Ghana, ever since gaining independence in 1957 has risen from an under-developed country to a developing country own to a number of reasons.
From natural resources like gold, bauxite, cocoa to well-versed and experienced human resource, Ghana's economy can be described as one of the best on the African continent.
With a population of over 30 million people and Gross Domestic Product (GDP) of $71.95 billion, Ghana has become a force to reckon with when it comes to the world economy.
This, without any iota of doubt, is more established especially now that more business ideas are being regularly conceived, practically generated and technologically driven to meet the mandatory demands of people in line with global models.
Owing to Ghana's increasing fortunes with new discoveries in business every day, an extended chain of interest from both local and foreign inventors leveraging the available market space to build their business has attracted the tag, "giant of Africa."
Today, YEN.com.gh brings you five tried and tested business tips approved by Forbes that will help you to grow and foreground your business as a local or foreign entrepreneur:
1. Know the business you want to do and navigate your way through the market space
It is frequently said in economics that before diving into a business space, entrepreneurs and prospective business owners are expected to solve the problem of what to produce, how to produce, where to produce, when and for whom to produce for.
Since where to produce is in Ghana, and for whom to produce are mostly Ghanaians, it is expedient that as a business owner, you know the current trend in the industry you want to dive into.
Whether goods or services, you must do proper market research and survey, analyse the demand, do the Strength, Weakness Opportunities and Threats (SWOT) analysis of the industry and know how to outsmart your competitors.
Make your business flexible. And while trying to get a solid sense of how the market might change, explore the market more – and more because Ghana's market space is a business book of endless chapters.
2. Be strategic and let your modus operandi be more open to changes in the trend
The shift of business pattern in Ghana is not a coincidence but a necessity and reality of the global trend. So while building your business brand, ask yourself often about what will be the fate of it in the next five years.
It is noteworthy to state that with a dimensional rise in literacy level, internet access and speedy rise in the number of social media users, businesses and business owners in Ghana now leverage the advantage of advanced technology to promote their products and brands.
As a business owner, you must analyse the relevance of your goods service, make it problem-solving and solution-providing. Be strategic in solidifying your brand in a way that will build customers loyalty.
In Ghana, customers have a way of sticking to a business they help build. You must not disappoint as you grow your brand and establish your business ideas.
3. Follow the rule and be on the side of the regulating agencies
Building a business brand in Ghana can be difficult sometimes, especially for a foreigner due to overwhelming tax and the burden of regulation. The environment can be sometimes toxic, but it depends on how you navigate your way.
So to avoid a turbulent run of disappointments, expect your tax to grow as your business expands, and expect a little scuffle with necessary regulatory agencies.
However, regardless of the level of regulations and tax, always find your ways to the same page with the regulating agencies of your industry.
You are also expected to get the regulatory licenses you need and pay the associated taxes and levies. This will save you and your business some future stress.
4. Create more financial security option
Sustaining a business brand in Ghana demands time and unhindered capital inflow. For this reason, you must create credible financial security for yourself, and apparently, this may involve bits of help from friends and family members.
Also, consider formalising the process of exchanging cash for equity with the appropriate legally binding paperwork.
Getting loans from banks is another financial security opinion, though this may not be advisable considering the fact that banks in Ghana are not friendly to small businesses and budding startups.
If you should take the bank loan option, be sure that your business is going to pay back within the time frame of the agreement by both parties.
Another option is grant. You can also seek funding from investors willing to channel resources into your business brand and ideas.
A big idea needs a proper plan, moral and financial supports. Don't be shy or afraid to allow like-minded people to be part of your future success story.
5. Build your reputation as you build your business
It is necessary that when you are planning to build your brand and turn your idea into a great business, you must build your reputation also.
Obviously, this is where publicity comes in. You need to make yourself visible the same way you strive you grow your brand and ideas.
Publicity, which is totally about awareness, is not only product and organisation. As a business owner, you must invest in yourself to give your business acceptability and patronisation.
In Ghana, business owners wonder how to navigate the publicity process. Well, YEN.com.gh is incredibly leading the way in that regard with enviable success to prove it.
With many years' experience of processing and publishing readers-friendly information to the Ghanaian public space, YEN.com.gh has cemented itself as the 2nd overall most visited website according to Alexa – and also Ghana's second biggest news outlet.
YEN.com.gh is a leader in the aspect of content, advertisement and technology, applying cutting-edge technology to provide high-tech advertising in Ghana and for Ghana-based businesses.
With over 1 million followers on Facebook, YEN.com.gh will push your business brand and give your organisation the mileage that you seek.
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Source: Yen Ghana