Great Reasons to Start a Business in Burkina Faso-
There are many reasons for starting a business in Burkina Faso; the actual reasons people should start their business in Burkina Faso are outlined below; these will make your decision much easier and turn your investment into something worthwhile. If you want to know more about running a successful business in Burkina Faso, read on!
1. You Will Be Part of Something Bigger: Many people who started Burkina Faso businesses have said that they did so because they wanted to do something bigger than themselves. Starting a business here means being part of an incredible movement going on for years and is still growing stronger every day. With so many great things happening,
2. Your Business Will Make a Difference: When you decide to start a business in Burkina Faso, you will notice how much good can come out of one simple act. Your small business can change lives forever by bringing jobs and growth to areas where poverty has been prevalent for decades.
3. It Is Easier Than You Think: Some people think it is hard to run a business in Burkina Faso – but those same people probably haven’t tried yet! Running a business here is very easy, especially when compared to other countries worldwide.
4. It Can Help Other People: In addition to helping yourself by creating wealth and employment opportunities, you can also help others by providing goods or services that were previously unavailable or unaffordable.
5. You Will Learn New Things Every Day: When you start a new business in Burkina Faso, you will quickly realize that there is always something new to learn about doing it well.
What are the Natural Resources in Burkina Faso?
Many natural resources are available in Burkina Faso, including gold, diamonds, manganese, and phosphates. In addition, many other minerals exist that are not yet known or mined. The climate is perfect for many agricultural products, such as cotton, cocoa beans, and peanut butter. The people of Burkinabe are ready and willing to work hard at jobs that bring industry and business into their country. In short, there are great reasons to start your own business in Burkinabe!
What are the Business Opportunities in Burkina Faso?
The business opportunities in Burkina Faso are plenty. If you’re looking for ways to make money, or if you want to start your own business, there are plenty of options available for you. This is especially true if you live and work in one of the major cities, such as Ouagadougou or Bobo-Dioulasso. But even if you don’t live there, it doesn’t mean that starting a business is out of reach. There are plenty of people living in smaller towns who have set up their own businesses. These include things like grocery stores, restaurants, bars, and other small businesses that can be run from home. There’s no reason why you can’t do it too!
What businesses are successful in Burkina Faso?
You can manufacture, produce and distribute goods, especially textiles and clothing. The Burkinabe are very crafty people with a high level of skill. Burkinabe crafts include pottery made from red clay; colorful woven straw items; carvings in wood, stone, or ivory; and jewelry using semi-precious stones and cowrie shells. There is also a thriving textile industry. The country’s main exports are cotton, gold, livestock, and agricultural products such as cotton, peanuts (groundnuts), sesame seeds, and millet.
Is Burkina Faso Good for Business?
For starters, yes. There’s lots of business potential here, and competition is low. There’s tons of room for growth as far as entrepreneurship goes: 40% of Burkinabes (the people) are employed by small and medium-sized enterprises that account for only 12% of GDP. There’s no doubt that market opportunities abound.
Business-Friendly Policies and Government Initiatives:
With its commitment to modernizing and developing its infrastructure, Burkina Faso is an attractive option for entrepreneurs. With a population of over 17 million people and with a per capita GDP projected at $1,604 by 2020, there is still plenty of room for growth. In fact, when it comes to small businesses especially, there are plenty of reasons why entrepreneurs should consider starting up in Burkina Faso today. In 2017, there were more than 40 government projects and initiatives designed to help small- and medium-sized businesses. Among these projects are tax exemptions for companies with less than 50 employees, as well as for companies owned by Burkinabé investors located abroad. These tax exemptions have been around since 2012 but have been modified in order to benefit even more entrepreneurs. Additionally, starting June 2015, all new business owners receive free consulting from government entities that provide services such as finance and customs support or marketing expertise.
Industrial Infrastructure Burkina Faso:
Agriculture is still Burkina Faso’s dominant economic sector, accounting for about 42% of GDP and employing about 80% of its workforce. Cotton remains its most important crop. Farmers harvest on average only two to three times per year because of poor rainfall and high temperatures. As recently as 1991, Burkina Faso was self-sufficient in grain; but following poor harvests in 1992 and 1993, it became a net importer of food grains. The country produces cotton lint, sugarcane, corn, rice, sorghum (the staple), millet, peanuts (groundnuts), potatoes, beans, and other vegetables. It also has some livestock: cattle (mostly in the south), sheep (in both pastoral and agro-pastoral zones), and goats (mostly in the Sahelian zone) in Burkina Faso. The country also has large gold deposits.
Market Size Burkina Faso:
Value chains can have a comparative advantage. Burkina Faso has a comparative advantage that is not fully seized in cereals, particularly rice and maize, fruits and nuts, mangoes, cashew, peanuts and shea, oilseed, and sesame crops, as well as livestock. While the country is one of Africa’s leading cotton producers, these significant opportunities will help diversify agricultural production and exports to improve sustainability, promote domestic transformation, and ultimately increase value addition. To do so, Burkina Faso can leverage its favorable eco-climatic conditions in the stronger mining value chains to help develop power infrastructure since the mines in operation have almost as much installed energy capacity as the national utility while supporting the development of high-potential agriculture subsectors. Harnessing this potential requires proactive approaches to building strategic alliances and developing tailor-made solutions in the form of shared infrastructure.
Industrial Growth Burkina Faso:
Looking for investment opportunities? Some great opportunities are available for businesses looking to invest or expand into Burkina Faso. The country has a thriving economy and is growing at an impressive rate, with many industrial sectors offering growth potential for foreign investors. For example, the food processing and manufacturing industries have shown strong growth over recent years, while mining is also on the rise. The government of Burkina Faso is keen to encourage foreign investment by creating incentives such as tax holidays and reduced customs duties on imports of equipment and machinery. In addition, there are several private organizations that offer support to foreign investors who want to start up their own business in Burkina Faso.