8 Innovative Ways to Fund Your Startup
Dear Motherland Mogul, anyone who said starting a business is fun and easy told a fat lie and worst still, have never started a business. One of the biggest hurdles an entrepreneur in Africa (or anywhere in the world) has to cross is the hurdle of financing their business. It’s the reason why many fabulous and potential million dollar ideas die every day or remain mere ideas. Like it or not, money is everything in an entrepreneurs world. Without it, ideas are buried and passions are watered down while frustrations set in, making even the strongest of personalities call it quits and go back to their corporate jobs. I’ve come up with 8 innovative ideas you can use to fund your startup without necessarily borrowing money. Depending on your situation and kind of business, you’ll find at least one or two you can apply immediately to get your business running. 1. Sell your valuables Yes! You saw that right. If you’ve been struggling with acquiring funds to finance your startup and nothing seem to be working, maybe it’s time then to look inwards. Search your house thoroughly for any valuable item that could fetch you a fortune when you sell…that gold wristwatch, expensive jewelry, MacBook, or iPod, whatever. It’s time to let them go for the bigger stuff. If you aren’t ready to get rid of these precious items to make your ideas work, then it doesn’t matter what you say, you are not ready for business! Or better still, you are not convinced about your ideas. Entrepreneurs are people that can give everything including their lives for something they believe in. That is one skill you need to survive in this overcrowded business space. 2. Dip into your savings This is what your savings are meant for: to invest in opportunities and ideas that can transform your life and change your world. Your savings are not meant for spending, fixing urgent situations or paying debts. You can have separate savings for that but primarily we save to invest. Just in case you don’t have any savings, you might want to take some time making some money at first. So try to get a job where you could work for some time and save before starting your business. 3. Your Rich Friends What big money is to you is nothing to some of your rich friends. You know this is true. Instead of dying in silence and wondering if they will be willing to help you, swallow your ego, take the bold step and pitch your ideas to them. You’ll never know if they’ll support you unless you ask. If one rich friend says no, walk up to another until all of them have said no and at that point, you know something else is wrong. Maybe something that has to do with your approach or the feasibility of your ideas. Your friends should be willing to help you make your dreams come true especially when they can. After all, what are friends for? 4. Crowdfunding from family and close relatives Crowdfunding is a good fundraising alternative for entrepreneurs. It involves raising a small amount of money from a large number of people. Crowdfunding can be done through online platforms. The best people to start fundraising from are your family and relatives. You can start by listing down all those who can potentially fund you and write down how much you think they can conveniently donate. Once you’ve located your potential donors, go reach out to them. Pitch your ideas so that they know what you’re capable of doing. For some other family members, you can ask to instead borrow money and then pay as your business yields profits. 5. Leverage on funding opportunities Governments, NGOs and other private and public bodies are providing support to entrepreneurs all over Africa. Since more people are participating in entrepreneurship, these bodies come up with initiatives and CSR projects to provide financial support to budding entrepreneurs. Be sure to leverage these opportunities when they show up. Other funding opportunities include idea-pitching events. For example, the upcoming SLA Accelerator gives entrepreneurs an opportunity to pitch their ideas. Then the top selected ideas get to win large sums of money, partnerships, and mentorship. Such events provide you an opportunity to not just fund your business when you win, but also learn from your mistakes if you lose. In the end, it’s a win-win situation where you get to build on your ideas either way. 6. Partnerships Regardless of the kind business you run, a partnership is a smart way of funding your startup. Strategic partnerships will not only afford you funds, but also help you leverage the experience, expertise, resources, and network of the other party. Just make sure you go about it the right away and involve a legal personnel in all your dealings and agreements. 7. Microloans and peer-to-peer lending While I always discourage small businesses from starting up with loans, at times, that might appear to be the wisest step to take. Microloans are small business loans offered by microlenders to help small or relatively new businesses finance their business. As a new business, you might not qualify for a bank loan because of the collateral requirements and others. But with microloans, you can get your business started without acquiring too many debts or paying high-interest charges. Similarly, peer-to-peer lending is a new debt financing method that provides a platform where lenders are connected to borrowers. You don’t need a financial institution for a p2p lending. The interest rates are also at an all-time low and less risky and safer than other methods. 8. Angel and seed investors Angel/seed investors are wealthy and affluent individuals who provide a business startup with capital or funds usually for a convertible debt or ownership equity in return. Most small business owners don’t buy into this idea of business funding. This is because it involves sharing their business ownership with another business even if it’s a small percentage. However, you
