{"id":4085,"date":"2024-01-17T14:54:55","date_gmt":"2024-01-17T14:54:55","guid":{"rendered":"https:\/\/afrikagora.com\/atlanta\/six-essential-steps-to-starting-an-african-specialty-business-in-the-us\/"},"modified":"2024-01-19T03:43:04","modified_gmt":"2024-01-19T03:43:04","slug":"six-essential-steps-to-starting-an-african-specialty-business-in-the-us","status":"publish","type":"post","link":"https:\/\/afrikagora.com\/atlanta\/six-essential-steps-to-starting-an-african-specialty-business-in-the-us\/","title":{"rendered":"Six Essential Steps to Starting an African Specialty Business in the US"},"content":{"rendered":"

Now is a good time as any to start turning that business idea you\u2019ve been obsessing about into a reality. A report by Guidant Financial<\/a> shows that as many as 78% of all small businesses are raking in good profits. By following the right steps to start a business, you too can join the ranks of those profit-making businessmen and women.<\/p>\n

You\u2019ll Never Get Anywhere Unless You Start<\/strong><\/span><\/h1>\n

If you\u2019ve read the amazing story of Naa-Sakla Akuete<\/a>, and how she founded her own company, you know that Africans are shaking up the world of small businesses now more than ever before.<\/p>\n

Our brothers and sisters have gone to foreign lands and started businesses either in pursuit of their dreams and passions or as a solution to specific problems and challenges. What\u2019s even more encouraging is how they\u2019ve managed to doggedly keep those businesses moving, in spite of all odds<\/a>.<\/p>\n

But starting an African restaurant, fashion shop, beauty& hair salon, or any other African specialty business outside your home country isn\u2019t easy. And success only comes after working hard and risking a lot.<\/p>\n

All the same, you must take that first step in setting up your business. We have put together 6 preliminary steps that will get your business started on the right footing.<\/p>\n

Starting Your Business 101<\/span><\/strong><\/h1>\n

When some accomplished entrepreneurs tell their success stories, you may sometimes think that starting a business is easy. The truth, however, is that about 30% of all businesses fail in their first year<\/a>,<\/u> and half of them die out entirely within 5 years.<\/p>\n

Nevertheless, you can easily improve your chances of success if you get the steps right when starting your business.<\/p>\n

So, let\u2019s consider some of the vital steps of starting a successful business.<\/p>\n

1. Know and Understand Your Business Idea<\/span><\/strong><\/h2>\n

While you may pivot to a different tangent or follow different steps when starting a business, it\u2019s really important to have absolute clarity on the idea before investing time and money on it.<\/p>\n

So, take some time to reflect on:<\/p>\n

    \n
  • Why you\u2019re launching that specific business<\/li>\n
  • What problems and challenges your business will be solving<\/li>\n
  • Whether there\u2019ll be a demand for what your business offers<\/li>\n<\/ul>\n

    Remember, speed and execution can be valuable during the initial stages of starting a business. Thus, you might also want to think about whether you can get the business up and running fast enough.<\/p>\n

    2. Research<\/span><\/strong><\/h2>\n

    A good number of business start-ups fail because their owners failed to research and back up their assumptions about the business idea.<\/p>\n

    It\u2019s therefore wise to do some preliminary research into whether:<\/p>\n

      \n
    • There\u2019s a need and demand for what your business intends to offer<\/li>\n
    • The potential market for your business is big enough to attract a profit<\/li>\n
    • People are actually willing to pay money for whatever it is that you\u2019ll be offering<\/li>\n
    • Your pricing is enough to offset operating costs and also turn a profit<\/li>\n
    • Other businesses are offering similar products or services<\/li>\n
    • Your business can compete favorably with similar businesses in the market<\/li>\n<\/ul>\n

      3. Talk to A Business Mentor<\/span><\/strong><\/h2>\n

      If you\u2019re considering starting an African specialty business, you might also want to spend some time talking to a business mentor.<\/p>\n

      A mentor will, among other things, tell you whether the idea is feasible. He or she might also guide you through the early stages of the start-up and equip you with useful knowledge on how to navigate the business world.<\/p>\n

      Mentoring programs aren\u2019t always cheap, though; the cost of using some of the more popular mentoring\/business consultancy firms can go over $4000 depending on the mentor\u2019s input. The good news, however, is that the internet allows you to get relevant knowledge easily even when your budget is constricted.<\/p>\n

      Some good mentors, for instance, post their videos online. Such videos, like the one below, share crucial experiences, expertise, and wisdom from mentors who are keen on helping you turn your business venture into a success.<\/p>\n