Starting a business in Africa is an
exciting but challenging prospect for women entrepreneurs from the U.S. and
beyond. For this reason, and as an entrepreneur who has launched her own
business ventures in Africa, I strongly advise finding a local partner to work
with. In this post, I outline why women entrepreneurs should consider a local
partnership in their country of interest, and share advice on how to find a
reliable and worthwhile partner.
Why
Work with a Strong Local Partner?
●
They Bring Local Knowledge: As an outsider, it is easy to misunderstand a culture,
but this can be disastrous for a business, not only in terms of political,
linguistic, and social knowledge, but also with regard to market trends and
cultural mores. It will be in a strong partner’s best interest to set you
straight, and given that they are likely to have many years of experience in
your given industry, it is certainly wise to heed their advice.
●
They Can Share Their Networks: Your chosen partner company will be able to introduce
you to their local network, including key contacts. The right partner will also
know who to trust. Relationships are at the heart of any strong business, and
as a woman entrepreneur doing business in Africa, you will need support from
other women in business, as well as from men who like to do business with
women. Likewise, a strong partner will be able to direct you toward key events,
such as trade shows and conferences that will prove fruitful.
●
They Can Help Facilitate Sales: Becoming profitable will be one of your key concerns as
you launch your business in Africa. A strong partner can help facilitate sales
for your business, and, if your company is woman-led, might also introduce you
to women who value female business in what is often a male-dominated sphere.
●
They Can Offer Skills Transfer: When launching a business in an African country, you
will need to develop new skills, which a local partner will already have—and of
course, they can benefit from your unique skills too. Plus, they can help open
up employment opportunities in the local community for your venture.
How
to Find a Suitable Local Partner
Finding a suitable business partner demands time and effort. It is wise to seek out a company that has undertaken joint ventures before and whose previous collaborators were happy with the arrangement. For this reason, references are always a good idea, particularly when they come from women and woman-led ventures. Also, while direct contact with potential partners is important, so is due diligence. Do not just go on your gut feelings. Instead, use your instincts as a guide to direct your further research. Resources that can be helpful for U.S. entrepreneurs seeking overseas partners include The U.S. International Trade Administration, which offers business matchmaking with suitable companies abroad, not to mention trade shows in your area, which you can research at the M&A ExpoDatabase.
Finding a suitable business partner demands time and effort. It is wise to seek out a company that has undertaken joint ventures before and whose previous collaborators were happy with the arrangement. For this reason, references are always a good idea, particularly when they come from women and woman-led ventures. Also, while direct contact with potential partners is important, so is due diligence. Do not just go on your gut feelings. Instead, use your instincts as a guide to direct your further research. Resources that can be helpful for U.S. entrepreneurs seeking overseas partners include The U.S. International Trade Administration, which offers business matchmaking with suitable companies abroad, not to mention trade shows in your area, which you can research at the M&A ExpoDatabase.
—Chimuka Moore
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