Archive | Entrepreneurship in South Africa

RSS feed for this section

5 Signs you’re an Entrepreneur

Wondering if you have what it takes to run your very own business? We’ve narrowed it down to the top tell-tale signs.

NewsFeed-Web-Banner-cover

Just do one simple search on Google and you’ll find an endless list of entrepreneurial qualities, all described as the trademarks of a successful entrepreneur: passion, business focus, drive, confidence, innovation, persuasiveness, determination, independence, curiosity, risk-taking, adaptability, self-discipline and the list goes on.

Not even Bill Gates have them all.

Luckily, the real determining factor, according entrepreneurial researcher Jesper Moe, is not whether or not you’re born as a “super-individual” with all these qualities, but rather whether or not you choose to develop these entrepreneurial qualities throughout your life. Thus, your attitude.

According to his paper, A Meta-analysis on who become Entrepreneurs, “becoming an entrepreneur is a possibility even if the individual is not in possession of the traits needed” as it’s more than possible to get help towards becoming entrepreneurial.

That’s why we’ve compiled a list of 5 real signs you’ve chosen the road to entrepreneurial success, rather than a list of qualities that you could Google in anyway. Here you go!

 

  1. You want to learn something new everyday

You’ve got the secret all figured out: knowledge is power and we all start out knowing nothing. Even Richard Branson had to start somewhere.

To you, finding the road to success is a matter of soaking up as much know-how and info as soon as possible.

You read books and business articles; you attend workshops; you watch YouTube videos on entrepreneurs and you dive into conversations with leaders in your industry or people you admire.

The only real failure is going to sleep tonight with the same amount of knowledge you had yesterday.

 

 

  1. You’re on a daily mission to improve yourself

Just like anyone else, you were born with a set of strengths and weaknesses that you did not choose. It’s how you use those strengths and how much you underplay or work on your weak points that determine how much you can achieve with what you’ve been given.

According to Vivek Wadwat, a research director at the Duke Center for Entrepreneurship and Research Commercialization in North Caorlina, it’s still one of the most common misconceptions that people are born entrepreneurs.

“Although some research indiciates that entrepreneurship skills are genetic qualities, anyone lacking theses skills can learn them or develop weak qulities into strong ones,” explains Wadwat.

If you’re dedicated to honing those entrepreneurial skills that don’t come naturally to you, for e.g. business focus; confidence; innovativeness or self-discipline, you’ve chosen the road to success.

 

  1. You’re willing to take action, even if it’s risky

“Anybody can think up an idea for a business, but not everyone can put rubber to the road and actually grow something that both matters and earns money,” explains entrepreneurial blogger Caleb Wojcik. “Taking action is the difference between entrepreneurs and non-entrepreneurs.”

Sure you can fail, but Rome was not made in a day. It also did not build itself. A great idea means nothing if you don’t invest the time, money or effort needed to see if it can actually work and that usually requires taking some sort of risk.

Whether that means going into your own business full-time, investing some of your saving or simply sacrificing your free time to develop your business in the evening, while you pay your bills with your day job.

 

NewsFeed-Web-Banner-3 

 

  1. You have a passion to change the world for the better

One of the most common entrepreneurial traits mentioned in business research is opportunity spotting. This simply means you have the ability to spot problems in the world and solve them – like a real-life superhero.

Finding needs that are unmet within your community and investing your time and energy to find sustainable ways to fulfil those needs on an on-going basis is not only the basis of a good business plan, but also a sure-fire way to better the world.

 

  1. You’re ready to get up after failure, every time

If you Google quotes on success, you’ll find an overwhelming amount of them are focused on overcoming failure. The reason being, failure is both inevitable when you try new things and it’s necessary to finding new and better ways of doing things.

Hollywood director Steven Spielberg was rejected by multiple film schools, Steve Jobs was fired from his own company, Apple, back in the day and the famous fashion designer Vera Wang was a figure skater who never made the Olympic team.

Former UK Prime Minister Winston Churchill summed it up perfectly: “success is the ability to go from failure to failure without losing your enthusiasm”.

That’s why adaptability is one of the key qualities associated with successful entrepreneurs. You have to have the willingness to take risks and then you need to be willing to get up and change things up when they don’t work out as you planned.

NewsFeed-Web-Banner-4

 

Tourism in South Africa

South Africa possesses a unique quality that keeps attracting tourists in the country. No matter what the circumstances in the country may be, tourists just seem to keep returning for more of the South African culture. That is why the tourism industry in South Africa is so profitable.

Tourism

Tourism is one of the largest industries worldwide. There is no other explanation for it. South Africa poses something different that other countries do not have. Our country is rich in cultures and diversity. Together, we form a new culture, the South African culture. This is the way we interact with each other and how we treat other people, especially tourists.

People tend to travel for different reasons these days. It was normally just to go on vacation, but in today’s world, people travel for business purposes and many other reasons. Even these business people are seen as tourist, because they are visiting another place and they will most probably buy something during their period of stay.

Tourism is an industry that just keeps on growing in South Africa. There is a lot of people that are traveling within South Africa, but there are also a lot of international tourists that are visiting the country. One of the main attractions in South Africa is Table Mountain. For this reason, Cape Town always reports with high numbers of international tourist in their city.

According to the World Travel and Tourism Council, the tourism industry has contributed about 7% of the Gross Domestic Product (GDP) in South Africa.  The booming tourism industry also resulted in multiple employment opportunities for people. It also inspired a lot of entrepreneurs to start their own business around the tourism industry in South Africa.

It was established that the most tourists that the country receive, are from the African mainland. This was estimated at about 74% of all tourists. The remaining 26% of tourist, were tourists that visited from overseas. It was also confirmed that about 92% of all people visiting South Africa, came here for holiday purposes. The remaining 8% came for either business purposes or private reasons.

The Fifa Soccer Wold Cup in 2010 also brought in a relatively large amount of tourists from all over the world. The entire tournament was seen as a success, apart from Bafana’s performance, and most of the tourists gave positive comments and feedback on the tournament and on the hospitality of South Africa. In the few years following the tournament, there was also an increase in the yearly visitors to the country seen.

The government has made provision to educate and to inform young entrepreneurs on how to start their own, tourism based, businesses and most importantly, how to sustain their businesses. This is a brilliant platform to start a new business and there have been multiple success stories since the 2010 Soccer World Cup.

Tourism is an industry that is sure to remain an active industry for years and years to come. There are still multiple opportunities for entrepreneurs to make use of. South Africa has loads to offer to tourists. South African entrepreneurs should just recognize and seize the opportunities to deliver tourism based services.

If you do not have your own company yet, then we can help you get started, Click Here for more information.

