• Structure of the Exports by Product Types
• Main Countries Importing from Ethiopia
• Average Export Prices by Product Types
• Characteristics of the Consumption in Ethiopia in 2019-2023
• Volume, Value, and Dynamics of Consumption
• Volume, Value, and Dynamics of the Per Capita Consumption
• Balance between Supply and Demand in the Market
• Forecast for Development of the Market within the Cocoa Industry in Ethiopia in 2024F-2029F in Three Possible Scenarios (Base, Optimistic, and Pessimistic)

CONSUMER BEHAVIOR SURVEY AND CUSTOMER INSIGHTS

• Background Information and Survey Details
• Analysis of Customer Demographics
• Survey Results and Analysis
• Overview of Preferences and Consumer Behavior Insights

MARKETING AND SALES STRATEGY

• Overall Marketing and Sales Strategy
• Segmentation, Targeting, and Positioning
• Marketing Tactics and Communication Channels
• Sales Channels
• Pricing Strategy
• Analysis and Evaluation of the Obtainable Market Indicators
• Penetration Rate
• Serviceable Market
• Realistically Obtainable Market

COMPETITIVE ANALYSIS AND STRATEGIC COMPARISON

• Profiles of the Main Competitors on the Local Market
• Competitive Landscape on the Local Market and Market Shares of Competitors
• Product Offering of Competitor X
• Product Characteristics and Unique Selling Proposition
• Product Pricing
• Product Strengths and Weaknesses
• Product Offering of Competitor Y
• Product Offering of Competitor Z
• ... (similar analysis process for the top five competitors)
• Strategic Comparison of Product Offering with Competing Products

SUPPLY CHAIN MANAGEMENT

• Overall Strategy and Available Facilities
• Raw Materials Procurement
• Current Suppliers/Partners
• Possible Future Suppliers/Partners
• Production Process Design
• Inventory Management
• Operational Implications
• Planned Changes to Current Operations

ORGANIZATIONAL STRUCTURE AND STAFFING

• Organizational Structure
• Staffing - Key Personnel and Roles

FINANCIAL ANALYSIS

• Characteristics of the Local Economy
• Key Financial Assumptions
• Investment Needed (Amount, Projected Uses)
• Projected Set-Up and Operational Costs
• Projected Revenue
• Analysis of the Effectiveness of the Investment
• Discount Rate
• Return on Equity
• Value of Capital
• Annual Cash Flows
• Cash Flow from Operating Activities
• Cash Flow from Investing Activities
• Cash Flow from Financing Activities
• Project Performance Indicators
• Net Present Value (NPV)
• Internal Rate of Return (IRR)
• Profitability Ratio
• Payback Period (PBP)

RISK MANAGEMENT AND MITIGATION STRATEGIES

• Technical Risks
• Operational Risks
• Market Risks
• Financial Risks
• Regulatory and Legal Risks

SWOT ANALYSIS

ACTION PLAN

Technical data

Country reports.

• Feasibility Study: Coffee Industry in Ethiopia
• Commercial Due Diligence: Coffee Industry in Ethiopia
• M&A Due Diligence: Coffee Industry in Ethiopia

Hundreds of organizations around the world have used our research to create effective strategies.

• Technology and Consumer Electronics Leader “I would personally like to thank you for the great work you have done. You have been very professional and helpful throughout the whole process and not only were able to cater to all our needs and answer all our questions, but also were able to keep up our work pace, which is something we see very rarely” Product Manager at the client company
• Large Oil and Gas Producer “WMStrategy did a great job and helped us immensely, I cannot recommend them enough!” Business Strategist at the client company
• Leading Oil and Petrochemical Producer “We are really satisfied with your work and really impressed by your professionalism during our project!” Director at the client company
• Leading FMCG Direct Seller in Central and Eastern Europe “Great analysis – very professional and detailed. It helped us better understand the markets, their dynamics and the competition and benchmark our results against the market leaders in each country. Would definitely contact WMStrategy first again when we have similar projects.” Product Manager at the client company
• Regional Office of Global Consumer Research and Consulting Leader “We have been working with market research companies from all over Europe, but our work with WMStrategy surpassed all our expectations. They delivered on everything they promised in a professional and timely manner and were answering questions on this project more than 3 months after it officially finished. We have contacted them for more than ten projects after that and we continue to do so because we believe we have found a strong partner in them.” Account Manager at the client company
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How to write a business plan for an Ethiopian restaurant?

Putting together a business plan for an Ethiopian restaurant can be daunting - especially if you're creating a business for the first time - but with this comprehensive guide, you'll have the necessary tools to do it confidently.

We will explore why writing one is so important in both starting up and growing an existing Ethiopian restaurant, as well as what should go into making an effective plan - from its structure to content - and what tools can be used to streamline the process and avoid errors.

Without further ado, let us begin!

In this guide:

Why write a business plan for an Ethiopian restaurant?

• What information is needed to create a business plan for an Ethiopian restaurant?
• How do I build a financial forecast for an Ethiopian restaurant?

The written part of an Ethiopian restaurant business plan

• What tool should I use to write my Ethiopian restaurant business plan?

Understanding the document's scope and goals will help you easily grasp its structure and content. Before diving into the specifics of the plan, let's take a moment to explore the key reasons why having an Ethiopian restaurant business plan is so crucial.

To have a clear roadmap to grow the business

It's rarely business as usual for small businesses. The economy follows cycles where years of growth are followed by recessions, and the business environment is always changing with new technologies, new regulations, new competitors, and new consumer behaviours appearing all the time...

In this context, running a business without a clear roadmap is like driving blindfolded: it's dangerous at best. That's why writing a business plan for an Ethiopian restaurant is essential to create successful and sustainable businesses.

To write an effective business plan, you will need to take stock of where you are (if you are already in business) and where you want the business to go in the next three to five years.

Once you know where you want your Ethiopian restaurant to be, you'll have to identify:

• what resources (human, equipment, and capital) are needed to get there,
• at what pace the business needs to progress to get there in time,
• and what risks you'll face along the way.

Going through this process regularly is beneficial, both for startups and existing companies, as it helps make informed decisions about how best to allocate resources to ensure the long-term success of the business.

To anticipate future cash flows

Regularly comparing your actual financial performance to the projections in the financial forecast of your Ethiopian restaurant's business plan gives you the ability to monitor your business's financial health and make necessary adjustments as needed.

This practice allows you to detect potential financial issues, such as unexpected cash shortfalls before they escalate into major problems. Giving you time to find additional financing or put in place corrective measures.

Additionally, it helps you identify growth opportunities, like excess cash flow that could be allocated to launch new products and services or expand into new markets.

Staying on track with these regular comparisons enables you to make well-informed decisions about the amount of financing your business might require, or the excess cash flow you can expect to generate from your main business activities.

To secure financing

Whether you are a startup or an existing business, writing a detailed Ethiopian restaurant business plan is essential when seeking financing from banks or investors.

This makes sense given what we've just seen: financiers want to ensure you have a clear roadmap and visibility on your future cash flows.

Banks will use the information included in the plan to assess your borrowing capacity (how much debt your business can support) and your ability to repay the loan before deciding whether they will extend credit to your business and on what terms.

Similarly, investors will review your plan carefully to assess if their investment can generate an attractive return on investment.

To do so, they will be looking for evidence that your Ethiopian restaurant has the potential for healthy growth, profitability, and cash flow generation over time.

Now that you understand why it is important to create a business plan for an Ethiopian restaurant, let's take a look at what information is needed to create one.

Need a convincing business plan?

The Business Plan Shop makes it easy to create a financial forecast to assess the potential profitability of your projects, and write a business plan that’ll wow investors.

Information needed to create a business plan for an Ethiopian restaurant

You need the right data in order to project sales, investments and costs accurately in the financial forecast of your Ethiopian restaurant business plan.

Below, we'll cover three key pieces of information you should gather before drafting your business plan.

Carrying out market research for an Ethiopian restaurant

As you consider writing your business plan for an Ethiopian restaurant, conducting market research becomes a vital step to ensure accurate and realistic financial projections.

Market research provides valuable insights into your target customer base, competitors, pricing strategies, and other key factors that can significantly impact the commercial success of your business.

Through this research, you may uncover trends that could influence your Ethiopian restaurant.

You could discover that local customers may be interested in non-traditional Ethiopian dishes, or that customers may be more likely to order take-out than to dine in.

Such market trends play a significant role in forecasting revenue, as they offer valuable data about potential customers' spending habits and preferences.

By incorporating these findings into your financial projections, you can present investors with more accurate information, helping them make informed decisions about investing in your Ethiopian restaurant.

Developing the marketing plan for an Ethiopian restaurant

Before delving into your Ethiopian restaurant business plan, it's imperative to budget for sales and marketing expenses.

To achieve this, a comprehensive sales and marketing plan is essential. This plan should provide an accurate projection of the necessary actions to acquire and retain customers.

Additionally, it will outline the required workforce to carry out these initiatives and the corresponding budget for promotions, advertising, and other marketing endeavours.

By budgeting accordingly, you can ensure that the right resources are allocated to these vital activities, aligning them with the sales and growth objectives outlined in your business plan.

The staffing and capital expenditure requirements of an Ethiopian restaurant

Whether you are starting or expanding an Ethiopian restaurant, it is important to have a clear plan for recruitment and capital expenditures (investment in equipment and real estate) in order to ensure the success of the business.

Both the recruitment and investment plans need to be coherent with the timing and level of growth planned in your forecast, and require appropriate funding.

Staffing costs might include wages for cooks, servers, dishwashers, and a manager. The restaurant might also have to pay fees for liability insurance, workers' compensation, and taxes. Equipment costs might include a commercial kitchen range, oven, and refrigerator; dishes, utensils, and cookware; tables and chairs; and a cash register.

In order to create a realistic financial forecast, you will also need to consider the other operating expenses associated with running the business on a day-to-day basis (insurance, bookkeeping, etc.). 

Once you have all the necessary information to create a business plan for your Ethiopian restaurant, it is time to start creating your financial forecast.

What goes into your Ethiopian restaurant's financial forecast?

The objective of the financial forecast of your Ethiopian restaurant's business plan is to show the growth, profitability, funding requirements, and cash generation potential of your business over the next 3 to 5 years.

The four key outputs of a financial forecast for an Ethiopian restaurant are:

• The profit and loss (P&L) statement ,
• The projected balance sheet ,
• The cash flow forecast ,
• And the sources and uses table .

Let's look at each of these in a bit more detail.

The projected P&L statement

The projected P&L statement for an Ethiopian restaurant shows how much revenue and profits your business is expected to generate in the future.

Ideally, your Ethiopian restaurant's P&L statement should show:

• Healthy growth - above inflation level
• Improving or stable profit margins
• Positive net profit

Expectations will vary based on the stage of your business. A startup will be expected to grow faster than an established Ethiopian restaurant. And similarly, an established company should showcase a higher level of profitability than a new venture.

The forecasted balance sheet of your Ethiopian restaurant

The projected balance sheet of your Ethiopian restaurant will enable the reader of your business plan to assess the overall financial health of your business.

It shows three elements: assets, liabilities and equity:

• Assets: are productive resources owned by the business, such as equipment, cash, and accounts receivable (money owed by clients).
• Liabilities: are debts owed to creditors, lenders, and other entities, such as accounts payable (money owed to suppliers).
• Equity: includes the sums invested by the shareholders or business owners and the profits and losses accumulated by the business to date (which are called retained earnings). It is a proxy for the value of the owner's stake in the business.

Analysing your Ethiopian restaurant projected balance sheet provides an understanding of your Ethiopian restaurant's working capital structure, investment and financing policies.

In particular, the readers of your plan can compare the level of financial debt on the balance sheet to the equity value to measure the level of financial risk (equity doesn't need to be reimbursed, while financial debt must be repaid, making it riskier).

They can also use your balance sheet to assess your Ethiopian restaurant's liquidity and solvency:

• A liquidity analysis: focuses on whether or not your business has sufficient cash and short-term assets to cover its liabilities due in the next 12 months.
• A solvency analysis: takes and longer view to assess whether or not your business has the capacity to repay its debts over the medium-term.

The cash flow forecast

As we've seen earlier in this guide, monitoring future cash flows is the key to success and the only way of ensuring that your Ethiopian restaurant has enough cash to operate.

As you can expect showing future cash flows is the main role of the cash flow forecast in your Ethiopian restaurant business plan.

