7businesslessonsfrom7entrepreneurs

7 powerful business lessons from 7 entrepreneurs

If you’re an aspiring entrepreneur, more especially, please read on. If you’re a tired entrepreneur, demotivated, drained, and on the brink of giving up, read on. 

Entrepreneurship is a unique journey for everyone. What’s guaranteed for everyone though, is that you will come across challenges, and you will be tested. It has been said that X% of startups fail in their first 1-2 years, it’s survival of the fittest. 

Some of these challenges may include: 

  • Lack of resources 
  • Lack of knowledge 
  • Lack of money management skills 
  • The barrier of access to market 
  • Some days, it’s really just a lack of motivation. 

The reasons are endless. And as we mentioned, they are different for everyone. We have had conversations with a few entrepreneurs, and we’ve collected 7 lessons from 7 entrepreneurs. That’s 7 motivations and mentorship lessons for 7 days a week! 

7 entrepreneurs said:

Lesson 1: There is no easy business. 

“Many think so, but I haven’t seen one yet. The grass isn’t any greener on the other side of the fence. That said, you can make your business SIMPLER – which will make things feel easier. Businesses naturally increase in complexity as they grow, so it’s important to continually look for ways to simplify it,”

Need we say more?

Lesson 2: Don’t underestimate the power of starting small.

In retrospect; 

“Just start”  is simply motivation. The reality is much more complex. Starting a business requires not only a business plan but also your life plan. How are you going to survive, eat, bathe, clothe and live without depending on the business? Survival instinct will always surpass motivation. That’s how you then start killing/eating the business.

Just to add to that, it’s best to start with a game plan. You don’t have to have it all figured out, but how are you going to get clients/make money? Think about money-making activities, then how to keep the money and grow it. You don’t need big equipment. Use what you have: resources, connection, skills. The goal is to start, small. 

Lesson 3: Consistency will get you noticed, one way or the other. 

It was once said that a customer has to see your business a few times at the very least, so your brand can register in their minds and consider you when making buying decisions. If you are not consistent in your marketing and advertising, you lessen your chances. 

Lesson 4: Slow money is better than no money 

As long as the money is coming in, you’re in business. What you need to think about is SCALING. Be real with yourself, you can’t open and run a business that doesn’t make you money for long. If all else fails, Close it or pivot and venture into something else.

This is if there’s no increase in your interest from the day u started. An increase doesn’t have to be a lot, something as little as a 0.01 increase every month or quarter is still an increase, it means you’re going somewhere. 

Lesson 5: Some goals are achieved through pain. 

And I quote “Often tragedy strikes when you least expect it, and the results can be emotionally and financially devastating”. Growth in business is not linear, success itself is not linear and sometimes as an entrepreneur/leader, you will have to make hard decisions. That could look like retrenching some people whose roles you can automate as tech improves, letting go of clients you built long relationships with, anything. It is just not that smooth, and sometimes it will hurt YOU, to make decisions that are good for your BUSINESS. 

Lesson 6: Cater for your market, not your preference.

The statement is pretty self-explanatory. And just to add to that, here are a few valuable business lessons: 

(1) the business money isn’t your money so treat it accordingly and 

(2) cater to your market, not your preference.

Quick tips:

  • Find a specialization: when you specialize, you can charge a premium because your knowledge is SPECIAL. A bit of knowledge on this and that won’t get you anywhere. 
  • Find a niche (not everyone can be your market).
  • Price according to your level of skill and market (not what is “cheap”).
  • Brand yourself and use that to help your business brand grow: this is completely optional, you can be the man behind the scenes if you prefer.

However, people do like seeing the face, the person behind a brand, and they are interested in your story. This is one of the best ways to build and grow a community, which you can ultimately turn into paying customers. 

Lesson 7: Give back

“Being an entrepreneur puts you in a position of power and many people look up to you for opportunities as well for inspiration. Especially in the context of a well-established business, therefore it is befitting to always stay humble and helpful to the ones that do not have the same privileges you have.”

Look, you don’t even have to adopt mentees, you can do something as simple as sharing valuable content for young entrepreneurs that come after you. This is actually good for PR for both your business and personal brand. People will quote you and write about how you’ve helped them without any personal interaction. 

Did you find any of these valuable? Let us know in the comments!

Can SARS tax you even if your business is not registered?

Can SARS tax you even if your business is not registered?