FIND MORE ARTICLES ON OUR BLOG – click here

 

 

 

Transportation Businesses in South Africa

Transportation has formed a crucial part in our daily lives. Not only do we make use of our own transportation, but we also make use of public transportation and distribution companies. Without these transporting companies, there would have been one massive gap in our economy.

Transportation

The specific Transportation company that we will be dealing with in this article, is distribution companies, as well as logistic companies.

Some people tend to look excitingly out of their window when the spot a large transporting truck. There is no reason to describe this habit, but for some or other reason it keeps on happening. This might just be our subornation appreciating the work they do. Whether it is to count all the wheels, guessing what the truck is transporting or just getting the driver to sound his horn for you. What we do not always realize, is that being on the road is that drivers life, they travel long distances every day, ensuring that we have food in our stores and clothes in our shops. Without logistic companies, we would not have any of these.

This is, however, not the only type of transporting companies that plays an important role in our economy. Small courier vehicles, minibus taxi’s and pick-up form a part of this industry. All of them play a vital role in the sustainment of South Africa’s economy.

The director of a well known transporting company had said that starting a transportation and distribution company can be tough. The procedures to get your transporting company registered is easy, but making your way into the market is the real challenge. The main reason for the struggle, is that clients of transporting companies, are looking for businesses with a good reputation. Transporting companies should be reliable in order for clients to make use of them. For this reason, start up transporting companies find it hard to establish themselves in the market.

A lot of things can happen along the way that can have an impact on your transportation company. Unfortunately, this industry is not one of the cheapest. It is important to remember to not ever over indebt yourself while you are working in this industry. It is best to start small, gain a good reputation and building up a strong client basis. In this way you will be able to build your business with less debt and you can promote your transporting company’s chances of success in this way.

There are a number of things to keep in mind that some people tend to forget in the hype of starting their business. The following things are own to a transporting company:

  • Staff duty rosters
  • Vehicle schedules
  • Maintenance programs

These are just three things that can have a major impact on the success of your business. When you have these things sorted out and in place, your transporting company is set up for success.

As mentioned earlier, the transporting industry is an easy business industry to enter. The tricky part, however, is to sustain the business you are starting. It is important to remember that anyone with a small pick-up can start a transporting company, so do not focus solely on the larger companies. You can always start small and work yourself up to bigger and better things.

If you do not have your own company yet, then we can help you get started, Click Here for more information.

FIND MORE ARTICLES ON OUR BLOG – click here

The Communications Industry in South Africa

It goes without saying that the communications industry is one of the fastest developing industries world wide. The same is true in South Africa. Over the last couple of years, cell phones have exploded onto the scene and have changed the way we look at communication as a whole.

Communication

This sector contributed almost 10% of the Gross Domestic Product (GDP) of South Africa and have been the fastest growing sector in the country. This is after the rapid expansion of communication networks across the entire country.

Mobile communications are far more popular than fixed line communications. Even the internet has become wireless. According to the Department of Trade and Industry, fixed line penetration is estimated at about 10%, where mobile penetration is estimated at about 93%. That is a difference of about 83%. This goes to show to where South Africa is headed in the long run.

For quite a long time, Telkom was the only licensed provider of fixed-line communications. Telkom is a listed company in which the government is the biggest shareholder. Telkom is also one of the companies that plays an important role in the optical fiber undersea cable project. The project is aimed at providing Africa with the telecommunication needs for about the next 25 years.

The cellular phone market has grown exponentially in the last couple of years. Almost each individual in South Africa has access to a cell phone. The country is also one of the fastest growing Groupe Speciale Mobile (GSM) markets in the world, currently ranking fourth.

Currently there are three major cellular service providers in South Africa. They are widely known to be in constant competition with each other. They are Vodacom, MTN and Cell C. For quite a few years, these were the only cellular service providers in South Africa. That is no longer the case. There are now other, but smaller, cellular service providers in South Africa. They are, amongst others 8ta, which was brought to life in partnership with Telkom.

The communications industry also ensures a large number of jobs. Service technicians are needed to ensure optimum functionality of the communications network in South Africa. There are also people needed to run the retail stores that were formed by these cellular service companies.

South Africa is also he largest internet market in the whole of Africa. It is estimated the there are about 9 million internet users in South Africa at the moment. With cellular devices also being able to connect to the internet, that figure will easily be multiplied.

According to research from the World Wide Worx, it is predicted that the demand for internet will continue to rise steadily in South Africa. They also estimated that the total amount of users will increase by about 500 000 users each year.

With more communication service providers that are being formed in South Africa, the prices for these services will also most probably become more competitive, which will be to the advantage of the user.

For an industry that have not been established for too long, South Africa is doing extremely well to deliver communication services to the people of South Africa. The proof is in the pudding, if you could read this, it is enough proof that South Africa has a well established communications industry.

If you do not have your own company yet, then we can help you get started, Click Here for more information.

FIND MORE ARTICLES ON OUR BLOG – click here

 

 

 

Wholesale and retail trade

The wholesale and retail trade sector in South Africa is the third largest contributor to the Gross Domestic Product (GDP) in South Africa. Not only does this sector provide a large number of employment opportunities, but it also helps to boost the economy of South Africa.

Over the last few years, South Africa has undergone a transformation from a primary sector based country to a tertiary sector based country. This had to effect that there was more attention given to the wholesale and retail trade industry, than to the manufacturing industry.

This shift also brought on some other changes. South Africa now would rather import and sell items, than to manufacture it here in South Africa. It should also be kept in mind that South Africa still has a very active and well sustained manufacturing industry.

Statistics South Africa is the country’s leading researcher and data capturing institution. Statistics play a major role in predicting the future and remains an important tool to learn from the past. Statistics SA produces a survey on a monthly basis, on the activities and happenings in the wholesale and retail trade industry. This survey covers a wide variety of wholesale and retail trade enterprises in South Africa. These enterprises include some of the following retailers:

  • Appliances
  • Beverages
  • Clothing
  • Cosmetics
  • Equipment
  • Food
  • General dealers
  • Hardware
  • Household furniture
  • Pharmaceutical and medical goods
  • Textiles
  • Tobacco
  • Toiletries
  • Various other dealers

There has been an increase seen over the last few years in the prices of the products of these retailers. The largest increase was recorded in 2006. The increase from 2005 to 2006 came to stand at a staggering 9,7%. According to statistics SA, this was the largest increase that they saw for any year since 2000. This increase could be the result of an increase in the inflation rate and/or an increase in the petrol price.

This drastic increase in prices had to effect that the retail sales growth decreased in the third quarter of 2006 by a shocking  9,1%. This made the overall economic conditions in South Africa somewhat tougher. Shortly after, in 2009, the economy, worldwide, took an extreme knock with the recession that shook the entire market.

