In the last two years, the world has changed in a way that the way we do business and earn money. Now more than ever, entrepreneurs are looking for ways to make extra cash flow and invest in new projects. Rwanda is no different, and with the support of local and international partners, I decided to build a business that allows me to spend more time with my family and give back to the community that has supported me.
The impact of Covid-19 on the travel industry was dramatic, and while most destinations were affected, a number of them managed to reinvent themselves and attract new tourists. The same can be said for Rwanda. With the safety and stability of the country greatly increased, families and friends have been able to visit the country, and with the reintroduction of restrictions, individuals are now searching for new ways to spend their time.
Thanks to the KIN network, which is a business incubator and accelerator in Rwanda, I was able to get funding for my project, Grow Africa, and develop a revenue model that will allow me to significantly increase my impact in the country.
One of the things that attracted me to invest in Rwanda is the fact that the country is relatively well-established when it comes to attracting tourists. The government and local partners have worked hard to put in place a robust foundation for the country’s tourism industry, which is now one of its principal sources of revenue.
The network that KIN developed is world-class, and it helped me identify individuals and businesses that can support me in growing my own business in Rwanda. It also provided access to capital, which is greatly needed, as well as the know-how to develop a revenue model. Finally, the network also connected me to talented individuals in the country who can grow my business and support my efforts to make a positive impact.
The Opportunity Cost Of Investing In Rwanda
One of the primary reasons that I decided to invest in Rwanda is the fact that the economic growth prospects look extremely promising. In 2020, GDP is expected to grow by 7.8 percent; inflation is projected to decrease to 3.2 percent; and unemployment is anticipated to decrease to 7 percent. This is compared to 2019 when GDP grew by 6 percent, inflation was at 11 percent, and unemployment was at 13 percent.
These figures are significant, and they offer excellent opportunity for investment. In addition, the government has ambitious plans to replicate the successes it has had in attracting tourists, and it is looking for business partners, like myself, who can help it achieve these ends.
Rwanda will need business partners like myself who are looking to invest and make a profit to support its plans for economic growth, and I am looking forward to being a part of that.
Revenue Model For A Successful Business
The first step in the process of building a business is to create a revenue model. This model will help you determine how you will make money online, and it will also serve as a guide for how you should be spending your time. In terms of my own experience, I worked with my personal financial advisor to set up a proper investment portfolio that is aligned with my risk tolerance and time horizon. Once I had that in place, I looked into potential revenue sources and formed my business plan around the models that I envisioned would allow me to generate an income.
I did not want to just invest in a business and hope for the best. I needed to be sure that there was a clear path to profitability, and I could not afford to spend my time working on a business that was not yet generating a profit.
Thanks to the KIN network, I was able to work with a team of experts who were able to develop a proper revenue model that will, over time, allow me to significantly increase my impact in the country.
Where Do I Start?
The next step in the process of building a business is to determine where you will launch your online store. This is especially important if you plan on making financial gains from the venture. While there are certainly a number of eCommerce platforms that you can use, you should consider the fact that you will have to market your product and manage your store in order to make a profit. This aspect can be extremely time-consuming, and it is certainly something that you should not outsource to the little fish in a developing country.
Once you have decided where you will launch your online store, it is time to consider how you will promote it and what you will use to drive sales. Social media is a great way to gain traction quickly, and it is highly accessible and cost-effective. The problem is that not too many people realize how much engagement they need to achieve to make a profit, and they end up spending a lot of money on useless promotions. This is why I recommend using a marketing platform that monitors and tracks your performance, and offers a DSA (dashboard, statistics, and analytics) so you can always check the numbers.
The next step is to set a budget and determine how much you will need to make to achieve your goals. There are several online calculators that you can use to get a quick estimate of how much money you will need. With these tools, you can input the amount of money you are willing to spend, along with how long you will need to break even, and the platform will provide you with a fairly accurate financial forecast. Knowing how much money you have to spend and how much you need to make isn’t easy, but it is critical if you want to be able to make a profit. Setting a goal to spend nothing is not a viable option; you have to put in some money to make it happen.
The last step before launching your business is to consider the risks and the fact that this is still a venture of sorts. Developing a business plan takes a lot of work, and it can be extremely risk-averse to just dive in and hope for the best. If you are looking for a country to invest in, please do consider the fact that there is always risk involved, no matter where you choose to invest. The question is: Are you ready for the risk? Are you willing to put in the time and the resources to make sure that your business will be viable, and can you live with the idea of losing some investment?
The main thing to keep in mind is that if you are looking for a country to invest in, you should consider the fact that there is always risk involved, no matter where you choose to invest. The question is: Are you ready for the risk? Are you willing to put in the time and the resources to make sure that your business will be viable, and can you live with the idea of losing some investment?
It would be great if we could all get paid even when we are not working. Some of us have bills to pay and families to support. It is not easy to find a way to make money online in Rwanda, but I believe that it is possible. I have learned to be realistic about my expectations and know that it will not be easy. However, I also know that with perseverance and collaboration, it is certainly possible to make money online in Rwanda – and to have a positive impact on the country, as well.