The creative culture sector in Africa has about half a million people working in it, with revenues of US$ 4.2 billion. The creative and cultural economy in Africa includes everything from film, art, fashion, and cultural items to music, games, and more. The arts/culture niche contributes a huge amount to the gross domestic product and exports. It also helps promote and support the development outcomes laid down by the UNDP.
All of this makes the arts/culture field a lucrative and sustainable one if you want to start a business in Africa. Here is all that you need to start a business in the creative and cultural sector of the African continent.
What Makes Africa Ripe For Business?
The African continent is making strides forward and growing economically. However, it is still a poor country majorly, with more than half of the population still considered to be living below the average comfort standard. While many people are moving online and improving their standards of living, there are less than 25% of adults with a formal financial account.
This certainly shows the high number of problems in Africa, but it also shows that there is a wide gap waiting to be filled with opportunities by starting businesses and providing jobs.
Steps To Take For A Successful Career In African Arts And Culture
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Research The Market
No matter what business you start, this is where you begin – market research. You must first decide on what market sector you are targeting. Different segments will have varying interests. The older population might have interests in the vintage art scene, but most of the younger population would be spending on digital arts products like online streaming, digital music, video games, etc.
So, decide on the target market and get to collecting data around it like what’s trending, what’s selling, the popular stuff, and the challenges being faced in your niche by the target market so you can fill the gap.
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Be Seen Online
If you are starting a business in the twenty-first century, an online presence is non-negotiable. Make sure you are seen online by the stakeholders. In the arts/culture niche, Instagram serves as the prime social media platform for creating a presence. It attracts a majority young population, and pictures can show the innovativeness of a creative business more vividly.
You can also create business accounts on some other platforms like Facebook and LinkedIn. LinkedIn will make it easy for you to network with others from the business community.
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Get The Seed Money
It would be better if you have some money saved up before starting a business, but there are other ways to get the cash flowing into your business. You can apply for seed funding rounds to qualify for investments from VCs and professional investors. But this funding is hard to get due to high competition.
You can also go for crowdfunding. Crowdfunding is when you raise money for your idea from the public. You can also find business partners and take help from friends and family.
Are You Ready?
There are amazing African startups popping up everywhere. People are investing in African fashion, digital content, games, local artisans, and more. You can display your artwork online and sell it, go for artistic or meaningful jewelry, or some other crafty idea.
This is a great time to start an arts/culture business in Africa. Dig in and get your share.