Africa is not the first continent that comes to mind when we speak about successful startups. Still, this is the continent where the business and the GDP is booming.
Of course, using African countries as primary locations for your business comes with plenty of disadvantages, including the bad infrastructure and difficult regulations.Entrepreneurs who have the will to tackle these roadblocks will have the access to some of the richest talent pools in the world and the cheapest rent and utility costs you can imagine.
Although we can’t think of the African continent as a single market, many Western startups that are made in one African country managed to target the whole region with their products and services.
So, apart from offering great places and talents for a competitive price, some African countries and regions also have a very developed market and a booming middle class that is being slowly affected by the consumerist craze.
In this article, we will share tips that will help you improve the prospects of your African business and use all the benefits this continent provides to both foreign and domestic investors.
Customize your business for the market of African countries
As we have mentioned in the introduction, each country in Africa has a different story when it comes to business and market trends. That is normal because consumers across Africa have different problems, wants, and needs that mainly depend on their location.
If you want to launch a startup in an African country and target the local population, find out a unique business idea that will help the general population overcome their problems and live a better life.
Entrepreneurs who find an idea like this appealing shouldn’t hesitate to take small business loans and launch their startup there.
There are several entrepreneurs in Africa that created multi billion-dollar empires by providing electricity and Wi-Fi to remote and impoverished areas. These entrepreneurs have found perfect solutions for some of the biggest contemporary problems on the continent, and tin return, they managed to achieve incredibly high sales, huge profit margins and lots of grants from all over the world.
Don’t forget the world business trends either
Although African countries are considerably different from the large parts of the developed world, businesses with their headquarters in Kenya, Ghana, Nigeria or Tanzania, also need to follow the market trends on the worldwide business arena.
For example, the widespread digitalization allowed many African entrepreneurs to earn millions of dollars by providing web design, SEO, and digital marketing services. A good example of this concept is the Abasiama Idaresit’s company, called the Wild Fusion.
They are an official Google Partner, and by providing digital marketing services to the companies like Visa, Samsung, Unilever, and Vodafone, they have earned 6 million dollars in revenue.