Lucrative businesses to start in Uganda that can make you a millionaire in 2024

Here are some small, medium, and large-scale businesses to start in Uganda in 2024 depending on skills, ability, background, and potential.

1) Lunch delivery and catering services; food is essential to all born, yet few have time to prepare amidst endless parties, weddings, birthdays, Introductions, and Thanksgivings availing demand and Supply for foods and escorts, all you have to do is to promote it in neighborhoods, friends and Social media apps.

2.)Salon and Hairdressing; most Men keep their hair short and their beards stylish, while women spend wholesomely on hair, acquiring skills to provide services is affordable with the advantage of small space to operate at home or mobile services.

3)Making crafts and jewelry from locally available materials can be sold at a higher price at trade fairs, conferences, Buganda Road even exported to earn some dollars in exchange.

4) Garments, footwear, and textile business; all you have to do is look for trending styles on the market, then do some promotions among friends, acquaintances, and social media apps.

5) Tents and event decorations require skills and social capital to get you in business.

6) Auto Spa or car washing is one underrated business with so much huge potential for Profits, all you need is water, Detergents, and Space, In case u can do a rain harvest in a tank it can save you from the Costs.

7) Dog breeding and training business; due to buggery, dogs are cheaper than security guards, so one can make some money.

8)Agro chemical business considering that the largest population in rural areas are farmers, the market is readily available for you to make some good money.

9) Garbage collection; rubbish is one of today’s problems in urban areas, one can move door to door collecting waste. grading it into bio-gradable and non-biodegradable sell some has manure.

The Unemployed Graduates and underemployed with skills can engage in TV, Radio, and phone repairing to earn some money.

Equally computer-literate graduates with IT and Computer skills can offer internet marketing consultancy services which are in high demand for marketing.

Subsequently, Ugandans with capital can consider engaging in Nuclear farming, Production, and Technology transfer economic activities others can include;

i)Establishing a sago and starch industry; cassava products like Sago can be exported to serve as food in North India, and Bangladesh and earn you good money while starch is used in the adhesive industry, textile and pharmaceutical industries.

ii.)Establish Nuclear Farms for production and Consider large Hectares of tree forests that can provide pharmaceutical by-products, food, medicine, fuel, and Construction materials that high on demand, forests are a source of Ecosystem services like carbon sequestration and storage, Recreation services, watershed services as incentives.

iii.)Professional services; if you are skilled consider consultancy services that are demand-driven in various fields, all you need is digital marketing, office space, and trustworthiness.

Iv.)Beef poultry, fish farming, and chicken rearing are among others to be considered since the demand with high chance of return on investments and profit maximization.

V.) Forex trading and investing in treasure bills and bonds is still a great deal without too much sweating but you need some training, information, internet, and paying attention to the markets.

vi.)Beverage business; water is essential to human existence, all you are purifying and packing materials, yet it’s not Capital and Labour intensive and can make you good money as long you do good marketing on Televisions and Social Media Apps.

There are numerous ups and downs many businesses are growing bigger while others are collapsing day by day.

For businesses to survive entrepreneurs need to prioritize financial discipline, bookkeeping, and auditing and apply the mandatory 4P (Product, price, place, and promotion) and 4C’s (Community, Convenience, Cost, and Consumer wants and needs) for a business to be successful in 2024 and beyond.