How To Sell An Online Course Through Udemy and Skillshare?

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The exploding market for online courses is a lucrative opportunity for passive income.

If you’ve got a skillset that you think is marketable, and the ability to communicate it effectively to others, this avenue could be perfect for you.

What Is Skillshare and Udemy?

They are online platforms designed to empower people with certain skills to share those skills with those looking to learn them.

They provide an opportunity for creators to produce and upload courses that can range from video centric to more test heavy options, depending on your personal production skills.

Who is it for?

First and foremost, you’ll obviously need a marketable skill to teach. But you’d be surprised at the wide variety of courses that do well on Udemy. There are dozens of categories and subcategories, so you’re sure to find a niche that perfectly suits your own perfectly set of marketable skills.

But you’ll need something more than skills you’ll need to be a skilled communicator to help people benefit from what you have to say. If you can hold your own in front of a video camera and communicate what you know with clarity, you’ll do well.

How does it pay?

This is a difficult number to pin down, as Udemy and Skillshare earnings can range from a couple hundred rands/dollars per year to tens of thousands each month. It all comes down to how well your course performs.

There are things you can do to increase your chances. Uploading some of your videos to YouTube and linking them back to your course, or using other marketing channels to promote your course. Other Udemy newbies will often offer their courses for free at first to drive traffic and get ratings, before switching to a payed model once they have a bit of a reputation on the site.

As for Skillshare, the site works on a royalty system that determines how much you earn based on how many total minutes of your classes are watched. The site says that first-time teachers tend to earn around R1000 in their first month, while established teachers can earn as much more per month.

It is recommend to uploading your course to both Udemy and Skillshare to get the most possible traffic.

Pros

  • Potential for significant earnings
  • Uses skills you already have
  • No start-up costs

Cons

  • Can take some time to build reputation
  • Big initial time investment of planning, filming, and editing courses
  • Organic revenue is split 50/50 with Udemy.
  • On Skillshare, royalties are shared among the all teachers—higher view rates lead to higher earnings.

How to Get Started

First you’ll want to begin taking notes on which of your skills might be the most marketable. Head to Udemy ( https://www.udemy.com ) or Skillshare ( https://www.skillshare.com ) to see which types of courses are doing well, or which ones have gaps that you could fill.

Udemy and Skillshare offer excellent opportunities to turn your skills and teaching abilities into cash. If you’re willing to put in the initial setup work, it could turn into a lucractive source of passive income.

Thank you for reading this blog post. Do like, comment below and don’t forget to follow more of MBG on our social media platforms.

Make a Living By Cooking

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Food has become an art form worthy of taking elaborate pictures and spending the time to perfect the craft. It’s not only amateur chefs who are involved, but people with adventurous palettes looking to explore new tastes.

Cooking is one of the hobbies that make money that you also can share with the world in a variety of ways, from starting a blog, YouTube channel, or Instagram account dedicated to recipes to diving head first into a business by creating your own food or cooking products. Some even hit the road with a food trailor business.

According to Google, 59% of 25-to-34-year-olds take their mobile devices into the kitchen, using resources on the internet to find and practice new recipes. There’s definitely a market of DIY chefs looking for content (as well as products) you can create to serve them.

Thank you for reading this blog post. Do like, comment below and don’t forget to follow more of MBG on our social media platforms.

How To Sell Digital Files On Etsy

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Etsy is a huge website where anyone can list products for sale and start making money. They had 39 million buyers in 2019!

Digital files are something you can sell on Etsy and you don’t need to be an expert to make them.

There are people making money selling digital products on Etsy and that’s what we will cover today.

How Does It Work?

A digital file is anything that can be downloaded on your phone or computer. Typically the file is something helpful like an ebook, a budgeting template, a recipe and so on.

You can make files like these, upload it to Etsy, and start selling them!

Digital files are free to make if you have a computer. You also don’t deal with inventory, packaging and shipping. This makes an awesome business model with high margins.

Examples of digital files you can make then sell are:

  • Printable posters / wall art
  • Food recipes
  • Weekly planners
  • Wedding cards & wedding games Resume & cover letter templates
  • Excel financial/budget templates
  • Bookkeeping spreadsheets
  • And so much more

Who Is It For?

This business can be started with no money. It only costs R3/$0.20 to post an item for sale on Etsy. You just need to invest your time to make your digital files.

This is best for people who like creativity and making designs.

