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Bei ng Bos s Magazi ne

Bei ng Bos s Magazi ne


Bei ng Bos s

h i sj u s ty o uc a nd ob e t t e ra l l i ms a y i gi sh es o u n d s l i k eah a t e r

Ma ga z i ne

Re de f i ni ngSma l lBus i ne s s e s

Bei ng Bos s Ma ga z i ne

22.F act saboutbus i nes s es andpeopl e

Bei ng Bos s Magazi ne


I ti si nt hi ss econdi s s uet hatIi nt r oducemys el ft oyou,andIt hi nkpr operi nt r oduct i onsar ei nor der .I ’ ve al waysbeenanavi dr eaderofmagaz i nesandwhenanoppor t uni t ywaspr es ent edt owor kf oroneby t hedi r ect orof Bei ngBos sMagaz i ne, AyandaNgomane,Igr abbedi twi t hbot hhands .L i kemi l l i onsof youngS out hAf r i cansandbuddi ngent r epr eneur s ,Iwor kwhi l es t udyi ngt owar dscompl et i ngmydegr ee.

T heBei ngBos sMagaz i nef ormei sanex ci t i ngvent ur et hatIhopet ol ear nf r om,i ti sdi f f er entt omy f i el dofs t udywhi chi st heent er t ai nments ect or .I ti st hi snew j our neyt hatIhopet oembar kwi t hyou, our ex i s t i ngr eader s ,ouradver t i s er sandt hos es t i l l t ocome.Bei ngBos smagaz i newi l l hel pr edef i neS MMEsi anat t emptt of aci l i t at et hegr owt hofbus i nes s esi nt hi ss ect or . I nours econdi s s uewechos et of ocusont hei deaofbus i nes sandent r epr eneur i al gr owt h.Bei ngBos s magaz i nel i keanyot herS MME,ai mst ogr ow andes t abl i s hi t s el fasas t ayi ngpoweri nt hei ndus t r yand advocat ef ors mar tbus i nes sconductamongs tS MMES .Wear eas mal l t eam ofpr of es s i onal swhohave wor kedt i r el es s l yt obr i ngt oyout hi si s s ue,al otofef f or tanddedi cat i onhasbeeni nvol vedi nt he cons t r uctoft hi smagaz i ne. Wehopeyouenj oyr eadi ngi ts uchasweenj oyput t i ngi tt oget herf oryou Ki ndr egar ds S i not handoS apo


of f i ce space

S

o af t eryou’ ve had an i dea t o st arta busi ness,t he probl em comeswhen i t ’ st i me t o i mpl emental lt he i deas,t of i nd of f i ce space,f undi ng,workequi pmentand t he hi ri ng of st af f .Thi si swhere t he sel f doubtki cksi n,where mostyoung ent repreneursgi ve up as t heygett o see t he l essgl amoroussi de ofowni ng own a busi ness.

Thi ssi de i sof t en notwi t nessed byt he great erpubl i c.Thi si swhere ent repreneurst urn t hei rki t chensi nt oaf unct i on of f i ce space bef ore movi ng i nt ot hatUmhl angal of t .What of t en happensi st hatmostent repreneursare notprepared f ort he sad real i t yoft he ef f ortrequi red i n get t i ng yourbusi nessof ft he ground t o a mul t i nat i onalcorporat i on. Thusmanypeopl e of t en gi ve up assoon ast heydo notsee t he rewardst hatt hey want ; of t en i ti swhen t he unreal i st i cexpect at i onsofl arge prof i t sare notmet . The bestbusi nesseswere st art ed i nsmal l unort hodoxspaces.Wel l known compani es were st art ed and cont i nued t of unct i on i n home based f aci l i t i es.Busi nesseswhi ch were st art ed athome have grown i nt ol arge ent erpri ses.Recogni sabl e brandssuch asAppl e, Mi crosof tand Googl e were al lcreat ed athomebased f aci l i t i es. Al lt hatone needst o getyourbusi nessof ft he ground i sdet ermi nat i on and essent i al work equi pment .You do notneed al lt he l at estgadget st o creat e a successf ulbusi ness. Ihave had t he pl easure ofi nt eract i ng wi t h successf ulent repreneurswho do nothave i ndust ri alof f i ce spacesbutst i l lmanage t o run t hei rbusi nessesef f ect i vel yand suf f i ci ent l y. Al lyou need i san i dea and a pl an ofact i on,t hen t he restwi l lf ol l ow.So f or now be cont entwi t h worki ng wi t hi n yoursmal lunort hodoxspace.


Ar eYouL ucky?