A list was drawn up to identify the major retailing groups that showed the largest contribution to the economy. The groups were the following:

  • Edcon
  • Ellerines Holdings
  • Massmart
  • Pick ‘n Pay
  • Shoprite Checkers
  • The Foschini Group
  • The JD Group
  • The Mr Price Group

Trade unions also play an influential role in this sector. Trade unions were established to be the mediator between the employees and the employer. When employees are allowed to join trade unions, the trade union will see to it that the rights of the employees are protected and that there is no discrimination or impairments in the employees’ workplace.

Despite all of this, the wholesale and retail trade industry showed a 10% growth in 2013. This goes to show that South Africa has the ability to recover very well after a major international economic crisis. Even with multiple obstacles and challenges, this growth was possible.

This goes to show what South Africa is capable of. Even when the cost of living rises, the industries in South Africa can still achieve growth. More and more investors will notice this and South Africa will be put on the map once again.

FIND MORE ARTICLES ON OUR BLOG – click here

 

A training platform for entrepreneurs

The one thing that nobody can take away from you is knowledge and as we all know, knowledge is power. In South Africa, not everybody has access to the funds needed to pay for further education and training. In the past, this had to effect that a lot of great ideas and potential entrepreneurs did not see the light.

Training

 

Luckily, there are a few organizations in South Arica that provides free training to entrepreneurs. This is done to ensure that these entrepreneurs are equipped with the essential skills to successfully start and run their own businesses.

One of these organizations is The Seed Academy. The Seed Academy provides practical training for entrepreneurs. The best thing about this Academy, is that the training is provided by real entrepreneurs. This enables the Academy to provide the best possible training by having real life experience in entrepreneurship.

They are aimed at providing assistance and training to entrepreneurs from the very start. They take the trainee entrepreneurs through all the steps, from finding the idea right through to the realization of the idea. Everything that needs to happen in between these two milestones is covered.

The Academy has recently announced that they are in possession of R2,4 million of sponsored training that they will be making available to entrepreneurs. This will mean that a number of potential entrepreneurs will have the chance to better their skills and that they will be able to open and run a business successfully.

At the moment, the Seed Academy offers four courses for entrepreneurs. These courses include basic training, marketing and financial training, as well as a course that is aimed at educating the trainees on the key aspects of building a successful business. The only downfall to this training is that it is only presented in Johannesburg and in Cape Town.

These courses are all structured in such a way that it incorporates personal and leadership development. Developing these elements into the courses will give the entrepreneurs a solid foundation to build their new business on.

The course also includes practical sessions where the entrepreneurs will be actively involved. The Academy determined that when they make use of practical lessons, what the entrepreneurs learn more from the experience in relation to only reading all the information. These practical sessions are presented once a week over the span of 10 weeks from 18:00 till 21:00.

The Seed Academy has also made it easy to apply for admission. You can log onto their website and go to the ‘Apply Now’ link, where you will be asked to complete a short form with your details. All you then need to do is to submit your application.

The best thing about these courses is that you do not need a certain qualification or achievement behind your name in order to enroll for these courses. All that you need is a brilliant idea and an entrepreneurial spirit. When you have these two, and completed the training, nothing will be able to stop you.

If you would like to get into contact with the Seed Academy, you can do so by logging onto their website at www.seedacademy.co.za, you can drop them an email at info@seedacademy.co.za or you can give them a call at 011 262 6858.

FIND MORE ARTICLES ON OUR BLOG – click here

Effect of recent fuel price increases on the transporting industry

For the normal person that travels around town, to and from their workplace, the impact of a fuel price hike can easily be felt. Now, when we think of how large of an impact  simple price increase can have on major transport companies.

Fuel price

The recent drop in the fuel price has had South Africans smiling. For quite a while we were the victims of multiple price hikes. Luckily the burden got a bit lighter in the past few months.  As we all know, these fluctuations in the fuel price, has had an impact on the transport industries.

The companies that specialize in transporting goods from one large city to another, determines their prices in accordance with the current prices for fuel. For this reason, the increase in the fuel price will have an effect on the customer of the transporting company, not directly the transporting company itself.

You might think all is well then, but that is not the case. In order for transporting companies to remain in business while still making a profit, they will have to quote more each time that there is a dramatic increase in the fuel prices. This is the part that will have an effect on the transporting company. Each time that the fuel prices go up and they increase their prices, they stand vulnerable to loosing clients. Not all clients will be able to pay higher amounts.

Luckily, with the recent decrease in the amount of fuel have brought relief for the transporting companies, as well for their customers. People do not always realize the amount of fuel that is needed to run a large truck from one city to another. These big engines can use up to one liter of fuel to travel a mere two kilometers. That is an enormous amount of fuel.

For instance a truck needs to travel to Johannesburg from Cape Town, it will need to travel about 1600 kilometers to Johannesburg. The truck then also needs to go back from where it came from, so in total that will be 3200 kilometers quoted for. When you do the math, you will find that about R16 800 of fuel will be used for the entire trip. Even an increase of just R1 in the fuel price will have to affect that the transporting company will need to pay R1 600 more for the fuel. Then you still need to bring into consideration the maintenance of these trucks, salaries and costs involved in running a business.

Some of these companies appoint their drivers on a commission basis and others have a set salary. In some instances, these methods can be to the advantage and disadvantage of a transporting business’ profits.

When the price of the fuel only increases by a few cents, there are not usually a difference in the price of the fuel. It is only when the price of the fuel keeps increasing that there will be a change made in the pricing tariffs of the transporting company.

In the transporting industry, you either maintain a small fleet of about 10 trucks or a large fleet of about 140 trucks. A part-owner of a transporting company mentioned that it is difficult to run a transporting company that have about 50 trucks. When you are in the transporting industry, it is better to have either a small amount of trucks, or a large amount of trucks. When you fall in the middle of that, managing all your accounts and clients will become a problem.

The transporting industry is probably one of the most important industries in the country. Without it, there will be immense troubles in getting food and other necessities to towns that are located far from the major producing cities. So before you start to point fingers, remember that transporting companies are also just companies that are trying to make a living.

FIND MORE ARTICLES ON OUR BLOG – click here

Fears to Overcome when Starting a New Business

Whether you like to admit it or not, we all have our fears. And when you are a start up entrepreneur, you have even more the reason to have fears about the entire operation of getting your new business up and going.

New Business

One of the main reasons that people never go about starting their own business, is fear. The fear of failing, the fear of not having enough money and the uncertainty surrounding a new business. You should, however, not give in to these fears. When you fear these things, there is a small possibility that it can happen, but in reality you can prevent most of your fears from ever happening.

