5 Things people forget when starting a business

Last week I introduced you all to a course which teaches you how to start and manage a small business (Read specific information on the course by clicking here). Today I’m going to follow on from that post and give you a little more information about the course. I caught up with Gareth (Yes, he’s an author here on iMod), who is the Course Convener for the University of Cape Town Start and Manage a Small Business course, and asked him for some more information about the course as well as one other thing, which I’ll mention below.

Here’s what Gareth had to say, read carefully, Gareth knows his stuff:

For many of us, at one point or another in our lives, we’ve toyed with the idea of running our own business.  Whether it’s a millionaire business owner that’s inspired you, wanting to follow a suppressed passion and try something different, or just the desire to get out of the hum-drum, day-to-day rat-race, running your own business is what you want to do.  But where do you start?  The answer is: right here… Register for the UCT Start and Manage a Small Business course, take the first step towards achieving your dream!

If the past few years have taught us anything, it’s that we could all benefit from not relying on one employer for the rest of our lives.  Businesses closing up shop, retrenchments far and wide, investment returns plunging – it’s enough to make you want to bury your head in the sand.  But shying away from this area of your life is not the answer.  Getting to grips with the ins and outs of running your own show, however, most definitely is.

So whether you’re an aspirant entrepreneur wanting to move into the small business space for the first time, an employee wanting to brush up on your business know-how to improve your standing in the workplace, or a seasoned business owner wanting to tighten up and improve your existing operation, you’ve come to the right place!

Couldn’t have said it better myself!

Moving along, I love to dabble in new business and entrepreneurship, it’s a passion and gives me motivation to move forwards. With that in mind, I often move forwards too quickly and when I sat down and thought writing this post, I was really pleased to ask Gareth to tell me 5 things that people forget when starting a business, as I felt sharing this with you might be a great benefit:

1. Running as a sole proprietorship shouldn’t be the default position to take when starting – there can be major tax benefits by going a different route.
2. To keep a record (and keep the slips) when they buy and spend on anything when starting out – even if it’s just a note scribbled in a notebook…
3. To have signed contracts for employees, customers and suppliers – the entrepreneurs are so busy selling, they forget to cover themselves legally!
4. When you’re still small, you yourself are the biggest ad for the business – so you have to ‘manage your personal brand’ in a big way…
5. The bank is definitely not the first place you should go for finance!

What Gareth also mentioned about those 5 points is that they all relate to the course modules including planning, legal, HR, marketing, finance.

If you enjoy business, you’ll probably be sitting there feeling a little buzzed like me – Why learn from your mistakes when you can have someone teaching you what the mistakes are and teaching you how to avoid them? Exactly what I tought ;)

So, you’re keen to learn more and do this great course, here’s the hook up:

• Give Abby a shout on 021 685 4775
• If you’re shy, pop her an email on abby@getsmarter.co.za
• Read more on the course by clicking here

Right, that’s it, Abby’s waiting to hear from you :)