The major goal of starting a business is to make a profit. However if business begins to go well, the next goal is to make the first million. Some businesses take a lot of time for you to make your first million while some can make you within a shorter period.
But it seems the businesses that can rather create wealth faster are the most underrated businesses and some who are doing them too can’t see the potential yet owing to how they are run. They don’t look fancy and well talked about in most cases but the minority who got into these businesses wholeheartedly are cashing out a lot. So here is one of the business ideas that can make you rich faster if properly managed.
Farming;
farming is one of the most underrated businesses, but if properly managed, can be the most profitable business that brings a quick return on investment.
The African richest man, Aliko Dangote once said in an interview hosted by Mo Ibrahim that; “one of the businesses that can make you a millionaire fast is farming, but most people don’t know this.”
Mr. Daniel Mckorley another business mogul from Ghana and CEO of Mcdan Group of Companies also borrowed money for his son to start farming before he headed to tertiary.
Multiple award winner and African actor, John Dumelo is now heavily investing in farming. My little research shows he gets more advice from some of the most successful businessmen in Ghana.
Farming is a profitable business if you get the right people to work with but you can incur losses without proper management too. But chances of making a profit are higher than losses.
The capital needed to start farming is not as high as other businesses. Aside from the money, farming can make you employ many people as compared to other businesses.
So do you have any interest in starting farming yourself or investing in one? If yes, here are some tips you need;
1. Use technology – farming the traditional way cannot help you reach your goal in this business, the use of the appropriate tools and equipment can. Using technology would make you more efficient and save you time and energy.
2. Get the right workers – like any other business requires the right people, take time to look for people who can really work with.
3. Get investors – don’t hesitate to involve investors if you don’t have enough resources.
4. Think of processing – as your farm expands, you can think of processing some of your products. This would reduce spoilage and disposal of your products.
In general, some of the most underrated businesses are rather the ones to make you rich faster (not easy though).Example apart from farming are waste management, and scrap dealing among others.
So when you are searching for business opportunities, don’t go in all for the glams ones, look into farming or the others that I shared above as well. As the world is projected to rely on Africa for food in years to come, there is more room to become wealthy in the agri-business so don’t wait if farming excites you.
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