Four Process of New Business Creation in Tanzania

An increasing number of people want to start their own business in Tanzania but lack a map to get there. This post will help you translate your desire to do the right things into business reality

1.Identify Potential business opportunity

The first step in starting a new business in Tanzania is your ability to locate the right business opportunities. The good news is that profitable opportunities are “out there” waiting for entrepreneurs to discover and exploit them. You can generate opportunities in a number of possibilities, from lucrative oil and gas sector through power sector to other mature sectors of the economy like mining industry, health care sector

2.Accumulation of resources

Once you identify promising business opportunities, you need to conduct solid research and due diligence to obtain the critical resources needed to start a new business and build a sustainable business. This entails a steady diet of reading, researching, and networking with an industry expert. You need to mobilize resources to include reliable information, studies, technical knowledge, capital, and other physical resources.

3.Respond to government regulations

Once you have to mobilize 

resources, you have to approach government regulatory authorities in the country to ensure you have all the permits and licenses to ensure your new operation meets all the regulatory requirements,

4.Market Your Products and Services

Client acquisition is king in building a profitable business. If you don’t how you are going to get customers don’t start a business in the country. Because it won’t last. So employ a local team who are great at what they do and are skilled at acquiring and retaining clients. That is the quick way to build a prosperous business in the region.

 

I hope this helps