Tips on how to start your own business
Did you know that the role of entrepreneurship in South Africa is to find and exploit opportunities? Furthermore, being resourceful with land, labour, and capital can contribute to national economic growth. There are many other perks when it comes to being an entrepreneur and a major one is being your own boss.
The benefits of being your own boss is an exciting adventure as you get to set your own hours, your own dress code and you get to follow your dream. However, starting your own business can be a lot of hard work, especially if you’re not a fan of working hard.
Here are some tips on how to start your own business..
- Keep reaching for the stars
Ever heard the saying ‘nothing worth having comes easy’? If you’re going to delve into this new adventure of entrepreneurship, you’re going to be using a lot of time, energy and money. Nothing comes for free these days but the best way to stay motivated is to keep thinking about the finish line. Keep reaching for the stars, and you’ll definitely land on the moon!
Research is important! After finding out what you want to do, you need to conduct research on how to start your business. There are many questions you will need to ask yourself. “Who is my target market?”, “Where will I purchase my supplies?”, “How much of money will I need to start my business?” Before spending an arm and a leg on your business, you need to determine whether it is viable and whether your business will survive in the current economic climate,
- Create a business plan
Once you have the numbers in order, developing a business plan is the next step. The business plan is a blueprint for making your business a success. It will consist of your business concept, marketing, finances and every important detail about your business.
- Think short term
For many start-ups, a one-year plan is usually common once your business goes live. The first year is mainly for getting things up and running. You also need to remember that some businesses don’t always reach immediate success in the first year. You will experience ups and downs, and it will also be a learning experience but in order to remain motivated, implement realistic goals that you wish to achieve in the first year.
- Time management
When you work for a company, you have working hours that you need to abide by. When you’re self-employed, you will find yourself working way over the recommended hours. Remember, this business you are building is your baby, you will be putting a lot of time and effort into it. But, it’s important to also make time for self-care and your mental wellbeing. Set healthy working boundaries!
- Ask for advice
There is absolutely nothing wrong with asking for advice before you explore your new entrepreneurial adventure. If you are unsure about something, speak to other entrepreneurs and discuss the difficulties that they have experienced when starting their businesses. By doing this you will be able to gain some additional knowledge, as well as some tips and tricks.
- Learn about taxes!
The excitement of starting your business may catch you off-guard, especially with things like taxes. Taxes play a big part in your business, whether you like it or not. Get into a routine of saying ahead of your taxes. If it’s too complicated to understand, consider hiring a professional to manage that bit of your business.
The great thing about becoming an entrepreneur is that many people have become entrepreneurs before you and they have succeeded, so nothing is impossible!
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