Here you will find a few ways in which you will be able to deal with and eliminate the fear that goes along with starting a new business.

People will not do business with me 

You do not need other people to believe in you to succeed; you need to believe in yourself in order to succeed! There is no reason to be afraid that people may discriminate against you on grounds of your race or gender. People will ultimately support the business where they receive the best service.

Learn to prioritize 

When starting a new business, it is important to know how to prioritize. These may not be your own priorities, but the priorities of the business. You should know where to start and by when it must be done. Take into consideration what actions will be to the most advantage of your business and insure that these things are prioritized above other things that need to happen in your business.

You cannot know everything 

You are starting out with a new business; it is almost impossible to know everything there is to know. The entire process of running a business is one major learning curve. Every day there are opportunities to learn more. For the time being, it is important that you learn as much as possible in regards to the products you sell and everything that your business has to offer. Here is a few tips for starting your own business.

Customers might not be drawn to your business 

This is likely the scariest thing to imagine when you are opening a new business. When you are faced with the reality that your business might not attract any customers, it can add extra fear to the process. Just remember that if your marketing strategy is well thought through and planned, there is no need for you to stress about this.

You do not receive an immediate return 

As an entrepreneur, you are known to take more risks than the normal person on the street. So do not worry if you do not receive return on your business as yet. Just work harder to ensure that you will be able to reap the benefits in due time. Do not quit in the first few months of doing business, hold on for a while and you will be amazed at what can happen.

 Remember that fear is the only thing that can hold you back. Just imagine your business in five years, without fearing anything along the way. That is something, isn’t it? So why allow fear to demolish your dreams? Get out there and start living your dream.

If you need help registering your new business please Click here.

FIND MORE ARTICLES ON OUR BLOG – click here

 

Start a Construction Company in South Africa

Starting a Construction Company is one of the most exciting ventures you will ever be a part of. Some people have had a dream to start their own Construction Company for quite some time, where others have just recently realized their entrepreneurial desire. Whichever one you are, the process and emotions will be the same.

Construction Company

To start a Construction Company will demand a lot of planning and preparation. In the same way that you need to draw up plans for a building to build it, you will need to draw up a plan for your company before you can start it. Proper planning will ensure that your construction company is built on a solid foundation and that it is set up for success. We can assist you with a Business Plan.

In order to start a construction company, there are a few compliances that you will need to have in place. Some of these compliances are only for construction companies and not all companies have to comply with them.

The one requirement that is non-negotiable for a Construction Company is that they must be registered with The Companies and Intellectual Property Commission of South Africa (CIPC). No matter what type of company you start, this is one of the things that are standard for all companies. Pty Company Registration is able to assist you with the entire process of registering your company. Feel free to contact one of their consultants and they will get the process of Registering your Construction Company started.

Depending on the size of your Construction Company, you can register with The South African Revenue Service to pay tax. Value Added Tax is only compulsory once your company has an annual income that exceeds one million Rand. Then you must also register for employee’s tax.

Some of the other places that you should register your Construction Company with, is the Department of Labour. This will be of great advantage to your company. You can register for Unemployment Insurance for your employees as well for Occupational Injuries and Diseases. This will result in compensation in the event that one of your employees is harmed while working for you on your site. This is particularly advised for people working in the construction sector. An accident can easily happen on a construction site and this fund will cover for this reality.

You will find multiple associations that are formed within the construction sector. These associations are not compulsory to join, but will be to your company’s benefit if you do. The National Home Builders Registration Council (NHBRC) is one example of these associations. A Construction Companies that is registered with the NHBRC is recognised as reputable by the public sector and financial institutions.

Depending on your target market, you will definitely find is beneficial for your Construction Company if you are registered with the NHBRC. Another association that plays a part in the public sector is the Construction Industry Development Board (CIDB). The CIDB is responsible for the grading of construction companies. They also categorise contractors according to their work and financial capabilities.

The Occupational Health and Safety Act requires that comprehensive Health and Safety Policies are put in place to ensure optimum safety in the workplace. They also require a Safe Work Procedure Manual that is drawn up in accordance with the Occupational Health and Safety Act. All of these regulations are specifically designed to ensure the safety of your employees.

Do not feel overwhelmed by all of this information. It might sound like a lot to process, but like mentioned earlier, Pty Company Registration is standing by to assist you. Never be afraid to follow your dreams. So get out your drawing board and start planning.

FIND MORE ARTICLES ON OUR BLOG – click here

 

Starting a Company in South Africa

Ask any successful entrepreneur and they will tell you that the most exciting part was when they were Starting a Company. But do not be fooled, this is also one of the most challenging parts. Nevertheless, Starting a Company could be a crucial part of your success story…

starting a company

When you know what to expect, it will go easier starting a company. A more effective strategic plan can be drawn up and you will then be able to create the best way possible to launch your company and give yourself the best chance to earn the highest profit possible.

Starting a company will ask a lot of time and energy. There are a lot of things that you will need to consider. During the planning proses it is possible that you might miss something but that is not the end of the world. There will always be time to get something in place in due time. To help ease the starting procedures, we have outlined some of the things that you will need to consider when you are thinking about starting a company.

Choosing your Company’s name:

Before starting a company, you first have to choose a name to make your Company under. This name must be wisely selected to ensure that the customers will be able to associate a product of service with your name. The right company name will also aid when you are starting to build a reputation for your company. You should also consider the names of your competitors when you are choosing your company name. Your Company name should stand out above the rest and should sound more appealing to customers. For more information on how to choose a Company Name click here

Identify your target market:

One of factors that have a major impact on your overall success is the selection of your target market. When you have identified a target market, you will easily be able to determine the need of your customers. You should also consider the location of your target market. This will have quite a large impact on the needs of your customers. You can do market research by means of customer surveys and census information. For more tips on how identify your target market, click here

Determining your competition:

Once you know your competition, it will be easier for you to set a standard of service delivery that will exceed the standards of your competition. You should also do research on the products and services that your competition offers their clients. You should always try to top that. Creative thinking will enable you to identify something that will lead to you having the edge over your competition. This will differ from company to company. Here is an interesting article showing 10 Tips on How to Research your Competition.

Choosing a company form:

You should thoroughly do research on the type of company you would like to have. There are quite a lot of different types of company structures, each with its own advantages and disadvantages. You will have to establish which of these company structures will be to the advantage for the company you would want to open. You should consider thing like expansion of your company, how many people will be able to have a share in the company and if the owner(s) of the company will be liable for the debts and creditors of the company.

These are just some of the things that you will need to consider. Once you have established these points, you can start to draw up a Business Plan.  When you feel overwhelmed by the entire process of starting a company, you can always contact Pty Company Registrations. They will be glad to assist you to help you achieve your goal of starting a company.

