Starting a business in Somalia

[Transparent]

I am thinking of starting an inshallah successful business in Somalia in the future.My question is what sectors are proven to be very profitable in Somalia at the moment?.I want this business to be successful inshallah and would like to gather information about what obstacles people face back home in starting up businesses.This is not an immediate plan rather it is an option i am willing to take for my future after i finish my education therefore,i would like to know the risks associated with starting up a business back home.

 

[Adheer Warsame]

Somalis all seem to copy each other for some reasson. The best option would be to deviate and try something new or open up a convenience store in a neighbourhood.

 

[Transparent]

Somalis all seem to copy each other for some reasson. The best option would be to deviate and try something new or open up a convenience store in a neighbourhood.

saax adheer

 

[ebyaaney]

Convenience store? The shops all literally sell the exact same stuff-eggs, bread lollies, toiletries and batty vegetables from the suuq. Refrain from opening either a store or a hotel, there are waaay too many. My advice is to import australian cows to somalia. They produce 30L of milk per day whereas Somali cows produce just 1. You'd put every xoolo raac out of business though

 

[Transparent]

Convenience store? The shops all literally sell the exact same stuff-eggs, bread lollies, toiletries and batty vegetables from the suuq. Refrain from opening either a store or a hotel, there are waaay too many. My advice is to import australian cows to somalia. They produce 30L of milk per day whereas Somali cows produce just 1. You'd put every xoolo raac out of business though

haaha great insight

 

[Transparent]

walahi the ideas are great thats what we Somalis need.A platform where we can express our ideas and find avenues to better ourselves hence,improving our nation in the future

 

[ebyaaney]

walahi the ideas are great thats what we Somalis need.A platform where we can express our ideas and find avenues to better ourselves hence,improving our nation in the future

There is a lot of talk and not much action. What we need is for the diaspora to study up, get rich then move back and invest-but 90% of qurbo ku soo kor kids have no intention of actually leaving the west. Majority are too detached from the motherland to make this a reality.

 

[Transparent]

There is a lot of talk and not much action. What we need is for the diaspora to study up, get rich then move back and invest-but 90% of qurbo ku soo kor kids have no intention of actually leaving the west. Majority are too detached from the motherland to make this a reality.

my plan is to first get stable,get married,get rich and build my country.And lastly,get to jannah

 

[ebyaaney]

my plan is to first get stable,get married,get rich and build my country.And lastly,get to jannah

In Sha Allah. We need more people studying things other than nursing and human resource management. I'd like to see architects, economists, engineers etc. returning too inshallah.

 

[Transparent]

In Sha Allah. We need more people studying things other than nursing and human resource management. I'd like to see architects, economists, engineers etc. returning too inshallah.

I see potential in the somali teenagers of today.Mark my worlds"we will make somalia great again"

 

[Deactivated]

I am thinking of starting an inshallah successful business in Somalia in the future.My question is what sectors are proven to be very profitable in Somalia at the moment?.I want this business to be successful inshallah and would like to gather information about what obstacles people face back home in starting up businesses.This is not an immediate plan rather it is an option i am willing to take for my future after i finish my education therefore,i would like to know the risks associated with starting up a business back home.

All of Somalia is a START-UP. In the west people creating start-ups to solve problems that don't exist, or they start business to RAISE money not MAKE money.

If you are stuck on an IDEA, Take the hard copy of the "Yellowpages" Or whatever your country has that shows all the businesses in your city.

Take that Yellowpages, go outside and let the wind hit it--stop on a page, close your eyes. And guess what? That business doesn't exist in Somalia or is an Infant industry and nobody has created.

Here's are Three of the most over looked and crucial components of entering the somali market.

Always, Always get your banking correct before you start anything is Somalia.
You need to move your companies money in and out of Banks incase something goes wrong.

A) Step one:
i)Open an HSBC international business account, this way you can land in Dubai and get access to funds right away.
ii)Open another bank account in Dubai that recognizes Somali banks.
iii)Whatever business you will be starting, you will most likely need an Alibaba account to source supplies and expenditures used
often to run your business.

B)Step two:
i)Always use a fucking policy and procedure manual. This way you don't have to keep telling people what you expect of them.
Here's the format I use for anything: http://www.inc.com/david-finkel/why...dead-and-what-you-should-replace-them-wi.html

C)Step three:
i) Start with something you are good at, or proficient in. If not whatever you start it will be a great opportunity.

