Start small
Create a simple, one-page business plan.
- What will the end result of your business be?
- Why do you want to do this? What is the reason for the business existing?
- What are you going to do to achieve your vision?
- How are you going to achieve your objectives?
- Make a list of the actions required.
- Get going.
What are other small businesses in your area doing?
Check out the competition and figure out how you are going to be different.
Use the internet for everything you need to know.
Keep your eyes open for opportunities.
Use resources at your disposal
The best resources are those that present themselves to you with little effort and without a load of liability.
Do NOT over-borrow
Being in debt can cause serious problems for your young business in Soweto. Seek appropriate advice to avoid your business being trapped in debt by borrowing more than you can pay back.
Know who your customers are
- Who is going to buy what you are selling?
- How are you going to attract them?
- Who is your niche market?
- Describe your ideal customer?
- The clearer you are about who you are going to be selling to the clearer you can be about your branding, your location, your marketing, and your pricing.
- Learn as much as you can about your customers.
Fortune favours the brave
Fear is a major factor in business failures.
- Take a leap of faith.
- Make bold decisions.
- Execute your business plan meticulously and bravely.
Keep your eye on the goal
Beware of losing focus. Sometimes in a race to get rich quick, you can lose track of your original goals. Plan your goals and stick to them.
Success breeds more success
The more you are able to accomplish, the more you learn, and the more confident you become.
- Be flexible.
- Adapt to change.