It is best practice to organise the cash flow statement by nature in order to show the cash impact of the following areas:

• Cash flow generated from operations: the operating cash flow shows how much cash is generated or consumed by the business's commercial activities
• Cash flow from investing activities: the investing cash flow shows how much cash is being invested in capital expenditure (equipment, real estate, etc.) either to maintain the business's equipment or to expand its capabilities
• Cash flow from financing activities: the financing cash flow shows how much cash is raised or distributed to financiers

Looking at the cash flow forecast helps you to make sure that your business has enough cash to keep running, and can help you anticipate potential cash shortfalls.

Your Ethiopian restaurant business plan will normally include both yearly and monthly cash flow forecasts so that the readers can view the impact of seasonality on your business cash position and generation.

The initial financing plan

The sources and uses table or initial financing plan is a key component of your business plan when starting an Ethiopian restaurant.

It shows where the capital needed to set up the business will come from (sources) and how it will be spent (uses).

This table helps size the investment required to set up the Ethiopian restaurant, and understand how risks will be distributed between the business owners, and the financiers.

The sources and uses table also highlights what the starting cash position will be. This is key for startups as the business needs to have sufficient funding to sustain operations until the break-even point is reached.

Now that you have a clear understanding of what will go into the financial forecast of your Ethiopian restaurant business plan, let's have a look at the written part of the plan.

Need inspiration for your business plan?

The Business Plan Shop has dozens of business plan templates that you can use to get a clear idea of what a complete business plan looks like.

The written part of an Ethiopian restaurant business plan is composed of 7 main sections:

• The executive summary
• The presentation of the company
• The products and services
• The market analysis
• The strategy
• The operations
• The financial plan

Throughout these sections, you will seek to provide the reader with the details and context needed for them to form a view on whether or not your business plan is achievable and your forecast a realistic possibility.

Let's go through the content of each section in more detail!

1. The executive summary

In your Ethiopian restaurant's business plan, the first section is the executive summary — a captivating overview of your plan that aims to pique the reader's interest and leave them eager to learn more about your business.

When crafting the executive summary, start with an introduction to your business, including its name, concept, location, how long it has been running, and what sets it apart. Briefly mention the products and services you plan to offer and your target customer profile.

Following that, provide an overview of the addressable market for your Ethiopian restaurant, current trends, and potential growth opportunities.

Next, include a summary of key financial figures like projected revenues, profits, and cash flows.

Finally, in the "ask" section, detail any funding requirements you may have.

2. The presentation of the company

The second section in your Ethiopian restaurant's business plan should focus on the structure and ownership, location, and management team of the company.

The structure and ownership part provides an overview of the legal structure of the business, who the owners are and how much each has invested and owns. If you are seeking financing it is important that the reader gets a clear picture of which legal entity is receiving the funds, and who controls the business.

The location part should give an overview of the premises from which the company is operating, and why that location is of particular interest (catchment area, accessibility, amenities nearby, etc.).

When describing the location of your Ethiopian restaurant, you could focus on the potential it offers for drawing customers. You may be able to point to its proximity to a major shopping center or another popular restaurant, which could be a major draw for customers. Additionally, you might talk about the potential for customers from the surrounding area, as your restaurant could be a destination for diners looking to try out something new. You could also highlight the potential for local marketing opportunities and the potential for catering in the area.

Finally, you should introduce the management team. Explain each member's role, background, and experience.

It is also important to emphasize any past successes that the members of the management team have achieved, and how long they've been working together, as this will help potential lenders or investors understand why they should trust in their leadership.

3. The products and services section

The products and services section of your business plan should include a detailed description of the offerings that your company provides to its customers. 

For example, your Ethiopian restaurant could offer traditional Ethiopian cuisine such as doro wat (spicy chicken stew), misir wot (lentil stew) and tibs (sauteed beef or lamb) for customers to enjoy. Additionally, the restaurant could provide catering services for customers who wish to host a special event. Finally, the restaurant could offer traditional Ethiopian coffee ceremonies for customers to experience the unique culture and hospitality of Ethiopia.

When drafting this section, you should be precise about the categories of products or services you sell, the types of customers you are targeting and how customers can buy them.

4. The market analysis

When presenting your market analysis in your Ethiopian restaurant business plan, you should detail the customers' demographics and segmentation, target market, competition, barriers to entry, and any regulations that may apply.

The goal of this section is to help the reader understand how big and attractive your market is, and demonstrate that you have a solid understanding of the industry.

You should start with the demographics and segmentation subsection, which gives an overview of the addressable market for your Ethiopian restaurant, the main trends in the marketplace, and introduces the different customer segments and their preferences in terms of purchasing habits and budgets.

The target market section should follow and zoom on the customer segments your Ethiopian restaurant is targeting, and explain how your products and services meet the specific needs of these customers.

For example, your target market might include people from the Ethiopian diaspora who are looking to recreate the flavors they grew up with. Additionally, you could target adventurous diners who are eager to try something new. Finally, you could also target people who are interested in exploring different cultures and cuisines.

Then comes the competition subsection, where you should introduce your main competitors and explain what differentiates you from them.

Finally, you should finish your market analysis by giving an overview of the main regulations applicable to your Ethiopian restaurant.

5. The strategy section

When writing the strategy section of a business plan for your Ethiopian restaurant, it is essential to include information about your competitive edge, pricing strategy, sales & marketing plan, milestones, and risks and mitigants.

The competitive edge subsection should explain what sets your company apart from its competitors. This part is especially key if you are writing the business plan of a startup, as you have to make a name for yourself in the marketplace against established players.

The pricing strategy subsection should demonstrate how you intend to remain profitable while still offering competitive prices to your customers.

The sales & marketing plan should outline how you intend to reach out and acquire new customers, as well as retain existing ones with loyalty programs or special offers. 

The milestones subsection should outline what your company has achieved to date, and its main objectives for the years to come - along with dates so that everyone involved has clear expectations of when progress can be expected.

The risks and mitigants subsection should list the main risks that jeopardize the execution of your plan and explain what measures you have taken to minimize these. This is essential in order for investors or lenders to feel secure in investing in your venture.

Your Ethiopian restaurant may face the risk of a health inspection. The restaurant needs to meet all necessary health and safety regulations in order to stay open. This could mean that if any issues are found, it may lead to a hefty fine or closure. Your Ethiopian restaurant might also face the risk of a decline in customer demand. This could be due to a number of factors, such as changes in customer preferences or the introduction of new competitors. If customer demand drops, it could lead to a decrease in revenue and even threaten the survival of the restaurant.

6. The operations section

The operations of your Ethiopian restaurant must be presented in detail in your business plan.

The first thing you should cover in this section is your staffing team, the main roles, and the overall recruitment plan to support the growth expected in your business plan. You should also outline the qualifications and experience necessary to fulfil each role, and how you intend to recruit (using job boards, referrals, or headhunters).

You should then state the operating hours of your Ethiopian restaurant - so that the reader can check the adequacy of your staffing levels - and any plans for varying opening times during peak season. Additionally, the plan should include details on how you will handle customer queries outside of normal operating hours.

The next part of this section should focus on the key assets and IP required to operate your business. If you depend on any licenses or trademarks, physical structures (equipment or property) or lease agreements, these should all go in there.

You could have a key asset in the form of a unique recipe for a traditional Ethiopian dish. This recipe may be the basis of the entire restaurant's menu and could be considered a form of intellectual property. Additionally, the restaurant might have a signature logo or branding that could act as another form of IP. This logo could be used on menus, merchandise, and other promotional materials and could be a key asset in helping the business stand out from the rest.

Finally, you should include a list of suppliers that you plan to work with and a breakdown of their services and main commercial terms (price, payment terms, contract duration, etc.). Investors are always keen to know if there is a particular reason why you have chosen to work with a specific supplier (higher-quality products or past relationships for example).

7. The presentation of the financial plan

The financial plan section is where we will include the financial forecast we talked about earlier in this guide.

Now that you have a clear idea of the content of an Ethiopian restaurant business plan, let's look at some of the tools you can use to create yours.

What tool should I use to write my Ethiopian restaurant's business plan?

In this section, we will be reviewing the two main options for writing an Ethiopian restaurant business plan efficiently:

• Using specialized software,
• Outsourcing the drafting to the business plan writer.

Using an online business plan software for your Ethiopian restaurant's business plan

The modern and most efficient way to write an Ethiopian restaurant business plan is to use business plan software .

There are several advantages to using specialized software:

• You can easily create your financial forecast by letting the software take care of the financial calculations for you without errors
• You are guided through the writing process by detailed instructions and examples for each part of the plan
• You can access a library of dozens of complete business plan samples and templates for inspiration
• You get a professional business plan, formatted and ready to be sent to your bank or investors
• You can easily track your actual financial performance against your financial forecast
• You can create scenarios to stress test your forecast's main assumptions
• You can easily update your forecast as time goes by to maintain visibility on future cash flows
• You have a friendly support team on standby to assist you when you are stuck

If you're interested in using this type of solution, you can try The Business Plan Shop for free by signing up here .

Need a solid financial forecast?

The Business Plan Shop does the maths for you. Simply enter your revenues, costs and investments. Click save and our online tool builds a three-way forecast for you instantly.

Hiring a business plan writer to write your Ethiopian restaurant's business plan

Outsourcing your Ethiopian restaurant business plan to a business plan writer can also be a viable option.

Business plan writers are experienced in writing business plans and adept at creating financial forecasts without errors. Furthermore, hiring a consultant can save you time and allow you to focus on the day-to-day operations of your business.

However, hiring business plan writers is expensive as you are paying for the software used by the consultant, plus their time, and their profit margin of course.

From experience, you need to budget at least £1.5k ($2.0k) excluding tax for a complete business plan, more if you need to make changes after the initial version (which happens frequently after the initial meetings with lenders or investors).

You also need to be careful when seeking investment. Investors want their money to be used to grow the business, not spent on consulting fees. Therefore, the amount you spend on business plan writing services (and other consulting services such as legal services) needs to be negligible relative to the amount raised.

The other drawback is that you usually don't own the business plan itself: you just get the output, while the actual document is saved in the consultant's business plan software - which makes it difficult to maintain the document up to date without hiring the consultant on a retainer.

For these reasons, outsourcing the Ethiopian restaurant business plan to a business plan writer should be considered carefully, weighing both the advantages and disadvantages of hiring outside help.

Ultimately, it may be the right decision for some businesses, while others may find it beneficial to write their business plan using online software.

Why not create your Ethiopian restaurant's business plan using Word or Excel?

Using Microsoft Excel and Word (or their Google, Apple, or open-source equivalents) to write an Ethiopian restaurant business plan is a terrible idea.

For starters, creating an accurate and error-free financial forecast on Excel (or any spreadsheet) is very technical and requires both a strong grasp of accounting principles and solid skills in financial modelling.

As a result, it is unlikely anyone will trust your numbers unless - like us at The Business Plan Shop - you hold a degree in finance and accounting and have significant financial modelling experience in your past.

The second reason is that it is inefficient. Building forecasts on spreadsheets was the only option in the 1990s and early 2000s, nowadays technology has advanced and software can do it much faster and much more accurately.

And with the rise of AI, software is also becoming smarter at helping us detect mistakes in our forecasts and helping us analyse the numbers to make better decisions.

Also, using software makes it easy to compare actuals vs. forecasts and maintain our forecasts up to date to maintain visibility on future cash flows - as we discussed earlier in this guide - whereas this is a pain to do with a spreadsheet.

That's for the forecast, but what about the written part of my Ethiopian restaurant business plan?

This part is less error-prone, but here also software brings tremendous gains in productivity:

• Word processors don't include instructions and examples for each part of your business plan
• Word processors don't update your numbers automatically when they change in your forecast
• Word processors don't handle the formatting for you

Overall, while Word or Excel may be viable options for creating an Ethiopian restaurant business plan for some entrepreneurs, it is by far not the best or most efficient solution.

• A business plan has 2 complementary parts: a financial forecast showcasing the expected growth, profits and cash flows of the business; and a written part which provides the context needed to judge if the forecast is realistic and relevant.
• Having an up-to-date business plan is the only way to keep visibility on your Ethiopian restaurant's future cash flows.
• Using business plan software is the modern way of writing and maintaining business plans.

We hope that this practical guide gave you insights on how to write the business plan for your Ethiopian restaurant. Do not hesitate to get in touch with our team if you still have questions.

Also on The Business Plan Shop

• In-depth business plan structure
• Key steps to write a business plan?
• Free business plan template

Know someone who owns or wants to start an Ethiopian restaurant? Share this article with them!

