One may wonder what business a person can start in Rwanda with a low budget, and some think that a small budget can't open a business at all but it is quite possible to start a business with a small budget.
Sean Peek, writer at the business news daily, says that for many people with an entrepreneurial spirit, one of the biggest reasons why they don't pursue their business dreams is because of the significant costs associated with starting a business. However, there are many businesses you can launch today with little or no funding, so long as you are dedicated and put in some good old-fashioned hard work.
Pacifique Ubukombe, an entrepreneur crosscutting in tech, and consultant with a core focus on startups and SMEs says that there is no excuse for not starting a business with a low budget but cautiously one has to be realistic.
"When you ask people who have been saying for years that they would soon start businesses and presently, they haven't, the excuse they provide is that they still have a low budget. The good and bad news is that most thriving businesses respectively started with low budgets and such scenario pushed the business founders to go the extra mile and secure financial futures of their ventures," he says.
Ubukombe continues, "Hardly would you start a mining company with a low budget? There are certain businesses and sectors that are so capital intensive and provide no room for low-budget entrepreneurs. One has to really be aware of that."
He notes that what people should know before starting is that it is crucial to know that running a business is not an easy game and they can barely be profitable from day one. Endurance is what makes businesses thrive provided you have what the market needs. Secondly, every business that one plans to have relatively exists, so one has to deeply ask themselves what will be distinguishing their business from others.
"Notably a business is not about what you think works but what the market really wants and is willing to pay you for what you offer. If not, that is not a business. It is also better to work for others to learn processes and procedures to own and run a business," he adds.
What business to start in Rwanda
Sales agency. Ubukombe says that people who can bring money to a business are the ones who will always be in demand. This applies to businesses that bring other businesses money. Starting this business requires a low budget such as a decent phone, a nice laptop, and an impressive wardrobe and you are good to go.
Shipping locally made products to the diaspora. Rwanda is increasing its diaspora base in foreign countries. If one would identify needs from our diaspora starting with basics such as accessories and ornaments, this would, in the long run, be lucrative, Ubukombe shares.
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Real estate agency. "Real estate remains a market that majority will need its services on both spectrums for house owners and house rental seekers. In this case, one can start being a brokerage real estate agency that connects house buyers to house owners and also house rental seekers to house owners both residential and commercial. You do not need much money to start this. Requirements are precisely the same mentioned when opting to start a sales agency," Ubukombe says.
Specialised baby-sitting
company. Rwanda welcomes anyone from all over. Imagine families that are here either for short stays or longer stays that need babysitting services. Very many. Also, imagine the number of our diaspora that come for holidays and want to enjoy the nightlife but worry about their babies when they are awake and parents are nowhere to be seen. Anyone with a passion for loving children, can gather same-minded people, hire them, train them, and start offering babysitting services, especially to internationals and also diaspora on holidays.
Ubukombe advises seeking a partner whom to share risks with and learn from each other.
"Businesses with cofounders tend to thrive compared to solo founders and also first-time business founders fail terribly and miserably due to shortage of some essential skills for running a business. That is why working for others, provides a vivid perception," he notes.
