Getting Started

All about Starting Your Own Business, How to get Started, How to Run Your Own Business and more on Mywage South Africa.

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Don’t rush into working for yourself if you are not sure what it is you want to do, and how you will do it. Here are some guidelines before you take the plunge – and once you have got going:

Choose what is right for you

If you’re thinking about starting your own business, do what fits your knowledge, experience and passion. For example, don’t open a spaza shop if you don’t like dealing with people and do like regular hours. Think about what inspires you, what you’re good at, and what you do and don’t like.

Do market research

Find out whether there is actually a need for your service or product. You should also know if there is any competition for your offering. Try and work out what is in demand. For example, maybe there is a need for sewing alterations in your neighborhood, and you’re good with a needle. Or maybe the local school has no tuckshop – and you like preparing food. 

Prepare a business plan

Write down your plans, your goals, how you aim to achieve them, what costs you think will be involved, how long each step will take. This not only helps you get your thoughts in order – it is also useful for potential investors, if you seek financing.

Sell yourself

You don’t have to spend thousands on advertising – but you must let people know what you have to offer. Sell yourself – if you believe you have a great product or service, then tell people! You can place ads in your local paper, make flyers, and check out websites that offer free advertising services. Don’t forget to list all your contact and address details so clients know how to find you. And put your best face forward!

Manage your finances

You need to keep track of what you are spending and what you are earning. You need to keep detailed records, not only for yourself but for tax reasons. Also, if you have an investor or have a loan, you will need to be able to produce these records on a regular basis. There are easy-to-use software programmes that can help you with this. You could also hire the services of a bookkeeper.

Don’t be afraid to ask for help

If there is an aspect of your business that you do not understand, then ask for advice from a professional. You will save a lot of time – and money – in the long run by getting the right help. 

Have fun!

The best part about running your own business is that you are doing something you have chosen. Yes, it may be hard work and it requires a lot of discipline. But you have your independence, and you are your on boss. Enjoy yourself!

Find out all about state Minimum Wages for all official sectors.