Have you dreamed of opening your own cell-phone shop, tattoo parlour, ice-cream shop bakery, spaza shop or leather work business? Most successful entrepreneurs started their businesses with a “dream”; not by accident or default. Entrepreneurship is hard work but it is also great fun! It is tough to take that first leap of faith and get started, but just think, what if you succeed? Individual entrepreneurs dream, and when others “buy in” to that dream, teams are formed who dri
Co-founder of Nkazimulo Applied Sciences and creator of the ChemStart science kit, Bathabile Mpofu says her purpose in life is to help young people become the scientists they want to be. ChemStart is a fun and practical learning aid for high school science pupils and includes 52 chemistry experiments – one for each week of the year. It is designed specifically to help learners enhance their understanding of the high school Science syllabus. A little over three years ago, Bath
When you pop in to a Micoffee shop in Port Elizabeth, and owner Mike Chizeya happens to be around, you are in for a real treat. Mike makes time for every single customer. And, if you make a return trip - after tasting the coffee, you will most likely be back for more – he’ll probably remember exactly what you ordered. The 39-year-old opened his first pilot kiosk in Walmer in 2015, but has gone on to establish another permanent shop in Newton Park, which his wife and greatest
Knowing the pros and cons of the different types of trading and legal entities is important in making the right choice before registering your business. What types of trading entities are out there? · Sole trader If you trade under your own name, using a “trading as” business name, you are a sole trader. A sole proprietorship (Trader) is a business owned and operated by an individual, and is the simplest form of business entity.
Example: Brian Jones T/A “BJ’s Coffee Shop”.
Business success is a result of a number of things, including good information and the sensible application of this information. In The Springboard Academy’s previous posts, we looked at the different tools we use to gather and compile good information for a business. Now, we need to look at what this information can tell us. Note that the same information can produce different statistics, depending on the point of departure and the intended use. Make sure that you take note
It is imperative to pay yourself enough of a salary that you do not end up with "your hand in your business' Cookie Jar”. This may sound harsh, but it simply means that the money in the till or business bank account is not yours…….yet. Pay yourself a fair salary The Springboard Academy’s Terence Knott-Craig was asked for help by a business owner who had got into some cash-flow difficulties. “While analysing the business’ finances, I asked what the owner’s salary was, to which
Working out the finances of a small business can seem scary for entrepreneurs new to the neighbourhood, but it doesn’t have to be complicated if you know the basics. There are a few components you need to know and understand, such as turnover, cost of sales, work in progress (if you are in manufacturing), variable expenses, fixed costs, mark-up, gross profit, costing, tax and profit. Okay, that all sounds very overwhelming but let’s break it down step by step. In this post, w
Now that you, the entrepreneur, know what your market wants and how you hope to satisfy that specific need, it is time for business modelling, to plan the operations and a cost structure of your business. (Luke 14:28) There are different operating structures for different types of businesses: If you offer a service, you may only need an office and a vehicle, as well as the general requirements of a bank account, phone and administration structure;
If you are manufacturing a