You should also be comfortable using a computer but you don’t need to be a computer master or a design expert by any means.

How Much Can You Make?

When done right, you can make R15000/$1000’s per month selling digital files on Etsy. It can be turned into a full time gig or great side hustle.

Digital files sell anywhere from R74/$5 to R15000/$1000. A special cookie recipe might sell for R74/$5. But a small business package might sell for R15000/$1000. How much you charge entirely depends on your product.

Digital files are also cheap or free to make. So whatever you sell for will be mostly profit. These are the fees:

  • R3/$0.20 to list an item on Etsy
  • Etsy keeps 5%
  • PayPal fees 3%
  • Plus costs for making your file (if any)

Pros

  • Only R3/$0.20 startup costs!
  • Passive income when done right
  • Minimal expenses – Almost 100% profit
  • You can build a library of files to sell
  • Don’t need to be a design expert
  • Etsy already has millions of visitors and traffic

Cons

  • Lots of effort to make good files that people want
  • No guarantee they will sell
  • Need to build reviews and learn how to do ranking on Etsy
  • Takes time to build a library and get consistent sales.

How To Get Started

Start by browsing Etsy and see what digital files other people are selling. Pay attention to bestsellers, products with good reviews and stuff that people are actually purchasing.

Then use your research to decide what you want to create that people will love.

List your product and be persistent. Your first sales probably won’t come very quickly. So create more products after that and keep improving and learning.

The Bottom Line

Selling digital files on Etsy can be a good way to make passive income. The costs are very low, anyone can do it, and Etsy has lots of traffic you can get in front of.

If you’re willing to invest time, be patient, and create quality files that people would actually use, then this can be a great income stream for you one day.

Thank you for reading this blog post. Do like, comment below and don’t forget to follow more of MBG on our social media platforms.

Questions To Ask When Considering a Side Hustle.

Side hustles are a great way to earn extra income but, like all new ventures, they require a bit of legwork upfront in order to get traction. If you don’t choose an idea that fits your current lifestyle, it’s easy for this extra work to sink to the bottom of your to-do list and, eventually, fall by the wayside. For this reason, durable side hustles often feel less like a chore and more like a creative outlet that places craft and commerce on equal footing.

Although side hustles don’t always become full-time jobs, it’s common for side hustlers to gravitate towards this option once their venture becomes profitable enough. If you want a side hustle that could eventually become your career, here are some things to consider.

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1. Does the idea fit your current schedule?
You’re going to be dedicating a meaningful amount of time to this side hustle, so it helps if that time fits into your schedule. A side hustle should be something you can do outside of your 9-5 job, but that won’t interfere with or keep you from that job.

Things will come up at your full-time job. Some days, you may have to pick up an extra shift, work overtime to finish up a project, or have obligations like meetings and team-building events.

If you want to make sure you put time into your side hustle, it helps to pick something that’s easy to re-schedule. Side gigs like dog-walking or babysitting might seem appealing, but remember these could be more difficult to arrange around your regular job.

2. Does the idea align with your passions and interests?
Working 40 hours a week is enough to take take most people’s creative energy by the time the day winds down. And after time well spent with family, friends, and personal responsibilities, it’s easy to see just how hard it can be to carve out additional headspace to work on a side project.

But it’s these hours tucked away in life’s margins that tend to be the best time to do the focused work needed to get something off the ground; the workday is done, the weekend is still a couple of days away, and since you’ve already watched all the true-crime documentaries on Netflix, your schedule is wide open.

The hours tucked away in life’s margins are often the best time to do focused work.
But, try as you might, sometimes you just won’t want to work.

That’s why it’s ideal if your side hustle closely pairs with what you’re passionate about, even if it’s not the end-product itself. That might mean some aspect of running things behind the scenes, or maybe it’s just immersing yourself in a new topic or field of interest.

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3. Is the idea financially viable?
Although not every hobby should be burdened by the need for profitability, by our definition of a side hustle, we are looking to create some kind of return on time invested. That means your side hustle needs to be financially viable and, over the long term, relatively stable.

Most side hustles aren’t profitable right away since your primary focus is tweaking your product or service and finding how best to reach your first clients or customers. You want to keep costs low in the early stages and work exclusively on “ringing the cash register,” or proving out your idea with a sale so you can see what the numbers look like.

What does that mean exactly? Since the start of any project is completely lopsided in terms of time put in and revenue that comes back out, you don’t need to be as concerned with tracking your sweat equity.

