How to sustain your business

Launching your own business is a brave and exciting venture – and it has the best chance of success if you start out with a thorough approach to money planning and saving.

Few people can start their own business without a loan of some sort and while it’s true that borrowing money can be expensive, smart entrepreneurs can save on costs by taking the right approach to securing a loan. Judgment Achievement South Africa which provides entrepreneurship programs for youth to develop the skills they need to launch their own businesses, celebrates July’s National Savings Month with six smart tips on how entrepreneurs can keep costs under control at launch and keep saving once they’re up and running.

Successful entrepreneurs ask for advice:

Seek out mentors and advisers who can give you information on the best approach to legal, accounting or funding business issues. While some starter expenses are unavoidable, you can learn smart cost-saving methods from those who have already set up their own businesses.

Speak to a friend or family member first

You’ve heard people say don’t mix family or friends with business, right? If you can borrow money from friends or family (rather than apply for finance), they are likely to charge you little or no interest on an agreed payment plan. It’s important to stick to your promises about repayment with loans like this though, to avoid conflict in your relationships.

Borrow money from trusted financial institution:

Make sure that any financial institution you approach for a loan is a formal and accredited one. The law does not protect you from informal lenders, who also charge outrageous interest rates.

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How to build a solid foundation for your business

Starting a business isn’t easy. There are many critical issues you need to address, especially when it comes to finding the best business to launch, differentiating it and finding a great niche.
In the seaside resort of Old Orchard Beach, Maine, there is a wonderful old-world amusement park, Palace Playland, which has operated since 1902. I remember among the roller coasters and carousels, there was an older gentleman who had a booth where he offered enticing prizes to anyone who could simply drive a nail into a piece of wood with one strike of the hammer.
Being fairly handy with a hammer, I felt that this would be easy for me, but I never could drive that nail it with one blow. And very few people could. What was the secret? The gentleman running the booth started each nail at a slightly crooked angle, making it almost impossible to drive the nail the rest of the way in with just one blow.

 

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