This is the best time ever to start a small business in Cameroon. Running a small business in Cameroon has become the new norm among school dropouts, students, aspiring entrepreneurs, etc. Many businesses turn to fail in Cameroon because the owner failed to plan ahead of time or failed to have a visual look at how the business will be at each stage.
As the saying goes ‘’failure to plan is planning to fail’. If you want to start a small business in Cameroon you must plan what the business would be like, calculate all the possible risks that the business would face and how to overcome them. No matter how small the business might look, note that every business without proper planning or calculations before starting that business have a 95% chance of failing. Thus in this article, we would take you on some of the basic steps you must follow in other to start a small business in Cameroon.
These steps apply to all types of businesses, from starting a boil egg business to opening a restaurant, etc., you must follow these steps to avoid possible failure of your small business in Cameroon.
Step 1: Conduct a feasibility study
The first step towards starting a small business in Cameroon is to conduct a feasibility study to identify a need in the community. Yes, identify a need or issue within your community that you want to solve or improve on an already existing one. There is a general saying that if you want to make money in life, you either do something that adds value to a person’s life or does something that solves issues within them. The only reason you turn to buy something in your day-to-day life is that it’s solving an issue you are facing or helping you gain something better in value.
For example, if you live in a place where there are no restaurants or fast food outlets, you might want to solve the issue by thinking of the possibility of starting a restaurant. So only when you identify a need then would you start seeing the possibility of looking for a solution for that need.
Step 2: Research your business
Now that you have identified a need within your community, the next vital step to take towards starting a small business in Cameroon is to carry out a detailed research about the business you want to venture into. Simple because there are no restaurants in your area doesn’t mean you should just start cooking food and start selling overnight. No, instead, do overview research on how the restaurant business functions in your community. In general, research your business (or the need you have identified).
Ask yourself, what do people want? What is lacking and how will I make money if I venture into this business? Etc. Carry out research to know the possible cost required to start your small business.
Step 3: Choice a business name
Now that you have identified a need and have conducted research about the business you want to start in Cameroon, the next step is to come to select a business name for this small business.
Business names help customers to always remember you, so make sure your choice is a sample and easy name that can easily be remembered by everyone. So, choose a business name that is unique, simple, and easy to remember by everyone.
Step 4: Develop a business plan
With the right business name in mind, you can go ahead and develop a business plan for your business. Having a business plan is very vital to everyone who wants to start a small business in Cameroon. Business plans help you to visualize your business from the creation stage to how you will run the business on a day-to-day basis to how you will make a profit for your business.
Your business plan must not be lengthy, just map out something that can help you see how you will operate the business. If you desire to have funding for your business, then can you consider the possibility of having a detailed business plan? This business plan would also look at the possible risks that can result as a result of the operation of the business. Identifying these risks at an early stage of the business and mapping out possible solutions on how to avoid them would help you in creating a successful small business in Cameroon.
Step 5: Choice the right location
The next step towards starting a small business in Cameroon is to choose the right business location for your business. Most businesses are profitable when they are located in close proximity to the road network. Choose a location that your potential customers can easily locate and get to you at any time. Location is very important in the operation of a business.
For example, operating a restaurant close to a snack bar would just be the perfect area for your business, on the other hand, operating a therapy session or running a school next to a snack bar would sound like a terrible idea. So, make sure you choose a location that is suitable for the kind and type of small business you are operating.
Step 6: Register your business
Most small businesses often failed because the owner failed to register them. Registering your business helps add credibility to the services you rendered. Get an authorization permit to operate your small business. This would save you more money or issues with the council and local authorities.
If you don’t know what it takes to register your business, consult someone who has operated the same business for advice or best visits the taxation office in your area and get all the details directly.
Step 7: Have a Business Account
One of the most ignored aspects many start-ups fail to take into consideration is to have a business account for their business. Have a business account that can enable you to save money, send money or receives money. Never make it a habit to put business earnings together with your earnings.
Step 8: Build your team
Not every business needs to be operated alone. So if your business requires you to work with others like employees, then make sure to choose the right set of people that have the desire to watch the business grow. In most cases, you can build a great team with your friends or even family members. Working as a team helps goals or business success to be realized faster.
Step 9: Promote your business
Promote your business with all available resources at your disposal. Depending on your business, create flyers, stickers, print t-shirts, etc. Promoting your small business should be something you should do all the time. Promoting your business helps increase awareness about the business, and brings about an increase in sales, and also growth in the business overall.
Step 10: Move Your Small Business Online
The world is rapidly changing and so are businesses today. One must ignore the step towards starting a small business in Cameroon by staying offline. No matter the type of business venture you are in these days, try as much as possible to have an online presence. An online presence allows you to reach a wider range of visitors or customers.
At the start, you can have social media page such as Facebook. It’s free so why not take advantage of this opportunity? This is very vital for those individuals dealing with products and services. With time, set up a small basic website, this will help increase your visibility and presence to a wider array of people.
Starting a small business in Cameroon has been made easy these days. Re-read the write-up again o all the vital steps you should take; what mistakes or pitfalls you should avoid. If you wish to start a small business in Cameroon, share with us in the comment section some of the vital steps you will take in order to make the business successful.