Ethiopia is a rapidly expanding market with a strong demand for new ideas. You may reinvent an existing product or make it tech-related to fix a challenge for people in your community. You'll be making a fortune if the solution fixes a dilemma. Good execution, persistence, and a lot of hard work are needed.
According to Worldometer's elaboration of the most recent United Nations numbers, Ethiopia's total population is 117,065,477 as of Wednesday, March 31, 2021.
Seeing this vast population growth rate, the demand for businesses is hiking every day. For knowing the best business ideas in Ethiopia, let us explore more and know them.
Related books:- Books On Startup And Entrepreneurship, Business Ideas For Entrepreneurs
Most Promising Business Ideas
We've put together a list of the top 7 business ideas you might try to take advantage of in the new economic boom.
1. Agriculture and Food Processing Business
In Ethiopia, this is a significant industry. Agriculture is highly significant in Ethiopia, as it employs over 85% of the population. Crops ranging from cereals to fiber crops and flowers, to tea and coffee plantations, can all be grown in the region. Commercial manufacturing of agricultural products and raw materials also offers a market in Ethiopia.
1. Milling Plants (Wheat and Maize)
The country's market for wheat and maize flour is growing. This is attributed to Ethiopia's growing population. This also increased local business prospects for Ethiopians. This company is viable if the buyer brings the grains for milling or the mills deliver vast quantities of flour that are processed and shipped to wholesalers and retailers.
Related projects:- Projects for Small and Medium Enterprises (SME)
2. Agri Value-Addition Business
As previously reported, Ethiopia's economy is rapidly expanding, and the agriculture sector is no exception. There is still a market for food, which has made agribusiness a very profitable business model. You can make money by adding value to farm products, such as milk; you can make yogurt, cheese, and a variety of other value-added products.
3. Brick Moulding business
As previously reported, the real estate market is rapidly expanding. In Ethiopia, the demand for housing is increasing, and most homes are built of stone. As a result, there is a rise in demand for bricks. This is a smart way to earn a consistent and good salary daily. If you are considering this choice, however, getting trained in the brick making will make it simpler for you.
Related books:- Small Scale Industry (SSI) Business Ideas, Hi-Tech Projects, Self Employment, Women Entrepreneurship, Home Businesses, Profitable Small & Cottage Industries
4. Pest Control Business
If you need a consistent source of revenue, consider starting a pest control company. The removal or eradication of potentially dangerous insects, snakes, and rodents from farms, residential, and commercial properties is the focus of this company. People all over the world, and particularly in this part of the world, are becoming increasingly conscious of the value of avoiding objects that could be detrimental to their health. This makes pest control a very viable market.
5. Cement Manufacturing Business
This is yet another viable market opportunity in Ethiopia that should be investigated. While it may be costly to start a business, there is no lack of demand for your product because it is needed everywhere, particularly if you price it reasonably. If you have a lot of money, you should consider going into this industry and starting your cement manufacturing plant.
Related video:- Business Ideas for Startups
6. Soap Making Business
Soaps have an enormous and rapidly growing demand. Soaps are chemical-based materials that are used for bathing or washing clothing, dishes, automobiles, and even glass windows. This business is still growing, and there is plenty of demand for new soap makers to reach the market and sell their wares. So, if you're looking for a simple company in the chemical industry that will provide you with a stable income, consider starting a soap-making business.
Suggested Projects: Investment Opportunities & Business Ideas in Ethiopia, East Africa - Identification and Selection of right Project, Thrust areas for Investment, Industry Startup and Entrepreneurship Projects
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