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Starting a Business

4 signs you’re ready to turn your side hustle into a formalised SME

Article written by Ben Bierman (Business Partners Limited)

Article first published on Bizcommunity

The prospect of making the transition from a 'side hustler' to the owner of a fully-fledged business may have serious appeal, but it's important for entrepreneurs to resist the temptation to buy into romanticised notions of what it means to own your own business before you leap into the formal SME territory.

However, if you feel that you are ready to take your business to the next level, these are some of the factors you need to consider when determining if your business is ready to take that next step with you:

Start your own business with the right foundation in place to ensure sustainability

Article provided by Business Partners

Aspiring entrepreneurs urged to enter business plan competition

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.

Doing it all – what it took to get here! A letter to all young entrepreneurs

Article by Kay Cheytanov

When I started my business 21 years ago, I genuinely didn't think I was starting a 'business'. I was simply following my passion and looking for a way for it to pay for itself - and for me.

To some, it didn’t seem likely that I would find much success. You see, I hadn’t done any business courses or gotten a degree in management and so it probably appeared as though I was woefully underprepared to make any sort of income. However, armed with just a secretarial diploma, a bit of my intuition, and plenty of drive, ahead I went. I’ll be the first to admit that from the outside it may not have looked like I was going to get far, but those three things allowed me to fulfil my dreams.

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

Starting an online business? Choose your own e-commerce adventure

Article provided by Sage

At times, starting an online business can feel like you’re climbing a mountain. It may be difficult, but you know it will be worthwhile when you reach the top and take in the view.

Find out if you have what it takes to start your own business by choosing your own e-commerce adventure.

The more you click, the more you’ll learn.

Where will your journey take you? Start here.

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.

How to give your startup a fighting chance

Article 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.

Seldom is a business so in tune with its niche that it can float along with minimal effort. But why do so many startups fail? The reasons run deep; from disharmony on the team to poor cash-flow, but here is what you should know before starting out.

CIPC enhances systems to further reduce red tape

Article provided by CIPC

The Companies and Intellectual Property Commission (CIPC) is making efforts to reduce the regulatory burden by easing and simplifying the way our customers transact, thus, enabling our customers to focus on growing their businesses.

 As we forge forward with our objective of automating our registration and transacting platforms, we will be introducing updates to the CIPC e-Services and BizPortal websites on 3 July 2022. The newly improved platforms are an effort to integrate the CIPC systems into two transactional points for customers for better user experience, quicker turnaround times, and reduced administrative burden.  

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