FIND MORE ARTICLES ON OUR BLOG – click here

 

Being a Part Time Entrepreneur

Starting your own business can be quite an unsure process. There are a lot of things that you will need to do in order to get your business up and running. Most of the time you will need to leave your current job in order to pursue your dream of owning your own business as a part time entrepreneur.

part time entrepreneur

With this all said, it is not every entrepreneur that can take this risk. Some entrepreneurs decide to become a part time entrepreneur. This means that they are pursuing to have their own business, while still carrying on with their current job. This will require an immense amount of dedication and hard work. Here are 7 things that are necessary for being a Part Time Entrepreneur

When you choose to follow the path of a part time entrepreneur, there are a lot of advantages you will have above entrepreneurs that chose to leave their jobs. Unfortunately, keeping your current job also has its own disadvantages when you are starting your own business.

The best advantage to keeping your current job as a part time entrepreneur, is that you will still have a steady income while you are getting started with your new business. You will not have to worry whether you will be able to pay your bills, because you still have the steady inflow of money, like before you started with your own business.

One of the disadvantages to keeping your current job as a part time entrepreneur,  is that you will not have as much time and energy to get your business on track. You will still have all the responsibilities of your current job, while having to attend to the matters of your own business. This can be stressful if you do not manage your time well enough.

When you have a full-time job, getting your company registered can take up a lot of your time. For this reason it is a good idea to get in the experts help. Pty Company Registration has successfully helped a lot of companies to register with the CIPC. So why not make use of them? They will be able to assist you to get your business set up for success. You can contact them and one of their friendly staff members will gladly assist you.

When the entire registration process or Registering you Company is out of your hands, you can focus your attention to other parts of your upcoming business. You can develop your idea and read up on similar products and business in your spare time. This will give you the edge when you need to make important decisions regarding your business. You can also use the time you spare to figure out where the best location for your business will be and how you will handle the marketing aspect of your business as a part time entrepreneur.

This is a decision that only you as an entrepreneur can take. If you are willing to take the risk to leave a steady income and go full out on your business idea, that is fine. But when you chose to be a part time entrepreneur, you should also be sure that you are ready for the pressure and responsibilities that lies in front of you. Whichever path you choose to follow, be sure that it leads to your dream.

FIND MORE ARTICLES ON OUR BLOG – click here

South Africas Economy ( 2015 )

When looking at South Africa’s history, it is easy to notice a shift in the country’s economy. In the earlier days, South Africas Economy was focused around the primary sectors. When looking at the current happenings in 2015, the situation has changed quite dramatically.

South Africas Economy

The focus was put on the primary sectors, because South Africa has quite a large fund of minerals. The resources were available and the country was favourable for agricultural activities. Throughout the years, there have been a shift from a primary sector based economy to a tertiary sector based economy. Today, we observe more retail and wholesale business in South Africas Economy. These businesses were responsible for driving South Africas Economy for about the last 25 years.

Currently, South Africa is moving towards a knowledge-based economy. Where E-Commerce and Technology enjoy a lot of focus and attention. It is only standard for South Africa to move towards an economy that is based on the new and changing economic environment. This will keep South Africa in a favourable position and up to date with the world’s trends. 

South Africas Economy is currently the largest economy in Africa. Even though the country may face some obstacles, the economy still remains full of promises. The legislation and legal framework of the country is also to international norms and are up to standard when measured against world leading countries.

Here are some more interesting articles about South Africas Economy.

South Africa has managed to attain economic growth from an apartheid regime to the South Africa we know today. With the integration of South Africa into the global market, it was unavoidable that the country would also be affected by the economic crisis in 2008.

Another thing that makes South Africas Economy unique is that the economy of our country is very diverse. There are more than 5 key sectors that make a contribution to the Gross Domestic Product (GDP) of South Africa. These sectors include the following:

  • Finance (18.5%).
  • Government services (14.5%).
  • Wholesale (13.2%).
  • Manufacturing (11.5%).
  • Mining (8.4%).
  • Transport (7.4%).
  • Personal services (6.4%).
  • Construction (4.8%).
  • Agriculture (4%).
  • Electricity (2.8%).
  • Other (8.5%).

It is clear to see that finance is the one factor that has the largest contribution to the GDP of South Africa. The government’s contribution is not that far behind and comes in second, just before wholesale and retail trade. A large part of our economy is exportation. The exporting of agricultural products is one of the best known exported products of South Africa. South Africa also produces some of the best wines in the world.

To register for an Import Export Number Click Here.

There might be some negative talk about South Africas Economy, but it is still developing. When the rest of the world said that we will struggle to host the 2010 soccer world cup, we proved them wrong. When given enough time, South Africa will show the whole world again what it is capable of.

FIND MORE ARTICLES ON OUR BLOG – click here

Startup Mistakes and How to Avoid Them

When you are new to something, chances are good that you will make a few startup mistakes along the way. This is a totally normal process where you will learn a lot. There are some common mistakes that startups make, which can be avoided if you aware of them and have plans in place to order or counter the mistake before it even happens.

 

startup mistakes

There is basically only one true mistake that a business can make that will result in the business closing. That is to sell a product or deliver a service that the public does not want. This can be easily be countered by doing sufficient market research. Other startup mistakes can be corrected if the people in the business have the right skills.

Here are some of the most common startup mistakes: 

Wrong Location:

This is only applicable to businesses that rely on customers visiting their business premises. One of the main reasons that startups fail is because they did not choose the correct location. When the ideal location is not available, it is best to wait a while until the right place becomes available or if you find another location that will also work as well. When you are not well located people might not get to see your business that often and they will not know about you. Most of the times costumers will also rather go to a business that is most convenient to visit. So, if they have to go to an unfamiliar place or drive further that necessary, it might affect your business negatively.

Choosing a Strange Product or Service:

Some entrepreneurs come up with unique ideas to start a business with. These products or services might be unfamiliar to the public. Entrepreneurs should keep mind that product familiarity will only be to the advantage of a new business. A better approach will be to start with familiar products to draw customers to your business and slowly introducing the customers to your unique product. The more people that gets to know your product, the more they will buy it.

Niche Market Startup Mistakes:

Some entrepreneurs think is better to start a business that focuses solely one product or service. This can be risky. It is also advised, just like with new products and services, to start with a variety of products or services. When you have established a client basis and have noticed the need for specialization in a certain product or service, you can start to focus on that. It is always better to have more than one product or service that you offer. The market changes so fast that the need for a specific product or service might fade away over time. Then it will be good to have other products or services to fall back on.  

