6 things some claim stops them from starting a business in Cameroon
I have met people who have great ideas that have a potential to become a successful business in Cameroon.
It doesn’t only end there – these people have the skills, knowledge and all that it takes to put the idea into fruition.
But then, something holds them back from engaging. It’s worthy to note that they are not the only ones facing such problems.
You reading this now may be or have once been faced with these things they claim have stopped them from starting a business in Cameroon.
There are many out there like them that delay to start their business because of one reason or the other. As humans we usually find ourselves coming up with excuses – excuses that can be overcome.
Some say they don’t have time and others claim the tax system is the problem. There are others who claim they lack the skills or don’t have the cash needed .
The above are some of the most common reasons many give for not starting a business in Cameroon.
In my opinion, such reasons are obstacles to tackle and not reasons to give up on starting a business in Cameroon. Excuses come up most of the time because we do not want to commit in doing something.
A country’s tax system may influence investment either negatively or positively. One of the major excuses given by many who are afraid of starting a business in Cameroon is the tax system. They claim it’s not favorable for investment.
The current tax system in Cameroon still has some bottlenecks, though there has been a great improvement when compared with what was happening ten years ago.
Company incorporation and tax declaration has never been that easy. The problem many people face is lack of information. This is where we come in – to fill this void. You can book an appointment with us anytime.
We have incorporated 8 (eight) companies just within the first 3 months of 2021, majority of them from this blog and the rest from referrals.
You need the right information and the right consultants if you plan on starting a business in Cameroon.
The government has put in place fiscal incentives for businesses that employ youths, incentives to promote the digital economy, and many others.
A new corporate tax rate of 28% has also been introduced to reduce the tax burden on small and medium-sized businesses.
There’s no perfect moment to start a venture. Many people use this excuse, hence one of the reasons many successful business ideas are not executed.
Which do you prefer – imperfect action or perfect inaction?
Those who want perfection before starting their business in Cameroon do that out of the fear of failure.
At the back of perfectionism is the fear to fail. Your business idea will end up with you if you don’t commit to take the first step.
As you take the imperfect action, you learn, you grow and you move forward.
Business is all about risk taking. Many use this excuse because they are afraid to take risks.
However, if you look at failure as a potential source of knowledge and experience just like me, then failure is not as scary as you think.
The fear of failure is what keeps you from moving forward. You may not succeed in the beginning, but as you keep on learning and moving, you might succeed.
To move on, ask yourself which is better – not to try or not to fail?
Steady paycheck and security has pushed many away from starting their own business. Underemployment and unemployment in Cameroon has pushed many entrepreneurs to enter the market.
This may have been what was needed to give a push towards a self-dependent economy where we produce what we consume.
One thing is sure – you have the right to stay glued to your paycheck or starting a business and working on it part-time.
To tell you the truth, for the latter, your chances of success may be limited because your job will be an obstacle.
If you do business part-time, make sure you come up with future plans to devote your time on it fully. The work of an entrepreneur demands more than what a full-time job demands.
I am afraid to say this, but it’s the truth – nobody has enough capital when they want to start a business.
Funding or capital should not be a reason keeping you from starting a business in Cameroon.
You can scale down your business by working on your budget. I had to do other freelance jobs or business in order to raise funds for my main business.
It is worthy to note that you need to invest your own money before expecting others to invest in your business.
This will also serve as a conclusion for this post. To begin a business, you need to start from somewhere.
If you have been afraid of starting a business in Cameroon, transform that fear of failure to a motivational force.
Start with what you have and don’t wait for the perfect or right time – you can leave the perfection for later.
For those who don’t have the business ideas, the links at the end of this post will be of great help to you.
Be confident in yourself as you start your entrepreneurial journey. Nothing should hold you back.
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This content has been prepared for information purposes only. It is not intended to provide, and should not be relied on for, tax, accounting or legal advice. You need to consult your own tax, accounting or legal advisors before engaging in any transaction.