Amazing 5 Forbes Tips for Investors, Entrepreneurs on Building Businesses, Brands and Ideas in Ghana YEN.COM.GH
Ghana, since its independence in 1957, has moved from an underdeveloped country to a clean developing country for a number of reasons.
From natural resources like gold, bauxite, cocoa to knowledgeable and experienced human resources, Ghana’s economy can be described as one of the best on the African continent.
With a population of over 30 million and a Gross Domestic Product (GDP) of $ 71.95 billion, Ghana has become a force to be reckoned with when it comes to the global economy.
This, without a doubt, is more established, especially now that more business ideas are steadily designed, conveniently generated and guided by technology to meet the obligatory demands of people in accordance with global models.
Due to Ghana’s growing fortunes with new discoveries in business every day, an extensive chain of interest of local and foreign inventors leveraging the available space in the market to expand their business has attracted the label of “giant of Africa”.
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Today, YEN.com.gh brings you five proven, Forbes-approved business tips that will help you grow and market your business as a local or overseas entrepreneur:
1. Know the business you want to do and navigate the market space
It is often said in economics that before diving into a commercial space, entrepreneurs and future business owners must solve the problem of what to produce, how to produce, where to produce, when and for whom to produce.
Since the place to produce is in Ghana and who produce is primarily Ghanaians, it is fitting that as a business owner you are aware of the current trend in the industry you want to dive into.
Whether it is goods or services, you need to conduct proper market research and surveys, analyze demand, perform industry strengths, weaknesses, opportunities and threats (SWOT) analysis and know how to outperform your competition.
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Make your business flexible. And while trying to get a clear idea of how the market might change, explore the market more – and more because the Ghana market space is a business book with endless chapters.
2. Be strategic and let your modus operandi be more open to changing trends
The change of business model in Ghana is not a coincidence but a necessity and a reality of the global trend. So, while building your corporate brand, often ask yourself what will be its fate in the next five years.
It should be noted that with a dimensional increase in the level of literacy, internet access and the rapid increase in the number of social media users, businesses and business owners in Ghana are now pulling party of advanced technology to promote their products and brands.
As a business owner, you need to analyze the suitability of your property service, turn it into a problem solving and solution solution. Be strategic in consolidating your brand in order to retain your customers.
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In Ghana, customers have a way of sticking with a business they are helping to build. You don’t have to disappoint as you develop your brand and establish your business ideas.
3. Follow the rule and be on the side of the regulators
Building a trademark in Ghana can sometimes be difficult, especially for a foreigner due to the overwhelming taxation and regulatory burden. The environment can be toxic at times, but it depends on how you navigate.
So, to avoid a series of eventful disappointments, expect your tax to increase as your business grows, and expect a little scuffle with the necessary regulators.
However, regardless of the level of regulation and taxation, always find your way to the same page with the regulators in your industry.
You should also obtain the regulatory licenses you need and pay the associated taxes and levies. This will save you and your business future stress.
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4. Create more financial security options
Maintaining a trademark in Ghana takes time and an unhindered inflow of capital. For this reason, you need to create credible financial security for yourself, and apparently that can involve a little help from friends and family.
Also consider formalizing the process of exchanging cash for equity with the appropriate legally binding documents.
Getting loans from banks is another financial security advice, although it may not be advisable given that banks in Ghana are not favorable to small businesses and budding startups.
If you go for the bank loan option, make sure that your business will repay within the timeframe agreed to by both parties.
Another option is the grant. You can also seek funding from investors willing to channel resources to your brand and business ideas.
A great idea needs a suitable plan, moral and financial backing. Don’t be shy or afraid to allow like-minded people to be a part of your future success.
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5. Build your reputation while building your business
It is necessary that when you plan to build your brand and turn your idea into a great business, you must also build your reputation.
Obviously, this is where advertising comes in. You need to make yourself visible the same way you strive to grow your brand and ideas.
Advertising, which is totally about awareness, is not just a product and an organization. As a business owner, you need to invest in yourself to give your business acceptability and footfall.
In Ghana, business owners are wondering how to navigate the advertising process. Well, YEN.com.gh is incredibly ahead in this regard with enviable success to prove it.
With many years of experience in handling and publishing user-friendly information in the Ghanaian public space, YEN.com.gh has established itself as the second most visited website according to Alexa – and also Ghana’s second largest media outlet.
YEN.com.gh is a leader in content, advertising and technology, applying cutting edge technology to deliver high tech advertising in Ghana and for Ghana based businesses.
With over a million followers on Facebook, YEN.com.gh will strengthen your business brand and give your organization the mileage you are looking for.
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Source: Yen Journal