Decision-making based on rash actions or management errors can be fatal for those who want to undertake in Africa. These are the sources of problems for entrepreneurs who wish to invest in the black continent. In this article, we offer you useful advice to create a profitable business in Africa.
Useful link: Africa Employer of Record
To be accompanied by an incubator
Whether or not you are a graduate of a major business school, as an entrepreneur you must immerse yourself in the reality of the field. Moreover, it is also advisable to be accompanied in the beginning or the beginning of your actions. In particular when you engage in a business in an African country while you are a foreigner.
For example, today, high technology is changing or advancing at a rapid pace. As a result, both individuals and investors in this sector need to keep a close eye on innovation to stay current and keep pace. If you want to invest in high technology, for example, in home theater, it’s not enough to go here to get information, but really to go there to see how the market is doing.
If you want to get involved in the marketing of a hi-fi system, a smart TV or a computer, it is not as easy as it used to be.
Unfortunately, most investors in Africa, especially in the French-speaking world, start without seeking advice from experienced professionals. This is why it is strongly advised to be accompanied by an incubator if you want to gain credibility, legitimacy and efficiency in your sector of activity. In any case, the incubators, which are also called incubators, accompany the creators of companies in their project.
Test your idea on the market
Theoretically, a project idea is relevant. However, it struggles to be successful in practice. Many entrepreneurs only have ideas on paper, but they are not implemented in a concrete way.
So, it is recommended to test the entrepreneurial project you have conceived with consumers to have the chances of success in Africa. This will allow you on the one hand to validate your concept on the market and on the other hand to have the advantage of collecting suggestions, remarks and criticisms that come from the customers.
The purpose of your actions is to permanently refine the product’s specificities until the consumers are fully satisfied. You need to provide factual answers to the following questions to choose your market. In which country or province, city or region will you operate? In which market segment would your idea be best received?
Many entrepreneurs in Africa do not think big when implementing their projects. They are limited to marketing their products or providing their services locally. However, in the African continent where the middle classes are emerging, the investment opportunities are relatively large. Project holders in Africa must be ambitious, trying to conquer market shares, either on a regional scale, or in the CEMAC or ECOWAS zone.
As soon as your business plan is in place, you can identify the resources you need for your business and determine your start-up capital. What should you do to obtain the necessary funds and material and financial resources? What other resources are appropriate for your business? Where can you find them? How do you use them? It is also important to respect and understand the national law on SMEs and to protect property.
In short, starting a business is not an easy task. That is why your approach was based on certain concepts such as the accompaniment by an incubator in the implementation of your project, the market study and the far vision in all actions.