10 Most lucrative business ideas in Uganda (2023)
Many people wish to start a lucrative business from scratch and grow it to become successful. Suppose you want to start a business in Uganda and are looking for the most lucrative business idea in Uganda, you are on the right page.
Just like many other African countries, Uganda is a viable place for starting a business. But before you check this list, it’s important to note that business ideas require good planning and adequate management to become successful. Hence, you must be ready to put in the effort required.
The following is a list of Uganda’s top 10 most lucrative business ideas. These business ideas are open to both foreigners and Uganda natives.
10 Most lucrative businesses in Uganda
- Real estate
- IT services
- Computer and accessories shop
- Catering business
- Brewery business
- Transport services
- Computer repair and maintenance
- Grocery store
- Tour Company
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1. Real estate
Real Estate is a very lucrative business idea in Uganda that many investors can go into. You can start on a small scale by getting houses and lands at cheap prices, keep them till they appreciate, and offer them for sale later.
As you grow, you move to higher-cost places like housing estates, apartment complexes, and office complexes. The population is growing at a fast rate, so the need for real estate is there.
2. IT services
IT service has always been in high demand in Uganda, which shows it is a very lucrative business you can go into. One advantage of this business is that you can serve as many customers as possible.
To get customers, you will need good digital marketing skills. You can provide services that include; networking, digital marketing, data backup, cyber security software installation, troubleshooting, and others.
3. Computer and accessories shop
There’s a high demand for computers and smartphones in Uganda, which means that this business idea is very lucrative for anyone who wants to go into it. When going into this business, ensure to sell all kinds of computers, smartphones, accessories, and laptops. You can sell new and used ones to reach more customers.
Also, ensure your store is in a good location, with good decorations, arrangement, and accessories display. At the same time, invest in online and offline advertisements to grow your business.
4. Catering business
In a catering business, your responsibility is to provide food and other catering services for events like wedding parties, naming ceremonies, and so on. This business is flexible to carry out at any location, and the pricing is reasonable.
This business also needs lots of planning, preparation of menus, and management of budgets.
Also read: 10 Biggest banks in Uganda
5. Brewery business
The brewery is another lucrative business in Uganda. However, it requires lots of planning and capital. Before going into this business, ensure to know everything legally about this business, the budget, and work towards getting customers.
6. Transport services
Transport service is a great business in Uganda. Naturally, people always move from one place to another. And more so, people have daily engagements that necessitate transporting themselves from their location to another.
Also, as of now, there are still more people without private means of transportation. Hence, solving this problem will fetch you lots of money depending on how creative you go about it. So, depending on your budget, you can start interstate or local transport services in Uganda.
7. Computer repair and maintenance
Digital systems need repair services, which makes this business a lucrative one. If you have the required skill to carry out this business idea, you can venture into it.
You can sign yearly contracts with your clients to carry out repair services in their homes or offices. To make your business well known, you must advertise it on social media pages like Facebook, Twitter, and Instagram.
In Uganda, there is a massive demand for bakery foods. If you have this skill, this business idea is excellent for you. As a baker, you can make baked bread, cakes, meat pie, and other bakery food or dishes available to your customers.
You can also advertise your services and products online. Ensure to locate your store in a busy place, and your products should have good quality.
9. Grocery Store
Many people in Uganda use grocery stores when purchasing products for their homes and cooking. This means you can start a grocery store and make a significant profit. Ensure to open the store in a busy area just like point 8, and make the arrangements neat and easy to access the products.
To advertise your business, you can use banners, flyers, pamphlets, etc. All these are good marketing strategies to gain more customers.
10. Tour Company
People love to travel, and having a tour company in Uganda is a great business idea to make people actualize their travel dreams. This business will be a great deal if you have a passion for travelling.
Another area to consider before fully setting up a tour company is the mode of transportation your company will use. Use whichever means matches your budget. Finally, ensure to get a license if your state requires it. Below are some great tour companies to start up in Uganda;
- Historical tours
- Adventure tours
- Sporting tours
- Food and drink tours
- Shopping tours and more.
Uganda is an excellent African country to launch a business due to its open economy that supports cash flow within and outside the country.
The 10 most lucrative business ideas in Uganda listed in this post are just a few of the many other business ideas and opportunities you can venture into.
I hope you find this post helpful in selecting the kind of business you wish to do in Uganda. Don’t forget to conduct a thorough research about any business you want to do before starting. All the best…
Frequently Asked Questions (FAQs)
What are the best places to start a business in Uganda?
Below are the top five places anyone in Uganda can start a business;
How can I get funding for my business in Uganda?
In Uganda, you can get funding through the different funding schemes in the country. They are listed below;
- Agricultural Credit Facilities
- Skills Development Funds
- Youth Livelihood Funds
- Women’s Fund and so many others
Is Uganda a good place to start a business?
Uganda is a growing economy full of different resources that enhance its development journey. This means there is a high chance your business will grow well when you start a business in this country.
The government supports and permits all kinds of legit business activities in the country, which makes startup businesses favourable to the owners.
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