Founder & CEO at The Business Plan Shop Ltd

Guillaume Le Brouster is a seasoned entrepreneur and financier.

Guillaume has been an entrepreneur for more than a decade and has first-hand experience of starting, running, and growing a successful business.

Prior to being a business owner, Guillaume worked in investment banking and private equity, where he spent most of his time creating complex financial forecasts, writing business plans, and analysing financial statements to make financing and investment decisions.

Guillaume holds a Master's Degree in Finance from ESCP Business School and a Bachelor of Science in Business & Management from Paris Dauphine University.

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The 78 Best Business Ideas In Ethiopia [2024]

Interested in starting a business in Ethiopia in 2024?

We put together 78 of the best businesses you can start in Ethiopia today.

In this list of ideas, you can find:

• Home-based businesses to start in Ethiopia
• Profitable online business ideas
• Unique business opportunities for Ethiopia
• Low investment business ideas (under $5k to start)
• Easy businesses you can start in Ethiopia today

For each business idea, we’ll show you real-world examples, revenue expectations for each idea, + a step-by-step on how to start your small business in Ethiopia.

Here's the full list:

1. Start a real estate business

Are you a qualified architect with a broad range of knowledge in the real estate field? Starting a real estate business can be a profitable venture.

Real estate involves purchasing, selling, managing, or investing in land and buildings.

To become a successful real estate business owner, you must have finely honed visual awareness and a strong understanding of various building materials and structures.

How much you can make: $5,000 — $1,500,000/month

How long does it take to build: 180 days (?)

This case study is about T. C. Lewis & Co, a real estate investment and management firm that successfully diversified their approach to include sales, development, remodeling, and construction, with property management being the key to investor doors and organic growth.

2. Start a tutoring business

Starting a tutoring side hustle is a great way for teachers and students to earn extra monthly income.

If you are considering becoming a tutor, find an ideal tutoring niche, and craft a tutoring website.

Then, find your tutoring clients and market your side hustle online. You can choose to offer online tutoring as a part-time or full-time engagement.

How much you can make: $1,000 — $375,000/month

How much does it cost to start: $100 (?)

How long does it take to build: 15 days (?)

Time commitment per week: Min. 5 hours/week

A 22-year-old entrepreneur started an online SAT/ACT tutoring company from his bedroom which has seen a linear increase in student sign-ups each month, currently bringing in an average revenue of $15,000 a month and plans to triple in 2020.

3. Start a solar products selling business

How much you can make: $2,000,000 — $3,265,000/month

How long does it take to build: 120 days (?)

Renogy, a renewable energy company, founded by Yi Li, specializes in providing DIY solar solutions for everyday life and makes $60 million a year with a growing customer base through e-commerce platforms and partnerships with select social media users.

4. Start a consulting business

Consulting businesses are booming, more so than ever before, and seeing year-over-year growth. With an accumulated value of about $250B , the global consulting industry is one of the biggest markets within the professional services sector.

If you want to start your own consulting business with valuable insights from industry experts, reading about their entrepreneurial journey will help you decide how you should go about it.

How much you can make: $100 — $2,500,000/month

How much does it cost to start: $1,000 (?)

How long does it take to build: 60 days (?)

Cybersecurity consulting firm Eden Data, launched in March 2020, scaled to four team members and generated over $45k MRR without large startup costs through their unique Virtual CISO offering, which outsources cybersecurity and compliance needs for a flat monthly price, rather than charging by the hour or for long-term commitments.

5. Start a blog

In recent years, blogging has become a highly sought-after & lucrative Business. This location-independent business is a creative outlet to reach a broader audience and even work at any time. According to Optinmonster’s list of blogging statistics and facts:

• Blogs have been rated as the 5th most trustworthy source of gathering online information.
• 77% of internet users read blogs.
• Each month, approximately 409 million people view more than 20 billion pages.

Originally blogging started as an online journal, but today it is a highly profitable career option. Many people are choosing blogging as their full-time career and are earning their bread and butter from this profession.

If you want to start blogging as a side hustle or as a full-time profession, choose a niche you will enjoy writing about and have a content strategy ready. Then, create a mailing list, and decide on a good blog posting routine to keep your audience engaged.

How much you can make: $200 — $160,000/month

How much does it cost to start: $500 (?)

How long does it take to build: 44 days (?)

Learn how one couple created a successful personal finance blog, The Savvy Couple, that now makes over $20,000 per month and has sold thousands of digital workbooks and courses, by focusing on purposeful content and optimizing their ROI with efficient time management.

6. Start a mobile app development business

Mobile app development is the process of creating software applications that run on mobile devices. These apps can be used for a variety of purposes, including games, productivity, and social networking.

Starting a mobile app development business is a great way to enter the world of software development. This type of company is growing in popularity as businesses are looking for ways to reach their customers through mobile apps.

To start a mobile app development company, you need to have strong technical skills and be able to develop high-quality software. You should also have a good understanding of how to market and sell mobile apps

How much you can make: $7,500 — $2,333,333/month

How much does it cost to start: $7,500 (?)

"We started a custom iOS and Android app development consultancy that now makes nearly seven-figures a year by landing clients like Great Clips and the USA CUP after building successful concept apps."

7. Become a mobile personal trainer

Do you love helping people through their fitness journey? If you want a great side hustle to earn extra income, consider becoming a personal trainer.

The fitness trainer side hustle can be an adamant industry to earn good money. However, once you develop a reputation as a good trainer, you can get more clients through referrals. You need to register for the certification course to start offering personal trainer services in Ethiopia.

To attract your first clients, consider online advertising, and seek referrals from every customer.

How much you can make: $600 — $8,333,333/month

How long does it take to build: 532 days (?)

Time commitment per week: Min. 4 hours/week

Live Fit, a personal training company founded in 2011, grew from earning $80,000 in their first year with two trainers to earning over $760,000 in 2019 with 12 trainers and two locations, thanks to a focus on building trusting relationships and providing a variety of services to clients.

8. Become a virtual assistant

Virtual assistants support businesses, teams, or individuals by performing administrative tasks remotely. As businesses these days tend to outsource their tasks, the demand for virtual assistants is growing rapidly.

Becoming a virtual assistant is flexible, as you can choose a work schedule and location at your convenience. Many virtual assistants in Ethiopia have a dedicated home office where they work in a quiet and distraction-free environment.

To become a virtual assistant, identify a niche you like and undertake any training. Then, figure out how much to charge your customers and create an online presence where you can apply for jobs. As a virtual assistant, you can define your work schedule depending on your availability.

How much you can make: $1,000 — $1,000,000/month

Filipino Virtual Assistance by FVA Business Consultancy, founded by Julmar Grace Locsin, offers online and offline training to empower marketers, enable businesses, and equip freelancers which has trained 25,000 students from their 31 courses, has 16 coaches assigned from different territories, and fifteen in the FVA team for global digital leadership that will impact the world through digitalization, one life at a time.

9. Become a software developer

A software developer is a person who creates computer programs. They design, test, and oversee the creation of software for a variety of purposes including businesses, personal use, or social networking.

If you have strong technical skills and experience in programming, you can start a software development business. You should also have a good understanding of how the software works.

The average salary for software developers is $110,140 . The best-paid 25 percent earn an annual income of up to 140K dollars while the lowest-paid workers make just under 84K dollars.

The recent trends in software development are moving towards mobile apps and cloud-based solutions. Businesses are providing a variety of programming languages and tools to create software that meets the client's needs.

Starting a software development company is the perfect way to explore in this exciting industry. This type of business is growing in popularity as businesses are looking for ways to offer their customers a convenient way to access their data and applications.

How much you can make: $1,700 — $465,583,333/month

SkyVerge, a software company, has grown rapidly with revenue of $350,000 per month, over 100,000 eCommerce customers, and a globally distributed team of 30 people, all through starting with consulting projects and building focused and solutions-based products, acquiring small products from other developers, and focusing largely on content marketing and providing excellent customer support.

10. Start a food truck

Food trucks are a highly profitable business that offers customers a variety of meal options out of a mobile truck. This basically operates inside a large vehicle equipped with kitchen and food products. Starting a food truck is a dream for many people, but it's more challenging than it looks. To make it work, you need the ideal location and menu.

To start a food truck business in a particular city, it is mandatory to check what kind of food trucks are already operating, identify a gap, and bring in some new experiences. Then, with the right plan and the right approach, you can be on your way to starting your own food truck empire.

How much you can make: $29,166 — $61,650,000/month

How long does it take to build: 75 days (?)

Food Fleet grew over 160% in just one year and managed over 20 million in sales for its clients, securing multiple contracts with the likes of Sodexo, Levy Restaurants and more, due to its understanding of catering client needs and its advanced turnkey and design services.

11. Start a podcast

The podcast business involves creating and producing audio content that people can listen to online.

It’s a popular form of entertainment and information-sharing.

To start a podcast business on a budget, you'll need a few key steps.

First, choose a niche or topic that you're passionate about and that has an audience.

Next, get basic recording equipment like a microphone and headphones.

Then, find a free or affordable hosting platform to publish your episodes.

Finally, promote your podcast through social media, online communities, and word of mouth to build an audience and potentially attract sponsors or advertisers.

How much you can make: $400 — $1,020,000/month

How much does it cost to start: $3,055 (?)

Time commitment per week: Min. 2 hours/week

A successful podcast production company that grew from one client making $15/hour to a team of 10 contractors producing over 30 shows per week with revenue of over $10k/mo, primarily through referrals and with a focus on providing high personal touch and being picky about working only with clients who are a good fit.

12. Start a mobile photography business

Want to start your own photography business? You're not alone. With the rise of social media and photo-sharing, blogging, and online retailing, it's never been easier to start making money behind your camera.

There are photographers shooting weddings, creating images for ad campaigns, freelancing for magazines, touring the world, taking photographs of destinations — the list is endless!

To start mobile photography in Ethiopia, research the target audience and determine which specialization area is more lucrative. Invest in high-quality, professional cameras, lenses, and a computer with professional software photo-editing software.

How much you can make: $2,000 — $500,000/month

How much does it cost to start: $5,000 (?)

How long does it take to build: 200 days (?)

Photobooth Supply Co. offers a profitable business opportunity through their sleek and portable photo booths, with up to 97% satisfaction rate and a focus on customer experience, in a fast-growing event industry where photo booths are exploding.

13. Start a language translation service

Language translation services bridge the linguistic barriers, helping businesses reach a wider audience outside of a single language. A language translation job is an opportunity to cover a wide range of topics and meet people from different cultures.

To become a language translator in Ethiopia, master a second language and earn some experience so you become fluent in the second language.

How much you can make: $40,000 — $550,000/month

How long does it take to build: 70 days (?)

DEMAN Translations grew from 6 employees and 1.5 million euros in turnover in 2015 to 17 team members and 3.5 million euros in sales in 2020 after acquiring 12 other translation agencies, with a goal to reach 6 million euros this year and 10 million euros in 2022.

14. Start a content writing company

Content writing involves writing, editing, and publishing content in a digital format. Examples of content include a blog post, product description, and podcast script—eBooks, press releases, or landing page content.

Becoming a content writer allows you to work as your boss. Therefore, you choose whatever working schedule suits you and take a manageable workload. Moreover, content writing helps you develop essential skills you may not obtain from regular writing.

Content writing is a highly-on-demand service, as companies compete for the online audience who often begin their shopping journey by searching for relevant and educative content online. Therefore, a content writing company is an excellent source of passive income.

To start a content writing company in Ethiopia, research the market and choose a suitable niche. Sketch a proper business plan and create a website. Hire a pool of talented writers and leverage modern technology to streamline operations.

How much you can make: $1,000 — $250,000/month

How much does it cost to start: $550 (?)

How long does it take to build: 30 days (?)

Scribly.io, a subscription-based copywriting service providing high quality content that helps businesses scale at roughly 50% of the cost of hiring in-house, created by Dani, a first-time entrepreneur who started with just a few hundred dollars worth of projects and with the help of three other writers; as of last month, Scribly.io topped $14K monthly revenue.

15. Become a proofreader

Proofreading business is a service that helps customers review their written work and ensure it is ready for publication. Typically, a proofreader corrects grammatical errors and provides the written piece meets any relevant style guide.

As a proofreader, you can work online, allowing you to choose what time to work.