No Target Market Set:

When establishing any business, it is essential to have a target market in mind. It will help with the selection of products or services and will make all the other aspects of the business simpler. You will need to know to whom you are delivering the service or product to, in order to deliver it at high standards. You will also attract the right customer when you have selected the right target market.

Not Investing in Marketing:

A marketing plan is one of the most crucial elements of a start-up. Marketing will be the tool you will use to draw customers to your business, whether it is a standalone or an online business. People will need to know about your new and exciting business in order to become a customer. To not do marketing in order to save money in the early stages is one of the biggest startup mistakes that a start-up can make.

These are just some of the startup mistakes. When planning your business, you can draw up a Risk Analyzing chart. It will help you to identify and eliminate a lot of these startup mistakes that you can make. Never be derailed when you have made a mistake. Always remember that you can correct it when you work hard and with dedication. Starting a business was your dream after all.

You can also check out this article from entrepreneurs who have also been through the startup process and have some advice for you.

We are in the business of helping Start Up Companies. See some of the Services that we have on offer below.

FIND MORE ARTICLES ON OUR BLOG – click here

Small businesses – a field of possibilities

Have you ever thought that you will not really have such a big impact on the economy if you open a small business? Think again. The impact of small and medium business in South Africa has gone unnoticed for too long. Small businesses – a field of possibilities. 

Small businesses – a field of possibilities

It is estimated that small and medium business provides jobs for about 60% to 70% of working forces of the world. In South Africa, this percentage is estimated at only 21%, ranking sixth on the continent for small and medium business providing employment. It is safe to come to the conclusion that the small and medium sized business sector is far behind other countries in Africa and the entire world.

This gives entrepreneurs the ideal opportunity to better South Africa’s ranking. You should not be afraid to start small or think that your business will remain small. There are always opportunities for growth if you recognize and use them.

If there are more small and medium businesses formed in South Africa, the deduction can be made that the large percentage of unemployment will drastically decrease. This will also, in turn, have economic growth to effect. This will unleash the potential that our country holds.

It is a well known fact, that the rate of economic growth in South Africa is not what it needs to be. The current rate is not nearly enough to reduce the high rate of unemployment in South Africa. Small and medium business can turn this entire statement around. South Africa needs a program which accelerates the growth of the economy, achievable and sustainable. Small and medium business development can do all this. Small businesses – a field of possibilities

There are quite a few supporting structures that have been implemented in South Africa to promote the growth of small and medium businesses. The institutions that have been implemented by the government, includes the following:

  • The Department of Small Business Development
  • The Small Enterprise Development Agency
  • The Independent Development Trust
  • The Municipal Local Economic Development

These are some of the institutions that were formed to aid in the formation of most small to medium sized businesses. The government also placed a focus on developing entrepreneurial skills in previously disadvantaged women. This gave these women the tools to also form a part of the small and medium sized business sectors.

It is also believed that a lot of smaller businesses in South Africa are off the record. Some of these non-VAT business do not keep any records of their business or the people that they might have employed along the way.  It is estimated that about 78% of all non-VAT business does not keep any records whatsoever.

A 2013 study done by Stats SA showed that 69,2% of non-VAT business was started because of the unemployment of the, now owner of a small business. The last two factors also point to an underlining problem that faces South Africa. A lack of skills under the people of South Africa can ruin any attempts that the government do to improve the state of the current economy.

The focus needs to be put on the education of potential entrepreneurs and equipping them with the needed skills to keep thorough records of their business and managing all the aspects of their own business effectively. It is only when this problem is addressed that there will be remarkable changes noticed in the economy of South Africa.

FIND MORE ARTICLES ON OUR BLOG – click here

Turn a crises into an opportunity

It goes without saying that every entrepreneur will encounter a number of difficulties along the way. The one thing to remember is that it happens to everyone. There is always a way to turn a crises into an opportunity.

Turn a crises into an opportunity

Not everyone is born with the skill to turn the unavoidable difficulties into advantages. Luckily, this is a skill that can be taught. When dealing with these situations it is easy to stare at everything that is not working out in the way you planned. Learning how to emerge from difficult situations will result in a more positive environment and will lead to a more successful business.

A former CEO once said, “Bad companies are destroyed by crisis. Good companies survive them. Great companies are improved by them.” This could not have been said better. When analyzing a risk closely, you will find all the elements of it. As soon as you have identified these elements, you can start to look for the opportunities that are hidden within them and turn a crises into an opportunity.

One of the things that you should remember is that no matter how hard you try to avoid problems, they will almost always find their way to you. It is advised to have plans and procedures in place to minimize the effects of problems. Unfortunately, these plans do not always cover all the things that can happen to your business. So, instead of wasting time wondering why something had happened to you, use the time productively to find proper solutions to these problems.

Listed below are some of the way in which to handle a crisis:

Keep an open mind 1

All of the pressure and stress that comes with a crisis can cloud a person’s judgement. The entrepreneur of today lives in turbulent times. Keeping a cool under pressure is vital. When you do this, you will be able to think clearly and will be able to turn a crises into an opportunity. To give you an idea of crises inspired entrepreneur, remember that LinkedIn and Microsoft were both formed during economic crises, they were able to turn a crises into an opportunity.

Think differently 2

Too often we tend to think and speak negatively. These have a direct impact on the outcome of your situation, believe it or not. A lot of people believe that words have power and it has been proven before. When speaking positively, you impact the people around you and yourself. This is also a way in which you can motivate people. When people believe they can achieve something, they will work harder to achieve that.

Make things happen 3

When there are certain things that keeps you from reaching your business goals, remember that there is always a way. Look at other ways to approach the problem.  There is always more than one way to approach an obstacle that is in your way. You just have to look intensely to find the other ways.

When dealing with a crisis, you are never alone. Somewhere, someone else has had the same struggle in their business. This is just one of the reasons why networking is important. Ask around and find out what other people suggest. Even when they have not dealt with what you are facing, they might look at your business and situation differently and see something that you did not. There is nothing wrong with asking other businesses or people for help, this is a great way to turn a crises into an opportunity.

You just might benefit when we take the time to search for the opportunity that a crisis present. When thinking about how one grows, it is never from smooth sailing. The challenges we face each day is an incredible learn school. We learn from the difficult times in our life.

 

FIND MORE ARTICLES ON OUR BLOG – click here

An entrepreneurial center for South Africa

Understanding all the business jargon and necessary compliance when starting a business can easily become overwhelming. There is now help from the Entrepreneurial Center of South Africa. 

entrepreneurial center

This no longer has to be a problem for new entrepreneurs. South Africa has launched an Entrepreneurial Growth Center. This center will support new entrepreneurs to ultimately start and run their own businesses successfully.  This center was launched by the risk finance company for small and medium enterprises, Business Partners Limited.

