South Africa is the second largest economy situated in the area of the Indian Ocean. The country ranked as an upper-middle income economy by the World Bank. Yet poverty is still a huge problem in South Africa. It’s causing serious problems like unemployment, illiteracy, hunger, inadequate electricity and so on. South Africa has some finest resources; timber, gold, copper, oil, and diamonds. Thus, it can still become one of the best business countries in the world. Some growing facts have highlighted below:
- South Africa ranked 49th out of 140 countries in 2016 which shows development from 2015, where they ranked 56th out of 144 countries.
- According to the Open Budget Index in 2015 South Africa has the 3rd most transparent budget in the world.
- Whole-over in the Ibrahim Index South Africa ranked 4th in 2015. It estimated the quality of African governance and virtual office rent South Africa.
- South African has a large accessible modern transport network. It includes a high standard of low-cost infrastructure and small business ideas in South Africa.
- South African has the capability of 45% mineral production and 50% of its purchasing power.
South Africa has got many unexploited business opportunities for intelligent investors. Here some promising business opportunities in South Africa described in below:
In today’s growing modern age IT business is now recognized as a very demanding business. Apart from the illiteracy problem of South Africa, there are still some well-educated people. They can start their own IT Business using their expert people. IT Business will help the South African people to achieve various opportunities:
- Starting IT business can help South Africa to meet the increasing needs of customers and companies.
- This business can provide them important knowledge on how to keep up with continual changes in hardware and software system.
- South Africa people can lower their employee costs by using IT resources and structure.
- IT business’s independent workflow systems and shared storage will allow them to process a higher level of work in a very short time. Thus, they can increase efficiency in their business status.
Online marketing is becoming an essential part of the business marketing strategy in this evolving world. In South Africa, more people have access to the Internet. They have a smartphone penetration of 37%. It indicates remarkable chances of starting any types of online businesses in South Africa. Here’s what opportunities South Africa can get by considering setting up online markets:
- This business doesn’t need any retail staff, storage space or physical place which will help to cut the higher expenses.
- South African can give quick services in a short period of time without any major investment or capital.
- Online business will help South African to attract millions of customers without even reaching them face to face.
Outsourcing is now recognized as a pure cost-saving mechanism. South African people have an accepted natural social connection to US, UK, EU, Australia, and New Zealand. So they can benefit more from the increased demand for IT outsourcing in the USA and UK. Outsourcing can provide some significant benefits to the people of South Africa:
- They won’t need any office accommodation, payroll or taxes, staff or capital to do outsourcing.
- Outsourcing will help to save costs and a huge amount of valuable time for South African.
- South African can attract new clients and business to expand their business presence.
South Africa got some well-developed road, rail, and air transport infrastructure. It’s a remarkable chance to start up a transport business in South Africa. Here are some particular transport business opportunities for South African:
- South African people can deliver products fast to African or international countries at a low cost.
- This business will help tourists of South Africa to navigate the cities.
- South Africa can do successful import and export of products by the link to freight transport.
This modern age is now wholly dependent on the internet. The people from all over the world are now much comfortable to buy their demanded products online. Most of the people of South Africa are now streaming the internet with satisfaction. So South Africa can embrace many chances by starting an online e-commerce business:
- This business will let South African make lots of profit with quite a low budget.
- The people of South Africa won’t have to worry about permanent staff, place or any higher expenses.
- E-commerce is a low-risk business. Yet South African should bear in mind to ensure a professional designer for a solid system.
South Africa has plenty of natural resources like diamonds and gold. By starting a jewelry business, they can generate a strong and promising economy. Some potential opportunities for this business are in below:
- South African can expand and strengthen their relationship with other international countries.
- They can use their huge natural resources to attract big and established jewelry brands.
- Jewelry business will help more in the economic growth of South Africa.
South Africa has huge natural resources, beautiful cultural heritage, landscapes, and others. These made South Africa a popular tourist country among international visitors. World Economic Forum voted South Africa 48th as a popular country to visit. So, starting a tourism business in South Africa will be a very smart business move. This business will bring some tremendous golden opportunities for South Africa:
- Visitors from around the world will know more about the history and culture of South Africa.
- This business will create a positive business environment along with good economic infrastructure.
- South African will become more well-known to other countries. This will help them in the growth of the business market and become one of the top business countries.
In South Africa the unemployment rate is higher; this is why most of the people want to start a business rather than finding a regular job. But they don’t know what type of business is suitable to start. This article describes some of the most profitable small business that can make you a successful business entrepreneur in South Africa. So, what are you for? Contact S & F Consulting Firm and get your business registered.