But as you make progress and begin to make money, it’s important to understand how much it costs you, in time, to get a client, customer, or sale, and ultimately, turn your effort into profit. If your resulting margins or hourly wages put you in the red, your side hustle may not be sustainable.

Thank you for reading this blog post. Do like, comment below and don’t forget to follow more of MBG on our social media platforms.

How To Create And Sell Courses Online

-Develope A SideHustle Mentality

The exploding market for online courses is a lucrative opportunity for passive income. If you’ve got a skillset that you think is marketable, and the ability to communicate it effectively to others, this avenue could be perfect for you. 


What is it? Skillshare and Udemy are online platforms designed to empower people with certain skills to share those skills with those looking to learn them. They provide an opportunity for creators to produce and upload courses that can range from video-centric to more test-heavy options, depending on your personal production skills. 
The courses can then be priced, sold, rated, and shared. Successful courses on Udemy or Skillshare can rake in thousands of dollars, all by leveraging skills that their creators already have.  


Who is it for? First and foremost, you’ll obviously need a marketable skill to teach. But you’d be surprised at the wide variety of courses that do well on Udemy. There are dozens of categories and subcategories, so you’re sure to find a niche that perfectly suits your own perfectly set of marketable skills. 


But you’ll need something more than skills—you’ll need to be a skilled communicator to help people benefit from what you have to say. If you can hold your own in front of a video camera and communicate what you know with clarity, you’ll do well. 

WordPress.com

How does it pay? This is a difficult number to pin down, as Udemy and Skillshare earnings can range from a couple hundred dollars per year to tens of thousands each month. It all comes down to how well your course performs. 
There are things you can do to increase your chances. Uploading some of your videos to YouTube and linking them back to your course, or using other marketing channels to promote your course.

Other Udemy newbies will often offer their courses for free at first to drive traffic and get ratings, before switching to a payed model once they have a bit of a reputation on the site. 
As for Skillshare, the site works on a royalty system that determines how much you earn based on how many total minutes of your classes are watched.

The site says that first-time teachers tend to earn around $200(R 1850) in their first month, while established teachers can earn as much as $3,000 (R55 500) per month. 
We recommend uploading your course to both Udemy and Skillshare to get the most possible traffic.
Pros 

  • Potential for significant earnings 
  • Uses skills you already have 
  • No start-up costs  

Cons 

  • Can take some time to build reputation 
  • Big initial time investment of planning, filming, and editing courses
  • Organic revenue is split 50/50 with Udemy. 
  • On Skillshare, royalties are shared among the all teachers—higher view rates lead to higher earnings.   

How to Get Started First you’ll want to begin taking notes on which of your skills might be the most marketable. Head to Udemy or Skillshare to see which types of courses are doing well, or which ones have gaps that you could fill.  
Summary Udemy and Skillshare offer excellent opportunities to turn your skills and teaching abilities into cash. If you’re willing to put in the initial setup work, it could turn into a lucractive source of passive income.

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How To Write A Business Plan

How to Write a Business Plan If You Are Looking For Funding

A business plan refers to a written document that comprehensively outlines what your business is, where it is going, and how it will get there. The business plan outlines in specific terms the financial objectives of your business, and how it will position itself to achieve those goals in the context of the current market environment. In addition, the business plan is an indispensable tool to attract business capital. This article will outline how to create one step-by-step.

Preparing To Write Your Business Plan

1. Determine the type of business plan you will use. While all business plans share the common objective of describing a businesses purpose and structure, analyzing the marketplace, and creating cash flow projections, the types of plans differ. There are three major kinds.

  • The mini plan. This is a shorter plan (likely 10 pages or less), and is useful for determining potential interest in your business, further exploring a concept or starting point to a full plan. This is a great starting point.
  • The working plan. This can be considered the full version of the mini plan, and its main purpose is to outline, without emphasis on appearance, precisely how to build and operate the business. This is the plan that the business owner would refer to regularly as the business moves towards its objectives.
  • The presentation plan. The presentation plan is meant for individuals other than those owning and operating the business. This could include potential investors or bankers. It is essentially the working plan, but with an emphasis on sleek, marketable presentation, and proper business language and terminology. Whereas the working plan is made for reference by the owner, the presentation needs to be written with investors, bankers, and the public in mind.

2. Understand the basic structure of the business plan. Whether you opt for a mini-plan, or a comprehensive working plan to start, it is essential to understand the basic elements of a business plan.

