How to Start Your Own Business – Lesson One

Reasons to create a Business Plan:

We all know that the South African job market is volatile at the moment.  So what are your options if you can’t find a job?

If you have a good idea for a start-up, why not start your own business? There are a number of reasons why this would be a good venture for you. The main reason being that you will have a job that earns you an income.It is also a good way for you to be your own boss as you will be responsible for the business and its success. It is also a way for you to relieve the unemployment issues in South Africa, because once your business starts making a profit and you need an additional employee, you can always find this promising candidate by using Job Mail free job vacancy ads for employers.

In order to get started you will need to write your own Business Plan. So what exactly is a Business Plan? A Business Plan is a living and breathing blueprint for your business. This plan helps you to navigate and manage your business. At the same time you are also helping potential investors, partners, lenders and others venture capitalists (makes money available for start-ups)to understand your business strategy and what your vision for success is.

A Business Plan is never quite finished. Business plans are always getting revised, reviewed and built upon. It’s actually very important to your business’ future. It helps you keep your ship headed in the right direction without losing sight of your long-term destination -especially when it comes to online businesses. You need to research and keep updated on new technological developments; otherwise you might lose market share to your competitors.

Reasons to Write a Business Plan: If you are starting a business, writing a business plan should be the first crucial step. A business plan can help you describe your product or service, detail your marketing strategy and lay out sales forecasts (including the cash flow projection). This is very helpful if you want to track your profits. Putting a business plan in writing will breed a healthy business planning process and will encourage you to revisit it  on a regular basis for updates, and revisions.

If you are looking for outside investment or a loan, a business plan is essential. A lender is more likely to loan you money if you have produced a business plan that is properly laid out. A potential investor will also want to read your business plan before providing any form of funding. They will also try to poke holes in your plan and quiz you about things that might not have been addressed in it. For the purpose of financing, you might want to add sections to your business plan (including background and historical information) about thebusiness and a description of the management team that is leading the organisation.

We hope this post was useful to you and assists you in finding the reasons why you should start your own business sometime in the future.  In the next coming weeks we will be sharing more insights into: how to draft a business plan; how you can attract venture capitalists to your business; where else you can go for funding; once your business plan has been approved where you go from here; and finally how to find the right people to work for you using Job Mail.

If you have any questions regarding the reasons to draft a Business Plan please leave your messages on the Blog comment stream and the Job Mail Team will be sure to get back to you soon.

The following two tabs change content below.

Henno Kruger

Digital Marketing Channel Co-ordinator / Blogger at Job Mail

You may also like...

13 Responses

  1. Muxe Nkuna says:

    Can you please help us on how to get a loan of R250000-00 to kickstart a multimedia business. Business plan is ready. I am unemployed and my business partner is employed, we are both 25 years of age.

  2. Mirriam says:

    Hi Nkuna, you can try to apply for funding from the Department of trade and inndustry. They have various incentives that they offer which might apply to the business you want. You can visit their website for more information on these incentives or you can email me and my company can assist you apply and acquire such incentives.

  3. Abel Chendamudima says:

    Dear Sir/Madam. How and where do you source funding to start your own business in view of the stringent lending policies being imposed by commercial Banks?

  4. Bruce says:

    Lyk u said urself the Banks r very stringent @ the moment they r also very wary considering the Economic Climate,its not lykly tht they wl gve u a loan takin into account r js starting out.
    The Best option’s sourcing capital from family n frenz or going to the Trade Industry and the YDA (or smthin)the organisation thts gving loans 4 Youths wth good Business Ideas n Business Plans.

  5. richard says:

    I like the website, I want to start tour and travel business, would you people notify me on how to write a business plan? Thanks.

  6. Lineth says:

    Hi, I’m starting my own gym club. I need help on drafting a business plan. Would you please give me the tips on how to go about it. Thank you

  7. Lineth Molekwa says:

    Hi. I’m starting my own fitness club and would like some advise on how to draft a business plan. Thank you

  8. John says:

    Why is it so hard to register a basic, small business?
    Surely there is someone/an entity who can and will do it for me, at a reasonable price?

    Assistance please.

    regards

  9. Edith Koena says:

    please help me i want to start my own small business,and i dont knw where to start,i want to open a small project in my place,

  10. Thembinkosi says:

    Can someone assist, I need to start an internet cafe, requirement are available,so I need someone to give some positive advice onhow can I handle the hole thing succesfully. your response will be highly appreciated.

    • Henno Kruger says:

      Unfortunately we are not experts in this field. Your best bet would be to contact owners of internet cafes and ask them for advice directly.

  11. Dennis says:

    Dear sir pls help me and my 2 partner we want to start our own company for tyre fitment and wheel alignment so we have business plan and we are not sure is a appropriate business plan and we also looking for fundings closed to R900 000,00 for job facilities / materials like wheel alignment machine and tyre fitter machine pls help with info thank you.

    • Henno Kruger says:

      Hi Dennis – We are not able to assist you directly to start your own business. We can only point you in the right direction. Your best bet would be to contact people who have their own businesses if you have any direct queries about the ins and outs of it.

Leave a Reply

Your email address will not be published. Required fields are marked *

twelve − 2 =

Pin It on Pinterest

Share This

How was this article?

If you enjoyed this article feel free to share it with your network.