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.
Appointment of a Professional Consulting Engineer For Planning, Design and Project Management: Refurbishment and Upgrading of Kameelmond Wastewater Treatment Works 2018-10-19 14:00 TN078/2018
Supply and delivery of fittings for MIG water meters project- Brandfort. 2018-09-26 12:00 2018/09/002
Supply and delivery of fittings for MIG water meters project- Winburg. 2018-09-26 12:00 2018/09/004
Supply and delivery of 4 core cables. 2018-09-26 12:00 13/09/2018
Quotation for 3x computer monitors, 3 laptops. 2018-09-26 11:00 KCDM/QUOTE/31/2018
Design, planning and project management of a steel structure with rooftop for the Dawid Kruiper Municipality 2018-10-12 14:00 TN078/2018
Development of an app & social media Platforms. 2018-09-26 11:00 C2/2018
Supply and delivery of digital camera and video camera. 2018-09-25 12:00 IHLM-46/09/2018-19/CS
Supply and delivery of chemicals 2018-09-25 12:00 Q005826
Supply and delivery of dry beans for led projects. 2018-09-25 12:00 Q005828
Supply and delivery of Geopositinal System (GPS) devices. 2018-09-25 12:00 Q005865
Supply and delivery of tools: Electrical Department 2018-09-27 11:00 FQ/SM : 2/19
Area East Career Expo Catering 2018- Exhibitors 2018-09-25 10:00 SM11900107
Supply, delivery and installation of a water flow meter system 2018-10-02 11:00 FQ/SM : 25/19
Consultant required to provide Monitoring, Evaluation, Accountability and Learning (MEAL) technical support to SCSA projects in Gauteng Province 2018-10-04 16:00 No reference number supplied
Supply of Services to Repair Traffic Signals and Associated Equipment within the Breede Valley Municipality 2018-09-27 11:00 288145
Consultancy services for SAP grant management implementation support 2018-10-05 15:00 ET-AUC-78675-CS-QCBS
Supply and Delivery of VBTS Collimator Insulating Piece. 2018-09-25 11:00 Themba LABS – RFQ/2018/19:84
Supply, delivery and Laying of Tiles 2018-09-28 11:00 280918
Procurement of Bus Services for Spring Schools – 4 x 30 Seater Buses. 2018-09-25 11:00 iThemba LABS – RFQ/2018/19:92

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Advantages and disadvantages of Consortiums

Consortiums are often considered as entities to use when responding to tenders in South Africa. The question that arises is whether to use a Consortium or a Joint Venture when responding to a tender. To help you with this we have compiled a list of advantages and disadvantages for both Consortiums as well as Joint Ventures. In this article we list the advantages and disadvantages of Consortiums. Look out for the same article on Joint Ventures.

Consortiums Advantages:

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