DestiNation 06

Carving Your Own Path

DestiNation Tips

  1. 1

    Know what you want and why

    Many businesses don’t make it past the 5 year mark. Be clear on why you want to start a business.

  2. 2

    Understand yourself

    If you’re a self motivated, problem solving, people’s person with business savvy and you have the ability to live with uncertainty, you are off to a good start to becoming an entrepreneur.

  3. 3

    Understand your market

    Who will buy your product or service, and how will it make their life better?

  4. 4

    Understand your competitors

    Duplicating an existing service in a saturated market is not ideal.

  5. 5

    Don’t mess with the law

    Know what regulations the government require for new businesses.

  6. 6

    Know the difference

    Sole Proprietor, Partnership, Close corporation or Private Company? Different business structures bring different benefits and limitations. Choose the most appropriate one for your start-up. Here are a few sites you might find useful:

    http://southafrica.smetoolkit.org/sa/en/content/en/2837/Choosing-the-right-business-format-for-your-enterprise

    http://www.bizempire.co.za/html/types_of_business_structures.html

  7. 7

    Start out slow

    Starting a business part time is easier than starting out full time. Having a steady income while you find your feet reduces stress and pressure. Make sure that this doesn’t however conflict with your conditions of employment with your employer.

  8. 8

    Work out how much start up money will you need

    Keep in mind things like stock, rent, marketing, business cards and office supplies. Create a detailed budget and cash flow forecast.

  9. 9

    Make the right choices

    Think about partnering with people who have the right skills, assets and capital to make your business work.

  10. 10

    You can never know too much

    Ask people’s opinion on how you can improve your product or service for a reality check.

  11. 11

    Expand when the time is right

    Money is a huge influence on your business. Start out small and expand when you make more money. Take out a loan if needed. Refer to “Where to go for money” for more info.

  12. 12

    Spread yours in a professional manner

    Make a PowerPoint presentation on why your product or service is the best. You can use it to pitch your ideas to venture capitalists or anyone willing to invest in your business.

  13. 13

    Write a business plan

    Thinking through all aspects of your business will help you to avoid a lot of obstacles, and help you understand whether the business is actually viable or not.

  14. 14

    Save wherever you can

    Working from home in the beginning is a great money saver. Don’t invite clients to your home though- rather meet them at coffee shops.

  15. 15

    Market your business

    Great service and products won’t go far if no-one knows about it. Devise a savvy marketing plan for your business.