If you plan to start a professional proofreading business in Ethiopia, make sure you possess the following skills:

• Have an excellent grasp of grammar
• Ability to correct mistakenly capitalized words
• Familiarity with the proper use of capitalization
• Use spell-checkers to flag misspelled words

Proofreading is a great way to enhance content quality. With the increased use of written content marketing to reach a broader market, the demand for professional proofreaders has grown tremendously. Professional proofreaders earn an average of $12/hr. And $30/hr.

Therefore, consider proofreading as a business if you are looking for a great side hustle idea or simply looking for ways to increase your income.

How much you can make: $2,000/month

A proofreader was able to build a consistent income of ~$2,000 per month from scratch with zero experience in the field, no expenses, and barely any upfront costs by targeting bloggers and content creators who want their content to be copy edited and proofread.

16. Start an affiliate marketing business

Are you looking for a side hustle to pay you a passive income? Affiliate marketing is one of those side hustles that will pay you well over the long term. It is a way to earn money online by promoting other companies' products and services. You will be paid a commission for each sale you make as an affiliate marketer.

To get started, learn how to find the right product and brand to partner with. For example, you may prefer becoming an affiliate marketer for an eCommerce store, partnering with a manufacturer, and marketing their products for a commission.

How much you can make: $500 — $773,000/month

Bar Games 101 is an authority website about classic bar games with over 200K monthly visitors and revenue over $4,000 for the month of August, achieved through consistent publishing of researched articles and outsourcing by the founder.

17. Start a freelancer platform

Freelancer platform is a place where people come with skills and services to offer and people come who need those skills and services. So we can say freelancer platforms are a marketplace for sellers and buyers of services and skills.

The freelancing industry is growing rapidly and it's becoming a popular career option for people who are "non-traditional" employees. The global Freelance Platforms market size is expected to reach $6.7B by the year 2025 . While working on a full-time job, freelancers simultaneously work on a freelance career. The platforms available online help them to increase their business by attracting new clients.

With all of the businesses looking for help on their websites, it would be a good idea to start a freelancer platform. Freelance platforms do well because people have jobs that need to be done and businesses have the resources to pay for the job at hand.

How much you can make: $3,000 — $5,000,000/month

How long does it take to build: 80 days (?)

CloudDevs, a tech talent platform that sources and vets freelance tech talent and matches them with companies, has achieved $1 million in GMV in its first year, plans to achieve 100% growth year on year, and focuses on customer loyalty through its Net Promoter Score metric.

18. Start a dropshipping business

Dropshipping is a business model where you sell products to customers without holding inventory.

Instead, when a customer makes a purchase, you buy the product from a third-party supplier, who then ships it directly to the customer.

To start a dropshipping business on a budget, choose a niche or category of products you want to sell.

Next, set up an online store using platforms like Shopify or WooCommerce. Then, find reliable suppliers from platforms like AliExpress, list their products on your store, and focus on marketing and customer service to grow your business.

Remember to carefully manage your expenses and monitor your profit margins to ensure profitability.

How much you can make: $6,000 — $3,000,000/month

How much does it cost to start: $6,000 (?)

How long does it take to build: 90 days (?)

Time commitment per week: Min. 10 hours/week

Entrepreneur Kamil Sattar has developed multiple six-figure drop shipping businesses, and his company, e-commerce mentoring, specializes in helping others create their own successful companies, with favorite platforms including using Shopify and apps such as Loox reviews and SMSBump.

19. Start an online advertising agency

An online advertising agency helps businesses promote their products or services on the internet.

To start this business on a budget, first learn the basics of digital marketing through free online resources.

Create a professional website and set up profiles on social media platforms to showcase your skills.

Build a portfolio by working on mock campaigns or offering discounted services to friends and family, and gradually market your services to attract clients.

With dedication, you can grow your agency over time.

How much you can make: $2,797 — $1,250,000/month

How much does it cost to start: $2,500 (?)

How long does it take to build: 45 days (?)

Iman Gadzhi made over $1.2M in profit within two years with his social media marketing agency and education company, where he teaches entrepreneurs how to start and scale a profitable SMMA, with over 45 of his students making over six figures with their SMMA, and over 300 students having quit their regular jobs.

20. Start an online video editing business

Video editors manage camera footage, dialogue, sound effects, graphics, and special effects to produce the final film or video product. To become an online video editor, you must have media production and communication knowledge and the ability to work with others.

To start a video editing business, you can outsource video editing skills from an experienced professional. Your role will be to pick video footage from the customers and upload them for the video editor to do the magic.

How much you can make: $2,000 — $208,000/month

How long does it take to build: 145 days (?)

VEED.IO, a London-based start-up co-founded by Sabba and her partner, offers a simple online video editing platform using batch job cloud architecture to help social media managers across the world auto subtitle, filter, rotate videos and much more, earning the company $5,300 MRR and the founders Ramen profitability within just a year of starting.

21. Start a data analytics blog

The rise of data-driven decision-making, the growth of the internet, and the increasing popularity of blogs are all trends that are making this business more popular. Data analytics is becoming increasingly important for businesses as they look for ways to make better decisions. The internet has made it easier for people to share information, and blogs are a great way to reach a wide audience.

A data analytics blog is a great way to share your knowledge and insights on data analytics with the world. This type of blog can be used to educate people on the latest trends in data analytics, share tips and tricks, or build brand awareness.

Some personal qualities that are important for this kind of business include being knowledgeable about data analytics, being able to write well, and engaging with your audience. It's also important to be able to keep up with the latest trends in data analytics so that you can provide your readers with the most up-to-date information.

Towards Data Science is one of the most popular blogs that publish a range of data analytics concepts, ideas, and code. According to Growjo, Towards Data Science's estimated annual revenue is currently $90.3M per year .

Starting a data analytics blog can provide you with a steady income stream and help you build a reputation as an expert in the field. Data analytics blogs can also be a great way to connect with other data analysts and learn about new trends and developments in the field.

How much you can make: $20 — $450/month

How much does it cost to start: $1,850 (?)

Beam Analytics offers GDPR-compliant web analytics including funnel analysis, cohort retention, and custom event tracking, with a generous free tier and pricing starting at just $11/month, attracting over 100 users within two weeks of launching.

22. Start a perfume business

A fragrance or perfume business creates and sells products made from various ingredients, such as oils and extracts, which are mixed together to produce a pleasant smell.

And perfumes are no small business: the industry is expected to reach over $40B in the next few years .

There are a few ways to get started with creating your own perfume. You can start by choosing which ingredients you would like to use and then find recipes that will work for those ingredients. Or, you could start with a fragrance that you already love and try to recreate it as closely as possible with natural ingredients.

How much you can make: $19,000/month

How much does it cost to start: $2,000 (?)

Founder Rafael Hernandez launched Alfred Lane, a line of handcrafted personal and home fragrances, generating $19k in monthly revenue with 50% attributed to online and wholesale sales, while expanding to 65 stores across 6 countries and expanding to Europe and South America.

23. Start a cleaning service

A housecleaning side business is a beautiful idea for people with free time on weekends or even weekdays. The side hustle idea requires little capital to start. During the launch, you can choose to offer the service to your neighbors and scale as you gain experience. The average salary for a house cleaner is $17.32 per hour.

By starting a house cleaning business in Ethiopia, you are tapping into an enormous market with plenty of clientele. There could always be demand for your cleaning service, which keeps you in business as you help homeowners keep their homes spotless.

How much you can make: $3,000 — $600,000/month

Time commitment per week: Min. 7 hours/week

MaidThis®, launched by Neel Parekh in Los Angeles with just one cleaner in 2013, has achieved over $10 million in total revenue by focusing on cleaning Airbnbs and vacation rentals, thanks to its successful remote business model and new-age marketing tactics, and has now launched MaidThis Franchise to expand the business further.

24. Start a mobile florist business

Mobile florists, just like traditional florists, can deliver flowers to an array of special events, including weddings, birthdays, or anniversaries. People love their flowers fresh and delivered right to their doors.

Listed are the steps on how to start a mobile florist business.

• Purchase on a reliable truck
• Secure needed papers for your mobile flower shop
• Organize your business flow
• Outsource from flower suppliers
• Promote your business

25. Start a travel agency

Are you a passionate traveler with entrepreneurial skills? Then starting a travel agency can be a great career choice for you.

As a travel agency, you'll be responsible for linking travelers to providers of all the travel and tourism-related services such as accommodation, transportation, sightseeing, tour guides, local adventure, etc.

Starting an online travel agency is a lot easier than you might think. You'll need to perform market research, get a few necessary certifications (such as your IATA number), study competition, build a website, and do proper marketing.

To maximize earnings, negotiate discounts from the industry service providers, and charge travelers within the market rate.

How much you can make: $2,000 — $114,200,000/month

Marissa Daniels runs a successful travel agency, Spread Your Wings Travel, that hit $100,000 in sales within a year of launch and provides payment plan options for its all-inclusive vacations, and she hopes to help 100 families supplement their income through the business.

26. Start a voice over service

Voiceover artist is an auditory performer who uses their voice in scripted presentations. The role of a voiceover artist is only to be heard but not to be seen.

Working as a voiceover artist is an opportunity to choose the projects you enjoy engaging in. The role of a voiceover artist is also fun and can help you meet new people.

To become a voiceover artist in Ethiopia, start practicing aloud reading so you familiarize yourself with your sound. Then, create your recording studio where you can practice your voiceover skills. It would help if you had a quality microphone, professional recording software, a computer, and soundproofing materials.

How much you can make: $400 — $60,000/month

Voice Crafters, a multilingual voice-over agency and marketplace founded by Mony Raanan, doubled their revenue to over $765,000 in 2022 with a bottom line of around 30% after transitioning to an online marketplace and carefully vetting their network of over 1,000 professional voice actors in more than 80 languages.

27. Start a product review blog

A product review blog typically includes a description of the product, as well as a rating and review. This can be anything from reviewing gadgets to books to software.

To start a product review blog, you need to have strong writing skills and be familiar with the available products. You should also have a good understanding of how to market your blog and generate traffic.

The recent trend that is making this business more popular is the growth of social media. With more people using social media, businesses are looking for ways to connect with their customers. Product review blogs provide businesses with a way to connect with their customers and generate positive reviews.

Starting a product review blog is a great way to share your opinion on different products. This type of blog can be very profitable, as you can generate revenue through advertising and affiliate marketing.

How much you can make: $1,000 — $3,500,000/month

How much does it cost to start: $210 (?)

How long does it take to build: 35 days (?)

Sex blogger turns a free WordPress blog into a $2,000 a month part-time digital business by investing in education, self-hosting, and building relationships within the NSFW community.

28. Start a soap business

Soap-making business is a growing industry that can be home-based or a small local business. Soap business is one of the most lucrative home-based businesses that perfect your decision to work in your free time while you earn good cash.

Starting a soap business sounds simple enough. You can buy supplies for probably less than $1,000. Popular skincare products are now being sold online, and this doesn’t seem like a challenging field to break into. Below are some success stories of the soap business that will inspire you.

How much you can make: $1,000 — $600,000/month

How long does it take to build: 227 days (?)

Outlaw Soaps, a soap company that started with just $13.72 of supplies, now makes an average of $23,000/month, with 46% of website orders from repeat customers who are loyal to the company's unique products and top-notch customer service.

29. Start a travel agency

30. Start a SEO agency

An SEO agency is a company that provides search engine optimization services to businesses. The function of an SEO agency is to help businesses rank higher in search engines through organic or paid means.

SEO is a rapidly growing industry, with experts across all aspects of the field already making six-figure incomes and expecting to see these earnings grow dramatically over the next few years. Getting into SEO today, before it gets too saturated, will allow you to establish a strong base in a new career, with an excellent chance for success.

It’s easier than ever to start your SEO agency in Ethiopia. The tools are there, and the competition isn’t as stiff as it used to be. If you’re considering starting an SEO or digital marketing agency, it might be a good idea to learn how other digital agencies succeed.

How much you can make: $1,000 — $1,800,000/month

Rankings.io is a hyper-focused SEO agency that helps elite personal injury law firms dominate first page rankings and was ranked #858 in the Inc. 5000 list of the fastest-growing companies in America for 2018, with a current revenue just under $300,000 per month, with plans for a record-breaking year.

31. Build an online research software

As the business world grows more complex, the need for reliable and effective online research software becomes more important. Online research software can help businesses save time and money by providing access to a wealth of information.

This type of software is used for a variety of purposes, such as academic research, market research, or competitive intelligence.

