9 points on how to start a business

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start up

Start a business

  1. Identify a business opportunity that you have a natural passion on. Never let seed capital constraints inhibit your thinking process – Think BIG. It costs nothing to think! No cost to you
  2. Prepare a business plan – PESTLIED and SWOT analysis. Research – Competition, understand the risk and minimize your exposure. Understand the legal framework of your industry. No cost to you.
  3. Start small/informal – endure the pain and be hands on, step by step, reinvest your profits and then grow your business. Little cost to you!
  4. Open a bank account as a sole entrepreneur and build a good banking track record and a relationship with your bank manager. Little cost to you
  5. Incorporate your business into P/L company – comply with Registrar of companies, Zimra, Labour and other statutory regulations that are relevant to the industry that you are in. Little cost to you.
  6. Get your business licenses and permit and make sure they are up to date. Little cost to you
  7. Work bloody hard to grow your business. Little cost to you
  8. Get an accountant – Prepare accounts, cash flows and ensure adherence to Zimra and other statutory requirements in terms of returns submissions.
  9. Get equity partners, be on the lookout for cheap sources of funding, grow your company and ultimately list on the ZSE.

Conclusion

As an entrepreneur, always think BIG, convert adversity into opportunity. Be hungry for success, work hard and take calculative risks.

Zimbabwe is not going to remain as it is. Be proactive, look ahead prepare your own well-run small business. Make huge partnership deals with big businesses when they come. Create something that they will want to partner with because, by that time, you would have established your roots. And you know the local business environment well.

Prepare yourself you can do it

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