  • The business concept is the first broad element of a business plan. The focus here is on the description of your business, its market, its products, and its organizational structure and management.
  • The market analysis is the second major element of a business plan. Your business will operate within a particular marketplace, and it is important to understand customer demographics, preferences, needs, buying behavior, as well as the competition.
  • The financial analysis is the third component of the business plan. If your business is new, this will include projected cash flows, capital expenditures, and the balance sheet. It will also include forecasts as to when the business will break-even.

3. Obtain appropriate help. If you lack business or financial education, it is never a bad idea to enlist the help of an accountant to assist with the financial analysis portion of the plan.

The above sections are the broad components of the business plan. These sections, in turn, break down into the following seven sections, which we will, in order, focus on writing next: Company description, market analysis, organization structure and management, products and services, marketing and sales, and request for funding. 

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Writing Your Business Plan

1. Format your document correctly. 

While the first section is technically known as the “Executive Summary” (which gives an official overview of your business), it is typically written last since all the information from the business plan is required to create it.

2. Write your company description as the first section. To do this, describe your business and identify the marketplace needs for your product or service. Briefly describe your key customers and how you intend to succeed. 

For example, if your business is a small coffee shop, your description may read something like, ” Mbali’s coffee shop is a small, downtown-based establishment focused on serving premium brewed coffee and fresh baking in a relaxed, contemporary environment. Mbali’s coffee is located one block from the local University and aims to provide a comfortable environment for students, professors, and downtown employees to study, socialize, or simply relax between classes or meetings. By focusing on excellent ambiance, close location, premium products, and superb customer service, Mbali’s coffee will differentiate itself from its peers.”

3. Write your market analysis. The purpose of this section is to explore and demonstrate knowledge of the market your business is operating within.

Include information about your target market. You should be able to answer questions like, who is your target market? What are their needs and preferences? How old are they, and where are they located?

Make sure to include a competitive analysis that provides research and information on immediate competitors. List your main competitor’s strengths and weaknesses and the potential impact on your business. This section is extremely important, as it outlines how your business will gain market share by capitalizing on the competitor’s weaknesses.

4. Describe your company’s organizational structure and management. This section of the business plan focuses on key personnel. Include details about the business owners and its management team. 

Talk about your team’s expertise and how decisions will be made. If the owners and managers and have extensive backgrounds in the industry or a track record of success, highlight it.

If you have an organizational chart, include it.

5. Describe your product or service. What are you selling? What’s so great about your product or service? How will customers benefit? How is it better than your competitor’s products or services? 

Address any questions about your product’s life cycle. Do you currently have or anticipate developing a prototype, or filing for a patent or copyright? Note all the planned activities.

For example, if you are writing a plan for a coffee shop, you would include a detailed menu that would outline all your products. Before writing the menu, you would include a short summary indicating why your particular menu sets your business apart from others. You may state, for example, “Our coffee shop will provide five different types of beverages, including coffee, teas, smoothies, soda’s, and hot chocolates. Our wide variety will be a key competitive advantage as we can provide a diversity of product offerings that our main competitors are currently not offering”.

6. Write your marketing and sales strategy. In this section, explain how you intend to penetrate the market, manage growth, communicate with customers, and distribute your products or services.

Be clear in defining your sales strategy. Will you use sales representatives, billboard advertising, pamphlet distribution, social media marketing, or all of the above?

7. Make a funding request. If you will use your business plan to secure funding, include a funding request. Explain how much money you need to start and maintain your small business. Provide an itemized summary of how start-up capital will be used. Give a timeline for your funding request.

  • Gather financial statements to support your funding request. To accurately complete this step, in some cases it might be necessary to hire an accountant, lawyer, or other professional.
  • Financial statements should include all historical (if you are an existing business) or projected financial data, including forecast statements, balance sheets, cash-flow statements, profit and loss statements, and expenditure budgets. For one full year, provide monthly and quarterly statements. Each year after that, yearly statements. These documents will be placed in the Appendix Section of your business plan.
  • Include projected cash flows for at least 6 years or until stable growth rates are achieved and if possible, a valuation calculation based on discounted cash flows.

8. Write the executive summary. Your executive summary will serve as an introduction to your business plan. It will include your company’s mission statement and provide readers with an overview of your products or services, target market, and goals and objectives. Remember to place this section at the beginning of your document.