For example, Trello is powerful online research software that can help you organize and keep track of your research projects. With Trello, you can create custom boards to track your progress on specific projects, set deadlines, and collaborate with other researchers. Trello's estimated annual revenue is currently $15.8M per year .

Online research software is a great tool for businesses looking to better understand their customer base. The data collected by this process can be rich and informative, as it includes insights that help you grow your business in ways other methods may not address as accurately or completely.

How much you can make: $5,000/month

How long does it take to build: 635 days (?)

SparkToro, co-founded by Rand Fishkin, created an audience research software that shortens research time from months to seconds, and has reached ~$75K in MRR just six months after its launch in May 2020.

32. Become a nutritionist

As individuals seek to adopt healthier lifestyles, there is an increasing demand for professional nutritionists who can offer tailored advice.

A nutritionist offers personalized nutrition advice and guidance to individuals or groups, helping them achieve their health and wellness goals through dietary recommendations and education.

This may include creating meal plans, conducting assessments, and providing ongoing support to clients seeking to improve their nutritional habits.

To become a nutritionist, consider obtaining relevant certifications and gaining practical experience through internships or supervised practice.

How much you can make: $600 — $500,000/month

How much does it cost to start: $300 (?)

Time commitment per week: Min. 3 hours/week

RDRx Nutrition is a successful private practice that offers individual nutrition coaching, boasting profits of $1,800-$2,100 per month after just one year of business, and achieving a client base of over 2200 followers on Instagram alone.

33. Create an online course

An online course business involves creating and selling digital classes teaching specialized skills or knowledge to subscribed students.

As an entrepreneurial course creator, you identify educational gaps around topics you have expertise in and develop engaging video lessons and supplementary materials.

With flexibility around self-paced or cohort-based structures, building a student base provides passive income potential.

For founders who enjoy information-sharing, launching an online course platform presents a lucrative way to monetize your instructional talents with small startup costs by serving eager lifelong learners seeking convenient access to emerging subjects.

How much you can make: $350 — $3,735,000/month

34. Start a board game business

Creating your own board game can be fun, challenging, and rewarding. Games are an integral part of our culture and are played by people from all walks of life.

You can create a board game from scratch with basic programming knowledge or several hours of practice. Board games are easy to manufacture, can be made from home, and can become top-rated and profitable businesses.

How much you can make: $1,500 — $30,000/month

Facade Games has raised over $1 million on Kickstarter and sold about 80,000 copies of their board games around the world, with the goal to publish one new game a year on Kickstarter and build on their line of games in books as well as a new party game line in the near future.

35. Start a web design & online marketing business

If you know about website design and marketing concepts then starting your own web design and online marketing business could be the perfect opportunity for you to do so.

The online marketing industry is the second largest industry in the United States and continues to grow. The online marketing industry is massive. It is estimated to grow by 30% annually, reaching $400B in the next four years.

How much you can make: $6,000 — $800,000/month

How Shannon Mattern built a DIY web design training business from scratch that now generates $10k/month in revenue through affiliate commissions and courses, without outside investment or debt.

36. Start a virtual call center business

Do you enjoy helping people and talking on the phone? If you want a business that provides flexibility regarding working location and time, consider starting a virtual call center business.

A virtual call center can be a lucrative low capital and a work-from-home business. Here is a list of what you need to start a virtual call center business:

• Select a specialty area/niche
• Buy computers and call center software
• Find clients
• Focus on growing your business

When starting a virtual call center business, some clients may require you to use their defined call center software.

How long does it take to build: 365 days (?)

37. Start a laundry business

Starting a laundry business can be a fulfilling and lucrative venture for entrepreneurs looking to make a difference in their communities. With the right equipment and a commitment to providing excellent customer service, this business idea has the potential to thrive in a variety of locations.

One unique aspect of starting a laundry business is the opportunity to offer specialized services, such as eco-friendly detergent options or same-day turnaround for busy professionals. Additionally, partnering with local dry cleaners or offering pickup and delivery services can set your business apart from competitors and attract a loyal customer base.

In terms of upfront costs, starting a laundry business will require a significant investment in commercial-grade washing machines and dryers, as well as a convenient and well-located storefront. However, with the right marketing strategies and a focus on providing top-notch service, this investment can quickly pay off and result in a thriving business.

Overall, starting a laundry business is a rewarding and potentially profitable venture for entrepreneurs who are passionate about making a positive impact in their communities. With the right approach and a commitment to excellence, this business idea has the potential to succeed in a variety of settings.

How much you can make: $24,000 — $83,333/month

Dhobilite disrupted the laundry market in India by using smartphone technology and becoming India's first app-based, on-demand cleaning service provider, expanding to more than 15 cities, with 20+ stores and 30+ franchises, offering premium online dry cleaning and laundry services, with revenue equally distributed between dry-cleaning and laundry.

38. Start a data analysis service

A data analysis service is a great way to help businesses make sense of their data. This type of service can be used to provide insights into customer behavior, improve marketing campaigns, or simply help businesses make better decisions.

If you're interested in starting up a data analysis service, You will need knowledge in data analysis and the ability to communicate effectively with clients so they can benefit from what insights have been found by analyzing their information properly - this way it's not just about making money but also helping others!

iTechArt is a leading custom software development company that helps both startups and enterprises streamline their analytics process. They also generated revenue of $209 billion in 2019 , while creating more than a million jobs over the past three years.

Starting a data analysis service is a perfect business idea for those with analytical skills and a desire to help businesses to make better use of their data. This business is in high demand and can be very profitable, with data analysts earning high salaries.

How much you can make: $20 — $2,500,000/month

Founder of PropertyData creates a subscription website for UK property investors and developers that is now making $128,000 per month in recurring revenue.

39. Start an e-book writing business

An eBook business is profitable and flexible, letting you start a business from anywhere, while it is a low-cost business that is easy to start. You can make a living self-publishing and selling eBooks online as long as you are ready to invest your time and money in it.

Anyone can start an eBooks business! Just choose a niche that interests the target audience, and ensure in-depth research.

How much you can make: $2,000 — $62,500/month

How much does it cost to start: $67 (?)

Content-Whale, a content curation agency, has achieved a Rs. 4 crore ($514k/year) turnover 4-5 years after being started with just Rs. 2500 ($35), and has a pool of more than 500 writers, aiming to become a market leader in the global content market.

40. Start an etsy shop

Etsy has been around for over a decade, and the platform has become more popular for creators, entrepreneurs, and consumers.

The platform started as a place for crafters to sell their supplies and handmade goods. Now it has become a venue for artists and small businesses of all kinds to sell their products.

If you just started your shop or want to sell your products on Etsy, there are many different ways to kill on the platform. With the tips and advice of Etsy sellers who’ve been in your position, you’ll soon be successful!

How much you can make: $100 — $750,000/month

Chasing Planner Peace is a planner company that has expanded from selling planner inserts on Etsy, to offering a one-stop shop customizable planner experience with over 300 inserts, a planner line, and various other related products, gaining a monthly revenue of around $25,000 at its busiest time of year.

41. Start an email marketing business

Email marketing is a popular and effective way for businesses to reach their target audience and promote their products or services.

With the rise of the internet and the increasing use of email as a communication tool, starting an email marketing business can be a lucrative and rewarding venture.

An email marketing business involves creating and sending marketing emails to a list of subscribers. The emails can be newsletters, promotional messages, or other types of content designed to engage and convert the recipient into a customer. The business owner is responsible for building and maintaining the email list, creating the content, and sending the emails using specialized software.

To start an email marketing business, you must have a strong understanding of marketing principles and a good grasp of best practices. This includes creating compelling subject lines, segmenting your email list, and analyzing your campaigns’ results. You will also need to be proficient in email marketing software like Mailchimp or Constant Contact.

To run a successful email marketing business, you must clearly understand your target audience and what they are interested in. This will help you create relevant and engaging content that resonates with your subscribers and encourages them to take action. A solid call to action in your emails is crucial, whether it’s visiting your website, making a purchase, or signing up for a newsletter. Starting an email marketing business requires marketing skills, expertise, and a willingness to learn and improve continuously. The right strategies and tools can be a rewarding and successful way to reach your target audience and grow your business.

How much you can make: $1,500 — $8,333,333/month

Boundless Labs is an email marketing agency for eCommerce brands that has generated over $25 million in email attributable revenue for their clients since launching 18 months ago and currently makes around $90K per month, with plans to reach $100K per month by the end of January 2020 through client referrals, strong relationships, and hard work.

42. Start a hangover cure product

Hangover cure products are specially formulated remedies that aim to alleviate the unpleasant symptoms caused by excessive alcohol consumption.

These products are designed to provide relief from issues like headaches, nausea, and fatigue that are commonly experienced after a night of drinking.

The ingredients of these remedies are carefully selected for their hydrating and replenishing properties, which help to restore the body's balance and speed up the recovery process.

Due to the widespread social culture of drinking and the need for a quick and reliable solution to recover from a night out, the demand for effective hangover cures is high.

As a result, this has created a lucrative business opportunity for those looking to capitalize on the market.

How much you can make: $1,000 — $200,000/month

Brine Brothers sells all-natural pickle brine (pickle juice), generating over $10,000/month and winning an investment from Barstool and Jon Taffer, and is determined to become a million-dollar beverage company.

43. Become a computer refurbisher

Computer refurbishing is the process of restoring used computers to working conditions. Refurbishers typically purchase used computers from individuals or businesses, and then they clean them up, install new parts, and test them to make sure they are in good working condition.

To start this business, you'll need skills in data recovery, hardware repair, and software troubleshooting. It is a perfect idea for those who have an interest in technology and a knack for repairing electronics.

The average Computer Repair Technician in the US makes $51,129. The salaries of Computer Repair Technicians range from $19,892 to $74,573, with a median salary of $55,440.

With the ever-growing popularity of laptops, tablets, and smartphones, there is a great demand for refurbished computers. And with data science and data analytics, you can easily identify which computers are in high demand and how to best refurbish them.

Starting this type of business is a great idea for those with an entrepreneurial spirit and a passion for technology. If you can navigate the regulations, this can be a lucrative business with a lot of growth potential.

How much you can make: $13,500,000/month

OWC Larry, founder and CEO of Other World Computing, shares how he started his business at a young age with just a credit card, now experiencing a solid year-over-year growth with a CAGR of 43.78% over the past 33 years.

44. Start a swimming pool rental business

Starting a swimming pool rental business can be an exciting and rewarding experience. Pool owners are looking to rent their pools out during the off-season to recoup some of their costs.

Landlords or condo owners may want to earn an additional revenue stream from the swimming pool property they own. The swimming Pool Market size was valued at $3B in 2019 and is projected to reach $3.6B by 2027. The presence of developed infrastructure and the thriving wellness tourism industry will facilitate the swimming pool market growth.

How much you can make: $8,333/month

45. Start an online jewelry store

The online jewelry store industry has been growing rapidly. More and more people are buying cheaper jewelry online because it is easier and has a much more extensive selection.

The United States jewelry market was valued at about $76B in 2020 , and diamond is considered to be the most valuable and lucrative among all forms of jewelry.

If you’re considering starting an online jewelry store to tap into this market, it’s crucial to choose the right e-commerce platform that can support your business needs and enable seamless transactions with your customers.

A great platform can help you showcase your products, manage your inventory, process payments securely, and provide an enjoyable shopping experience to your customers.

How much you can make: $1,000 — $833,333/month

Taylor & Hart CEO Nikolay Piriankov tells the story of the company's journey from a diamond trading business to an award-winning, disruptive e-tailer of custom-designed, ethical engagement rings and fine jewelry, offering a bespoke design service through specifically developed technology online and instore, and growing to £4-6M in annual revenue.

46. Become a crypto accountant

As cryptocurrencies become more common for transactions and investments, there is a need for accounting professionals with knowledge of how cryptos work.

To become a crypto accountant, you need to understand how cryptocurrencies work and how the classification of these digital assets under the generally accepted accounting principles.

The rise of cryptocurrencies brings a new layer of complexity to accounting. Navigating the new frontier and ensuring tax compliance and proper crypto accounting can prove challenging.

The best way to start learning more about cryptocurrency accounting is to read articles that are published on the topic, like this one . They will cover everything from how to account for cryptocurrency mining operations to how to account for a fork in the blockchain.

47. Become a ghost blogger

A ghost blogger is simply a writer who specializes in producing blogs for other people.

As a ghost blogger, you can earn between $300 and $1,500 per week, depending on word count and topic.

Ideally, the ideas and knowledge contained in the article originate from the publicly named author.

