The stress of the corporate world has made some people decide on starting their businesses. The Internet has also made certain businesses look effortless with no warning to an aspiring entrepreneur on the pitfalls to avoid before venturing into them in Africa.
Here are some of the businesses you should avoid in Africa in 2022.
Dropshipping is oversaturated at this point, making it one of the businesses you should avoid in 2022. Don’t expect steady profits from this one, as it is not as profitable as it’s been made to look. Dropshipping is riddled with high competition, high shipping duration, high cost of goods, tight profit margins, difficult customer support, and reliance on third-party suppliers.
Look elsewhere if you’re looking to start a business that gets you out of the 9-5 as quickly as possible.
If you want to leave your job and engage in this full-time, you need to promote high price items to get immediate revenue. This is because affiliate marketing takes time to get traffic, grow, maintain social media engagement make sales and attract the right customers.
Another business to avoid in 2022 is cryptocurrency day trading. Some people think that all it takes to get into cryptocurrency is to be in the comfort of their home, trade and get a substantial amount of money in a flick. The idea of getting easy and fast money is misleading.
Trading cryptocurrency is not a walk in the park. It is difficult, draining and has the potential of ruining your financial life. According to the online educational resource trade city, 95% of traders lose money while trading in cryptocurrency and 80% of traders quit during the first or second year.
Cryptocurrency will be the future, so instead of investing all your money with the mindset of getting an immediate return, buy and hold it for a long time.
Arts and Crafts
With the economic recession, people are prudent with their financials and buy only the essential things. Hence, quitting and putting all your money into this business full-time will not yield you any immediate returns.
Working at home is like heaven on earth for corporate workers as this allows them to have more control over their time and provides a simpler way of living.
However, being a full-time online tutor is a different ball game from being a remote tutor as a side hustle. This is because it will take you time to be visible, sellable, and get an immediate return as the market is competitive.
So if you want to quit your job and start your own online tutoring business, ensure you’ve adequate traction before leaving your job.