Elom Ayayee: Photography for me was a fortunate accident
Elom Ayayee never thought photography would be a part of her life. Her career path was in international relations, policy, linguistics, and publishing. But her love for beautiful images in magazines ignited her desire to pursue a career in photography. She wanted to recreate these looks which seemed limited to only models for the everyday woman who could be a wife, mother, entrepreneur / employee, believer, citizen and role model. Elom started with no knowledge of photography. She didn’t know how to take photos and had no clients. But with time, constant practice and determination, she opened her photo studio Elom Ayayee Portraiture where she takes magazine-worthy images of women to remember for the rest of their lives. How did you start your photography career? Photography was a very fortunate accident and I fall in love with it more and more every day. It’s all about meeting someone for the first time and finally creating a timeless piece of art that speaks to the essence of who they are or who they want to be in the moment it was created. To me, that is the amazing power of portraiture. Photography for me is the power to exist in time. It’s a way to say “I was here. I lived, I loved, I hurt, I suffered, I rejoiced, I was silent, I was loud. I held this space”. Why do you focus on women? I started photographing family and friends and before I knew it I had a client base. My move to photograph women was not just a great business plan. But, it was also a way to highlight these women who are sometimes invisible in the roles they play. Women often get lost in their responsibilities and forget to appreciate themselves. My initial desire was to give women just one day off. A day to get pampered and remember and document who she is outside of all the hustle. To get her hair and makeup done and the most beautiful images of herself that would be loved and cherished and appreciated for all time. What were some of the hurdles you encountered and how did you solve them? Marketing has been the biggest hurdle. I’m naturally a very private person and 90% of my client base is from referrals. Putting myself out there is still a very uncomfortable experience for me. That being said, my target market is small and very specific so that tends to minimize the effort I would otherwise have to make in marketing myself. It’s a lazy way of marketing I guess; give great service and let happy clients do the talking for you. How do you get your photographs to spread your messages? I don’t create my photographs for the general public. I create images for my clients to hang on their walls in their homes – this is very intimate and private. Images that hopefully their great great great grandchildren will see and talk about. My images are about time, legacy and emotion. All of my images say different things in the different homes they live in. I can usually tell by spending enough time with a woman who she wants to see when she looks at an image of herself. I pull on every resource within me during a shoot to be able to give her that. [bctt tweet=”From photographing family and friends, I started to have a client base”- @elom_ayayee” username=”SheLeadsAfrica”] How do you improve your photography and get inspired? I do this every way that I can. I enjoy constructive criticism from people I look up to in the industry and my clients. I’m always on the internet trying to figure out how to get what I see in my head right. My clients are all the inspiration I need. I’ve met such incredible people. Every woman has a story, every child has incredible potential. One day what I create for this person will be a timeless treasure to someone else. Are you working on anything exciting at the moment? Yes! I’m doing a series for women that I’m very excited about. It’s easy to promise to take the most amazing picture a woman has ever seen of herself when she’s been pampered and dolled up and looks like the jackpot. Can I take the most beautiful picture of a woman make-up free? This is my challenge to myself and all my clients. So far, it’s been amazing. Women are so deep and they carry so much behind their eyes. Each of my clients who have trusted me enough to put themselves in this vulnerable place has been won over. It’s literally the most powerful image you could ever take. What photography gear do you use to keep focused on what you do best? I started with a Nikon D3300 and I’ve always used natural light. My first studio was robbed and all my gear was stolen, that’s when I switched to Canon. I’m now shooting on a 5DMark iii. I own a 50mm lens which I shoot 80% of my shots with and a 70-200 for my outdoor portraits. I use Adobe Photoshop for my editing. What advice would you give young photographers who want to make it in this industry? I really don’t feel like I’m qualified to speak for the whole industry, but I would say you need solid people skills and know the basic fundamentals of how to run a business. There’s a huge difference between a business and a hustle. Also, advise often depends on what area of photography you venture in. So, the first thing I would say is, find your niche, and contrary to popular belief, the smaller your niche the better. Too many photographers are doing too many things. You can’t have it all. Give great service. Master your craft. If you’d like to get featured on our Facebook page, click here to share your story with us.
