Rwanda is one of the fastest growing economies in the world, and it is a pride to Africa. I decided to take a study on some of the growing economies in Africa.
So, I was watched some documentaries on a few countries few days ago.
It is very important to know the economic trend of your country to align your business.
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Small business owners in Nigeria fail at this a lot. I know several of them that just start businesses without any market research, talk less of watching the economic trend.
There are some things peculiar to the world of business that are worth of note and should be kept at the back of the mind in 2019.
Some of them are already evident, but I feel I should lay more emphasis on them.
- Growing population: What have you thought about the population of your country in Africa in 2019 and 2020. Well, the population of countries in Africa would be on a rise.
This would make it a very big consumer market. The population of Nigeria by 2020 would take a big rise and this is the best time to produce products that matter to consumers.
Now think about it, if Nigeria’s population would increase, what would be the basic needs and are they in abundance to meet up to the number that would be demanded?
- Increase in internet access: If there’s an increase in internet access, then there would an increase in the number of those who would be online.
Matter of fact, Africa has very high active internet users. Nigeria to be precise. The number of smartphone users also is quite high despite the expensive data cost. This can mean one thing as well: if Africa’s population keeps increasing and they have access to the internet, there would be lots of potential customers. You need to be sensitive to know how to position yourself.
- Increase in skilled labour force as well as technology: If businesses would emerge spontaneously, then there would be a huge demand for labour force; skilled labour force to me precise.
This is another avenue to position yourself either in technological advancements or training of the labour force.
There are others like agricultural demand which would be very high.
What is your business doing to position itself for the coming years?
Have you taken your time to observe the trend?
It’s quite important you take time to observe it and align your businesses with it.
Second half of 2019 would be an awesome half-year, when small businesses would boom if they are well positioned.
How well are you positioned?