The A-Z Of Starting A Business

With the global economic crisis and unemployment rates soaring, starting a business is not just a good idea anymore – it is a necessity. However, most people find it difficult to start – they simply don’t know where to start and where to get solid advice. If you’re reading this article, then you have half your work cut out for you as we take you through the basic steps of getting started.

If you are intent on establishing a sustainable enterprise, here are some factors, to consider before starting your own company. These key steps are also validated by our local Small and Medium Enterprises Company (SEDCO) in their Enterprises Guide.

• Identify your specific market – this should be an area you have great insight into. You need to have personal knowledge, strengths and skills in this field. More importantly, it should be an area you’re interested in for it to work. Once identified, you need to investigate and conduct thorough research into every inch of the market, so you know full well what you’re getting into.
• Prepare a business plan – a business that launches without a plan is bound to fail. Do not skip this step of the process. Spend as much time as needed carving out your business plan down to the finest detail
• Identify specific demands in your target market – what is it that your niche target needs? What can you do to improve and help meet these needs?
• Identify your competitors – get to know the competitors in your segment to see what you can offer that others do not. Research about campaigns that they have done in the past, observe their strengths and weaknesses so that you can get information before you launch your business
• Build your network – you need to be bold and put yourself out there. Identify key contacts that you need to build relationships with and start making connections because they will help grow your business
• Pilot the idea – start with a small campaign when you launch your business to test the response from your target market. Gauging their reactions and how receptive they are towards your campaign will give you a good idea whether you’re on the right track
• Get a mentor – this is particularly imperative if you’ve just started your entrepreneurship journey
• Find the money – not everyone has the capital to start a business, so you might need to seek out investors or a small business loan. To get money, you must be able to pitch the viability of your product to your investors. If you have some money saved, all the better.
• Set up an office – Beginner businesses often start at home because it’s inefficient to pay rent on an office space if the business isn’t generating income. When you pick a spot inside the home to act as your office, keep it distraction-free and client-friendly. Your office space should be a productive and professional environment with a dedicated business phone line and a strong, reliable WiFi connection.

Ntokozo Dlamini of Hi Press Investments, a local business that has grown in leaps in bounds in recent years and has won the coveted title of Entrepreneur of The Year, says a major pitfall that most entrepreneurs dig themselves into is that the moment the business starts generating revenue, they start paying themselves.

“In order to attain success, you need to first pay company bills, employees, set aside funds for expansion and only then pay yourself. Last but not least, the best investment in business is paying your bills,” he says.

Dlamini also encourages businesses to do business the right way by complying with all aspects of business including proper accounting, SNPF, SRA, labour and safety.

“Also, be honest in your dealings. There is a difference between doing business and dealing. Dishonest business practices put an expiry date on one’s business,” he says.

SEDCO’s Senior Manager Strategy and Organisational Performance Themba Dlamini says SEDCO’s doors are always open to anyone who needs business advice.

“We have experts who can assist anyone needing help and point them in the right direction,” he says.

SEDCO is an organization established to create, develop and promote Small, Micro and Medium Enterprises (MSMEs) in the Kingdom of Eswatini.

(Additional information sourced from The Small and Medium Enterprises Guide by SEDCO)