Starting your first business is no small task. There are plenty of things that can go wrong when you’re new in the business world. One of the best ways to avoid common mistakes is knowing what they are. By identifying the most common flub-ups that business rookies make you can reduce your chances of it happening to you.
To help you navigate the world of being a business rookie, here are some of the biggest mistakes new businesses make.
Not everyone can be good at everything. You may be lousy at accounting, but excellent at business ideas. In an effort to save money, you do your own accounting, and there are major flaws. Ideally, you should hand over your accounting to someone else who has been professionally trained.
However, that doesn’t mean you should turn a blind eye and assume they’re doing everything right. It’s not uncommon for …
Setting up a business can involve a lot of outlays. Chief among these can be establishing a permanent base, as the combination of commercial rents and recent increases in business rates can be a hefty disincentive to renting a place to house the business. Competition is tough, both online and on the high street, and for a food business, a kitchen is generally required too.
Another way of approaching things is to distribute food products out of a series of pop-up stores. The pop-up has become a trendy feature of life in large cities. To learn more about the culture of the pop-up, see this report in The Guardian.
For a food business, the pop-up offers advantages such as getting the product out in a new area, without the attendant costs of having to establish a permanent store and preparation area. With pop-ups, the main …
An employment equity training programme truly is a cost worth bearing for all businesses in South Africa
An employment equity training programme truly is a cost worth bearing for all businesses in South Africa. Let us take a look at why.
Firstly, there is the law to consider. The employment equity act was drawn up to give a voice to those who have been side-lined for too long. Employment equity training will allow a business to learn the tools which will give them an opportunity to help these individuals through learnership programmes to setting up a safer environment alleviating discrimination.
Second, there is BEE to consider. Employment equity makes up one of the factors that leads to a company’s total score on the BEE license. The higher the score, the better the benefits that the company will enjoy. The bonus to making up one of the factors is that it is here that a major portion of points can be scored. With this in particular, employment equity …