WHAT EVERY ENTREPRENEUR IN GHANA SHOUD KNOW.

Every entrepreneur must possess certain skills to ensure their business thrives in today’s competitive market. While technical, financial, and marketing skills are often prioritized—and rightly so—one critical aspect often overlooked is the importance of being commercially dynamic as an entrepreneur.

A business owner must be commercially dynamic by continuously developing and refining the products and services they offer. The business environment is ever-evolving; as such, entrepreneurs must adapt and meet their customers’ needs to remain profitable.

According to ABE UK, the world is changing at an ever-increasing pace. Consumers are becoming more sophisticated, and technology is now an integral part of daily life. To succeed, businesses must respond to these changes by evaluating opportunities and threats in the external environment, as well as assessing their internal strengths and weaknesses.

The ultimate goal of every SME in Ghana, as elsewhere in the world, is to make a profit. For this to happen in a growing competitive market, businesses need to stay dynamic.

Examples of Dynamic Approaches for Specific Business Types

Here are five businesses in Ghana and ways they can improve profitability through dynamism:

1. Hair Styling Business

Most entrepreneurs in this sector lack a proper database of their clients, which affects customer retention. As a hairstylist, you can improve customer loyalty by:

• Collecting clients’ contact information and regularly checking on them.
• Sending tips on hair care and updates on new, trendy styles based on their preferences.
• Selling complementary products like wigs, hair accessories, and hair care products. You might even consider adding lingerie, as salons often cater to women.
• Offering soft drinks and snacks to clients, who often spend 1–5 hours at the salon. Partnering with a caterer for pastries can also earn you additional income.

Given that most beauty parlors operate in rented spaces, being commercially dynamic is crucial to covering expenses and increasing profits.

2. Kids’ Playground or Drop-Off Center

Parents bring their kids to these centers to play, freeing up time to run errands. To increase profitability:

• Offer snacks such as popcorn, cotton candy, ice cream, and drinks for sale.
• Add a kids’ salon (even under a tent if space is limited). This provides convenience for parents who would appreciate a one-stop location for playtime and grooming.

Cross-selling opportunities abound, as visitors to the playground are likely to patronize additional services.

3. Car Wash Business

Car washing is increasingly popular, often situated on busy roads for easy client access. To enhance profitability:

• Add a barber shop, as most clients are men. They can get a haircut while waiting for their cars to be washed.
• Set up a snack bar where customers can relax and enjoy refreshments during the wait.

4. Cold Store/Frozen Foods Business

Customers who visit cold stores are likely buying ingredients for cooking. To increase income:

• Sell spices and other groceries to create a one-stop shopping experience.
• Offer a delivery service to attract more customers and boost sales.

This approach helps retain clients and attracts new ones, particularly those seeking convenience.

5. Rental Business

The rental business is a lucrative sector in Ghana, but competition is stiff. To stand out and boost profitability:

• Offer complementary products, such as wholesale soft drinks and water, which are commonly needed for events.
• Expand your inventory to include popcorn machines, cotton candy machines, and other event-related equipment.
• Consider adding event planning and décor services if you have a passion for organizing events.

Regardless of your business size, improving the quality and variety of services can set you apart and increase your earnings.

Conclusion

Entrepreneurs in Ghana must embrace dynamism to stay competitive and achieve profitability. By adapting to the changing market, meeting customer needs, and exploring cross-selling opportunities, businesses can grow and thrive. After all, being dynamic isn’t just an option—it’s a necessity in today’s competitive landscape.