5 Effective Ways to Get a Profitable Business Idea in Africa
Many find it difficult coming up with a profitable business idea. Our surrounding is filled with ideas that if developed can be very useful. You don’t have to think really hard in your room. Just get out into the world, open yourself up and learn to think and act out-of-the-box. With this, you will have various business ideas streaming in from your every day’s activities.
Africa is no longer only a source of raw materials but haven for investment. The market is there and the investors are flowing in from all over the world just to get a piece of what this great continent can offer.
Have you been in search for profitable business ideas in Africa? Businesses start from ideas. The big question people ask is “Where do I get an idea?”. Below are 5 ways you can you use to come up with an idea to start your business in Africa.
1. Identity Your Greatest Source of Satisfaction
The first thing I ask people when coaching is “What is your passion?”You need to find something you love doing. If you are so passionate about that thing, you will grow as well as your business.
“Choose a job you love, and you will never have to work a day in your life”, Confucius.
How do I make money from what I love so much? Yes, you have to figure out how to monetize what you love doing.
Do you love traveling? How about becoming a travel blogger / writer? Sell your content to travel websites.
Do you love dancing? How about becoming a dance or fitness instructor?
Case: Cosmas hated seeing people move around without shoes or with torn shoes. So he decided to learn how to make shoes and started a small business repairing and making shoes for people. Hate? This is someone making money from what he hates seeing. Don’t tell me you won’t be able to monetize what you love.
Hint: In effect, Cosmas loves seeing people wear shoes to protect their feet. He just used the other site of the coin and yet he is making a living out of his business.
2. Solve or Fix a Problem
The greatest business ideas comes from solving problems. You meet with a problem, come up with a solution and you sell.
Whenever you solve a problem, a reward comes. It maybe a thank you, a reward in kind or in cash. What you may not know is that most businesses out there exist just to solve problems.
People by nature have never been happy when they have a problem. When they have no solution, they complain, curse or play the blame-game. Anyhow, this doesn’t come up with any solution.
This is where entrepreneurs show their prowess. They look at problems differently. They see opportunities in every problem they come across. Entrepreneurs think of solutions to problems rather than about the difficulties.
How do you monetize your solutions? It’s easy as ABC. People will gladly pay anyone if a solution to their problem is gotten.
In fact, someones problem becomes an opportunity for another to make money.
Case: Many people hate to have dust on their shoe especially in public places. This should be what brought up the idea of shoe-shine.
3. Monitor Changes & Trends
Opportunities always come from changes and things that are trending. Change is constant, whether we like it or not. Smart entrepreneurs will see changes as an opportunity. There are entrepreneurs who depend on what is trending to make their money. Smart fashion entrepreneurs are great examples of this. They just need to see what dress is trending and with the tip of a finger, they have it in the market.
Africa is a growing market. The economy is growing daily and the market situation changes constantly. This trends and changes should be closely watched by entrepreneurs since they could be good leads to new business ideas.
4. If you can’t Find One, Copy Another
Everything we find today is either an innovation or a copy of another. It seems innovations have taken over inventions. It is legal to copy a business idea that is already in existence. Anyhow, you have to do it with tact. The African market is so big and provides for both new and existing businesses to satisfy it.
Copying an existing business is the easiest method of starting your own business. India and China have done this and today they are great economies. We have cheap phones from these countries thanks to them intelligently copying from developed countries.
How does it work? Look for a business idea (it could be a product or service) that is already successfully implemented elsewhere, study it and look for ways to implement in your own community. Things to note:
Make it cheaper
Better or more beautiful
This is what we call innovation.
Caution: Make sure you don’t use copyrighted ideas. Don’t steal or infringe on ideas that have a patent or copyright. It can land you into trouble!
5. Start Doing Something, Anything
What I have discovered is that ideas are developed from doing something. Do something, do anything. This is the fastest way you can get an idea. The first attempt might not be successful, but don’t give up. Several attempts might help.
Don’t be afraid of failure because it might just be what you need to startup a business idea. Try. Fail. Just go ahead and start now as you are reading. Do something, do anything.
“Do one thing every day that scares you”. Eleanor Roosevelt
Great business ideas are not exclusive for successful people only. It is available to everyone and can be used everywhere. Use these tips to come up with an idea. It might be just what will make some cash for you, revolutionize an industry or even change the world.
Don’t hesitate to share with us how or where you got the idea of starting your business in the comment section below.