Is now the right time to start your small business? Hell yes!
by Wayne Diamond
The past couple of years have by no means been an easy ride for South Africans, corporations or startups. According to the Bloomberg’s Misery Index, the index that zooms in on a country’s inflation and unemployment figures, SA ranks third “miserable” out of 62 countries. Add loadshedding, fuel prices and retrenchments to the mix and the picture appears gloomy indeed. Should we all mope around or jump ship to more economic affluent countries? Or is there a glimmer of hope?
Some reports suggest that the economy is nearing the end of its slump. Mike Schüssler, a leading economist believes that we will start to see an improvement over the next few quarters. “We’re probably over the worst, and by 2021/22 we could be back at 3% GDP growth,” he said.
With start-ups contributing to 60% of new job creation, small businesses have a large role to play in SA’s path back into growth. Entrepreneurship is not about picking an opportune time but about having an innovative idea and executing it correctly. In tough economic times start-ups might need to work harder and be more resourceful but it does not suggest a business will inevitably fail.
Here’s how to get a winning start in difficult times:
Cut costs where possible: Some of the world’s most successful businesses like Microsoft, Amazon, Disney and Harley Davidson all had humble beginnings in a garage. Think outside of the box, do what you can yourself and keep expenses to a minimum.
Use technology wisely: Advances in technology can help give startups the edge they need. Don’t have the money to get a website built by a professional but need the business it can generate? Try doing it yourself using a website builder solution like Site Builder. A professional email address is critical to your professional appearance, so register the domain name at your earliest convenience. Furthermore various social media monitoring programmes make it easy to listen and respond to enquiries instantly and CRM software can help you automate customer relations processes. These are just a few examples how technology can help you “look the part”.
Network: Don’t neglect old-school networking. Friends of friends and family of family can only get you so far. Go to events, meet and mingle. While you might run your business from home or a small office at first, your customers are out there.
When you create your own business you can proactively take charge of your own future. Starting small but dreaming big will allow you to grow your business brick by brick until you are able to play a more influential role in your community.
Small businesses have the power to change local communities dramatically by:
- boosting the local economy;
- creating local jobs;
- enhancing local tourism;
- adding character to the community’s look and feel; and
- inspiring change amongst others.
Make your business dreams a reality. Remember, it All Starts With A Domain Name.
So, start by registering your domain name today: www.domains.co.za