FAQ

Q:

I HAVE A GREAT IDEA - WHAT NOW? 

First Step
How much time do you have available if you are employed?

The answer on this question - little or much time available - is critical for the choice of opportunities discussed below.

Second Step:
What are you particularly good at and would you like to be
involved in?
This is often viewed as a difficult question - but it is the crux of successful self-employment. Don't try an income-earning activity in a field for which you are neither equipped nor enthusiastic about. To answer, you have to look into your hobbies, likes & dislikes, your post-school training, your free-time engagements, your dreams and your areas of expertise. For example:

- are you good at needlework... consider CMT/dressmaking
- are you good with small children... consider opening a creche or babycare station
- are you good with figures (and studied business) ... open a tax advice office or a bookkeeping bureau
- do you have a car and love shopping ... start a shopping service for elderly/frail people.

Third Step:
"Test" your ideas with lots of other people, to check that you are not pipe-dreaming, not overrating yourself or misjudging needs/opportunities. Also look around to see who else is engaged in the field you might consider. If lots of people are doing it, it can mean either of two things:

• the market is saturated, with too many people involved (but, find out how much they are earning - maybe it is lucrative!)
• it is an excellent field, with lots of opportunities - so, don't hesitate to give it a shot!

To further check your idea, read up in Small Business literature about it.

Fourth Step:
Once you have put your mind on a realistic self-employment path, tackle it like anyone else would (should!) tackle a new business venture.

• specify your ‘product' or service (be as clear as possible)
• assess your market niche and market size
• work out the cost of providing the product/service (e.g., to repair dresses, to do hairstyles, to run a creche)
• test what you could charge for your product/service
• consider where you would operate (at home, nearby...?)
• what staff would you need?
• etc., etc., etc., - there are LOTS of further questions: don't evade them!

Fifth Step:
All the activities under Step Four have to be brought in the Kingpin of all business startups, viz.

Prepare a Business Plan for your venture
Note that even if you only want to earn some additional money by packaging homemade chocolate sweets into small parcels, for sale at a nearby shop (or to neighbors), you will benefit from doing such a Business Plan.

Remember, a business plan is really only as systematic statement of all the elements of your business idea.

Sixth Step:
Do you need start-up capital? If you need a lot of capital, your plan may be unrealistic, Yet, don't despair before you have tested the market.

Thereafter:
Gradually implement your business idea. If you have lots of time, you can afford intensive preparations and a "big bang" start, if you only have limited time, it is better to start slowly, without committing yourself to a steady output. Rather do less at a time but start with good quality products/services, than to promise a lot but fail on delivery or offer poor quality.