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Thread: Five things you must consider when starting a business.

  1. #21
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    You overcome fear with PLANNING!

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    Quote Originally Posted by Tshidi View Post
    Good morning & thanks for accepting my request... I want to start my own business but I have fear of what if I won't manage it well, I have so many what ifs that are negative... & I have this other good ideas about my company, is it normal to feel that way? How can I overcome that fear...
    If you havent even started yet and you feel like that ... i would hate to be in your shoes when the shyte hits the fan and go terribly wrong ... like the kinda day i am having today ... and i have been doing this for 29 years.

    You should be feeling confident ...excited and ready to conguer the world ... otherwise you are in for a rude awakening.

    From someone who has been doing this for a long time ... been dropped in projects ... without a clue ... had to work out the details and make it happen ... I have managed to complete every project within the time frame ...but not the budget ... i am a sucker for quality and commitment.

    I've seen many a company start and fail ... put your big boy pants on a take a chance ... you will never know unless you try ... you might surprise yourself and do really well.

    Just dont make the mistake of thinking bussiness is a way to make tons of cash ... i dont know ratio but i do know more people fail than succeed.

    You need to be a real sucker for punishment ...but at the end of the time ... the most valuable asset you will ever own ...is your time ... do with it what makes you happy ... if you fail the first time ... as Adrian says .. plan a little better and try again ... you will fail ... just dont take personally ... its just bussiness.

    Trust your gut feel ... network ...learn from your mistakes ... make a lot of friends but dont trust anyone ... dont let shyte get you down.

    By the way dont forget the bussiness plan ... i am thinking about putting one together next year ... I hear you need one to start a bussiness.
    Last edited by ians; 15-Jul-20 at 08:10 AM.
    Comments are based on opinion...not always facts....that's why people use an alias.

  3. #23
    Site Caretaker Dave A's Avatar
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    Quote Originally Posted by adrianh View Post
    You overcome fear with PLANNING!
    Planning certainly helps. Not just in one's mind, but WRITING IT DOWN. There is something magic about putting pen to paper.
    (Or perhaps nowadays - start typing, or using a mind map etc.).

    But critically, when it comes to defeating fear, one can't linger too long in the planning stage.
    Paralysis of analysis is REAL.
    Once you have a plan, you need to take ACTION.
    Get started.
    Get going.
    Start moving.

  4. #24
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    Quote Originally Posted by Dave A View Post
    Planning certainly helps. Not just in one's mind, but WRITING IT DOWN. There is something magic about putting pen to paper.
    (Or perhaps nowadays - start typing, or using a mind map etc.).

    But critically, when it comes to defeating fear, one can't linger too long in the planning stage.
    Paralysis of analysis is REAL.
    Once you have a plan, you need to take ACTION.
    Get started.
    Get going.
    Start moving.
    I agree with everything you say. There is no point in having a detailed blueprint and then doing nothing (Or having a detailed blueprint that is fundamentally incorrect). You really just need to get your thoughts on paper and at the same time think about the ways in which you can minimize your risk. I am one of those people who believe in organic growth and organic change. Everything evolves over time.....

    I can't develop a perfect plan and then follow it to the letter. The best one can do is to lay a plan, try it and adapt quickly to changing information and circumstance.

    As long as we learn as we go its all good!

  5. #25
    Diamond Member Blurock's Avatar
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    Agreed, planning and calculating the risks and benefits is essential. So many business people laugh at the idea of drawing up a business plan, but how will you run your business if you do not understand your supply chain, your markup, profit margin, target market and competitors? Just to name a few factors. One does not need an elaborate business plan such as drawn up by business consultants, but at least do a swot analysis and a cost/profit and risk analysis.

    I was once approached by a person who took a "golden handshake" to start his own little cafe business. He had no clue as to where he would buy his supplies, or how he would compete with the guy 200 m further down the street. When asked whether he had a business plan, his eyes lit up and he gave me a plan of the premises he intended to lease!
    Excellence is not a skill; its an attitude...

  6. #26
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    I think that when one starts out with your own little business you have to look at things from a totally different perspective. You need to start with the amount of money that you want to put in your pocket at the end of each month. Lets say you want to put R10k in your pocket then you need to extrapolate from that basis. when one looks at business top down your personal income gets lost somewhere at the bottom.

    So, if you want to make R10k for yourself per month then what will it take:
    1. If you are selling stuff then consider the difference between the price you buy vs the price you sell at. Also consider other costs (transport, taxes etc) This tells you how many items you need to sell. Are you able to sell enough?
    2. If you are providing services then consider your hourly income vs your hourly expenses - this will show how many hours you will have to work (and also the minimum rate you should charge) - do you have enough hours at your rate?

    YOU HAVE TO BE ABLE TO ANSWER the above questions before you start. This is the most basic business plan. You have to remember that a small business is not a charity - you have to at the very least pay your own salary. (I am not saying that you cannot be flexible about what you plan to earn - I am saying that your own pocket is THE most important thing in your small business when you start)

  7. #27
    Diamond Member Justloadit's Avatar
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    Many years ago I wrote a book titled, "Starting and Running a Small Business", which was targeted at my then customers who were vending prepaid airtime. Their success would lead to my success. So the last part of the book does refer to the prepaid vending model. Never the less the contents are educational.

    If anyone is interested, you can download it.
    If you wish to print it and distribute it, please get my permission, as it took many hours to put it together, and there is a lot of personal experience shared in the information and solutions.
    Attached Files Attached Files
    Victor - Knowledge is a blessing or a curse, your current circumstances make you decide!
    Solar pumping, Solar Geyser & Solar Security lighting solutions - www.microsolve.co.za

  8. Thank given for this post:

    adrianh (15-Jul-20), Blurock (15-Jul-20), Dave A (15-Jul-20)

  9. #28
    Diamond Member Blurock's Avatar
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    Their success would lead to my success.
    This is an important principle that that very few people or corporations consider.
    1. Your supplier is a very important link in your business. By supporting and paying on time, the supplier may expand and add new products or services which may add value to your business.
    2. Your customer is very important as repeat business requires less advertising as you become a trusted supplier who gets the first call.
    As your customer grows, they may buy more of your product/service creating a win/win situation.
    Excellence is not a skill; its an attitude...

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