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Business Startup

Thirty years on, entrepreneurs are making the most of SA’s enduring miracle

As Freedom Day approaches, it is worth considering just how astounding the story is of Nyangani Tshabalala, says David Morobe, Executive General Manager: Impact Investing at Business Partners Limited. In any setting, the tale of the young entrepreneur whose initiative has helped thousands of students overcome their education deficit to gain access to higher education would be amazing. But in the South African context, his story is miraculous on so many levels, says Morobe.

Millions for startups to grow their businesses

“South Africa has hundreds of thousands of small businesses – so many that they contribute over 40% of our country's gross domestic product and employ two-thirds of all South African workers. This means that, the more support they receive, the more people they can employ, and the more successful our country becomes”, says Mike Anderson: NSBC Founder & CEO.

Anderson says, “With more support, small businesses have the potential to breathe new life into the South African economy and play an even bigger role in economic growth and job creation. Small businesses represent countless hours of hard work, commitment, resilience, and thousands of jobs. When South Africans support the small, they make a big impact. Providing as much support to small businesses as possible is an investment in our communities and South Africa’s collective economic future”.

How to give your startup a fighting chance

Article written by Mike Anderson NSBC Founder & CEO

Imagine putting everything you have - your hopes, dreams and finances into starting your own business, only to watch it crash and burn. The fear of failure is at the very top - above anything else.

On the upside, starting out and succeeding as an entrepreneur has to be one of the greatest rewards in life. So get to know why startups fail and what is needed to avoid failing. Then start your journey to achieve your dreams.

VAT: What is it, and how do you register?

Three words every business owner dreads: Value Added Tax (VAT). We see it on our till slips as the sneaky percentile added to the bill. The truth is it’s not sneaky at all and has existed for over 30 years.

There comes a time in a business’ growth journey when it needs to register for VAT. And although it seems like a headache, we live in a time where innovation can lighten any load.

This article explores the rules and benefits of being a VAT vendor, and how to glide through the VAT submission process.

Aspiring entrepreneurs urged to enter business plan competition

Article provided by Business Partners

South Africa has been established as one of the continent’s “big four” startup ecosystems, alongside Egypt, Kenya and Nigeria, according to the 2022 South African Startup Ecosystem Report. Yet, as the most recent Global Entrepreneurship Monitor revealed, education and training are amidst the most pressing challenges for aspiring local entrepreneurs. An investment into skills development and knowledge sharing is therefore key to stimulating growth within the SME sector.

Need a business plan? Start here

Article written by Mongezi Lupindo (Content Manager - Sage Africa & Middle East)

Whether you’re starting or expanding a company, having a business plan can get you on track and get some detail behind your ideas.

However, research from Barclays shows that one in four businesses don’t have a business plan.

If you want your business to succeed, there are various tools you’ll need to have at your disposal. One of those is accounting software, which will help you keep track of your business admin (forecast your cash flow, manage your invoices, and more). Another is a business plan.

Download your free business plan template

3 ways your startup could benefit from a mentor

Article provided by Startwise

Here are the statistics in South Africa for the success rate of startups, as far as research has shown me. An article on News24.com reported, “More than 90% of all new companies do not survive the first five years.” And a more recent study indicates, the failure rate of startups is around 50% in South Africa within 24 months due to the inability and inexperience of their owners.”

The good news is that you can improve your chances of success by educating yourself and learning from others’ experience. I believe it’s the amount of determination, empowerment, and knowledge that one has, that can make your startup a success.

5 factors to consider before starting a business

Article provided by SME South Africa

There are many factors to consider before starting your business such as what product or service to launch and whether there is a market for it. You will also have to decide how you will fund your new venture and what the legal requirements you will need to comply with.

Starting a new business can be an exciting, but overwhelming time. To up your chances of success, think about these important factors.

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