People don't put respect on starting a startup in Somalia. The whole country is a START-UP. American entrepreneurs are desperate
to access anything, and its getting harder and harder to make money in the US because of regulations.

Just pick anything and you will be find.


The whole country is a Start-up bro

 

[Deactivated]

Somalis all seem to copy each other for some reasson. The best option would be to deviate and try something new or open up a convenience store in a neighbourhood.

Somali's only copy low hanging fruit opportunities.

Will be covering this in my Youtube videos.

But, image if you became a software engineer and starting building apps.

Or you became an engineer and started building a power plant or alternative energy model.

...Or let's say you became a doctor and open private medical centre.

If everyone copies you than, at least it moves us in the right direction.

The protectionist Somali mentality is rarely talked about.


Just set the bar HIGH!!! and if you get competition than its a good thing.

 

[Mckenzie]

I was thinking of starting a Somali Deliveroo, basically using smartphone apps to deliver goods and items in a timely fashion. Then again I'd need to speak with the ministry of posts and communications, I mean do they have home addresses for the folks there

 

[Deactivated]

I was thinking of starting a Somali Deliveroo, basically using smartphone apps to deliver goods and items in a timely fashion. Then again I'd need to speak with the ministry of posts and communications, I mean do they have home addresses for the folks there

There's a chamber of commerce in Mogadishu, Garowe and Hargeisa.

Somali is going digital fast!

 

[Mercury]

I think agriculture thats where alot of money lies

Plus I think it would be a good thing if more big Somali companies like Dahabshiil invest money on people with ideas

 

[DiricLover]

I want to open a gym for my faaraxs and xalimos Inshallah.

I'm planning to buy land this upcoming summer in hargeisa for this. What area do you guys think would be a great location for a gym?

@UncleMenace @waraabe

 

[Deactivated]

I think agriculture thats where alot of money lies

Plus I think it would be a good thing if more big Somali companies like Dahabshiil invest money on people with ideas

What's happening from my experiences are; more and more Millenial somali's are missing incubators.

I'm with a very small team at the moment, these guys are from SL, PL and Konfur.

Our super tiny incubator is based on helping each other not f*ck up in Asia, and have trusted people
on the ground to source agro products from.

There's an awakening within Somali creatives and millennial entrepreneurs. The old farts aren't very creative, but they have money.

In the next ten years you will start to see Private equity business becoming a normal thing in Somalia.

You can't build somalia as a one-man show. You need to great a board of directors that over see various industries.

In Canada the average private equity firm, owns 5-15 businesses.

This is where I see things going.

 

[Mercury]

I want to open a gym for my faaraxs and xalimos Inshallah.

I'm planning to buy land this upcoming summer in hargeisa for this. What area do you guys think would be a great location for a gym?

@UncleMenace @waraabe

How about outside a mosque?

 

[Deactivated]

I want to open a gym for my faaraxs and xalimos Inshallah.

I'm planning to buy land this upcoming summer in hargeisa for this. What area do you guys think would be a great location for a gym?

Land is cheap, but construction can kill your bottom line.

Partner up with an Old head that owns a building and make sure everything is in writing.

The only reason Somali's want to build everything from scratch is because everyone thinks the landlord will steal your business idea.

If you use rented space and make a deal with a property developer, I think you will be fine.
You should source your gym equipment from Alibaba--Ship buy sea since gym equipment flown out will cost a ton.

But, remember. The whole country is a start-up. Don't be paranoid about partnering with people. Most of the Somali's
I work with understand that, it's impossible to be a lone-wolf. You have to help each other.

 

[Mckenzie]

What's happening from my experiences are; more and more Millenial somali's are missing incubators.

I'm with a very small team at the moment, these guys are from SL, PL and Konfur.

Our super tiny incubator is based on helping each other not f*ck up in Asia, and have trusted people
on the ground to source agro products from.

There's an awakening within Somali creatives and millennial entrepreneurs. The old farts aren't very creative, but they have money.

In the next ten years you will start to see Private equity business becoming a normal thing in Somalia.

You can't build somalia as a one-man show. You need to great a board of directors that over see various industries.

In Canada the average private equity firm, owns 5-15 businesses.

This is where I see things going.

The business community in Mogadishu is big but very, very unwelcoming. The whole economy is controlled by fat cats sitting in Bakara Market. You will be forced to make overhead arrangements that you didn't expect