Starting a successful business in Africa is a hard deal. The entrepreneurship journey is a very daunting one with a lot of twists and turns thus before you venture into it, you need to have all the necessary knowledge you need to succeed.
Moving from an employee to a boss is a very nice idea and everybody wishes to get to that stage sooner or later. However, if your idea of entrepreneurship is to be your own boss and order people around, then you have missed it. You will fall out long before realizing it because starting a business in Africa is hard, draining and energy-sapping.
Do not fret at all if you do not have all the right ideas. We have provided you with all the necessary knowhow you need to bring your entrepreneurship ideas to life or to resurrect your dying business. Remember, it’s going to be hard but with determination and the implementation of the ideas below, you are on the sure path to success.
1. Have A Clear Business Plan
Like everything, before your kickstart your entrepreneurial startup you need to have a well laid-out business plan. Your business plan must serve as the blueprint to guide you on your tortuous entrepreneurial journey.
Some key features to consider in your initial business plan include your market research, estimated startup costs, monthly operating budget and forecasted revenue projections. Any investor or lender will count on your business plan in their decision-making process.
Ultimately, a business plan serves as a focus guide which stampedes hasty decisions, safeguards you against uncertainties and insures your indiscretions that have the propensity of holding back so many promising entrepreneurs and their ideas.
2. Have Knowledge Of Your Motivation
If you take a critical look at successful businesses, there is one thing that defines them which spells out their goals and objectives. Defining this goal rightly positions yourself and your business properly for success. You will always count on your motivation to leapfrog.
Are you considering starting up? Then you need to ask yourself or team these questions and get thoughtful answers to them:
- How will your procure startup capital?
- What is your market brand or niche?
- Will you get reliable suppliers?
- What are your marketing strategies?
3. Start At The Right Time
Selling umbrellas in the rainy season will fetch you more than in any other season. Therefore, as an aspiring entrepreneur, you must forego the immediate pleasures or gratifications and invest a lot of time making your business a success.
Strategize, look for the right niche, settle at the right location, involve or employ the right people – the sooner you get started on the right foot, the better.
4. Give Yourself A Realistic Deadline
Now, is the best time to start working on your business since the sooner you start the better it is for your success. Do not be in a hurry to quit your paying job because your enterprise can be rolled-out at the initial stages as a side hustle.
Subsequently, you can transition to it full-time when you are very confident you can earn a living from it. Take your personal finances and time you will invest into it into consideration. Instead of fancying the idea of being a boss now, set a realistic deadline for your business which when met will catapult you into full gear.
5. Leverage on the right technology and tools
Picking and choosing the right technology and tools can bring about a big positive difference in your business. The best technology and software, when chosen appropriately and optimized, will save your time, money and position your business in the right light.
The automating of accounting, business reporting, payroll et al with the right technology will save you some stress.
Consider these tools and technology in your business startup
- Accounting Platforms: These tools can help you to pay your employees promptly, reconcile invoices and to ensure that your finance is in good health.
- Point of sale software: As a cash register platform, it assists retail and food services and businesses to process sales, manages customer relations and through analytics and reports optimize the growth of the business.
- Marketing Platforms: Your email marketing, digital advertising, social media and other key functionalities are managed properly by this platform.
Starting your business can be hard but with knowledge, passion, goals and hard work, your business will go far; very far. Start now.