9 Business Lessons from My First Year of Business
Like many people, I was faced with the dilemma of deciding whether or not I needed to attend business school to start my business as I had no experience. However, I finally decided to be brave and start my business without any experience. In my one year since starting, I have learned the following lessons. 1. Never take things too personally. When operating with people, it’s often very easy to make arguments, criticism and other relations personal. However, if you want to succeed in the business world, you need to remember that at the end of the day, how you deal with your customers and partners is strictly business and not personal. 2. Separate your business life from your personal life. When you have a friendly relationship with your clients, it is very easy for the lines to get blurred. Sometimes, this can end up in sticky situations where one party does not fulfill their end of the deal. To avoid these situations, it is important to set the lines clear between your business and your personal life. You need to maintain a work-life balance. 3. Be clear about your job description. As a service based business, one of my ethos is going beyond and above for my clients. Sometimes, this results in taking up certain duties (aka unpaid labor) that are not part of my job description. This can get overwhelming. Therefore, it is important to be clear about ALL the services that your offer from the onset. If necessary, you should draw up contracts that reflect your services and your limits. 4. Review your prices regularly. You might be doing yourself a great disservice if in a bid to come across as affordable you under-price yourself. It is important to review your prices as often as possible. Especially when you’re in an industry like social media where your responsibilities are flexible and subject to change. 5. Be accountable. In the absence of a business partner or a co-founder, you need to learn how to hold yourself accountable. This can be as easy as setting small, medium and long-term goals and working toward them. These goals are important to give you a sense of direction and to keep you in check. 6. Toot your horn. One of the few things I still struggle with is putting myself out there as I’d like for my business to speak for itself. But the game has changed and the internet is over saturated. The only way for you to be noticed or to come across as a thought-leader or an expert in your field is if you put yourself out there. There are no two ways about it. Do you want to be the go-to person for a particular service? Put yourself out there and let people know. 7. Have confidence in yourself. When you are running a business, you’re gonna need all the confidence you can muster for the tough days ahead. You will face people who don’t believe in your dreams and your plans may even fail. It is important to keep believing in yourself even when others don’t. 8. Find time to improve your skills. Work/Life can be overwhelming sometimes and before you know it, three months have gone by without you learning anything new. In this ever-changing world, there’s a need to constantly improve your skills. Thankfully we have the internet at our disposal but finding the time can be a challenge. To fix this, make a schedule maybe during the public holidays and learn something that would directly improve your daily activities. 9. Customer service is key. Just because you’re not selling a product to a consumer doesn’t mean customer service is any less important. You’re selling services. Treat your clients with courtesy. Referrals are still king. If you’d like to share your story with She Leads Africa, let us know more about you and your story here.
Nnanke Essien: The Visibility Expert
Nnanke Essien is a visibility strategist and business transformation coach. She helps individuals with awesome ideas, products and services to get seen and found by their ideal clients. She does this using a 5 step visibility building process to build an effective and efficient visibility roadmap. Nnanke believes that the path to success is littered with awesome but poorly marketed ideas, hence her mandate is to support businesses find this sure pathway. She is a John Maxwell Certified coach, a HR professional and a visibility builder round the clock. She has been supporting start-ups and businesses since 2007 even through college. Why is it important to stay visible? If nobody knows you exist, nobody will buy from you. It’s really that simple, you must always find a way for your ideal clients to remember that you exist. We call it top of mind awareness. In other words, if at any point your client has a need, your brand name should be top of mind. How can brands stay visible despite strong competition on social media? Truthfully, social media isn’t going anywhere and the earlier business owners understand this and take ownership the better for brands. Firstly, to stay visible, brands must adhere to a stellar mindset. Beyond this, brands need clarity on why they are in the business. This is in terms of the business mission, vision, values, identifying their business playing field (niche), their core message and their brand positioning on the value chain. Brands also need clarity on their ideal clients. Who are the people whose lives and businesses will be transformed by virtue of the fact that this business exists? Understanding the client’s exact needs, desires, challenges, what they need to transform, lifestyle, spending power and motivation is key to business visibility success.Finally, brands can also stay visible by authenticating their