Business Fundamentals 101

Things you should know before starting a business:

1. BUSINESS REGISTRATION: It creates a positive impression not just for your clients but confirms that you take your business seriously. Most banks now offer a Business Registration Package together with a Business Account".

2. BUSINESS ACCOUNT: A business account will give you the opportunity to create a financial track record. Which will come in handy when you approach financial institutions for funding.

3. BUSINESS PAGE: Have a separate Facebook/Instagram Business Page to build your brand and advertise your products/services.

4. PRICING: Be transparent about your price, don't ask people to DM or Inbox you. Give your clients the opportunity to decide for themselves if they can afford your products/services or not.

5. Returns Policy: "NO REFUND POLICY" will drive potential clients away. Consider having a "3 to 7 days Returns/Exchange policy depending on the nature of your business.

6. FAIRNESS: "Do unto others as you would like to be done unto you" Treating your clients fairly will guarantee loyalty and they will keep coming back.

7. SALE: You are not a big retail store, SALES WILL LEAVE YOU BROKE. Buy 1 get 1 Free will leave you broke "Trust me I am talking from experience" Give your business time to establish its feet before you consider putting up items on SALE!

8 Credit: "DO NO GIVE PEOPLE CREDIT" A verbal transaction is just that - verbal. "Don't work on a Cash on DELIVERY basis"

9. LAYBUY: Weigh your options it may give you cashflow, but "Some clients won't fulfill their obligations and may delay paying you within the agreed time frame"

10. PRESENTATION: People buy with their eyes, FABULOUS packaging makes an impression.

11. DELIVERY FEE: Charge for COURIER or CALL OUT FEE e.g. PAXI (pep) charges R60 small parcel for counter to counter

12. INQUIRIES: Choose a method that works best for you e.g Email, WhatsApp, SMS, Inbox, DM, etc. Do your best to RESPOND to client inquiries, don't wait 8 hours (?? this doesn’t apply on my business??extremely busy) before you respond to a WhatsApp message unless its outside business hours. Remember some clients may contact you outside business hours.

13. COMMUNICATION Etiquette: Be professional and respond to clients politely. Address clients by their names e.g. "Good Day Pumi ....... Thank You for your inquiry....etc

14. Marketing: Invest in your business!!!! Never sleep on your business, keep advertising and leverage on opportunities to market your business e.g Sponsored Posts, collaboration, etc.

15. COMPETITION: Focus on building your business, don't copy what others are doing. Be unique and remember not everyone is your target market.

16. KNOWLEGDE: Invest in your skills, empower yourself and learn about your business. You don't have to have an MBA to have BUSINESS ACUMEN. Google/YouTube is your friend. Take short-courses.

17. MENTORSHIP: Connect and discuss possible solutions to your challenges with those who have been in business for longer than you.

18. FUNDING: Most financial institutions require your business to be registered for at least 12 - 24 months before considering you for funding. Your business needs to at least have an annual Turnover of 1Mil to be considered for funding. Some will lend your business if your monthly turnover is above R50 000. Provided that your business is registered, your financials are in order and don't have bad credit.

19. CASH IS KING: If you have good credit use it to advance your business, but don't get unnecessary debt that will rob your business from having cashflow.

20. Attend business seminars and conferences meet new people and expand your network

21. Consider going international if you business allows.

22. You need to have good leadership skills, be a salesperson, be a people's person (charisma), financial literacy skill is key, and lastly, you need a business model that will work for your business.

23. Do NOT forget to comply with SARS and other industry bodies in your field. CIPC, Labour Department, COIDA, NHBRC and so forth.

You will fail in business or you will come across many challenges BUT the key is, you SHOULD NOT give up NO MATTER what. People will laugh at you and you will feel like there is no support from people you know. Never mind all of that just keep going, focus and persistence is everything. Business is not a competition, however, it is a game of wise people. It is marathon game not sprint game, therefore, take your time but progress and take opportunities as they present themselves.

All the best!

~MSN

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