The Entrepreneurial Center is located in Johannesburg. Luckily, you will not have to travel all the ways to Johannesburg to share in this opportunity. They are also offering assistance to entrepreneurs through email, their call center and the national platform for professionals, LinkedIn. Entrepreneurs will have access to business mentors that have been trained, offering educational information.

The main purpose of the Entrepreneurial Growth Center is to provide support and assistance to all entrepreneurs, especially new entrepreneurs, in South Africa. They will give guidance and business tips to entrepreneurs that are looking to learn and extend their business knowledge.

Business Partners Limited did extensive research to establish with which aspects entrepreneurs struggle the most with. When they have compiled all the information they collected, they came to the conclusion that funding for their ideas are the most challenging part. It was also established that entrepreneurs are most likely to need guidance in the first few years after they started a business. You can apply for a government grant here.

In the first few years of doing business, the business is most vulnerable. At this time the entrepreneur will have to establish the business in the market and will also have to start to build a reputation for their business. Research has also shown that these few years of doing business is the time where the highest rate of business failures has been recorded.

The Entrepreneurial Center has therefore committed to help new entrepreneurs and business in their vulnerable years, to give them the best possible guidance to minimize their chances to fail. This will ensure that the entrepreneurs have the knowledge to sustain their own businesses.

Other parts that entrepreneurs struggle with are doing market research. Doing market research will ensure that you supply products that the customers are looking for. It will also help you to identify your competitors and will help you to establish market related prices. Other aspects that they also give attention to are things like BEE compliance, assistance with cash flow management and VAT.

companyservices-pricelist

One of the more important aspects of running a successful business is to comply with the different laws that have an impact on the business. These laws will differ depending on the type of business that the entrepreneur started. One of the general laws that have an effect on any business is the Labour Law. This law governs how employees of a business are to be treated. Not all new businesses have a lot of employees, but this is a very important law to take note of in the future. Employees are the biggest asset of any business and therefor it is very important to know the law and knowing how to apply it. The Entrepreneurial Center also has business mentors that can help with these laws, especially ones that have a direct and a fairly large impact on the business.

You can easily contact The Entrepreneurial Center on 086 SMEFIN (0861 763 346) or email them at enquiries@businesspartners.co.za.

The Entrepreneurial Center is a very good initiative from Business Partners Limited. Giving entrepreneurs the necessary information to run their own businesses will also have a positive effect on South Africa’s economy. This Center will enable entrepreneurs to start and run their businesses successfully; to their full potential.

FIND MORE ARTICLES ON OUR BLOG – click here

How to become an entrepreneur in SA?

One of the questions that have been enjoying quite a lot of attention, is whether anyone can become an entrepreneur. This topic has been debated over and different people have come to different conclusions. The fact of the matter is that even though a degree might come in handy, it is not always necessary.

Entrepreneur

Basically, anybody can become an entrepreneur. Nowhere it is said that you must have a degree in order to be allowed to open your own business. Starting up is very simple through consultants such as PtyCompanyRegistration.co.za who has ‘start-up packages‘ available. It is as easy as filling in a few forms and registering your business. There you have it; you are an entrepreneur! To be a successful entrepreneur is not as easy though…

The main reason that some people should rather not become an entrepreneur is that they are just not cut out for it. To become an entrepreneur will take a lot of effort and time. True entrepreneurs are very dedicated to what they do and they do not get thrown off course when they encounter an obstacle in their path. Entrepreneurs have an absolute passion for what they do. 

A lot of people tend to think that they are going to take their skills and passions and start their own businesses. The big question remains. What will you need to make a success of your business venture? It is not a master’s degree in business. Neither a qualification that you studied for over a few years. You will not even need to have experience with start-up businesses. You also do not need to have a lot of money in the bank or the best business idea. Nothing of these things really matters. These things might help you in your quest to start your own business, but it is not necessary or essential.

The only true thing that is needed to run a successful business is a passion for your business; be willing to work; and learn from your mistakes. All the other things that you need to have to be successful comes from these two qualities. So all you really need is passion and willingness. Once you have these two qualities, all the others will follow.

The most common reason that some people do not make it as entrepreneurs, are simple. They do not have enough motivation and the risk overpowers them; or they started the business for all the wrong reasons. Profit should be the fruit (reward) for a great business; not the main motivation. You will be surprised that some of the most successful entrepreneurs did not start their businesses to make money. They became successful because they had a passion for what they do and wanted to deliver a service or product to the best of their abilities. The money came as a bonus for them.

There is also something within an entrepreneur that drives them to be more and to do more. When they have completed a task, they do not simply stop. An entrepreneur is only happy once they have set a new goal and are working towards it. To become a successful entrepreneur, you should also remember that a successful business is built by a lot of small actions that adds up at the end of the day. This might take a few years, but an entrepreneur enjoys the process.

To get back to the main point, you do not need a qualification to become an entrepreneur, but it will certainly be to your advantage. It has never hurt anyone to know a bit more about the environment they are working in. If you have a willingness to work and a passion for doing business, then there is really nothing that can stop you.

FIND MORE ARTICLES ON OUR BLOG – click here

The Private Sector is driving our economy

Did you think the private sector is only profit driven? Think again. The role of the private sector is too often overlooked. The private sector not only brings stability to the economy but also have a major impact on the overall well-being of the entire South Africa.

private sector

The private sector is also known as the citizen sector of the capitalism marketplace. The reason for this is because this part of the economy is run by citizens. They are private people that started a business on their own. The private sector is not controlled by the state what so ever. It is totally independent from any state inputs. They are only bound by the constitution of South Africa. The main goal of the private sector is profit, as mentioned earlier. With that being said, it is not the only role they play in the economy.

One of the important roles of the private sector is to maintain economic freedom in South Africa. Without the private sector in a country’s economy, the state will be able to regulate all the business activities of a country. Therefore the role of the private sector is undoubtedly an important one.

Furthermore, the private sector also gives the individual the chance to be creative. This also promotes entrepreneurship through allowing people to pursue their own creativity. If everything were controlled by the state, there would be few to no businesses where you could really find creative ideas. To get some business ideas, visit your closest SEDA office and let us help you with a government grant.

The private sector is also known to be of help when a sudden problem arises. One of the most resent tragedies that hit the world, especially West-Africa, is Ebola. This virus has been the cause of many deaths in Africa and some in other parts of the world. The private sector of South Africa came together and donated a whopping twelve million rand to the cause. Some of the doctors in the private sector also went into Africa to be of aid in treating the infected.

