How to start a business in Algeria in 2023
how to Start business in Algeria in 2023
Algeria is considered one of the wide markets for anyone who wants to start a business from scratch and make profits without resorting to working eight hours a day. Whether you have a project idea or curiosity has pushed you into this field, this guide will help you on how to start a business from scratch and market in Algeria.
01- Choose the field of commercial specialization (Niche Market)
Person 01: I want to start e-commerce
Person 02: I want to sell original women’s bags in Algeria online.
Who do you think will succeed?
When choosing your field, focus on solving a problem for your customers. Understanding the needs you address not only guides your marketing strategy but also defines your target audience.
Be attentive to emerging trends in Algeria, observing what captures attention locally. This awareness is a valuable asset for your business endeavors. Drawing inspiration from the Formula 1 fields in Algeria in 2023—spanning cosmetics, health, sports, games, office supplies, and home supplies—provides insights into potential areas for exploration. Ultimately, success hinges on a thoughtful blend of passion, creativity, problem-solving, and market awareness.
02- Competitive Analysis
- Identify the products your competitors offer: How does the company differentiate itself from its competitors? What pricing strategy do they use? What is their market share? What are the characteristics and needs of its ideal customers? How do they distribute their products/services?
- Analyze how your competitors market their products.
Where are your competitors running advertising campaigns? What social media platforms do they use? Who else shares what your competitors post?
- Perform a SWOT analysis: Identify strengths and leverage them to achieve business goals. Exploiting competitors’ weaknesses to identify market gaps
Exploit your competitors’ weaknesses, listen to their customers through reviews, and think about how to add features to your own product to meet those needs.
03- Choose a brand name
Choosing a name is an important and sensitive stage in your project, especially since it will accompany you throughout the life of your project. How can you choose a distinctive and easy name for your project?
- Choose a name: From the above, you have identified market gaps. Now your brand name should reflect your business and complement the entire spirit of your identity.
- Name testing: We must test the final name that we have arrived at, and test its position on the website, as well as whether the domain is available or not, or whether social media pages are available with the same name.
- Legally:Ensure that your brand/business name has the legal ability to communicate in your target markets and meets all trademark standards. (You can verify this via INAPI
—- Some naming techniques :
Compound names Dunkin’ Donuts, Krazy Glue, Sizzler Steakhouse
Abbreviated names: IBM, BMW, MTV, KFC
Name of the founder (owner) of the brand Ben & Jerry’s and Ferrari
Your audience will associate your brand identity with your product or service, and it is this identity that shapes the relationship between you and your customers, builds customer loyalty, and determines how your customers will see your brand.
At this stage, it is best to hire a designer to translate your business personality into a visual hobby
But if you can’t, use CANVA temporarily
Canva is a tool that gives you templates ready to be modified and allows you to create a logo, a personal card, and everything else you need.
05-Pricing your products Pricing Strategy Matrix
We will see four strategies being used in this matrix. Each of these is a different method of pricing in the market
It’s where the price point is initially high when compared to the quality of your product. The goal is to get as many customers as possible to buy it at the high margin price before it starts to decline. Like new phones
- Premium Price Strategy
This strategy is about maintaining a high price point in the market and, more importantly, maintaining the perception of a premium product or service to justify that price like Apple products.
- Economy Price Strategy
It is when the quality and price are considered so low that you are the lowest price point in the market and underestimate any competitors.
- Penetration Price Strategy
It is a strategy where your product or service is high quality but your price point is low. It is often used as a habit starter
It is a blueprint for the long-term continuity of your project. It explains why your business exists, why it will succeed, and how you plan to achieve it:
- Start by writing a brief description of the project. It should contain what the project is about, what it aims to achieve, or who it targets.
- What are the goals of your project? You can break it down into long-term or short-term goals.
- List the resources you might need to perform each task: machines, software, etc.
- Are there any obstacles that may hinder you on your way to achieving your goals? You can also mention them along with the precautions you should take.
- Write down how you measure your success or determine when you have achieved your goals.
07-Your website with Kiostore
Owning a website will increase your credibility among your competitors, through which you can display your products professionally and easily. Now there are tools available to everyone, such as KIOSTORE
- Create your account and register your store information in Kiostore
- Add your own products/categories/groups
- Choose and modify the design of your store to match your brand
08-Marketing your product
Now all you have to do is promote your product through various channels
- Email marketing: It is important to send offers via email to remind your customers about your products and attract their attention. See Email marketing in Kiostore
- Social Media Marketing: Be present among your potential customers, if you notice them on Instagram, be active there
- Content marketing, what does your target audience want to know? Publish content rich in what matters to your customers
- Pay-per-click ads campaigns With Google Ads, you can create your ads so that they show when people search for specific keywords. If people don’t click on your ads, you won’t pay anything.
- That was how to Start business in Algeria in 2023. You have now learned the most important steps for building a business in Algeria, and you are on your way to your next big goal.
The most beautiful thing is to build your project around your passion. Enjoy the journey and always learn from your mistakes.