  • Existing businesses should include historical information about the company. When was the business first conceptualized? What are some notable growth benchmarks?
  • Start-ups will focus more on industry analysis and their funding goal. Mention the company’s corporate structure, its funding requirement, and if you will provide equity to investors.
  • Existing businesses and start-ups should highlight any major achievements, contracts, current or potential clients and summarize future plans.

Finalizing Your Business Plan

1. Include an Appendix. This is the very last section and it’s meant to provide additional information. Potential investors might want to see this information before making a decision. The documents you include here should support claims made in other sections of the business plan.
 
This should include financial statements, credit reports, business licenses or permits, legal documents and contracts (to demonstrate to investors that revenue forecasts are secured by concrete business relationships), and bios/resumes for key personnel.

Elaborate risk factors. There should be a section clearly outlining the risk factors affecting your venture and your mitigation plans. This also indicates to the reader how well prepared you are for contingencies.

2. Revise and edit. Review your business plan for spelling and grammatical errors. Do this several times before deciding on the final version.

  • Rework or completely rewrite content to ensure it works from the perspective of the reader. This is especially true if you are creating a “presentation plan”.
  • Read your document aloud. This allows you to detect if any sentences do not flow together well, and it also makes any grammatical mistakes more obvious.
  • Make a copy and give it to a trusted friend or colleague to proofread and provide feedback. You can go online and print a Non-Disclosure Agreement (NDA) for them to sign to help protect your business idea.

3. Create a cover page. The cover page identifies your document and gives it aesthetic appeal and professionalism. It also helps your document to stand out.

Your cover page should include: The words “Business Plan” centered in large bold font, along with your company name, company logo, and contact information. Simplicity is key.

How To Make Passive Income By Creating An Online Course

Every day, there are millions of people using the internet for a variety of reasons. Information, entertainment, work, and the list continues. What’s a big reason people use the internet you ask? To learn. One of the main ways is through online courses. 

Coding, web design, fitness, nutrition, etcetera, are just a handful of topics that online courses are centered around. Online courses can be literally about anything, from how to create a t-shirt design in Photoshop, to how to scale a business to 7 figures. 

The great things about creating an online course are:

  • After your course is created, it can generate passive income.
  • Constructing a course is not difficult 
  • Online courses can be integrated into an already existing income source. Such as a website. For example, if I have a website on fitness, I can create a course on exercising at home, and integrate that it into my website. 
  • Your course is available worldwide via the internet with no 0 inventory required. 

In this post, we’ll be discussing how you can create passive income through online courses.

Photo by Katerina Holmes on Pexels.com

There are 3 main points when creating an online course. 

  1. Choosing a topic 
  2. Creating the course
  3. Marketing the course

1. Choosing a topic

Ideally, when choosing a topic, it should be something you’re somewhat fluent in. You DO NOT have to be an expert in what you’re teaching, but you should be able to talk about it, and explain it without issue.

Take into account something that you’re knowledgeable in, such as productivity, fitness, programming, construction, and etcetera. The first thing to pop up in your head that you’re knowledgeable in, you should use (so you don’t overthink it).

Things to take into think about when choosing a topic:

  • Is it evergreen? Evergreen means it will always be in demand. Information on topics like fitness, productivity, wealth, and relationships are things that will always be in demand.
  • Are you knowledgeable in it?
  • Could you actually teach it in and have successful students?

This part of the process should not take too long, you could take a night to sleep on it. It should be easy to decide what you’re going to teach.

2. Creating the course

Depending on what you’re teaching, the way you’ll create the course will vary. But every course will need an outline. What will the topics be in each video, what information will go into each video?

Put lots of thought into this because this is what your customers will be purchasing, make it worth their time and money. 

Next comes creating the content. If I’m teaching finances I might want to be recording myself writing on a white board to help my students get a visual of the lesson. And in the next lesson I might be using a screen recorder on my computer for a certain website that my students will need. After that I might want to edit the video, and cut out clips, or add in text or annotations. 

Remember that the quality of your course does not have to be expensive and professional, but it should be of the highest quality you can provide. For creating content you might need:

  • A camera – you can use a good cellphone camera or borrow something better.
  • A screen recorder – Quicktime has a screen recorder feature and is installed on most computers. If you’re teaching something like Photoshop tutorials, you’ll need a screen recorder. This also applies if you’re using an application such as Powerpoint to teach your students.
  • Video editing software – there are great free ones, such as Lightworks.
  • A microphone – doesn’t have to be expensive, you can find some great, inexpensive ones, anywhere you look.

