Young people in Africa are increasingly seeking avenues for financial empowerment, independence, and time freedom due to the rapidly evolving economic landscape on the continent.
While traditional investment opportunities have often required substantial capital, a new wave of accessible and innovative opportunities is emerging in every sphere of life. From leveraging on digital platforms to make money and impact to tapping into local resources and talents, these six business opportunities are reshaping the investment landscape in Africa, empowering African youths to embark on their individual and collective journeys to becoming innovators, entrepreneurs and disruptors with little to no financial resources in capital.
- Technology & Innovation
African youths can invest in tech startups, software development, mobile apps, e-commerce platforms, or digital solutions that address local and even global challenges. One of the best ways to achieve this is to acquire relevant skills in tech and innovation through education and training in fields that border on the interdisciplinary subjects of computer science, engineering, and entrepreneurship.
If you’re currently studying or have studied any one of these courses or others related to them, you can participate in tech-focused internships, join innovation hubs and startup incubators, and/or seek mentorship from successful tech entrepreneurs. This may not require any upfront payments; however, it may take some time. Investing in tech startups or starting your own tech business can be a great way to contribute to and benefit from the growth of Africa’s tech and innovation.
- Renewable Energy
Youths with an interest in renewable energy can invest in solar, wind, or hydroelectric power projects to meet the growing energy demands in Africa and contribute to sustainable development. If you’re looking to invest in renewable energy without capital, you may consider getting involved in community-based renewable energy projects. You take this a step further by volunteering your time and skills to organisations or initiatives that are working on renewable energy projects, to gain experience and build a network in the renewable energy sector. This can give you a solid foundation to start your initiatives in renewable energy.
- Agriculture and Agribusiness
The African Union has set itself a target to “eliminate hunger and food insecurity by 2025.” The African Union Summit Resolution on Accelerated Agricultural Growth and Transformation and the Union’s Agenda 2063 have both restated this commitment to eliminate hunger and provide food security to the continent by 2025 (African Union, 2014; 2015). By investing in the agriculture and agribusiness sectors, young people with a passion and/or expertise in farming and agribusiness can set themselves up for a life of financial freedom while improving food security and promoting economic growth.
- Education & Skills Development
Starting a business in education without capital may prove daunting, but not impossible. If you have expertise in any area and are looking to make impact with your knowledge, you can invest in educational institutions, vocational training centers, or online learning platforms to bridge the skills gap.
One of the best ways to start a profitable education business is by leveraging your teaching skills and your knowledge in any area. You can start offering tutoring or teaching services in this area with no real startup capital. You may also create and sell educational materials such as e-books, lesson plans, or educational videos online. Another option is to offer your services as a consultant to schools or educational organisations that are willing to pay you for your knowledge. Additionally, you may consider partnering with someone who has complementary skills or resources to help get your business off the ground.
Sometimes the only capital investment you need is a good partnership and the willingness to make the first step.
- Real Estate and Construction
Gone are the days when one was required to have millions in order to invest in real estate. Today, you do not need a huge capital to invest in housing projects, commercial properties, or any such developments like before. If you live in a good place with enough space to share, you can turn your residence into a Bed and Breakfast facility. Take quality photos and videos of your space and advertise it online to let people know about your new venture. Before you start this business though, be sure to speak with your homeowner, if you live in a rented apartment.
- Content Creation
If you have ever posted any content on any social media platform, chances are, you have created content no matter how insignificant you thought it was. Content creation involves the generation of digital material such as videos, blogs, social media posts, and other forms of multimedia, and the sharing of the same through digital platforms. It can take whatever form: educational, entertaining, inspirational, informative, etc.
You can start a business in content creation by finding a niche area of interest or expertise, creating high-quality content, building a solid personal brand, engaging with your audience, finding creative collaborations, etc. Content creation ties into the greater part of African arts and entertainment. You can showcase African talent through film production, music, fashion, etc., which you create by yourself (alone or with the help of professionals) to contribute to the creative economy of Africa. The good news about this business is that you don’t need any upfront start-up capital to begin. All you need for this is a phone with a camera, a social media platform, and an internet connection.