The answer is YES. If you are running a business that is not registered, you are basically a sole proprietor.


What Is Sole Proprietorship?


A sole proprietorship is defined as a business that is owned and operated by a natural person (individual).

This is considered the simplest form of doing business. It simply means the entity is not legal (registered) and has no existence separate from the owner who is called the proprietor. Although a sole proprietorship can operate under the name of its owner or give a business’ fictitious name, the name does not create a legal entity separate from the sole proprietor owner.


Pros and Cons of Sole Proprietorship


Sole proprietorship obviously has some pros and cons. Here are 3 pros and cons:

Pros:
1️⃣Simple to establish, operate or even discontinue the business.
2️⃣Owner is free to make decisions.
3️⃣Owner receives all the profits.


Cons:
1️⃣The owner is legally liable for all the debts of the business. 
2️⃣​Limited ability to raise capital, which limits the expansion of a business when new capital is required.
3️⃣The owner alone has limited skills, they may need to hire employees with sought-after skills.



What Is Most Tax Efficient?
Sole Proprietorship vs LTD (PTY)

It all boils down to expected earnings from your business.

Individuals are taxed on a sliding scale, which means that the rate of tax you pay increases as your earnings increase. This applies to any individual earning more than R87,300 per tax year.

In a company, profits are taxed at a rate of 28%, irrespective of the value. Plus, dividends tax is levied at 20% on profits retained in the company and distributed as a dividend in the future.

In A Nutshell…

As an individual earns more, you move into the higher tax bracket. The difference in tax between a company and a sole proprietor decreases. At a lower level of taxable income, it’s more tax-efficient to operate as a sole proprietor and enjoy the benefits available to individuals. At higher income brackets, it’s likely that company registration would be more beneficial.

This should help you make a better decision if you were stuck between registering your business and operating it individually. For business registrations and taxes, please do get in touch with us 📲

5 MUST HAVE apps on your phone | Entrepreneurs

We glorify being a “girl boss” or solopreneur but don’t talk much about the hardship you have to go through ALONE. You are the managing director, lawyer, marketing director, administrator, everything ALL ALONE. That cannot, in any way be easy, but some are suckers for the busy life.

Although you can outsource services or employ talent in your team, that isn’t any easy either. Building a team is one of the challenging job every entrepreneur has. If you are not ready for that as of yet, don’t worry WE GOT U 👊

The nice thing about technology is that it makes our lives easier, and it gets even better by the day. You can have your office in your room, you can work from the coffee shop, you can literally have your entire office on your phone and work on the go! We now have mobile apps that make our lives easier, and we will share with you 5 apps that will not only make your life easy, but will also keep you productive throughout the day.

5 apps that will make your life easy and keep you productive:

1️⃣ Flipd

This app helps you track all your productive activities. Flipd is designed to keep you out of distracting apps, it works like a lock screen on a timer, keeping you focused. You can set milestones and use stats to track your productivity. Further more, it has the nicest “background” music (sounds) to help you keep focus.

2️⃣ WhatsApp for Business

Wait, you do have Whatsapp Business, right? Because why not! This app is the best! It has a chatbot that you can set to sends automated messages to your contacts. You can also set quick replies you can quickly send for more efficient customer service. You can also add a catalogue, labels customers who have paid and those who haven’t, add trading hours, link to website, etc.

3️⃣ Canva

Canva is a graphic design platform, used to create social media graphics, presentations, posters, documents and other visual content. The app has ready made templates for users to use. There’s nothing you cannot find here. They even have a learning platform where you can learn from the best – how to create designs that resonates your brand.

4️⃣ Hootsuite

Hootsuite needs to mask off!! The app must be sent from above. It helps you manage all your social media accounts in one platform. If you are a data driven person, you will fall in love with it. It helps you monitor your growth trough it’s Analytics feature, helping you make better decisions about your content, and overall marketing strategy. A MUST HAVE 🤞

5️⃣ Trello

Trello is an effective way to manage your projects, an easy-to-use mobile platform. This app that helps you visualize what needs to get done, you can even collaborate with other team members. Trello helps you organize your projects into cards, lists and boards, great way to to see what projects are in progress, who’s collaborating on them, and what the status of each. You can set deadlines and categorize tasks according to their timelines, activities and priorities. Makes life easy. ‘

We hope these helps, these are just 5 in a million apps that simplify life. Let et us know in the comment section which app(s) make your life easy?