Therefore, as a ghostwriter, your role is to put the ideas into words.

How much you can make: $450 — $24,000/month

How much does it cost to start: $125 (?)

How long does it take to build: 62 days (?)

Content strategist Lacy Boggs leveraged her love of blogging and desire for a more flexible schedule to grow her business from a solo "Ghost Blogger" to a full agency with four writers and a cabal of contractors that helps businesses create bespoke content strategies and consistent traffic, yielding over a ($300k) year in revenue.

48. Start a management consulting business

Management consulting helps organizations improve performance by developing strategies to solve issues, create value, and maximize growth. A management consultant deploys his skills in providing objective advice and expertise to help organizations develop skills they may lack.

The management consultant is primarily concerned with the company's strategy, structure, management, and operations.

The role of a management consultant is to review operations and identify options for the organization and suggest recommendations for change, as well as advise on additional resources. Management consulting offers the flexibility of working as a full-time employee, a self-employed professional, or a contractual consultant.

To become a management consultant, complete a relevant degree program and work as an intern to gain experience so you can discharge your duties confidently.

How much you can make: $8,696 — $433,000/month

How long does it take to build: 42 days (?)

BizzBee Solutions, a LinkedIn and email outreach specialist, grew from 2 to 20+ employees in just 12 months, serving 400+ clients globally, after switching from being generalists to specialists in outreach for high-ticket service providers, agencies, software development companies, and consultants.

49. Start a transportation service

Transportation businesses offer ridesharing services, haul consumer goods, or ship supplies and products from one location to another. They target individual passengers, other companies, or global business partners.

If you are starting a transportation service in Ethiopia, decide who and what you will serve, set up the business structure, register the business, and apply for the required business licenses or permits. To ensure a profitable business, incorporate proper hiring procedures and keep up with maintenance and recertifications.

How much you can make: $12,000 — $364,000/month

How long does it take to build: 410 days (?)

Mirai Flights is an app-forward private jet booking service with a focus on UK, Europe, Middle East and CIS states, that allows customers to bypass the long wait times with more than 30 parameters analysed in less than 30 seconds, achieving $4.37m turnover from March to December 2021, and planning to increase it up to $10.2m and expand internationally in the future.

50. Start a crypto hardware business

Although crypto is a digital product, there are many physical products that can be built around it, such as wallets, security keys, and USB drives.

The first thing that you need to do is to make sure that you have a good idea for the product. You should also find out how much it would cost to manufacture the product.

If you are developing a hardware related product, then you need to know the laws and regulations of the country where your manufacturing facility will be based on. For example, if your product is related to cryptocurrency and mining, then it needs to be compliant with all of the rules and regulations set by SEC in America.

How much you can make: $32,000/month

How much does it cost to start: $136 (?)

CBlocks is a cryptocurrency startup that generates random wallets of the top 100 cryptocurrencies, funds them, and ships them on a USB drive alongside software to manage them, with $32k made in the first 30 days and almost $3k on their second day from being featured in TheNextWeb, Forbes, The Outline & LifeHacker all within their first 3 weeks.

51. Become a shopify app developer

Have you thought about a career building Shopify apps?

Shopify is a Canadian e-commerce company that provides an online platform for entrepreneurs to set up their own online stores and sell products. Shopify is now valued at over $45B (as of 2022) with over 1.75M merchants using the platform worldwide.

To be able to build a plugin for Shopify, you need to know how to code. If not, then at least have some knowledge of HTML and CSS. You also need experience in the Shopify API and some basic knowledge about the Liquid template language for Shopify.

How much you can make: $150 — $65,000/month

How long does it take to build: 115 days (?)

Savy founder Disha Shidham built her business with an agile approach, utilizing customer feedback to create its flagship product, Savy Sales, leading to industry disruption and a 30% revenue increase on average for its partners with no ad spend or marketing.

52. Start a stock video business

Stock video is pre-filmed footage that can be purchased and used in various projects and films. Like stock photos, copyrighted stock videos cannot be used without permission and licensing from the rightful owner.

Businesses and filmmakers use licensed stock footage as they save money and hours, they would need to create original footage. Starting a stock video suitable for use in commercials and entertainment can be a great venture.

How much you can make: $10,000/month

How long does it take to build: 197 days (?)

VideoPlasty, an affordable and easy-to-use platform for buying pre-made stock animation elements and GIF images, has attracted over 600,000 visitors since its launch, with over $100k in revenue in 2020 alone, thanks to free organic traffic from YouTube tutorials and optimized SEO.

53. Start a social media management business

Similar to virtual assistants, social media managers offer various services, including but not limited to:

• Developing a marketing strategy based on clients’ goals
• Setting up social media accounts
• Posting on behalf of their clients
• Coming up with strategies for increasing client’s social media following
• Marketing analysis.

To become a social media manager, know the various platforms and understand how they work so you can develop strategies that help clients reach their goals.

The beauty of working as a social media manager is that you can define your work schedule and choose what niches to work on.

How much you can make: $20,000 — $166,667/month

How much does it cost to start: $251 (?)

How long does it take to build: 3 days (?)

A social media manager turned entrepreneur created a program that has brought in almost $100,000 in one year, designed to teach women how to run successful social media businesses in less than 30 days.  

54. Start an online cooking business

If you love to cook and want to start a business online, there are several opportunities that you can explore. Here are a couple of different approaches you can take:

• Sell your recipes online
• Become an influencer or blogger
• Conduct online cooking classes/courses

Here are some benefits of starting an online cooking business:

• You can have flexible working hours
• You can start the business from your home
• It requires a small investment
• Cooking business is a rewarding work

How much you can make: $7,500 — $417,000/month

55. Start a handmade goods business

A handmade craft business entails selling own-crafted products on online platforms like Alibaba , Etsy , an independent website, or social media.

To succeed in selling handmade goods, you'll need solid creative skills. Your creativity can help you build a strong brand.

And with online marketplaces, handmade shopping has become a popular trend.

In recent years, consumers worldwide have shown their support of independent businesses and entrepreneurs, especially those venturing into the handmade goods business.

How much you can make: $1,000 — $150,000/month

PortraitFlip is a successful startup that delivers handmade portraits globally with a clientele base in the USA and yields 3.5crs through their 100% customer satisfaction guarantee, and they started with an initial investment of only Rs.23,000.

56. Start a restaurant

If you love cooking and are passionate about entrepreneurship, starting a restaurant can be a fun and lucrative business.

To get started, choose a great location, and hire an excellent support team. You will need a chef to inspect the food and line cooks, waiters, and waitresses to serve the customers. No matter the restaurant type, you need great culinary and business skills to make your dream come true.

If you plan to open a restaurant in Ethiopia, gain insight from consumer preferences and focus on serving modern consumers what they need.

How much you can make: $48,333 — $61,650,000/month

One Life Meals is a Toronto-based healthy meal delivery service that made 14,500 meals per month and generated $130k in monthly sales in 2018 through their one-on-one consultation, lean protein and seasonal veggies-based meals, and their focus on the client experience.

57. Become a crypto trader

Crypto trading is an exciting market with a reputation for higher returns than some traditional investments.

Note that cryptocurrencies are incredibly volatile (and this is not investment advice).

When you start, opt for small-stake trades that allow you to get a handle on the market with minimal risk. Trade through a secure wallet provided by a reputable broker such as Coinbase or Binance. Take time to practice technical analysis, an essential research skill to help you read charts and identify patterns to inform your crypto trading strategies.

How much you can make: $1,000 — $30,000/month

How long does it take to build: 135 days (?)

Exolix is an anonymous cryptocurrency exchange platform with a fixed rate and unlimited exchange that provides its users with fast, easy, and secure exchange processes.

58. Open source library

Open-source libraries become a widely used method of software development, stories from some of the top names in the field can help you with your development or help build your confidence in adopting this methodology for your own projects.

Open-source libraries have a lot to offer the world of programming. The potential for improvement and simplification of a wide range of computer applications is huge. However, with so many options available, how are developers and architects to see which ones are right for them? Following open-source library success stories that could help you determine your best options.

How much you can make: $3,000 — $13,083,333/month

Vuetify is a popular open-source user interface library, built with the Vue.js framework, that generates revenue through digital content and services such as paid digital content in the Vuetify store, direct support through consulting, ad revenue from Carbon ads on the documentation pages, and donations/sponsorships via GitHub and Patreon, generating an average income of $6,500 per month.

59. Start a child care business

Starting a childcare business is a great way to build a steady income. You will have the opportunity to be your boss and set your hours even from home. You will have the satisfaction of building one-on-one relationships with children and watching them grow over the years.

A childcare business is an excellent idea. It is both a personal and economical investment for its owners. This is especially true if you are considering starting your non-profit organization or becoming licensed to provide child care. Running a childcare business allows you to help children develop while also making money. As with any business endeavor, running a childcare business has its ups and downs, but it can be very rewarding.

Twinkle Toes Nanny Agency has grown from a side hustle to over 20 locations in 5 states, offering an impressive franchise model with almost no overhead and a strong ROI, due to their online scheduling system, which creates a network of nannies and families ultimately providing quality in-home childcare for families.

60. Become a real estate photographer

A real estate Photographer is responsible for taking photos of properties. These photos are used by buyers, sellers, and real estate agents to market and sell properties.

As a real estate photographer, you'll need to have an eye for detail and be able to take quality photos. You'll also need to be familiar with the latest editing software so that you can make your photos look their best.

The average salary for a real estate photographer is $53,633. Salaries can vary based on experience and location to as much at 60K with the high end earners making over 150k per year!

This real estate business trend is a great way to make money if you're creative and have a good eye for composition. With the different abilities, there is a need for quality photos of properties. If you have the skills and experience, starting your own photography business can be a great way to make money in the real estate industry.

You can use your photography skills to generate income through advertising and affiliate marketing. Or, you could use them to build a client base and eventually start your own real estate photography business.

How much you can make: $220,000/month

Case Study: PhotoUp is a real estate photo editing company that has gone from a team of 10 to over 200 employees in the Philippines, with over 60 contractors around the world and expects to close in on $3,000,000 in revenue this year.

61. Start a party entertainer business

Do you want to start a business within the entertainment sector? Becoming a party entertainer can be a great opportunity for you.

Party entertainers thrive mostly at night and on weekends. You can work as an agency and represent entertainers for parties, or if you have the skills, you can become the entertainer.

Party entertainers can work at wedding and bridal parties, birthday parties, children’s parties, corporate parties, or even home-based parties.

How much you can make: $12,000 — $25,000/month

Dan Chan Presents, LLC is a unique company specializing in sophisticated magic entertainment for savvy corporate audiences, earning $160K performing live, and was able to pivot to virtual events during the COVID-19 pandemic, expanding marketing reach performing internationally, and being featured multiple times in Business Insider and The Hustle.

62. Start a webinar hosting business

Are you an app builder looking for a profitable business? Consider building a webinar hosting platform.

Businesses host webinars as a tool for helping them convert leads into paying customers.

Therefore, starting your webinar hosting service could be a profitable business venture.

To attract customers, focus on building a robust webinar hosting service that provides the users with all features they need to host an interactive webinar. A webinar hosting service should offer custom solutions and support for all technical issues.

How much you can make: $2,000 — $897,000/month

How much does it cost to start: $4,000 (?)

How long does it take to build: 183 days (?)

Tiiny.Host is a web hosting company that's doubled its monthly recurring revenue every three months, amassing 40,000+ users by providing an easy-to-use hosting and file sharing solution, and built up its brand through SEO.

63. Start a bakery

Everyone loves baked goods, be it sweet items like cakes, muffins, and cookies or savory baked food like pizzas, buns, bread, and puff pastry. Baking takes a lot of effort and patience, which is why many people buy baked items from stores or restaurants instead of baking them at home.

Starting a bakery can be a rewarding business opportunity if you have a passion for baking. If you plan to start a bakery, consider that happy customers often become repeat customers. Therefore, always focus on quality and work on customer satisfaction.

To start a bakery in Ethiopia, pick an ideal format. Some options include:

• Counter-style bakery
• A hybrid bakery with a cafe,
• Food truck with a bakery
• Home bakery.

Write a suitable business plan and choose the correct location.

How much you can make: $2,500 — $25,000/month

French chef and founder of online bakery Pastreez, Anthony Rosemond, shares keys to success including validating ideas with the market, focusing on SEO and organic growth, building customer relationships through email and SMS, never offering discounts but offering freebies, and diversifying the business with new products and content on social media.