Ar eyoul uckyorwhat ?Youar et heBOS S !T heal l ur eofbei ngt heBOS SoryourownBOS S ,i swhatmany “out s i der s ” ,nonbus i nes sownert ypes ,t hi nkbei ngabus i nes sowneri sal l about .Weal l know t her ei snever adul l momenti nt hel i f e,t r i al sandt r i bul at i onsofaBus i nes sOwner .Yout akeal l t hepai nandyougett o t akeal l t hegai n… ordoyou?

Wehaveal l hear dt hef amousGar yPl ayerquot e,“t hehar derIpr act i cet hel ucki erIget ” .T her ei sal s ot he equal l ys agequot e“t hemor ecaut i ousIam t hel ucki erIget ”Ver yof t eni nt hei s ol at edandl onel ywor l dof bei nganent r epr eneuri tmayappeart hatcer t ai npeopl eorbus i nes s esappeart ogetal l t hel uckybr eaks , gr eatbus i nes s es ,s upers t af f ,cus t omer s ,l ovel ypr emi s es ,bul gi ngbankbal ancesandhappybal anced per s onal l i vest oboot .

How dot heydoi t ?Ar et heyj us tl ucky?Ordot hey,PL AN,PL AN,PL ANandpl ans omemor e.A10year ,5 year ,3year ,1year ,6mont h,quar t er l yandmont hl ypl anni ngi sr equi r ed,i nf acti tmus tbemandat or y.T he pl anni ngmus tcoveral l as pect sofyourbus i nes s .Onceyouhavedr awnupanddevi s edyourpl an, ex ecut ei tbyt aki ngact i ont oachi eveandmat er i al i s et hepl an.Changei tal ongt hewayt or epl i cat e whati swor ki nganddi s car dandchangewhati snot .Anadapt abl ewor ki ngpl ani nmot i ont hr oughact i on i swhati sneeded.Acl i chéi si nor derher e,i fyouf ai l t opl anyouar epl anni ngt of ai l ,s i mpl et her ei sno s ubs t i t ut ef ormet i cul ouspl anni ngandwor ki ngs mar t .

T her ei sal s oal ackofappr eci at i onf ort het i mei tt akest oachi evet hepl an.T omanypeopl ewhoar enot att hecoal f aceofapar t i cul arbus i nes s ,t hes ucces sofs uchabus i nes smayappeart ohavehappened over ni ght ,whatal uckys od,wet hi nk.T hi sof fcour s eex cl udest heT ender pr euneur s .T her eal i t yi st hatt i me f l i es ,of t enyear sgobybef or ewegett oenj oyt hes ucces s ,yett oot her si tappear st hati thappened over ni ght . T hepr i mar yr eas onwear ebangi ngonaboutpl anni ngi st hatt oomanybus i nes s esf ai l t hr oughl ackof pl anni ng,f ur t hernot houghti sgi vent os pendi ngt i mepl anni ngwhatt ypeofs t r uct ur et hebus i nes ss houl d beconduct edt hr ough,aCC,aCompanyownedbyaT r us t ,as ol epr opr i et or ,par t ner s hi pet c.Cons i der t hef ol l owi ngwhenanal yz i nghow yourbus i nes si scur r ent l ys t r uct ur ed: •How wi l l t hes t r uct ur est hat t hebus i nes si sconduct edt hr ough,af f ectt het axr at eoft hebus i nes s ? •How doIpl ant os ecur et heas s et sofmybus i nes s ? •How doIs t r uct ur et hebus i nes st oens ur et hatIs ecur et hepr of i t sImakef r om t hebus i nes s ? •CanIs t r uct ur et hebus i nes st ocont i nueaf t ermydeat h? •CanIs t r uct ur et hebus i nes st opr ot ectt hebus i nes sandbus i nes sas s et sf r om cr edi t or s ? •CanIs t r uct ur emyaf f ai r st oens ur et hatIpr ot ectmyper s onal as s et sf r om bus i nes scr edi t or s ? •Wi l l anappr opr i at es t r uct ur epr ot ectt hebus i nes sf r om measani ndi vi dual andmyper s onal dr ama? •Whatpl andoIputi npl acet opr ot ectt hepar t ner sofabus i nes sf r om eachot her ? T hel i s ti sbynomeansex haus t i ve.T heobj ect i vei st ogetyout ot hi nkaboutpl anni ngt hes t r uct ur eoft he bus i nes sast hi si sanar eat hati sal waysi gnor edorover l ookedwhi chi st ant amountt obui l di ngahous e f r om t her oofdownonl yt of i ndt hatt her ear enof oundat i ons . Bepr epar ed,wor ks mar t ,pl an,pl an,pl an,wor kt hepl anandyouWI L Lgetl ucky.