Really take your time and plan out what you’ll be teaching. Don’t just create a course to sell it, create a course to actually provide value to your students. It could encourage them to purchase more courses from you in the future or recommend it to others..

3. Marketing the course 

Here comes the part where YOU can be making passive income. 

The two easiest ways to sell your course are on: 

  • Udemy 
  • Skillshare 

These platforms already have traffic and loyal customers using it every day. They handle the website, transactions, and technicalities so all you have to focus on is creating a solid course. 

The major cons to using Skillshare or Udemy are the fees but it might be worth it for the advantages mentioned above. Another con is you’ll be competing directly with other courses so you must stand out and get good reviews. 

The alternative is using a platform like Teachable. Teachable has a fixed fee so you can make more money. However, you must do the marketing and be the one that gets traffic to your course. If you’re a beginner Udemy and Skillshare are recommended first. However, if you some online marketing experience Teachable will be more profitable for you.
Conclusion

There you have it, simply choose at topic, create the course and then market it. The steps are easy but it takes time to make a quality course. However, the bulk of the work is done all at once, so after you set everything up correctly, you can have a true source of passive income. 

This requires only a small budget and some time to create a consistent earner that requires little to no attention after being set up.

Thank you for reading this blog post. Do like, comment below and don’t forget to follow more of MBG on our social media platforms.

Ways Of Securing Funding For Your Business In South Africa

Obtaining Capital

 The purpose of this guide is to help you start your business with as little capital as possible, but there may be times when you need a little boost—just a little extra cash for something like buying extra stock, paying off an unexpected bill, or taking advantage of a really good price on something you need. Remember, the longer you wait to obtain funding, the better position you will be in not only to get approval, but to get terms that will be more favorable. 

If you’re a startup entrepreneur with no proven history or track record in business, you’ll find it nearly impossible to get funding. Even if you have a killer idea, investors aren’t likely to take a risk on you if you haven’t proven yourself. Let’s take a look at some ways you can obtain funding for your business.

  • Angel Investors

Angel investors are more likely to invest in unproven startups than venture capital firms, as they are usually individuals, and they are usually investing not only for profit, but to help other entrepreneurs like themselves get started. Angel investors typically invest smaller amounts of money than venture capital firms, as they are individuals and not companies or organisations.

Investments are usually under a million Rands. Most angel investors do want you to have a very solid idea, as well as a solid business plan, so be sure you have all your ducks in a row before seeking appointments with potential investors. 

  • Venture Capital

Venture capital firms typically prefer to invest over a million rands in companies, but they are much stricter on the companies they invest in. They want to see things such as a proven track record, profit and loss statements, and solid revenue before they will invest. 

While it may be possible to secure funding with a venture capital company without all of this, it would be incredibly difficult. You’d need a big name and proven track record in business before your idea would even be considered. For this reason, it’s advisable to wait until you have solid figures to show them before considering this type of funding.

  • Loans

Loans are a bit easier to get than investments, so if you aren’t at a stage where you can visit angel investors or venture capital firms, a loan can be a good option. Keep in mind that loans do require good credit and/or collateral to obtain, and if you don’t have either you probably won’t have much luck obtaining one. In South Africa one can secure loans made available by the banks such as FNB, ABSA, NEDBANK, STANDARD BANK etc.

  • Fund Grants

The South African Government has made funding agencies available for small business owners, but in order for one to qualify for this funding they have to go through necessary procedures.

Where do i get assistance to establish a small business?

SEDA – http://www.seda.org.za

SEFA – http://www.sefa.co.za

FINFIND – http://www.finfind.co.za

IDC – http://www.idc.co.za

NEF – http://www.nefcorp.co.za

WooCommerce
  • Saving Money

Now let’s take a look at a few ways you can save money on those things you do need to buy. 

 1. Don’t buy anything you don’t need. It seems simple enough, but you’d be surprised how many people waste money on things they don’t really need, such as decorative things for their office or renting a fancy space for their company. Buy those things once your company is profitable. Don’t buy them in the beginning!

2. Always shop around. Prices can vary from vendor to vendor, and from day to day, so take the time to do some comparison shopping. Even saving a few rands here and there can add up. Before you buy anything that costs more than a few bucks, look for a sales, discount, or better price.

