Before you launch your business in Cameroon …

A simple guide to help you launch your business in Cameroon successfully

Setting up a business may not be that easy for many, especially in Cameroon. It takes a lot of time to understand the terrain which makes it really complicated and overwhelming.

To come up with an excellent idea is first of all not that easy. Not to talk of choosing the right legal structure of your business. Managing, raising funds and growing the business is another headache.

These problems will always be there so you have to learn how to overcome them. I put together this guidelines for you to help you launch your business in Cameroon. To start,

• You have to do a thorough research to ascertain the validity of your idea given that you already know you got the spirit of an entrepreneur within you. You have to know what motivates you, understand the passion, and the reason(s) you want to start a business. In addition to these, considering you already have an idea, you will have to make sure it solves a problem that the customers you are prospecting care about. Do a thorough research on your solution and make sure your solution is cheaper than others in the market.

This is for those who need training or guidance onhow to start, run and grow your business in Cameroon.

• Make sure you test your business idea in the real market after you have carried out a good research. You may have an excellent idea that solves a problem, yet you don’t have a market. Many entrepreneurs skip this part and go directly into the market. You may have done your test in a specific area and it was successful. It is now time for you to explore other zones or routes. Use different testing methods and make sure you assess performance using what you planned to gauge success or failure.

• If the above is positive, make an initial business plan which will outline the objectives of your business and ways in which you plan to achieve them. A business plan will also help you to control and assess your business. Your business plan should be simple and well-structured such that anyone can understand. With a good business plan, you can easily get outside investors or partners who understand and buy your vision. So it is very necessary for you to keep it short and make sure everything you put in is relevant. At OpenHub Digital, we help you to write concise business plan that will help you start a a profitable business in Cameroon.

• Set up the right legal structure is one hell of a problem. Many entrepreneurs don’t even know the most common types of business structures in Cameroon. Everything to them is a company – even those who have never registered their businesses. Many are CEOs, GMs, MDs yet they don’t have a registered business. The legal structure you choose depends on your business’ specific needs. First of all, you need to know the different legal business structures, understand their pros and cons and choose what suits yours. It is also under this section that you choose a company name for your business. A non-registered business that is successful is a prey to smart entrepreneurs. You may think you own the name, not knowing someone else has it registered. Before you go operational, make sure you register or incorporate your business – going commercial means you need to register your business.

• Make sure you understand the accounting, tax and financial obligations because once you make your business legal in Cameroon, you will have to fulfill certain tax and financial responsibilities. You will have to forecast your turnover in order to choose your tax regime and financial reporting methods. You will need a bank account before you start generating revenue or making purchases. With this, you need to know what is required by banks in order to create a business account. Be careful when selecting a bank.

Read Also: Is it true that a bank Account will Make Your Dreams Come True?

• Create an identity for your business because having one makes you to stand out. Nowadays, competition is fierce and for you to standout in the crowd, you need to look different. You need to have a brand that identifies your business in the midst of competitors. Having a professional brand is very critical in today’s business environment. You need to get a logo, have a color scheme for you business, slogan, symbols that differentiates you, a website, business email address, social media accounts, etc. With advance changes in technology and innovations, marketing online has become so effective in growing businesses. It is not only about building websites or having social accounts. Creating quality content that engages your audience and convert them into customers is very necessary in growing your business.

These are just some of the initial things you need to launch your business in Cameroon. I will be updating this post frequently until we get enough. Note enough is never enough when it comes to starting, running and growing your business in Cameroon.

Once in the field, you will meet other challenges which will be solved by you alone. These are just guidelines to help at the beginning. OpenHub Digital will always be your partner. For any questions, don’t hesitate to get in touch:

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