R

ecent l yas Iwascomi ngf r om ameet i ng,I happenedt obumpi nt ot woguyst hatIus edt o wor kwi t ht woyear sago. T heybot hown compani es ,ones t ar t edhi si n2007andt heot heri n 2008.AsIs poket ot hem Is aw t hatt heyar e s t r uggl i ngasi ft heys t ar t edt hei rbus i nes s es yes t er day.Uponas ki ngt hem howt hei rbus i nes s es wer edoi ngIs aw not hi ngpr omi s i ng.Aswe cont i nuedconver s eIcamet ot her eal i z at i ont hat t hei rbi gges tchal l engei snotbecaus et heydon’ t havecl i ent sbutt heycannotmanaget hei r f i nances Whenyouhaveabus i nes syoumus tbeabl et o manageyourf i nanceses peci al l ywhenyouar ea s mal l bus i nes s .T hi shel pst oavoi dt hecos t sofhi r i ng ani ndependentcompanyt ohel pmanageyour f i nances .Inot i cedt hatmyf or mercol l eaguesar e us i ngonebankaccountf orbus i nes sandper s onal us e.T hi si sawr ongappr oach;i fyouar eoper at i ng anyf or m ofabus i nes syoumus ts epar at eyour s el f f r om yourbus i nes ss ot hatyoucans eeyour bus i nes sgr ow.T hebes twayt odot hi si st o al l ocat eyour s el famont hl ys al ar ys ot hatyou cannotus ebus i nes smoneyf orper s onal gai ns . T her ei saconcepti scal l edt he‘ ent i t yconcept ’ whi chs t at est hatt heownerofabus i nes smus tbe s epar at edf r om t hebus i nes s .T hedebt sofa bus i nes sar enott heowner s ’debt sandvi ce ver s a. T her ef or ei ti si mpor t antt oal l ocat eyour s el fa mont hl ys al ar y.

Af t eryouhavepai dal l yourmont hl y ex pens esi ncl udi ngyous al ar y,youmus t i nves tapor t i onoft hat t henetpr of i t i nyour bus i nes sands aves omef ort hef ut ur e.I n or dert oavoi ds t ar t i nganew mont hwi t hno money,i ti si mpor t antt odoamont hl y budgetf oryourbus i nes s .Onewoul das k; how doIal l ocat eas al ar yf r om mys el fwhen t hebus i nes si snotmaki ngmuchr evenue? T heans weri st hatyoumus tl ookatyour mont hl yi ncomet hatyougetf r om your bus i nes sanddeci deont hei ncomet hat youmake.Avoi dal l ocat eyour s el fbi g amountt hatwi l l af f ectt hebus i nes s becaus eyouwi l l enduphavi ngl otof moneyf orper s onal us eandz er of ort he bus i nes s . I feveri thappenst hatyout akemoneyf r om t hebus i nes st ocovers omeper s onal ex pendi t ur ei ti si mpor t antt or et ur nt hat money.I fyouownabus i nes sgr owt hi s es s ent i al ,youcannotbes t agnanti nt he s amepos i t i onf ormor et woyear s .Ever yyear t her emus tbeachangei nyourbus i nes s ,i n f actever ymont ht her emus tbes omef or m ofgr owt h.Mos ts mal l bus i nes s esdon’ t ex per i encegr owt hbecaus et heownerand bus i nes sar enott wos epar at eent i t i es ,t hey ar eone,whi chr es ul t si nt heowner sus eof bus i nes smoneyf orper s onal gai ns ,t hi sof cour s ehasdet r i ment al r es ul t sf ort he bus i nes s .T hati swhybus i nes s esar eunabl e t oi mpr ovewhi chl eadst ot hei rf or ecl os ur e. T oavoi dt hi sf at ef oryourbus i nes sandt o s eeyourbus i nes sgr owi ng,i ti si mpor t antt o


Ane r c a l Me di a

Aner cal Medi at hebes t Gr aphi candMot i onDes i gnCompany

Cont act :Al l anDuver a T el :0788703583 Emai l:Al l anduver a@gmai l . com


Bei ng Bos s Ma ga z i ne


Bei ng Bos s Magazi ne


Bei ngTeam Bos s Magazi ne

Di r ect or:AyandaNgomane Edi t or :S i not handoS apo Gr aphi cDes i gner:Al l anDuver a



Being Boss Magazine August Issue