Issue Date: 
Monday, February 1, 2016

5 rules when starting your own business

So many people dream of starting their own business. Many actually go out do it and then fail dismally. Frightening statistics reveal 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 few 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 no straight forward answer to that. People have studied this result and discovered many reasons but in this article we are going to focus on what to do to make your business sustainable. The aim is to ensure your business survives the first two years in order for you to build up a reputation as reliable and sustainable and thus 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 you should adhere:

  1. Location, location, location. If you are going to sell goods then you need to be located in 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 set up shop so that as many customers as possible see wha you have on offer.
  2. Ensure you have sufficient funding. Not many businesses can start without money. Even the smallest will need some kind of cash injection to get the ball rolling. There are several 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 for starting 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 or else 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 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 grew. The rule is to start out small and sustainable 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.

For workshops on "How to start and run your own business" contact

www.how2tender.com

Title Closing Date Tender No.
Tenders are invited to provide Lumion Essentials Training 2017-12-04 11:00 CSQ11171189
Supply: Gloves 2017-11-29 10:00 GA1180192A
Tenders are invited to provide Revit Advanced Training 2017-12-04 11:00 CSQ11171189
Tenders are invited to provide Revit Intermediate Training 2017-12-04 11:00 CSQ11171189
Supply 20 each x harness; weedeater 2017-11-28 10:00 GA1180193A
Tenders are invited to provide Revit Essentials Training 2017-12-04 11:00 CSQ11171189
Supply: Plants 2017-11-28 16:00 GC11800356
Bidders are invited to provide training for Intermediate Leadership Programme 2017-12-04 11:00 CSQ11171187
Bidders are invited to Repair Scrubber Machine for Fresh produce market Scope of Work 2017-12-04 11:00 CSQ11171187
Supply Klorman Cartridges for Water Purifying 2017-11-28 16:00 GC11800357
Manufacture, Supply and Commissioning of an Inkjet Printing System to Upgrade an Existing Wide Web Printing Press at the Government Printing Works. 2018-01-15 11:00 GPW- M 361
Appointment of a service provider to render hygiene services for the Department of Rural Development and Land Reform: Office of the Chief Registrar of Deeds, Deeds Registry Pretoria, Chief Surveyor General and Surveyor General for a period of 36 months 2017-12-15 11:00 DRDLR (CRD- 08) 2017/ 18
Supply and print ambulance return books x 600 units 2017-12-01 11:00 ZNQ 459/ 17/ 18
Supply and Deliver Bark Chips to City Parks Depot , Sacks Circle Drive Bellville South. 2017-11-28 16:00 GC11800358
Stationery items 2017-12-01 11:00 ZNQ 130 / 2017/ 2018
Appointment of a service provider to render Security Services in Klerksdorp Regional Office for a period of 24 months 2018-01-05 11:00 DMR/ 018/ 2017/ 18
Appointment of three service providers to supply and deliver fresh fruit as and when required over a period of twenty four months (24) . 2017-12-15 11:00 NRFNZG- 027- 2017/ 18
Supply carbolic soap 2017-11-28 16:00 GC11800360
Appointment of a service provider to render Security Services in Rustenburg Regional Office for a period of 24 months 2018-01-05 11:00 DMR/ 019/ 2017/ 18
Appointment of two service providers to supply and deliver fresh and processed vegetables as and when required over a period of one (1) year 2017-12-15 11:00 NRFNZG- 028- 2017/ 18

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Functionality and Tenders

In all competitive bids (tenders) you as the bidder will have to respond to Functionality. You will need to score a set minimum number of points, measured as a percentage, on Functionality of a competitive bid (tender) in order to advance to the next phase of evaluation in the tender process.

Usually Organs of State evaluate competitive bids (tenders) as follows:

  • The tender response is evaluated on Functionality where the bidder must score points out of a maximum of 100 points.
  • A threshold of between 65 to 75 out of 100 points... Read More
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