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More ideas to start your own business

Now that you’ve done your research and found a location for your business, it’s time to draw up a business plan, build relationships and start networking.

Create a business plan

A good business plan should contain a SWOT analysis, which helps you understand your Strengths, Weaknesses, Opportunities and Threats. A business plan is there to help you gain a greater understanding of your own business. It will also be essential if you apply for funding for your business. Search the internet for a good business plan template to download free of charge.

Build solid relationships

Relationships with both suppliers and consumers can be vital in helping to keep businesses alive during the early stages. Suppliers can offer you up to 60 days before you need to pay, which can be crucial in managing your cash flow. Similarly, if you build relationships with customers, they will remain loyal and become a good, regular source of business.

Start networking

There are many networking organisations in South Africa, such as Business Networking SA, Christian Business Networking SA and the South African LED Network. There are also often signs and posters up at local shopping centres and libraries about networking events. Subscribe to any newsletters that apply to your field.

*This is part two of a two-part blog series. Read the first part.

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