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Saturday, June 15, 2024

What Aspiring Entrepreneurs Should Consider When Starting a Business


While starting a business/side hustle is an exciting prospect for a lot of young professionals, you should pay closer attention to the details behind the scenes in order to get off to a good start. “What we aim to instil in entrepreneurs is the importance of understanding what lies behind the success of entrepreneurship – the numbers and other countless day-to-day admin tasks,” said Jenine Zachar,  Head of Enterprise & Direct Banking Propositions at Standard Bank South Africa.

While presenting at the recent Standard Bank Unsaid Series Webinar, that aims to give graduates and young professionals the tools to position the transition into the next phase of their lives, Zachar recommended paying close attention to the following when starting a business in today’s climate:

Read Up!

It is important to do as much research as one can about the business they want to start. Is it a solution to a prevalent problem? Is there a market for it? Who are the other players in the space? It is also important to research the types of licences one requires to run their business and other regulatory institutions.

Test the concept

Once you have your conceptual service or prototype in mind, it is important to test the product or service with the market.  This will help you understand if you have met the customer need and will also help in the redesign and refinement process. Testing the market allows you to gauge the viability of your product or service very early without massive outlays of investment.

Speak to someone

The entrepreneurship journey can be a lonely one and you might not always know where to start.

One thing most people overlook is the importance of seeking advice from those who have paved the way in business. “In the world of entrepreneurship, experience is the best teacher. It is highly advisable that any entrepreneur who is starting out, seek advice and if possible, mentorship from an established business owner – preferably one in their industry,” said, Zachar.

Standard Bank has created a place to start whether it be through BizConnect or through hosting events so the conversation can start. The bank also offers a platform for you to speak to an expert advisor within Entreprise Direct, a virtual space that is developed to help you start your business, to stay in business and ways in which you can scale your business.

Access to funding

There’s so many aspects to consider when considering getting funding for your business; what industry are you in? How long have you been in the industry? How long has the business been in existence? What kind of capital do you have to start with? Who are your clients?

The advent of innovations such as Standard Bank’s ability to now grant a business working capital loan of up to R6m in 3 minutes, aims to tackle such pitfalls. This facility has ensured that millions worth of loans were issued to small and medium-sized enterprises (SMEs).

This loan facility radically reduces the time it takes for businesses to have their working capital needs met. This model solves one of the main challenges for SMEs by improving access to funding.

Manage your Money wisely

Now, more than ever, it has been become much easier for business owners to manage all affairs pertaining to money in their business. Thanks to mobile apps, businesses can now manage all their business transactions without ever having to go to a branch. Banking solutions such as a Business Current Account  allows you to transact in the way that is most convenient for you, from traditional branch banking to advanced electronic banking services. Your time is best spent focused on creating income.

“Although there are many other things to consider when starting a business, the above are just some of the key things to look at to ensure that you start off on the right track in entrepreneurship,” said, Zachar, “Behind every successful business are owners who put in years of consistent work and focus on every small detail. Such preparation is key to get any entrepreneur through success and failures.”

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