Issue Date: 
Monday, February 1, 2016

5 Rules When Starting Your Own Business

There are many people who dream of starting their own business. There are many people who actually go out and start their own business and then they fail dismally. There are horrific statistics of how many start-up businesses fail within the first two years. Some say as many as 80% of all start-ups fail within the first two years and of the remaining 20% another 80% fail in the following three years. The four businesses that survive the first five years will most probably be successful and exists for some time.

The question is why do so many businesses fail? There is not a straight forward answer why so many businesses fail. Many people have studied this phenomenon and there are many reasons why businesses fail but we are not going to focus on that; we need to focus on what to do to make your business sustainable. You want to ensure your business survive the first two years in order for you to build up a reputation as reliable and sustainable enabling you to respond to that large tender that will provide you with financial independence.

There are many factors that one needs to consider when starting your own business and here are five rules that you need to adhere to when starting your own business:
1.    Location, location, location. If you are going to sell goods then you need to be located at the best location. You can have the best product or service on offer but if people do not know of your existence you are going to fail. Find the           best place to put up shop so that as many as possible customers see your goods that you have on offer.
2.    Ensure you have sufficient funding. There aren't many businesses that you can start without money. Even the smallest of small business will need some kind of cash injection to get the ball rolling. There are many ways to get funds           to start a business but the trick is to have access to funds to sustain the business when times are tough. Always save money for tough times.
3.    Be committed. The main reason you start your own business is because you want to be independent. The problem is that once you have the freedom you lack the commitment. When you work for yourself you need to be 110%                 committed otherwise you are going to fail. The rule is to apply the same work ethics and commitment that you would have applied should you have been working for a boss.
4.    Advertise. There is an old tale about the business owner who did not believe in advertising, eventually his business failed and the first advertisement he had to place was advertising the liquidation of the business. Advertise as much         as possible.
5.    Be willing to grow. There are not many businesses that started out as multi-million dollar operations. Ninety nine percent of the time it is small businesses that grow into large businesses. The rule is to start out small and affordable           and then grow your business over time.
 
If you follow these 5 simple rules you will give yourself the edge needed in succeeding in your own business.

We at How2Tender.com will be hosting workshops on "How to start and run your own business" within the next month or two. Please email us at werner@how2tender.com should you be interested in attending one of these workshops.
 
Learn to earn

Title Closing Date Tender No.
Provision of Professional Engineering Services in Respect of Decommissioning the Radnor Landfill Site. 2019-02-19 10:00 218C/2018/19
Supply and delivery of mill liners -reissue 2019-02-25 09:00 MPGXC005365R1
ICT Infrastructure Services 2019-01-25 14:00 TCTA/2018/IT/ICT INFRASTRUCTURE/024
Construction of Civil Engineering Services - Macassar Housing Project 2019-02-26 10:00 234Q/2018/19
Tender for the purchase, development and management of industrial park on Erven 804, 806, 807, 809, 39202, 39203, 39204, 39207, 39208, 39209, 39210, 39211, 39212, 39213, 39215, 39216, 39217, 39218, 39219, 39220, 45089, 51104, 51105, zoned general industrial 2 except for Erf 45089 which has a general business 4 zoning, bound by Spine Road (South) and, Phumakani Road (West) and Railway Line (East), Khayalitsha 2019-03-11 10:00 219P/2018/19
Provision of Banking Services for a period of five (05) years 2019-03-15 12:00 75 of 2018
Hire of Refuse Truck for a period of 3 years 2019-03-29 12:00 MPO/03/2019
Re-advert for auditing of animal pounds in Elundini Local Municipality 2019-01-22 12:00 ELM-5/006/2018-2019
Facilitation of strategic planning session for budget and treasury / finance section 2019-01-21 12:00 ELM-2/027/2018-2019
Appointment for a service provider for VAT recovery services for a period of three years 2019-02-11 11:00 PSJLM-BTO-2018/19-15
Disconnection, reconnection and inspection/audit of electrical services for a period of three (3) years 2019-02-11 12:00 T01/2019
Supply, installation of wireless internet and wireless access 2019-01-18 11:00 290653
Consulting engineering services for the contract administration for the construction of a pedestrian bridge in Touwsriver. 2019-01-23 11:00 291491
Appointment of a Professional Engineering Service Provider to Carry out the Project Management scope for various Electricity Bulk Infrastructure Projects within KSDLM 2019-02-11 12:00 038/2018/19
Appointment for (02) Electrical Contractors for Electrification of 193 infill Connections in Maiden Farm Township with a CIDB Grading of 4 EP or Higher 2019-02-11 12:00 036/2018/19
Appointment for (02) Electrical Contractors for Electrification of 193 infill Connections in Hillcrest Township with a CIDB Grading of 4 EP or Higher 2019-02-12 12:00 037/2018/19
Bid Specification for Appointment of a Programme Support Unit (PSU) for a three (3) year period to assist the Provincial Department of Education in various aspects of the management of its infrastructure programme. 2019-02-22 11:00 SCMU6-18/19-0007
Supply and Delivery of suction pipes - Honeysucker 2019-01-18 12:00 B424/2018/19
All prospective bidders are hereby invited to submit quotations for accommodation: bed, dinner, breakfast & conference package, supply chain management as specification appear below 2019-01-22 12:00 RFQFIN/01/2018/19
Development of an Implementation Plan and Budget for a Multi-Year History Festival in Plettenberg Bay 2019-01-18 13:00 SCM/RFQ/2019/042/EDP

Pages

Two types of Joint Ventures and Joint Venture agreements 

By W van Rooyen

www.howtotender.co.za

The structure of the joint venture should set out the nature of your partnership. There are two main types of agreements:

  1. If the joint venture is a business in its own right, it will be an incorporated joint venture. This type is not... Read More
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