authority in the market. Having consistent, attractive and meaningful bio’s on their social media platforms can contribute to this. Their bio must contain relevant information on who the brand is. Also, nurturing communities i.e groups, leveraging on content and becoming an information reservoir for clients can be a great way of authenticating authority. In all of these, consistency and building revenue generating models, systems, processes and assets are key to success and visibility. What are your top three tips for business owners to incorporate into their brands? Have a consistent brand voice and visual appeal that is easy for people to spot and recognize. Focus on building relationships using KLT (Know, Like and Trust) techniques like live videos, Instagram stories, guest appearances et al. Leverage on content that your ideal clients need. How can women balance putting themselves out there while not appearing too forward? Woman know what you want. Don’t do things out of compulsion or pressure. The woman you buy shoes from didn’t shy away from her calling, the woman who sells human hair didn’t shy away from her calling. Recognize your hustle. Validate it! Look for a group of persons or coaches and mentors who can help you identify your hustle, find your sweet spot, stay there, flaunt it and own it. What do you wish more entrepreneurs knew about today’s changing marketplace? I wish they would spend more time actually researching than copying and wasting endless time doing idle and non-income generating activities. Behaviors are changing. The spending power of your ideal clients is changing. Algorithms on all the social platforms you are using are changing. [bctt tweet=”Spend more time researching, strategizing, building systems and processes that will stand the test of time – @gnnanke” username=”SheLeadsAfrica”] What is the next step for you in 2018? I want to have intentional positioning. This will include focussing on my visibility cure show and collaborating with industry veterans. If you’d like to share your story with She Leads Africa, let us know more about you and your story here.
8 Technology Hacks for your Growing Business
Whether you’re a new business owner or been in the game for a while, you all have one thing in common: you need to be on top of your game. Real talk. This is why I’ve put together eight of some of the easiest tools in this technology-driven world to propel your growing business. Canva Hands down, this is a favourite technology hack. It’s a simple graphic tool with thousands of templates at your disposal. Canva is great for designing Instagram and Facebook posts, posters, letterheads, infographics; in fact, all kinds of graphics. It’ll make anyone feel like a graphic designer. Certainly fuels my ego. There’s a mobile version available too; and it’s free. Happy customizing! PicMonkey PicMonkey is my favourite photo-editing tool. There’s a free version with limited options, but it allows you edit, make collages selecting from a ton of templates, add text, resize and more. It’s also great for creating watermarks. You can choose the paid version if you require more features. PicMonkey is amazing if you deal with a lot of content! Hootsuite Hootsuite is gold. This hack allows you schedule and sync your content across your social media pages. You can mention other social media handles whilst drafting in Hootsuite (and see if they’re the right ones). It’s great for shortening lengthy links as well. Save time by scheduling up to thirty posts at a time! Calendly Calendly is a great tool for setting appointments. It’s a convenient way to send your availability to clients by sending them your link through which they can book a slot. Once the client books, you will receive an email confirming this. It will also be added to your calendar on Google and send you a timely reminder. It makes perfect sense! Office Lens Maybe I’m just really lazy, but I use Office Lens to scan all my documents when I’m away from my desk. It’s great for emailing copies of documents on the go and is a lot tidier than using the camera on your phone. With Office Lens you can crop and make simple adjustments, save and even convert to Powerpoint or PDF. What are you still waiting for? Download this tool now! Fiverr Fiverr is a freelance site with a large pool of sellers offering services for a lean $5 and upwards. There are basic tasks you may wish to outsource as a business owner, to enable you focus on your core. Browse through Fiverr for services such as business writing, video, branding, graphics work. There’s also Fiverr Pro for more technical, professional work. Check reviews carefully before you buy! Trello Trello is amazing and absolutely easy to use. It’s like a little personal assistant that helps you keep track of the work you and your team have scheduled. You can update plans for the team to see and move across different stages. You can make checklists and add key team members to activities. It’s fun and highly useful! Quickbooks Major hack here! This helps sort out your business accounting with an annual fee. You can keep track of payments, send invoices (and include your business logo), manage different customers’ finances. It can also be used on multiple devices. The best part is all your data is backed up. It’s quite a technical tool so you’ll need to undergo a tutorial or training! I got you covered with these technology hacks to meet your business needs from graphics, to accounting, to personal organisation, but there are tons of other good ones. So make sure to research and ask around. Let us know here, which other technology hacks you love!
