6 business tips for young entrepreneurs

THE novel coronavirus pandemic has proved that it pays to be financially independent and many people look to starting their own businesses with the hopes of achieving success. However, starting a business can be very daunting, especially with the economic strains caused by COVID-19.

It is with this in mind that young entrepreneur Shara-Lee Parsley, who is the owner of Rebirth Health and Wellness, a company dedicated to providing feminine products including vaginal and skincare products, provided six things people should keep in mind when starting a business.

These are:

1. Start saving if you plan to leave your nine-to-five job to start a business. Therefore when you decide to fully invest in your business, there will be sufficient funding.

2. Participate in work and travel programmes. “This was my personal choice of funding my business. While I knew it was not a permanent factor or career choice, it allowed me just the right amount of time to travel back and forth while earning and using that money to fund and grow my business.”

3. Join small business agencies such as the Social Development Commission that offers guidance and grants to start-ups.

4. Build a business banking relationship to be offered or chosen for loans or grants.

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5. Create a business plan or model that can be entered into competitions hosted by investors looking for creative, brilliant ideas to market.

6. Enter a partnership where you and the other party can agree to create and fund a business together, therefore eliminating sole financial responsibility.

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