Starting your own business is a step into the unknown – it can be exciting, confusing, and a little bit scary. There’s no shortage of advice out there, but for new entrepreneurs, it all comes down to a few basics. Get this right, and you’ll be setting your business up for success. Our Essential Guide for Small-business Owners covers the nitty-gritty that every entrepreneur needs – and some tips to handle the inevitable stress that comes with building something from scratch.  

Here’s a summary of what you need to know

1.    Do you have what it takes?

Not everyone is wired to be an entrepreneur. Running your own business demands resilience, self-motivation, and a healthy appetite for risk. You’ll need to wear many hats, make tough calls, and manage uncertainty.

Ask yourself:

• Can you handle financial instability in the early days?
• Are you disciplined enough to work without a boss?
• Do you handle failures or setbacks well and see them as positive learning opportunities?

If the answers to these questions excite rather than terrify you, you’ll most likely make the most of your opportunities as an entrepreneur. But if they make you anxious, you might do better by taking a salaried job that enables you to build your skills and develop your career along a more secure, structured path. You’ll also have scope for intrapreneurship, which involves making innovations within an existing company to build the business and take your career to a higher level.

2.    Start with a solid plan  

Your business plan is where it all starts, and you arrange the building blocks that bring your idea to life. Don’t be overwhelmed by the thought of writing your business plan. There are plenty of templates and tools online to help you. It’s not just a formality – it’s crucial to small-business success.

A business plan must explain what your business does, the target market that it serves, how it will make money, and how you plan to grow it. It answers the big questions and sets measurable goals.  

A good business plan keeps you on track when things get tough, because it reminds you of your vision and keeps you focused on your priorities. It’s also essential when you’re applying for financing – investors and lenders want to see that you’ve done your homework.  

3.    Budgeting and business money management

Starting a business costs money – sometimes more than you expect. Without a clear plan, it’s easy to run into cash flow problems, even if you’re making sales. The key is to track every cent. Know exactly what’s coming in and going out.

To start, list your start-up costs, like equipment, operating permits, marketing, supplies, and any other essentials you need to run your business. This includes ongoing expenses like rent and utilities. Align outgoing payments, like loan instalments or salaries, with the dates by which you expect to have received income every month, to keep your cash flow healthy. As your business grows, build a savings and investment buffer for emergency expenses and slower months.

Keep it simple. Track every expense, make plans for rainy days and unexpected expenses, and avoid overspending on unnecessary frills that can put you in debt. Accounting software can simplify this process. As you become more established, you can work with a financial adviser or accountant to find tax-efficient ways to save and spend – Nedbank can help you with accounting integration. You can also use MoneyTracker for free on the Money app or Online Banking to track your income and expenses, set budgets, and more.

4.    Funding and how to secure it

Even the simplest business needs funding. Whether you’re bootstrapping, applying for a business or personal loan, or trying to attract investors, make sure your budget accounts for all the things you need to get your business up and running.

Start-up financing will get you off the ground, but working capital is just as important, since it’s the money you need to keep your business running. You’ll need it to pay your bills and cover operating costs until your business starts making a profit. Aim to fund early stages through sales to avoid debt pressure.   

You can also look at finance options like small-business loans, grants, or crowdfunding. If you’re using personal funds, be careful not to overextend yourself.  

5.    Get the word out without breaking the bank

Marketing doesn’t have to cost a fortune. Creativity and consistency can do a lot to make up for constraints on your advertising budget. The goal is to make an impact, build awareness, attract customers, and keep them coming back. Social media is a convenient way to connect and engage with your customers. It’s free and can help you reach a wide audience. Just remember never to post anything online that you wouldn’t want to see next to your picture on a billboard.

Keep your business brand and personal social media pages separate. You’ll obviously incorporate your personal views into the way you run your business, but it’s best to keep your opinions about controversial topics off your social media pages.

Build customer loyalty by making sure that your product or service meets acceptable standards. Word-of-mouth referrals are still gold, and while positive referrals bring clients in, negative referrals can be much more harmful. Make sure you address customer complaints quickly, honestly, and transparently to avoid ‘name and shame’ campaigns on social media.

Get more positive conversations going by running promotions, loyalty programmes, or referral incentives to turn first-time customers into regulars. Happy customers become repeat customers – and often your best marketers.

6.    Prepare for the pressure  

Running a business can be physically exhausting, and it can also put a strain on your mental health. Late nights, worries about breaking even, and constant decision-making can take a mental toll. When you’re the one in charge, the pressure can be overwhelming.  

Here’s how you can take care of yourself so that you can put your best into your business:

• Build a support system
  Turn to family, friends, or a mentor for help and support.  
  
  
• Set boundaries
  It’s easy to overwork yourself, but burnout doesn’t help anyone. Know when to turn off and take time to recharge and reset.  
  
  
• Network
  Surrounding yourself with other entrepreneurs is a great way to share experiences and learn from others in the same boat.  
  
  
• Prioritise your health
  Stay active, eat well, and make time for activities that relax you. Focus on a healthy body and calm mind.

Don’t let fear hold you back. Every entrepreneur feels uncertain at some point, but pushing through challenges is what makes the magic happen.  

7.    Give yourself room to make mistakes

No one is perfect, so expect to make mistakes and look at failures as opportunities to learn and grow. Successful entrepreneurs know how to learn from their mistakes, adapt to ever-changing environments, and stay open to new opportunities. Treat every mistake as a lesson and every win as encouragement to keep going.

8    Spot opportunities and fill gaps

Great businesses start with great ideas, but they don’t always need huge budgets to get off the ground. Look for market gaps and think creatively about how to fill them. The most successful businesses fix something that frustrates people. Use your existing skills, network, and physical resources to create solutions to a common problem.

Many side hustles grow into full-scale businesses. If you’re unsure where to start, spend time observing your community or industry. What are people complaining about? What solutions would make life easier? Often, the best concepts come from solving your own problems.

Start strong

Starting a business is a big step, but once you get the basics right, you’ll have the structure in place to get your business up and running. Take care of your mental and physical health and remember that feedback from your customers can provide priceless insights.

You can find a large range of support for your startup at SimplyBiz – from business toolkits and networking opportunities to opportunities for funding, sponsorship, or mentoring. Just start simple and focus on building a strong foundation with a clear long-term plan – success takes time.