Zimbabwe has a thriving economy and one of the lowest unemployment rates in Africa. The country is rich in natural resources, minerals and agricultural products. Zimbabwe also offers many business opportunities for entrepreneurs who want to start a business here. There are several ways that you can go about starting your own business in Zimbabwe:
A to Z Guide to Starting a Business in Zimbabwe.
So, you want to start a business in Zimbabwe? Congratulations! You’ve made an excellent choice. But before we get into the nitty-gritty details of how exactly you should go about starting your very own business in Zimbabwe, let’s first answer some basic questions:
What is a business? A company that sells goods and services with the aim of turning profits.
How do I know if my idea is good enough? The best way to find out if your idea has legs is by testing it out on friends, family members and acquaintances who will be honest with their feedback (and maybe even help pitch-in some capital). How many people are interested in buying or using what I’m offering? If there aren’t enough takers during this initial stage then maybe it’s time for another idea altogether!
What do you want to do?
Before you start a business, it’s important to know what you want to do. Do you have the passion and perseverance for your business idea? What does your business need in terms of premises, stock and labour etc? How will you market your product or service and how much will this cost?
If these questions are difficult to answer, then perhaps starting a new enterprise isn’t right for you at this stage in life.
Do you have the passion and perseverance for your business idea?
You may be passionate about your business idea and ready to start a business, but are you willing to persevere through the challenges that come with it?
Startup businesses are often more difficult than people expect them to be. Entrepreneurs often struggle with cash flow issues, competition from bigger companies and lack of support from government agencies. It’s important that you know how much passion and perseverance you have before starting your own business–and if this is something that could potentially fail because of lack thereof!
If possible, talk to other entrepreneurs who have been in similar situations as yourself; they can give valuable insight into what went well during their journey, what didn’t go so well (and why), etcetera.
What does your business need in terms of premises, stock, labour etc?
What does your business need in terms of premises, stock, labour etc?
- Premises: The area where you will be conducting your business should be suitable for the type of work that is being done. It should be a place that is easily accessible and visible to potential customers. You can get space from an individual or company who owns commercial property such as offices or shops. If you have enough capital, then renting or buying a building would be ideal for your business but this may require more time compared to using someone else’s space because most landlords will want proof of income before signing any contract with their tenants/buyers.
- Stock: Your inventory will depend on what type of product or service you are offering but generally speaking all businesses need some kind of inventory such as raw materials used during production; finished goods ready for sale; spare parts if repairing equipment is part of the process involved with running an operation like fixing cars; etcetera (more details later).
How will you market your product or service and how much will this cost you?
Marketing is a key component of any business, but it can be done in many ways and costs money. Marketing is important for a business to succeed because it allows you to let the world know about your product or service and how it differs from the competition.
There are many different types of marketing:
- Direct marketing (e-mail blasts) – this involves sending out emails with special offers or other information that will help sell more products/services
- Online advertising – this involves buying ad space on websites like Google AdWords or Facebook Ads where people who visit those sites will see an ad for your business/products/services displayed alongside content they are viewing
- Print media advertising – this involves placing ads in newspapers, magazines etc., where people who read these publications may see them
How much money do you have available to start your business and keep it growing?
How much money do you have available to start your business and keep it growing?
It’s important to know that you don’t need a large sum of capital in order to get started. In fact, many businesses are started with as little as $100 or less! However, if hiring employees is part of your plan and/or if there are other major expenses such as rent or equipment that need to be paid upfront, then having more money on hand will help ensure your success.
Is there any way you can make money while doing what you love now (while planning to start the business)? For example, if you love photography, could you take some freelance assignments now which will help pay for equipment or maybe just pay rent until you can earn enough from the business itself? Or if someone is willing to back you financially, would this allow it to run at a loss for a while until it gets established and profitable? All these questions need answers before we proceed.
- Is there any way you can make money while doing what you love now (while planning to start the business)? For example, if you love photography, could you take some freelance assignments now which will help pay for equipment or maybe just pay rent until you can earn enough from the business itself? Or if someone is willing to back you financially, would this allow it to run at a loss for a while until it gets established and profitable? All these questions need answers before we proceed.
- It’s important that you understand that starting a business in Zimbabwe is not easy at all times. You will most likely have many challenges along the way but don’t let this discourage or stop your plans from succeeding!
Conclusion
If you have answered all these questions and feel confident in your ability to start a business in Zimbabwe, then it’s time to get started! We hope this has been an eye opening experience for you and we wish you all the best on your journey ahead
