If you want to increase your potential for success when doing business in Africa, you’ll need to find the right partner. The African continent offers impressive business opportunities to those who are looking to invest into new markets and find new strategic reliable partners.
There are two factors that should encourage entrepreneurs to view Africa as a land filled with business opportunity: the size of the potential market and the entrepreneurial drive that motivates so many African people to grow and achieve wealth.
African entrepreneurs are interested in doing business with private sector partners who are eager to build long-term relationships and invest in training. A business partnership can take the form of a merger, a joint venture or a simple supply arrangement. More than 25% of African CEOs are anticipating an acquisition, primarily in their home market or in the rest of the continent.
Information technology, food and beverage, business services, sustainable energy, healthcare, media and engineering are all industries that demand investment and growth.
Building a business partnership on the African continent is particularly important because this will help you to have a bigger impact with your business and lessen the risk for you.
In order for a successful partnership to flourish, there needs to be a clear definition of roles and responsibilities between partners.
1. Look for an industry player
In order to boost your success rate when building partnerships in Africa, it’s vital to look for a partner who is already in your industry. Such a partner will contribute to your business in a way that is truly relevant and will remain committed to the job.
Ensure that when you meet with potential partners, you communicate clearly what your unique offering entails. If you happen to meet capable industry stakeholders, you will immediately see the benefits.
2. Create a mutually beneficial objective for your African partnership
Successful partnerships need to be reciprocal in nature. The dynamic of equally giving and taking will create a meaningful business connection that will not only equip you to get the job done, but will also enable you to grow further, beyond what you initially agreed to. An ideal partner will proactively contribute towards your success.
3. Align with an organisation that will help you to find your African business partners
It’s a good idea to make contact with local industry associations and chambers as they are in close contact with their members and know their needs. A lead generation company such as Leads4Africa that has access to reliable B2B databases spanning the African continent is a great resource.
When you approach your new potential partner, it really helps if you are backed by a referral which will increase the trust in you at the other end.
It’s always a great idea to visit local business hubs, conferences and trade shows in your industry in Africa. Individuals who are members of these hubs are generally hard working, committed and they know each other well.
In Africa, lasting partnerships are founded on aligned interests and personal connections – more than on legal contracts.