Thinking of starting a business? The Rhodes Business Society Market day on Saturday outside Alec Mullins Sports Centre might have been a quiet one, but that did not prevent budding student entrepreneurs from shedding ten pearls of wisdom about the do’s and don’ts of starting up a new trade.
Thinking of starting a business? The Rhodes Business Society Market day on Saturday outside Alec Mullins Sports Centre might have been a quiet one, but that did not prevent budding student entrepreneurs from shedding ten pearls of wisdom about the do’s and don’ts of starting up a new trade.
Do’s
Research thoroughly. “You’re sorted if you know what people want to buy and how to get it to them,” says Nicole Viljoen who sold hubbly bubblies at the National Arts Festival last year.
Market yourself. Whether it’s word of mouth or guerilla marketing, you need the basics in your advertising: product, place and contact number, says Farhan Nathanie who is selling overalls for Tri-Varsity this year with business partner Paul Chimenya.
Guerilla marketing is a popular new trend that involves targeting unsuspecting consumers in unexpected places.
Network. “Build a family that bonds people,” says Tatenda Chaibua of Urban Empire, a new entertainment company that specialises in hosting parties.
Chaibua and her partner Chipo Chidamahiya give out sweets as freebies for a more personal approach and believe in being friends with their clients.
Find a niche. Halaal boerewors sold like hotcakes at last year’s Tri-varsity, says Farhan Nathanie. “Go into a market that’s unusual,” is his number one tip.
Reinvest your profit into the business. “That way it grows exponentially,” says Thabiso Tsoledi, brainchild of cleaning company Busy Mops.
Don’ts
Don’t be shy. Take initiative to get out of the bubble, says Nathanie. For university students this means stepping outside the Rhodes market to build confidence.
Don’t mix your finances. Tsoledi strongly recommends keeping business money separate from personal money.
Don’t spend unnecessarily. Getting a friend to provide transport in return for discount overalls is saving Chimenya and Nathanie a bunch of money.
Don’t go solo. Tatenda Chaibua suffered sexual harassment when she went out alone to get a new client. “You need a team… safety comes first,” she says, and recommends at least three partners.
Don’t underestimate the workload. Working in the entertainment industry taught Chimenya that this often means spending time satisfying difficult people who expect a lot of freebies.
