The Gambia is ready for business, and Gambian entrepreneurs should prepare to position their businesses, educate and avail themselves of the opportunities to flourish. That is, improve productions and improve profits within the national and global marketplace.
Being a small business owner in the Gambia is not without challenges, but nevertheless, as small business owners, there are numerous opportunities for your financial success.
Here are some simple tips that entrepreneurs can use as a guide to leverage their small business for financial success:
Yes, as an entrepreneur you need to be cautious that your commercial interests are not neglected. To do so, you should separate your personal transactions from the business and once your business is profitable, start paying yourself first. Financial expert’s states that between 10- 15 % of your profit is a reasonable start.
2. Take advantages of all opportunities.
You should be aware of potential business opportunities available to help your business expand. This means that you should be knowledgeable about your business and be prepared to take advantages of available resources, tools and materials. For example, Gambia Start-up Incubator helps many small business owners in addition to GIEPA and GCCI.
3. Utilise social media.
Let’s face it; we are living in a technologically driven world and social media matters. Twitter, Facebook, Pinterest and LinkedIn all offer numerous ways in which small business owners can interact with customers and access new markets.
However, be aware that not all social media platforms are created equal, and they also offer different services. So, this is not a ‘one size fits all packages’. Do your research and find which social media works best for your business.
Facebook and Instagram could be ideal for business in the fashion industry whiles LinkedIn would be better for a job agency outlet.
4. Be creative.
Through consumer interactions, marketing and finance, the onus is on you -the business owner- to think of ways to publicly promote and engage with new customers and retain relationships with loyal ones. Get creative with innovative marketing strategies that will generate more business and last, but not least ensure your business can turn-over profits and attract investments or funding.
5. Upgrade the product.
Streamline or update your products; this can be done through re-packaging, better quality materials or improving the ingredients for a good start.
A better version of your product will also improve customer experience and loyalty. After all, no one wants to use the same old product or service.
While this list is not exhaustive for small business financial success, it is a good start for any business not only to perform financially better but to boost owners’ self-confidence.
Marsha M. Hall is a professionally trained educator. She is interested in African social entrepreneurship particularly in areas that are economically and environmentally sustainable.