There are many potentially successful African-American entrepreneurs, yet the exorbitant costs and complications of setting up a business in the US, regardless of its size or location, mean that a high percentage of people are faced with a brick wall, and zero chance of following their dream.
Avoiding Many of the Challenges of Starting a New Business in the US
“The process of starting a business in the US can vary depending on what state, or even city, you would like to incorporate your company in, plus how & where you intend to operate. With 50 states that all have their own rules & regulations, it can be a challenge to ensure that your operations remain compliant. Moreover, the US has a complex array of federal, state & local taxes [1]
2022: West Africa is Set To Unlock the Power Of Small Businesses
“In West Africa, where Standard Bank’s BCC division is currently focused on Nigeria, Ghana, Angola & Namibia, small businesses account for 40 – 50% of GDP, & in some markets, up to 80% of employment”
The highly respected Standard Bank, has recently set up a Business and Commercial Clients division. – This is to provide a capability ecosystem which can support entrepreneurs, small traders, emerging manufacturers, and agribusinesses; thereby empowering them to: “grow into formal enterprises – or even become national corporates or cross-border multinationals” [2].
In addition to the aforementioned, the BCC is establishing a West African ecosystem of high level business support. – This will enable simple digital on-boarding, as well as immediate access to capital, and easily accessed cash and digital payment and collection solutions. Moreover, this initiative will not just take collateral into consideration, it will also be based on relationships. – Something which will be easy to establish at the Fatherland Club, where it will be easy to network with entrepreneurs and CEOs from Nigeria, and the entire West African Hub. Moreover, there will be regular seminars and talks given by leading business people, thought leaders, and seasoned business builders, as well as introductions to SME associations.
Low Start-Up Costs
The low start-up costs for establishing a small business in Nigeria, means a minimal financial outlay – and this is a key driver for entrepreneurs and would-be entrepreneurs to move to Badagry (part of Lagos State, which is a leading banking region).
Setting Up a Business Base, Warehouse, or Other Type of Business Premises in Badagry
There are many great advantages of purchasing a luxury property in the Fatherland Complex, and one of these is being able to acquire a discounted plot of land for business purposes, in a prime location within the vicinity. Furthermore, if you need to employ local people as builders, or members of staff (be it in large or small numbers), then there is a very eager, young, English-speaking, fully trained workforce just waiting to be taken on, for a relatively low wage (compared to the US). Moreover, business running costs including utilities, are far cheaper than in the US, and infrastructure is very good.
Finding Out More
If you would like more information on the aforementioned current opportunity to purchase prime site land, then kindly contact us, and include a brief description of your goals and objectives. Our highly experienced qualified professional team, are ready to help!
Sources
[1]. Gerlis, J. (2018). “United States: Top 10 Challenges Of Doing Business In The US.” Mondaq.
https://www.mondaq.com/unitedstates/corporate-governance/752934/top-10-challenges-of-doing-business-in-the-us
[2]. Ivudria, G. (2022). “West Africa Set To Unlock The Power Of Small Businesses.” Busiweek.
https://www.busiweek.com/west-africa-set-to-unlock-the-power-of-small-businesses/]