3. Buy used whenever possible. A lot of people make the mistake of thinking they need to buy everything brand new, but sometimes gently used items make more sense. Why pay R5000 for a brand-new desk for your office when you can get a very nice used one for R1000? Sand it down and paint it, and it might look brand new at a fraction of the price.  

4. Don’t take a salary. I know it’s painful to hear, but one of the biggest mistakes startup founders make is taking a salary for themselves right from the beginning. I get it. We’re all in business to make money. Otherwise, why start a business at all? But when you’re just getting started, you need every dime you can get for startup expenses. Unless you’re incredibly lucky and achieve profitability overnight, hold off on taking any money for yourself.

6. Don’t outsource anything you can do yourself. You can learn to do most things on your own, such as setting up a basic website with WordPress and even designing your first logo. If it’s something you can do, you should do it yourself unless it’s so inexpensive to have it done that it wouldn’t be worth the time and effort it would take to learn how to do it yourself. These are just a few ideas of ways you can save money, and you don’t have to use them only when you’re getting started! It never hurts to stay frugal, even when your company is making a good profit.

Do check out other Blog Posts below:

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Win R28 Million With Africa Netpreneur Price Initiative 2020 – Jack Ma Foundation

Stand a chance to win US$1.5 million cash price as Jack Ma Foundation has launched its second competition for innovative entrepreneurs. The Africa Netpreneur Prize Initiative (ANPI) is a initiative of the Jack Ma Foundation aiming to support and inspire the next generation of African entrepreneurs.

The initiative wants to award $1.5 million in prize money to 10 entrepreneurs from across Africa.

According to the Netpreneur.africa they mission is to identify and spotlight African entrepreneur heroes and their stories to inspire the continent and beyond. The Prize will host a grand finale pitch competition in Africa where ten finalists from across the continent will compete for a share of US$1.5 million in total grant prize money.

Make it to the grand finale and you’ll have your shot to pitch your story to Jack and the rest of the judges. The Prize will be fully inclusive. Entrepreneurs of any age, gender, and sector who are nationals from any 54 African countries are encouraged to apply.

Application deadline: 9th June 2020

https://africabusinessheroes.org/en/register

Requiments

1. Check that you are eligible to apply! ANPI has strict eligibility criteria. Only applicants who meet the ANPI criteria will have their application reviewed. See below for ANPI Eligibility Criteria:

  • Applicant should be the Founder or a Co-Founder of the company.
  • Applicant has traceable/provable African nationality. In other words, you have/had African citizenship and/or a Parent or Grandparent has African citizenship.
  • Company is Africa-Based. The business is registered and headquartered in an African country, and primarily operates in Africa.
  • Company is post-Idea stage. Business is 3 years old or more and has at least 3 years of revenue history

2. Be honest. Selected finalists will be required to submit documents proving their responses. Top 10 finalists will undergo a rigorous due diligence process.

3Demonstrate your answers. Where relevant provide examples and details that will allow judges to thoroughly assess your application.

4. Answer all required questions. Required questions will be indicated with an *.

5. Be concise. Stay within the word limits.

6. Shoot & upload an introductory video.

7. Get a recommendation and ensure your referral submits it by the deadline.

8. Refer to our application FAQ & Guide, if you’re stuck or email us at info@africabusinessheroes.org if any questions are unclear.

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South African Government Way Of Helping SMMEs During The Covid19 Disaster

Funding has been made available by the government for all SMMEs that are facing challenges as the world is faced with the coronavirus pandemic. Small to Medium business owners are advised to no go register for this funding. A website has been created that specifically deals with these registration. As for Monday http://www.smmesa.gov.za has started … Continue reading “South African Government Way Of Helping SMMEs During The Covid19 Disaster”

Applications To Render Essential Services – Coronavirus COVID 19

According to Gov.za, businesses that may be allowed to supply essential services are required to hunt approval from the Department of Trade, Industry and Competition so as for them to trade during this time of the lockdown. Healthcare professionals registered with the Health Professions Council of South Africa, sole proprietors who provide essential goods and services (like spaza shops), and small-scale farmers wont … Continue reading “Applications To Render Essential Services – Coronavirus COVID 19”

The SAFT Oppenheimer Funding

Some small businesses are already receiving financial assistance from The South African Future Trust, established by Nicky and Jonathan Oppenheimer to offer an initial R1 billion in support to small and medium enterprises impacted by the coronavirus pandemic. In a statement issued on Monday, the South African Future Trust (SAFT) said that it had received … Continue reading “The SAFT Oppenheimer Funding”

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