Happy Workers day! Hope you enjoy the fruits of your labour!
Yesterday brought a wave of relief as the government announced a relaxation on the lock down rules. This means that life will be a little normal from Tuesday, although a few things are expected from us such as wearing masks in public as well as adhering to the overarching regulations of the state of emergency in the country that is expected to be in force until September 2020. I continue to pray that we are safe during this unprecedented times.
Back to our financial gossip of the week.
Most people often ask that they would like to start earning an extra income , would like to start a business of some sort but either do not know where to start or do not have the money or claim not to have the time. Unfortunately the only way to know whether an idea will make you money or not is to try it.
Sometimes last year I wrote an article about starting a side hustle and also ran a a few episodes of The Wave , were I covered young Namibians making their stride as entrepreneurs. The aim of this was to inspire others to join the movement.
So what is the secrete to starting a business? What businesses are ideal to start? When is the good time to start a business? How much money do you need to commence a business? Do you need to register a company before you can start trading ? The list of questions can go on but the overriding answer to this is ” It all depends”.
While it depends on many macro economic factors that are beyond ones control such as the economic condition at the time to other personal factors that can be changed for example access to capital as well as skills, there are a few things in common that all entrepreneurs have that might help you to start a business off in the right direction.
In no particular order of importance, here are my few tips if you would like to start a business:
- Unless you execute that idea, it will remain just that- an idea. I personally have a quest for trying out new business idea. Some proved to be really challenging than I initially thought, others a breeze. Some made me money others, I lost! In the end the lesson learnt is either used to improve on the original idea or better the next idea.
- You do not essentially need money before you begin a business. Just start the idea that match what you have. Some ideas literary start by volunteering until you gain insight in the industry, possibly start earning a commission or something and then you upgrade from there. Many people delay their idea simply because they want bank financing. You can start running a small business, grow it and pave your way to getting the funding you need for the big idea.
- You will make a loss or break even in the first few months but that is not a reason to quit.
- Join an industry that you are interested in or keen to learn. Just like with anything you need knowledge for without it, you will perish. You need to know the ups and downs and the dos and don’ts for that industry . At the moment we are exploring venturing in fishing but barely know much hence building relationships and learning from those who are in the industry is key.
- Your pricing is no secrete and hence stop asking people to DM for prices. Also do not sell something at N$XX just because everyone else is doing so. Match your output to input cost and add a reasonable margin
That and many more are what will get you started. But the real deal is just do it, you will figure it out as you go and if you can, do it with your own money ( Not the bank’s).