I have owned my business for almost 18 months now, and I thought it would be a good idea to share some of my experiences as a small business owner. When I started my coaching business I had only ever worked for somebody else and I was used to being in operational and technical roles. Being a business owner was completely new to me but I learned a great deal and I want to share 5 things that could possibly help you start your own business.
1. Have some cash saved up
When you start our business, money will not be immediately rolling into your bank account. Make sure you know exactly what your monthly expenses are and have enough money to keep yourself afloat until your business can sustain you, especially If you are going to leave your permanent job to start/run your business. If you don't have savings then consider taking on some freelance work to sustain you while you build your business.
2. You have to be disciplined
There is no performance contract that tells you what is expected of you, and no boss that is on your case. It is up to you to set the pace for your business, the effort you put into your business will be seen in the results you yield. You don't have to work hard, just work smart.
3. Register your own business
This will not even take you half an hour to do online and will cost you less than R200. I have seen a few adverts online where people are charged R800 and more for this very service. Here is the link to the CIPC website: https://eservices.cipc.co.za/Login.aspx
The BEE certificate is free and your business will be automatically registered for income tax with SARS.
4. Do a crash course in financial management
Not a whole BComm, just basic accounting and financial management. Think more along the lines of a 6 month short course, or a certificate of some sort. This way you will know how financial statements work, tax, as well as best practices for a (small) business.
5. Be specific about your client(s)
Ask yourself who your ideal client is. Being vague will make marketing a complicated situation. Have an ideal client in your mind: how old are they? what do they do for a living? what car do they drive? where do they live? where do they work? Be so specific that when you build content, you build it for that ideal client. Your message will then get to the right person. You can't sell a product to an unknown entity.
I realize that I actually have more learnings that I can share but it all depends on if you want to hear it. The important thing is to enjoy your journey and to have fun. Do not ever underestimate the power of having fun!! That's all from me for today, if you want to talk about your career journey then go ahead and book a free 45min Career Clarification Session with me: https://calendly.com/laurengamba/clarification-session
Until next time, stay safe!