Own your destiny and be your own boss
Entrepreneurs breathe life into ideas Entrepreneurs create their own future—they own it! Think of all the new technology and ideas that have come to life over the past few years. Those were all once just an idea but entrepreneurs brought those ideas to life. Yes entrepreneurship is Life. Entrepreneurship is a way to bring your passion to life as you help make people’s lives better. Sounds great right? Here are a few steps to becoming an entrepreneur! Action Start where you are with what you have! The distance between you and the greater you is: action! Part of starting a business is conducting thorough market and product/service offering research. Evaluate your idea; the more information you can gather about the potential demand for your product or service, about your competitors, and about the needs and wants of your prospective customers, the more successful you are likely to be. Remember: 80% structuring 20% implementation. Love and believe in what you do Do what you love and you will never have to work a day in your life,doing what you love is freedom and you will always do great. The biggest difference I’ve noticed between successful people and unsuccessful people isn’t intelligence or opportunity or resources. It’s the belief that they can make their goals happen. Believe in yourself and become unstoppable- nothing will work if you don’t . The first step towards action is saying ‘I can’. Adopt an all-or-nothing mentality Whatever you do, don’t give up, why go at all if you are not gonna go all the way?? It always feels better after every step because it means you are one step closer. The secret behind entrepreneurship is doing what others are not willing to do. Take small steps toward your goal Be specific about what you want to achieve and devote your time to it; draw up an action plan and follow every step. Affirm with faith and feelings that your goal has already been achieved. Check your direction, then learn from your mistakes “Life is like a compass. When you set your goals correctly it will take you to the right direction”. Mistakes have the power to turn you into something better, and experience is the best teacher. Admit it, learn from it and move forward “ The greater you awaits you” Are you an entrpreneur, let us know how you built your business? Share your story here
Patricia Majule: Saving the Environment With Beautiful Paper Gifts
Patricia Majule started the business of manufacturing and supplying of custom party supplies, box packages, favors & gifts in 2014 and has recorded tremendous growth since then. Her idea was born when she noticed that most people in Tanzania were importing paper supplies from abroad, instead of investing in machines becoming manufacturers. Through her business, she has been able to provide quality products made in Tanzania, at lower prices. She takes us through her journey so far and how she’s changing the face of the Tanzanian manufacturing industry, whilst protecting the environment. Tell us about your business and the idea behind it My business trades as Unique Favors Tz,; we make products and provide services ranging from décor ware, gifting and gift supplies. Our products are used for parties, functions, events and can be customized for non- celebration uses, such as, business advertising and branding. The company began in 2013 as Unique Gifts Tz, and at the time we were specialising in gifts. But, we expanded our product line and changed the name officially, and registered as “Unique Favors Tz” in 2014. What ways are you contributing to the protection of the environment through your product type? One of the products we make at Unique Favors Tz is uniquely designed cardboard, made by using the leftover egg shells from chicken eggs (maganda ya mayai in Kiswahili language). Egg shells help curb environmental waste by reducing the waste that would have probably been increased by throwing away eggshells right after usage. In Tanzania , eggs are consumed in large quantities due to the existence of many small scale entrepreneurs selling them in kiosks and bars, and also due to the fact that chicken livestock farming is popular in Tanzania. Secondly, we use paper products to package gifts, as opposed to plastic. Plastic bags are known to be a form of waste which cannot decay; which is why there has been a movement by the government to reduce and completely ban the use of plastic packaging in Tanzania. In five to ten years, my products will have contributed significantly to curbing environmental pollution. What strategies have helped your business grow these past few years? Very good & friendly customer care. Continuous research and product quality improvement. Customer feedback and follow up’s. Great staff and business partner training. The uniqueness of our products. Those are just few of our strategies. [bctt tweet=”I’ve always believed that Africa is full of opportunities”. username=”SheLeadsAfrica”] What opportunities lie in Africa and how much are young people tapping into them? I’ve always believed that Africa is full of opportunities and many of them are hidden in industrial operations. Firstly the industrial sector is one of the most untapped sectors in Africa, especially by local natives, yet the most rewarding sector. Majority of the youth dare to start a