64. Start a vending machine business

Starting a vending machine business in a crowded, busy city is an easy way to make money. Whether you want to run your own business, start a side hustle, or generate an income while at the office, this is the best business.

There are many advantages to starting a vending machine business, such as: low startup costs, simplicity, all cash-based transactions, and flexibility.

Here are the steps on how to start a vending machine business.

• Buy a franchise
• Find a location
• Secure all licenses and contracts

How much you can make: $30,000/month

iKrave Vending founder Lakinya started her vending machine business after observing the lack of consultants who specialize in vending machine operations, and now offers online training courses and mentoring to help others achieve success in the billion-dollar industry.

65. Start a bedding company

At the end of a hard day, we all need a good night’s sleep. A good quality mattress, bedsheet, or pillow makes all the difference when it comes to sleeping comfortably. That’s why many people invest in quality bedding materials, making it a profitable business idea.

The first step to starting a bedding business is to choose your niche. You need to decide what bedding you want to specialize in, which will help determine the products you’ll sell. Do you want to focus on luxury sheets? Or perhaps more affordable linens that are still high-quality?

Next, you’ll need to find a manufacturer who can supply the bedding products you want to sell. You’ll want to research different options and ensure they can provide what you need at a reasonable price.

Once you’ve got all that lined up, start setting up your website and social media accounts! These are essential tools for any business owner—especially in today’s digital landscape.

How much you can make: $10,000 — $14,166,667/month

How long does it take to build: 100 days (?)

Sheets & Giggles, an eco-friendly bedding brand, earned nearly $500,000 and 6,000 orders in the first 6 months of business through Indiegogo, and utilizes pun-based marketing and a DTC model to tap into a fragmented, low brand loyalty market.

66. Start a recreational boat rental service

Boat hiring and boat rental services are tapping into the booming market of the experience economy. Today, most consumers prioritize experience over material items. Boat rental services are necessary, not just for tourists but also for family, couples, friends, and even solo. Investing in the right recreational boat rentals can have a significant return on investment.

Listed are the steps to start a recreational boat rental service business.

• Register your business name
• Permit and licenses to operate
• Obtain equipment for the operation
• Hiring staffs
• Organize your business and activity flow

67. Start a doula service

A doula service business provides support to expectant mothers and families during pregnancy, childbirth, and the postpartum period.

Doulas offer emotional, physical, and informational assistance to help make the birthing experience more comfortable and empowering.

To start a doula service on a budget, first, gain knowledge and certification through affordable online or local training programs.

Next, create a simple website or social media page to promote your services and reach potential clients.

Finally, network with local healthcare professionals and community groups to build relationships and establish a client base.

How much you can make: $200/month

How long does it take to build: 150 days (?)

Jessica Glendinning created Your Virtual Doula, a virtual doula service providing clients with knowledge and emotional support, which has experienced a 67% increase in social media traffic and doubled its client base since the beginning of 2020 due to the Covid-19 restrictions on individuals permitted into hospitals and the need for virtual services.

68. Start a hotels business

If you are considering starting a hotel, then it is time to implement your plan. There are five key elements to understand if you want to succeed in this industry: location, size, budget, experience, and market demand.

Here are some tips to consider before forming a hotel:

• Name your business
• Decide on a marketing strategy
• Start by renting out a room in your home.
• Hire a business capital broker
• Make a marketing plan
• Offer complementary services

How much you can make: $15,000/month

How long does it take to build: 325 days (?)

SKNMUSE, a premium beauty brand dedicated to elevating the beauty experience for Black Women, has a 40% customer retention rate, achieved a 169% increase in revenue, and made $30,000 in Q1 alone.

69. Start a restaurant

70. Start a fashion accessories brand

Fashion accessories are an integral part of our wardrobes and are chosen specifically to compliment a person's outfit.

Typical fashion accessories include footwear, apparel, jewelry, wallets, handbags, hair accessories, and watches.

The global fashion accessories market is projected to grow at a CAGR of 12.3% during the forecast period (2021 - 2026).

How much you can make: $1,500 — $40,480,000/month

CuffStyle created Cuff Adapters, silicone tabs that fit over shirt cuff buttons allowing cufflinks to be worn with standard button-down shirts, and has sold over 2,000 packs and received 100+ reviews with a 4.6/5 star rating on Amazon, with plans to move into big-box retail and B2B sales.

71. Start a grocery store

A grocery store sells a wide variety of food products, fresh or packaged, and other household & personal care items. The grocery store industry is the largest retail channel that makes $682 billion in the United States.

To start a basic grocery store, you can expect to spend a minimum of $50,000. Ideally, the bigger expense would be the rent, equipment, labor cost, cash registers/POS systems, and software. Some of these are recurring monthly fees. However, the location, size of the store, competitors, and local customers will significantly impact the business. A new grocer should sell more items for a lower price to make a more significant profit.

A new grocer can also save costs by buying the items from local distributors. The distributor is the middleman between the manufacturer and the grocery store selling it. Once the store cost and location are decided, the next step is to obtain a seller license. In most states, a grocer's license is required to run a grocery store.

Thus an average grocery store has a profit margin of 3% to 5%. The profit rates depend on the store's location, size, and popularity. On average, a small to medium grocery store can make a profit of up to $300,000 annually if all the profit factors are considered.

Another way to make your business more profitable is to diversify your store and add amenities like a coffee shop or stocking up the front of the store with magazines, batteries, etc., as these items can cross a margin of up to 70%. As a rule of thumb, offering lower prices on higher purchases will ultimately win more customers and increase profitability.

72. Start a youtube channel

For anyone looking to start a successful YouTube channel, there are plenty of YouTube channel success stories that can be used as inspiration and encouragement. In addition, YouTube has an established monetization system and boasts incredible popularity, making it a potential platform for revenue generation.

In this article, we'll look at different approaches you can use to help promote your channel and grow your viewers. While there's no quick and easy way to success, you can take these tips to build your own YouTube Channel Success story. If you love content creation, you can capitalize on YouTube's popularity to earn extra income.

If you want to join the Youtube partner program to monetize your channel, you will need to reach a minimum of 1,000 subscribers and 4,000 watch hours in the previous 12 months.

How much you can make: $800 — $4,500,000/month

How much does it cost to start: $750 (?)

Learn how this entrepreneurial couple made $5-7k a month by helping others find legitimate work from home jobs and creative ways to make money online through their blog and YouTube channel, as well as offering two flagship products designed to help beginner freelancers and new bloggers accelerate growth.

73. Start a niche accessories brand

Niche accessories make excellent small business ideas. The profit margins in these businesses are pretty significant because of the product markup. You could have a small Etsy store or sell them through marketplace sites such as Amazon, Facebook, and eBay.

The niche market for custom accessories is estimated to be nearly $473.46B by 2020 and it contains a variety of product categories ranging from jewelry, handbags, and small leather goods to house decorations and small fashion apparel accessories. Niche accessories are currently enjoying strong growth, projected to continue during this decade.

How much you can make: $600 — $1,500,000/month

Braxton Manley started Braxley Bands with only $20, creating an elastic Apple Watch band and scaling the business to an impressive $100K a month on Shopify, all without any other capital or investment.

74. Start a niche fashion business

By 2025, The fashion industry is expected to reach $1.002 trillion dollars .

Niche fashion brands are businesses that focus on selling specific and specialized fashion items to a demographic within a particular market.

More and more people are seeing the value in niche products and services, especially when they're well crafted and meet the current trends in today's world.

How much you can make: $1,000 — $4,660,000/month

HeraCloset is a successful online platform connecting customers with local Arabian and Khaleeji fashion brands, with over 80 brands selling on the platform and worldwide shipping.

75. Start a car washing and detailing business

The carwash business is already a multi-billion-dollar industry with room for growth.

With the number of vehicles per household increasing daily, starting a car wash and detailing business could be a profitable idea.

If you have a piece of vacant land in the right location, you can get into the carwash business. You can set up an in-bay automatic carwash, self-washing carwash, touch-free carwash, or a wide range of other options.

76. Start a homemade skincare recipes business

Are you interested in making your own skincare products from home? Homemade skincare products can be very profitable, especially if you sell them online. Because of this, more and more people are deciding to make their own homemade skincare products at home. You do not have to spend an exorbitant amount of money on skin care products. It's easy to make your own homemade skin care recipes and start saving money today! The first steps to start a homemade skincare business are:

• Choose the right skincare formula.
• Add natural preservatives
• Pick a suitable container
• Keep the amount right

77. Start an eye masks store

The eye mask is a simple accessory that blocks out light and improves sleep. The global mask market is expected to reach USD 18.6 Million in the next few years.

If you love to help people sleep better, then starting an eye masks business might be the perfect business opportunity for you.

An eye masks business is a relatively low barrier to entry business that doesn't require much of an up-front investment. You can start by making your own eye masks or buying them from wholesalers in bulk, then sell them to customers through social media platforms such as Facebook or Instagram.

How much you can make: $800,000/month

How long does it take to build: 730 days (?)

Manta Sleep has successfully raised $700,000+ through crowdfunding campaigns for their unique, 100% blackout sleep mask designed for light sleepers and aims to empower people to sleep better so they can do more.

78. Start an online retail store

Starting an online retail store is straightforward. All you need is a computer, a domain, and a web hosting service. Then, determine a niche for your online store, and conduct product research before listing products.

You can start your online store based on a drop shipping business model or list your self-made products in your online store.

How much you can make: $5,000 — $62,500,000/month

How long does it take to build: 51 days (?)

This case study follows the story of a successful online business that has made 7.2 million dollars in sales since 2012, with profits of around 30-45%, and the founders share insights on lessons learned and tools used.

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50 Best Business ideas in Ethiopia You Can Start Today

By: Author Tony Martins Ajaero

Home » Africa

Do you want to you start a business in Ethiopia? If YES, here are 50 best small scale business ideas and investment opportunities in Ethiopia you can start.

The economy of Ethiopia is growing stronger with each passing day. This has led to an increase in business opportunities in the country. We have compiled for you a list of the top 50 business ideas that you could consider to make the most of the present economic boom.

Best Business ideas in Ethiopia

1. agriculture and food processing.

This is an important industry in Ethiopia. Accounting for over 85% of employment for the people of Ethiopia, agriculture is vital. There are different types of crops that can be grown in the country ranging from cereals to fibre crops and flowers, to teas and coffee plantations, etc.

Forestry is also an important resource in the country along with fisheries. Also, commercial processing of produce and raw materials gotten from agriculture provides an opportunity for business in Ethiopia.

2. Manufacturing Industry

The Ethiopian economy today provides excellent opportunities in the manufacturing industry, especially in the clothing and textile sector. Other top rising manufacturing sectors to invest in include food and beverages, leather, metallurgy, electronics and so on.

Although, you may require a considerable amount of capital to start a manufacturing firm, it is one of the most lucrative businesses to venture into. Most of the top entrepreneurs out there are owners of successful manufacturing companies and plants.

3. Real Estate

This industry is growing at an alarming rate in Ethiopia. The construction and real estate industry is increasing in demand in all parts of the country.

A simple drive around the country’s capital city Addis Ababa will show you a large number of luxurious apartments and villas occupying previously empty landscapes. This industry is growing every day, providing opportunities for new business aspirants.

4. Vending machines

Most people in Ethiopia are always on the move and would not like to waste precious time in the process of buying things. This has led to an increase in the demand for vendors and their machines.

A vending machine for the sale of small items like drinks, snacks, water, milk, juice, newspapers, cigarettes, etc. can be installed in different strategic places to meet the immediate needs of people on the go. This is a splendid business idea for busy places like a bus terminus, schools or colleges or even a busy residential area in Ethiopia.

5. Milling Plants (Wheat and Maize)

There is a rise in the demand for wheat and maize flour in the country. This is due to the increase in population in Ethiopia.

This has led to an opening for local business opportunities for Ethiopian people. Whether the grains are brought for milling by the customer, or the mills produce flour in large amounts and it is packaged and sold to wholesalers and retailers, this business is quite viable.

6. Event management and Party planning

There is never a dearth of parties in Ethiopia. Several events ranging from company events, religious and entertainment events to weddings, birthdays, etc. take place all the time all around the country. But planning for these events are usually stressful and time consuming.

The organizers of these events may not have the chance to do the planning and would need other people to do it for them. Event planners are usually well paid depending on the size of the event or party. Planning these events can give you an impressive income yearly.

