Additional Conditions and Factors that You have to consider when thinking of starting a business

In this episode of the Africapreneurship podcast, I discuss 4 other things to take into consideration when starting a business here in Africa.

This is a continuation of the previous episode. These 4 points are;

1. Get Feedback

2. Make the business official now

3. Come up with a Business plan

4. Finance your business

4. Get Feedback:

The next thing after your market research and deciding to continue is to build a minimum viable product. Then, let people interact with your product or service and get feedback from them. A fresh perspective on what you’re trying to build is very important and can help point out some problems with the product or service that you might have missed. Additionally, those who get to appreciate your products or service get to become advocates for your business and likely customers as well.

The way to handle feedbacks received is also key. Apply the following:

1. Don’t be in a rush to reach a conclusion
2. Appreciate those who gave you the feedback
3. Look out for an element of truth in the given feedback whether is good or bad
4. Scale the feedbacks that you receive and look out for patterns which will help you prioritise the things you’re supposed to work on
5. Find out more by interacting with the feedback providers

5. Make the business official now

Once, you know that people are willing to use your product or service and you’re willing to incorporate the recommendations potential customers have given you, then you need to cover all the legal aspect of the business. This is essential to prevent from getting sued over something that is legally yours. Practically, go ahead to register your business with a unique name, and any other thing that your legal representative will ask of you based on the regulations in your country of residence.

6. Come up with a Business plan:

This is a document containing the description of how your business will evolve from when it starts to the finished product. This will serve 2 main purposes; to guide you in the process of building your business, and also to give outsiders more perspective about your entity especially when you’re looking for people to partner with or to sponsor you.

In a more formal setting, you will require about 20 – 30 pages but sometimes it’s difficult to come up with such in the early stages, so an informal one will serve as a guide for you is very essential

7. Finance your business: The issue of financing a Start-up in Africa, is now getting more hype than it used to have and that is a good thing everyone wanting to start their own business. There are a number of ways to finance once business. The decision on which of them to choose solely depends on you, the resources you have and how much of your company you’re willing to give up. Some of the ways include:

                i. Fund your own start-up

                ii. Get Family and friends involved

                iii. Get a government business grant

                iv. Start an online crowd funding campaign

• Angel Investors
• Venture capital investors
• Join a start-up incubator or accelerator
• Bring on a partner who will finance the business