business with a focus on the retail phase, but they lack the courage and resilience to grow their businesses to an industrial level. Many other youth reach the idea level and fail to proceed to the implementation level. Tell us the setbacks you’ve faced in the course of establishing your business and your survival method(s) Most of our product line and service offering is very new and unique to our community. Therefore, we have spent a lot of our time educating them in order to get buy-in. At times raw materials which are needed for production are scarce; coupled with price fluctuations, this tends to be a challenge. In our society it is not normal for people to see you developing a product and being in industrial, especially at a young age like mine, so there is a belief that somebody else could do my job better, and hence there is little support and a lot of bad-mouthing. But ,at the end of the day our survival methods are to: be courageous, patient, and resilient and know that as long as we are being ethical and legal, everything is fine. Society will catch-up later. [bctt tweet=”Be courageous, patient, and resilient ” username=”SheLeadsAfrica”] What great success has your business recorded in the past few years? Our business has been successful in so many ways. Firstly, by introducing new unique products to the market, we got a very positive response from customers, which lead to significant company growth. Also we have been able to create temporary and permanent jobs to majority of the natives in Tanzania. What makes your business unique? The products we manufacture in- country, the paper party supplies and the egg shell cardboards, are customised and very unique because everything is made from scratch. Most of the party supplies in our country are fully imported from China, so they tend to have common styles and lack that unique style. [bctt tweet=”Have clear and positive priorities, be consistent in pursuing your goals” username=”SheLeadsAfrica”] What are your top 3 books? Smart Money Woman by Arese Ugwu The Intelligent Investor by Benjamin graham Getting Things Done by David Allen What’s the one business mantra you’d want every business owner to know? Have clear and positive priorities and stick to them, be consistent in pursuing your goals. What is your company doing to protect the environment? Let us know more here.
How to build a team for your business
A lot of things compete for an entrepreneur’s time, especially during the early stage of business. Therefore, it is important to make sure that you have an ‘A- team’ working in your business. As such, as an entrepreneur knowing how to build a team for your business is of the utmost importance. Building a business with the wrong set of people can cause major setbacks for the business. You need to ensure that you select members of your team carefully; be thorough with the hiring process. Here are tips to guide entrepreneurs through the process of how to build a team for your business. Have a strategic vision for your business Have clear objectives on why you need a team and what you expect from each member of the team. This gives you a clear idea of what to look out for when building a team. Startups are hardly ever the first choice for job applicants The pay and job security in startups is low compared to corporate institutions, this further narrows down the talent pool available for small businesses to hire from. Locate communities (online and offline) where potential members of your team hang out; social media, networking events or your personal network. This can help you easily find people with a passion for what you do, such people can be easily trained to get the job done. Clearly communicate your vision to team members Get them to buy into it. This draws commitment and builds passion in them to drive the vision. The aim should always be to build a single unit Each individual on the team should be dedicated to not only accomplishing their own tasks but that of their team mates. Team members should be able to wear multiple hats and adapt to the ever dynamic nature of startups. Introduce them to online tools for better organization and efficient communication internally and externally. Team members should go beyond people on your payroll Build your team to include people that provide you with support – advisory, investment, emotional (family and friends), vendors and a customer network. Put together trainings and team bonding sessions Create a work environment that rewards creativity and nurtures resourcefulness. Do a thorough background check On social media as well as google. This gives you an insight on what kind of team player they will be. It lets you in on what their views on life might be, as well as their character and moral conduct. Take this seriously as character/attitude is an important factor to consider when hiring as a startup. Show optimism The kind of positive energy members of your team can draw from. Be an exemplary leader In character and excellence. Trust your instincts If you don’t feel good about hiring a particular person on your team, don’t! If a candidate has all it takes for the role, but you feel off about him or her, let the person go. You always have to be on the same page with members of your team. Do you have any tips on how to build an A- Team? Let us know here.
