I just came back from Thailand, after attending a wedding with the most diverse guest list ever.
From India to Japan to South Africa, I met friends from all over the globe and learned a bit about their zeitgeists. It was a great reminder to zoom out sometimes and see what the rest of the world is up to.
That’s why today we’re looking at a continent far from the US, and the ample opportunities waiting to be explored there.
In today's email…
Opportunities in Africa’s growing youth population
3 small business ideas you can launch easily… and 67 more for inspiration
What we’re surfin’, from TikTok trends to lead gen with Loom
Let's get started!
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Young Africans are about to become a major topic of conversation, as this demographic undergoes a massive boom. 💥
Africa is the Benjamin Button of population demographics. Source: Our World In Data
Notably:
Nearly 60% of Africans are under the age of 25, compared to 27% of Europeans.
The median age across Africa is 18, compared to 35 in North America.
By 2050, sub-Saharan Africans will make up a third of all young people globally.
This exploding group represents both potential customers and affordable, untapped talent. Here’s how entrepreneurs can take advantage of the African fountain of youth.
Hey, young spender
The most obvious opportunity is sales of youth-focused products and services.
Internet access is increasing, urbanization is happening fast, and lots of consumers are moving from informal retail (like local markets) to shopping malls, creating all kinds of new spending patterns.
This almost limitless potential goldmine includes:
South African rapper and sneakerhead YoungstaCPT is shown in a sneaker store in the music video for his song “Takkies” - slang for sneakers. Source: YouTube
Africa’s got talent
By 2040, Africa will need 2m new jobs per month to keep up with population growth.
There are tons of reasons why global businesses might want to capitalize on that trend. For starters, Europe’s aging population could face a labor shortage.
Trendster George Burgess is the founder of Modern Day Talent, a startup that sources and facilitates remote talent in South Africa for European companies. He says that South African talent:
👉 Costs 50% less than UK talent or two thirds of European talent
👉 Is abundant, high quality, and English-speaking.
Plus, South Africa falls in a European time zone.
Agencies like George’s can make the remote hiring process easier by dealing with tricky, unfamiliar red tape in African countries.
Three areas of opportunity:
Go niche. You could build an agency that pairs French or Arabic-speaking Africans with employers in wealthier nations or focus on a particular in-demand skill like occupational therapy.
Employee support. Help meet the needs of remote professionals with co-working spaces, laptop financing, or specialized employee benefits solutions.
Build skills. Demand for tertiary education is booming but African universities can’t keep up. Meanwhile, online learning is expected to grow at a rate of 12% through 2027 in the region.
You could set up a coding school, facilitate remote apprenticeships or start an online language school to equip Africans with the skills they need to enter the local, US or European workforce.
Startup continent
Africans are entrepreneurial and active users of tech. Pre-pandemic, 22% of working-age people were entrepreneurs (compared to 16% in the US). And tech startup funding is growing at 6x the global average.
It’s a good time to be an African tech startup. Source: Disrupt Africa
With a limited number of jobs available and the youth population growing, a new generation of entrepreneurs is likely on the horizon.
Of course, Africa is vast and varied so no one opportunity will apply everywhere.
You may never have given a thought to the young folks in Rabat, Abidjan, and Gqeberha, never mind doing business in Africa. But as young Africans make up more of the global population, the world will have to sit up and take notice.
🔎 OUR LATEST OBSESSION
Be your own boss: 70 small business ideas to get you started
If there’s anything we’re truly obsessed with at Trends, it’s cash flow positive businesses that you can launch easily.
My colleague, Meg, wrote a fantastic piece that includes:
What makes a good small business idea
70(!) business ideas for your inspiration
Actionable steps to execute on the idea of your choosing
I’m honestly blown away by the sheer quantity, and most of these ideas are pretty easy to get started with.
Here are three that I think y’all would enjoy:
1. Online dating consultant
We’ve written about the declining usage of dating apps as singles look for more authentic connections. But they’ll need guidance.
Consider becoming a dating consultant – you can help people create online dating profiles, source matches from outside the typical channels, and offer a level of personalization that Tinder just can’t.
Virtual assistants help business owners and executives crush administrative tasks. It provides a flexible work environment and a sense of ownership.
To get your foot in the door, network on LinkedIn and attend local small business events. You can also get leads by posting content on social media about productivity and time management.
For a competitive edge, consider carving out a niche like “VA for momtrepreneurs” or “ecommerce bookkeeping expert.”
Alternatively, you can help business owners build effective training systems and onboarding plans for their VAs — a major pain point.
3. Sell downloadable digital products
Downloadable journals, templates, art prints, designs… Some people prefer to print these at home instead of paying the full price of the paper and design.
Downloadable digital products can be a profitable small business idea for those who are already design-savvy or willing to learn anonline design tool.
But you don’t have to design full-on journals or beautiful art prints – you can create templates formarketplaces such as Canva’s. People can customize a base design to their specifications there, so no need to dwell on aesthetics — it’s more about functionality and customizability.
If you plan to create digital products that buyers can print at home, think about printing specifications, such as recommended paper size, paper weight, and PPI (pixels per inch; a higher PPI results in better print quality). It’s essential to create a positive customer experience, even if users are ultimately responsible for what the final result looks like.
Continue reading for the full list of ideas! There's something for everyone...