7. Consultancy

If problem solving comes easy to you or friends and colleagues often come to you for assistance or help on certain areas, then you could have a business opportunity in your hands. You can offer your services to people at a stipulated rate.

Companies and business organizations need persons known as consultants, to help them achieve their visions and missions. Even average individuals need help too. All these people and bodies will be willing to pay a fee to somebody that can help them realize their organizational or personal goals.

8. Schools and Colleges

In Ethiopia, the demand for schools and colleges outweighs the supply. There are thousands of school students that take national exams in the country yearly but only a small amount of these students get the admissions they seek. Establishing a school with quality equipment, facilities and seasoned and experienced teachers is sure to meet the demands of these eager students.

9. Coaching

You can make good money in Ethiopia by coaching students. If you are excellent in a certain subject area, then you can coach students or people needing help on that subject area for a fee. You can do this online by creating an online website for yourself, or face to face by meeting your students at their homes or a designated venue.

10. Garbage Collection

Garbage collection services in Ethiopia are not very efficient. This service can now be provided by private individuals and nongovernmental bodies. You can collect and dispose garbage for residential homes. This can be done for them at a particular rate per month.

There are thousands of homes in Addis Ababa and other cities in Ethiopia where you can collect refuse from and help them properly dispose it. The problem of proper waste disposal is a serious one in the country; you can turn that into an income spinner for you.

11. Janitorial Services

Cleaning is something that should be done regularly. Commercial buildings and residential homes should be regularly maintained. In Ethiopia, a lot of companies and government bodies now contract their cleaning needs to cleaning firms.

These buildings can be cleaned for a monthly fee by you. You can charge higher fees with bigger buildings and vice versa!

12. Government Contractors

All you have to do is register a company and be on the lookout for tenders in daily newspapers and print bulletins. A lot of people have won government contracts worth millions to supply various government needs and supplies. This is an excellent business idea for good income in Ethiopia.

13. Solar panel sales and Repair

Ethiopia gets a high amount of sunshine. You can explore this to your benefit by learning how to make, install and repair solar panels. Although this is a technical sector that needs a lot of hardwork, skills and patience, it is also a viable sector.

However, If you have no interest or love for technology, then this business idea is not for you. It requires the investment of technologically inclined persons and it is a lucrative business.

14. Repair of Mobile devices

Another technical business sector is in mobile phones. You can also learn and acquire excellent phone repair skills. These skills can in turn be used to generate income for you by providing phone repair services for your clients.

15. Agric Value Addition

As stated earlier, the Ethiopian economy is growing very fast and this fast growth is also in the agricultural sector. There is always a demand for food and it has made the agribusiness an extremely viable idea. You can make money for yourself by value addition to agricultural products for example; you can turn milk into yoghurt, cheese, etc. and many other value-added products.

16. Bakery and Fast foods

Everyone loves baked goods. From corn flour to wheat flour and other forms of flour, Ethiopians love them all. This alone is enough to make you consider dabbling into the baking industry. It is essential however that you get all the information needed before going into the business. This sector is lucrative and open for all types of people regardless of gender.

17. Poultry

This might sound easy and simple but it really isn’t. It involves the full use of farming and entrepreneurial skills to make it possible. Before starting, you have to determine your proposed market and the type of poultry you want to go into.

Poultry business has two main parts; firstly, Broilers, where the chickens are grown mainly for meat, and secondly, Layers, where the chickens are grown for egg production.

18. Private lesson teachers

You can teach children after school. Several parents out there are busy and cannot afford the fees of home teachers. You can seize this opportunity to organize after school lessons and charge at rates lower than the normal home teacher rates.

This can serve as a way for you to make cool money. Also, you can choose any particular expertise area of yours to teach on.

19. Gardening and Landscaping

You can convert your client’s plain backyard into a spectacular view. Though it requires a lot of creativity and training but it also gives good pay. To do this business, you will have to learn a lot and research well to produce the best results for your clients every time. It is a very lucrative business once you have understood the basics and gained expert knowledge of it.

20. Advertising campaign developer

Creating and building contents for your clients is a good way to make money. You can plan and execute beautiful media campaigns, create online content, apps, email distribution, mobile contests, videos and other interesting things for your clients and customers and in turn be paid generously for these services.

21. Freelance Writing

You can decide to become a full time freelance writer to earn income or a part time freelance writer to support a regular income. Also, you can do it for fun or to build your portfolio/skill list. You can get clients to give you jobs and write properly for them to get money for your needs. Writing can be a great business option.

22. Creating Music Videos

Good music sells. This is the reason why the music industry is always booming. If you are a creative person, you can go into music related business by creating music videos for artiste promotion or brand building. This is an industry that is always sure to give high returns as long as you do good work.

23. Child care centers

Child care centers are a viable business opportunity in Ethiopia. Due to the increasing rate of insecurity as a result of abusive house helps or baby peddlers, more parents are deciding to go with taking their children to child care centers. Also, the busy and hectic daily schedules of many parents have made this business even more profitable.

24. Selling snacks and Drinks

Snacks are convenient in-between meals. They can be consumed anywhere whether at the office, in school, at special events, even during meetings, seminars, conferences, etc. The demand for snacks is never low. Also, snacks are usually served with soft drinks to accompany them. You can sell these soft drinks too. You can go into this business as a source of income generation for you.

25. Start a driving school

Yearly, there are more and more people who desire to know how to drive. Eager teenagers, young adults and even matured men and women who do not know how to drive look for ways to learn. You can establish a place for people to learn how to drive for a token or a fee, hereby providing for yourself a stable source of income. You have to be registered to issue valid certificates.

26. Private security firm

Setup your own security firm. You can do this by hiring and training able bodied men and women, then deploying them to companies that need them for protection of important infrastructure. Although this business has to be licensed by the stipulated authority, it is a great way to make cool cash.

27. Mobile Store/Office supply

For office workers, it is difficult to go out and get certain things like shirts, wristwatches, perfumes, ties, etc. You can use this as a business opportunity by helping them do their shopping. You can also buy goods and take it to these people in their offices for them to buy from you at a rate set by you. So you can decide what your own service charge will be. This will ensure that you make good profit.

28. Computer sales and repairs

Due to the increase in sales of computers and laptops, there is also an increase in the need for computer repair technicians. This sector is a great business to go into in Ethiopia. You can also offer computer cleaning services too.

29. Appliance repairing

This industry is also lucrative. You can learn how to fix electronics and appliances, get certified and start fixing for people to get paid. It is a great business idea for idle youths in the country.

30. Laundry service

We have already established the fact that a lot of people in Ethiopia are very busy and do not have the time for some basic things. This includes time for laundry too. This business will do well whether the economy is bad or not. It is quite easy to start up but yet extremely profitable. You only need a washing machine , dryer, pressing irons and some other little items.

31. Brick Moulding business

As stated earlier, the real estate industry is growing very fast. The demand for homes is on the increase in Ethiopia and homes are made with brick. This therefore leads to an increase in demand for bricks. One can go into this to generate steady and good income regularly. Getting trained in brick making will however make things easier for you if you are considering this option.

32. E-Book writing

For people that enjoy writing and know the process of making e-books, then E-book writing is an excellent business idea for you. You can write different e-books and then sell them online from your website or on sites like Amazon, Blogger, etc.

33. Employee training and Professional Certification

There is high demand for specialized employee training in the country. A lot of employees require training on various aspects like money handling, customer service, stress management, etc. You can get trained in these aspects and in turn train employees for a fee set by you. This is a great way to make money.

34. Internet Cafe Business

In Ethiopia, people always want to browse the net. You can start an internet cafe business with other added services like online research, printing, photocopy and another computer services. You can even do better by positioning your cafe in a busy area to get more customers.

35. Disc Jockey

Popularly called DJ, this is one profitable business opportunity. Your diverse music compilation can serve as a source of income for you. This job is especially for music lovers and energetic personalities. You can make yourself more valuable by being a DJ and also a wedding planner.

36. Pest Control Business

If you need a steady flow of income, then you should think of starting a pest control business. This business involves the removal or eradication of potentially harmful insects, reptile and rodents from farms, residential and commercial properties.

All over the world, and especially in this part of the world, people are becoming more and more aware of removing things that may be injurious to the health. This makes the pest control business very viable.

37. Vehicle Towing

Before going into this business, you have to first of all get a license to operate a mobile towing business. From then on it is game on for you. Although this license is not easy to get, it can help you get the chance to work well with car dealers and property managers to move their business cars, buses or trucks.

38. Cooling Van Business

Ethiopia is a hot country. This makes warm or hot drinks not really in demand, but there is a high want for cold drinks all around the country. You can tap into this to create a business opportunity for yourself. Start a cooling van business. With a cooling van, you can supply cold or even ice drinks to events and parties. This can fetch you good money every week and even every day.

39. Tricycle Transportation

There is a great opportunity for tricycle operators in the country. This is as a result of the special features of tricycles; features like its portability, convenience for hire service, flexibility, efficiency of maintenance, life span and durability, etc. This business opportunity has been widely accepted in the country and it is actually quite viable.

40. Car Hiring

This sector is a very lucrative business opportunity. It is even more profitable when it is situated in a strategic location where there is high population of people with numerous commercial and entertainment centers. This business however is quite capital intensive and requires close management. Your vehicles must be up to the required safety standards for you to get good customers and clients.

41. Car washing

It is a normal thing for cars to get dirty but most people do not have the spare time to wash their cars. Providing a professional car cleaning and washing service is a sure way to get steady and regular income in the country. This business requires an open space and the right equipment for a successful startup. You can also hire boys to help you with the washing if you want to start on a large scale. It is not very expensive to set up.

42. Auto Mechanic

This is an important business all over the world. This is due to the fact that cars that break down must get fixed or repaired.

But before you can go into this business, you should know all that pertains to auto repair and its applications. You can do this by getting trained in auto repair or hiring trained hands to work in your auto repair shop or garage. This business is even more lucrative in Ethiopia due to the state of imported cars in the country.

43. Travel agency

Travelling and tourism is a big deal for a lot of people. The industry is a major industry in the country. The main stakeholders in this industry are the transport companies including airline, shipping and cruise companies, and also a particular group of people that work in the background to make sure that the travels are comfortable and hitch free. With the current economic boom, it would be a wise move to start a travel and tourism agency.

44. New and second hand cloth business

The clothing business is an industry that is open for exploration. It is made up of small retail stores that sell a wide variety of clothing items. You can go into this industry to make money for yourself. By buying new or second hand clothes from wholesalers and selling in the retail market, you can make profit for yourself and by doing this also give yourself a brand name.

45. Cement Manufacturing

This is another viable business idea that should be looked into in Ethiopia. Although it may be quite expensive to start up, but there is no shortage of demand for your product as it is needed everywhere, especially if you put the price of your product at a reasonable rate.

If you have an abundant source of capital, then do not hesitate to go into this business and open your very own cement manufacturing plant.

46. Soap Making

There is without doubt a very large and expanding market for soaps. Soaps are products manufactured from chemicals and are used for either bathing or washing of clothes, plates, cars and even glass windows. This industry is still expanding and there is more than enough room for new soap makers to come in and market their stuff.

So if what you see is a simple business in the chemical industry that can fetch you steady income, then you should think of going into the business of soap making.

47. Chemical Merchant

The demand for some chemical products has not been met by the supply rate in the Ethiopian local market. This can become a profitable business for you.

All you need to do is to find out about the product that is needed, link up with foreign manufacturers to supply you, seal the deal and sell locally. You can also produce and export chemical products to other countries with great demand for these products.

48. Selling Insurance policies

This isn’t a new idea but it is most certainly a profitable one. You can get information from insurance agents and sell policies to clients thereby attracting a commission fee for yourself.

49. Sell recharge vouchers

This business idea is almost costless to start up, yet it is profitable. You can sell the recharge cards to the public, friends, family members and even colleagues. You can get the vouchers at a cheaper rate from the service providers and sell them to people at the standard rate, thereby making profit for yourself.

50. Start an Entertainment Lounge

There is a high number of foreigners and foreign workers in Ethiopia, especially in Addis Ababa. Most of these people and even locals would need places to relax and unwind after a hard day’s work and on weekends.

You can meet the needs of these fun lovers by starting up an entertainment lounge such as a bar, hotel, casino, restaurant, cinema, night club and so on. There is an infinite number of possibilities here so pick one and set up the business.

These are the top 50 business ideas and opportunities that are quite lucrative and open to you in Ethiopia. Do not hesitate to choose any one you like and start making good money for yourself. Cheers!

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