Not only do they donate to causes this big. The private sector can also be seen having an impact on their immediate communities. Some of the businesses aid in being involved in programs that uplift the community. Other will present classes for the community to improve their skills. Another way in which the private sector has been coming through is with providing bursaries to grade twelve’s that will enable them to get a degree and will ensure them of a career when they have finished their studies.

When entrepreneurs enter the private sector, they play a vital role in the upliftment of people that comes from previously disadvantage backgrounds. In doing this the, private sector also aids in decreasing poverty, which is a major issue in South Africa. The private sector also plays a role in the provision of quality products and services. They sometimes have to compete against other companies in the private sector and in some cases, against public businesses. This competition is to the advantage of the consumers. It will ensure that the private sector delivers products and services of a high quality at reasonable prices. Without the private sector, the state would have been able to control the price of everything. In essence, the private sector prevents this in being able to set their own prices.

Some people might argue that the private sector is only concerned about profit. What these people are not taking into account is that they use the execs profit and putting it back into the community. The role that the private sector plays should be made more public.

FIND MORE ARTICLES ON OUR BLOG – click here

Risk that every entrepreneur has to take

When talking about entrepreneurship, risk taking is not very far off topic. When starting out with your own businesses, you will have to take a few risks to put yourself on the road to success.  On this road, you as entrepreneur have to be prepared and able to overcome these risks and obstacles. Unfortunately the road to success is very seldom straight, but it is this struggle which makes success taste so much sweeter.

risk

For most entrepreneurs the chance of having a successful business outweighs the risks they will have to take. And that is just the way in which every entrepreneur should think. Sometimes all you have to do is to take that leap of faith. You should also remember to still work as hard as you possibly can to ensure that your business idea will reach its full potential. 

To get going

This is by far the biggest risk every entrepreneur takes – to get everything started. According to a recent survey, there was found that entrepreneurs felt that the biggest risk that they take is to actually make a conscious decision to start the business. That is where all the other risks originate from. First step – register a company.

Investing your own capital

This might seem like a scary idea to some. Not every loan application is successful and not all investors will always be willing to fund your idea. This is where you have to take the risk to invest your own money in your own business. If you have enough faith in your business idea, there is no need to worry. Also, when using your own capital you are prone to be more careful with how you spend it. And one day you will also be able to say that you invested in your own success.

Straying away from stability

When starting out with your own business, you won’t always have time or energy to focus on another job. This will mean that you will not receive that monthly or weekly cheque as usual. In the first few months of operating your business, you will have little to no certainty of your personal income. You can use this risk to fuel you to work harder to ensure that you will make enough to be able to sustain yourself.

 Be prepared for obstacles

Your business will eventually encounter obstacles at some point. When an obstacle arises, it will be your responsibility to overcome it. There is always risk involved when facing challenges. You will just have to find the best way to handle the situation.

Product popularity

No matter how well you did market research the market is ever changing. You will have to take the risk to put your product or service out there. There is the chance that the market will reject your product or service, but you will need to take that risk. You will also need to be able to adapt to the changing market.

The best way to deal with risk is to do a simple risk analysis. This is where you list possible things that can go wrong. This may be out of previous experience or research you have done. The key is to analyze the risks and to find the best way to counter the risks. This is the best way to deal with risks.

Do not let risks ruin your chances of success. Face those challenges and risk with a certainty that you will walk away as a winner. Once you realize that nothing can block the entrepreneurial heart, you are half way there.

FIND MORE ARTICLES ON OUR BLOG – click here

Business Plan for your Company

A business plan is more than just a document you write in order to keep investors happy. It is a plan, a road map to stipulate the ideals and goals you want your business to achieve. Apply for a Business Plan now.

Business plan South Africa

The true purpose of a business plan is to give an oversight of your business. It will let investors and banks know that you serious about doing business. A business plan is very important to these people. The reason for this is to minimize the risk they will be taking when investing in your idea.

When applying for funding in South Africa, a business plan is an essential. As soon as you have a proper business plan – especially one setup by a professional – funding becomes a simple process. Our consultants can assist if funding is one of your needs, read more about Funding via SEDA

A business plan will prove to people know that you have researched your idea and took time to turn the idea into action. You will also come across as a professional and as goal orientated. There are only benefits to gain from creating a business plan. It may take some time, but in the long run it will help you to stay focused on the main goals of the business.

Never think that a business plan is just for the big companies with hundreds of employees. Even a sole ownership can have a business plan. The idea is what formed in your mind. A business plan is that idea, turned into words on a paper. Follow these few simple steps to form the base of your business plan. Here is a Great Article with examples of business plans to get you going. 

The cover page

Be sure to have a simple, yet catchy cover page. This will be the first impression that other people will get of your business plan. Keep words to the minimum and do not use too many different colours.

The index page

The index page makes referring to a certain section easier. It also gives the reader an overview of what to expect in the business plan. It will also give the impression that you like to be organized and well presented.

A short summary

This is where you give a short and detailed description of your business idea. Also provide reasons for why you believe that your business will be successful. Do not write any negative comments on this part of the business plan.

The business description

This is where you go into detail about your business idea. You should describe exactly how you will earn money and how your business will function on a daily basis. Here you can mention the advantages and disadvantages of your company. A simple SWOT analysis can be added to this part.

Plans for marketing

Explain here how you would draw customers to your business. You can also add which form of marketing you will use most. Another extra you can add to this part is market research you have done to indicate the popularity of your idea among future customers.

Management structures

Here you will explain who will be responsible for what. Be sure to include it even if you, as owner, is the only person running the business. Also indicate which skills will be needed to do a certain job and be sure that you and other future employees possess these skills. If you are planning to outsource some functions, you should also mention it here.

Asset assessment

This is where you will indicate from where you will operate your business. You should also record all the assets that you will need to do business. This can range from office equipment to transport vehicles.

Financial breakdown

This section will almost be the most important part of a business plan, so pay special attention to detail here. There are three main financial statements that you can include, only as predictions at this stage.

Budget sheet

This is where you will state all the income and expenses that you think you will have over a certain time period. Not cents are ever shown on a budget sheet. You should always aim to keep your income and expenses within the limits of your budget. This will ensure proper cash flow in your business.

Income statement

Here you will record every sent that you physically received over a certain amount of time. At the end of the statement you will get to a net income before and after tax.

Balance sheet

A balance sheet will always have to balance. Therefore its name. A balance sheet consists of all your long and short term assets, as well as liabilities and owner’s equity. The short and long term assets should even out with the liabilities and owner’s equity.

This might seem like an information overdose, but once you get started on these sections you will realize that everything you have written down, have been in your mind all the time. Remember the old saying, “Failing to plan is planning to fail”? Nothing has ever been more true!

Apply for a Business Plan online – which are drawn up by professionals.

FIND MORE ARTICLES ON OUR BLOG – click here