Facebook Live with Sneha Shah: How to do business in Africa without fearing the risks.(Oct 13)
Want to do business in Africa successfully? Learn how to break down barriers and prove your worth. On Friday, October 13th, Sneha Shah – Managing Director of Africa for Thomson Reuters shared with us how the African business landscape is currently positioned for female entrepreneurs, and how you can take advantage of it. Sneha has initiated partnerships with leading international market development, and works in close collaboration with public and private sector organizations in each country, to tackle the opportunities and challenges around financial and capital markets development. [bctt tweet=”Learn from @snehasshah how to do business in Africa without fearing risks” username=”SheLeadsAfrica”] Register below to get a FREE downloadable guide with Sneha’s top 10 tips on how to do business in Africa without fearing the risks. Some of the topics we’ll cover Are there businesses that are easier to establish in Africa than others? Find out. How young start-ups in Africa are changing the game. Challenges and opportunities business owners should expect when operating in Africa. How the African business landscape is currently positioned for female entrepreneurs. Leveraging millennials for African growth. What Africa can learn from other emerging economies. Innovate or disrupt – how to prepare your company for the future. Watch the video: https://www.facebook.com/sheleadsafrica/videos/1949040855319225/ Sign up for the e-book here: [ninja_forms id=156] About Sneha Sneha Shah joined Thomson Reuters in 2001 in New York and has held several global leadership roles across the financial and media business units in operations, product development, and technology. She was appointed Managing Director of Africa for Thomson Reuters in April 2015, and leads all of the financial, risk, tax and legal businesses across the region, providing data, automation and digitization solutions to financial institutions, governments, and corporates. She is responsible for driving the profitable and sustainable growth for Thomson Reuters in Africa in a manner that contributes positively to the region’s economic development. Born in Kenya and having worked in many African countries, Sneha is particularly passionate about initiatives that help empower Africa’s success. Sneha is a member of the Board of the US Chamber of Commerce, US-Africa Business Center. She is also a member of the Young Presidents Organization (YPO) and the African Leadership Network (ALN) and has been actively involved in several initiatives of the World Economic Forum (WEF) on Africa, including the Partnering Against Corruption Initiative (PACI) (current), and the Global Agenda Council on Governance (2014 to 2016). Prior to joining Thomson Reuters, Sneha was a commodities trader for Cargill in South Africa and traded money markets and foreign exchange at CFC Bank in Kenya. She holds a BA (Hons) degree in Politics with International Studies from the University of Warwick in the UK.
How to choose a business name
[bctt tweet=”Many entrepreneurs have lost great opportunities from having the wrong business name” username=”SheLeadsAfrica”] While some entrepreneurs are lucky enough to choose the right names for their businesses on instinct and impulse, many have suffered great losses and lost great opportunities from having the wrong name. Today’s business space is crowded, it is therefore important that entrepreneurs take conscious decisions that set apart their businesses apart in the market place as well as protect it for the future. A business name is one of those decisions. In business, it’s important to choose a name that sets you apart, one that will last. Every business should have a name that is catchy, a name that sticks. Put some thought into the name choosing process for your business. Here are tips to guide you through the process of naming your business. [bctt tweet=”Every business should have a name that is catchy, a name that sticks” username=”SheLeadsAfrica”] Decide Decide on what you want the name of your business to communicate; you want your name to convey your objectives as a business. Choose Choose a name that not only appeals to you but your target audience, your business name should be meaningful to your target audience. Relate with your audience Pick a name that your target audience can relate to on an emotional level; a name that triggers an emotion in your target audience. Avoid unusual spellings Stay away from unusual spellings; new forms or spellings of existing words can make it difficult to locate you on the internet. Be mindful of translations If you decide to go with a quirky or abstract name; check to make sure it does not have a negative or unpleasant translation in any other parts of the world. [bctt tweet=”A good business name can quickly get you the right attention your business requires” username=”SheLeadsAfrica”] Think of the future Avoid names that can restrict the scope or expansion of your business in the future. For example, you might start out making dresses for the Lagos weather. Avoid names like ‘Lagos Dresses’ because as you grow and expand, you might decide to start making skirts, tops, trousers for people across the world. When that happens you do not want to confuse your audience/customers. Say no to long names Avoid names that are long and confusing, you want a name that is easy to spell, pronounce and remember. Be unique Go for a name that is unique to you. Depending on what’s relevant to your business, you might want to do a business name search, trademark search, simple web search, social media search to see if the name is available for use on these platforms. You do not want to start up a small business and when it’s time to go big, you realize there is a company somewhere with the legal rights to stop you from using the name, imagine what that can cost you. It’s better to go for a name that is available on dot com (.com), if you can afford to, you can buy the .net, .org, .info domain or any any other domain that can distract traffic from your website. Visualize it Try to visualize what your name will look /sound like in various adverts – print, radio, television. A good business name can quickly get you the right attention your business requires, implications of the wrong business name, however, can be fatal, from losing investment opportunities to litigation: so much can go wrong from a seemingly simple decision. If you are just starting out in business, you should consciously pick a business name. Depending on how far gone you are in business, repairing a wrong business name might have to involve re-branding This costs money and should be done with the help of a good branding expert as it can also go very wrong if not done gradually and with caution.