Source: Your world, my thoughts
Taking a hobby that you enjoy, and turn it into a business venture, is something that is fun and interesting. Wanted to create a business that will be profitable and enjoyable for the client that it is able to create a good relationship between me and my clients.
The concept of just opening a business it is something that is exciting both for the entrepreneur and the economy in the business world. As exciting as it is to be your own boss reality is also needed. With this business venture l am taking l had to keep in mind that l am still a student, starting my business in debt would not be a very good way for me regarding my career choice. I wanted to tackle this venture with less carelessness as possible.
The environment of varsity students is very different to that of the working class. My idea had to be very intriguing and exciting to encourage the students to invest in my business. Students are people that like having fun, studying and they even try to stay in shape. But can you really stay in shape without a support system even just one? That was where my juices started flowing. I wanted something that could be fun for my fellow students, keep them in shape, burn calories for those that need to burn, but mostly importantly its exercising that is fun that will help with keeping the brain functioning in class and exams. Now tell me who wouldn’t want to have some killer moves like Beyoncé or Chris Brown? That is where Nnini’s lose and burn dance classes come into the picture.
Nnini’s dance class accommodates male and female, generation Y. Nnini’s dance class as the name entitles its about tackling weight loss. You might be thinking that it is similar to aerobics, but this dance class has different categories from hip pop, contemporary and kwaito etc. The dance classes will be attended on Saturdays starting from ten am each session is half an hour. Saturdays with the research l have made will be a very convenient day for students as there will be no classes and it will be a good way for students to detox the stress of the week. The prices are cost effective as l had to consider that my target market is not a working class and this is a new business, l have to tackle prices ranges in a promotion manner for the business. For the first two months the students will pay once in a month. Payment will be hundred rand each student monthly once the promotion is over.The location of business had to be near the students, not a place that will force the students to pay transportation fee to attend. By getting a location at campus where dance classes will operate in one of the facilities in campus it would increase my chances of getting more customers. I will be paying half price for the rent since l am still a student. Money and profit are one of the major things to consider when running a business. l will start the business with money from my savings, that way l will not be in debt to the bank or anyone. l want to start in investing more into the business, to see how much profit the business will make by doing that l will have to start by not giving myself a very reasonable salary. With the income from the business 25% of the income goes to rent, 20% goes to me and 55% goes into the business development and hiring of equipment. This finance method in the business will be operating that way for the next six months to see how the business functions and how much profit is the business really making.
The business will be operating as a sole proprietorship meaning all responsibility is one me. That way it will be easier to make my own decisions, giving great thought to making good decisions for the development of the business. Since my business is a sole proprietorship l will have less stress of dealing with partners that will want to put personal matters in business decisions.
Tax is one of the major things that are responsible for downfall of many businesses. Since the business will only be starting to operate tax payment will not be happening anytime soon. There is a particular amount that the business has to be making, to start paying tax and l am not even close to that amount. Once the business has flourished and is making enough profit l will be able to afford a bookkeeper to check the accounts well and establish how much money will be going to tax and an accountant for the transitions and moneys dealings of the business. Nobody wants to have a business and find out their expenses are more than profit.
Marketing of a business is one of the key factors to getting your business known. Social media is a good way also performing at various events in campus where students are full Amphitheatre is one of perfect places to start. By performing it will be giving students the feel of the dance class that is my product l am selling to them and make them more eager to join. Posters for the business have to be eye catching. That way it will attract any person passing. The posters will be in colour to give students the feel of how energetic the dance classes are.
My contact details will be there if there are any enquires promotion of payment and so forth. The poster of my business can be a deal breaker or provide growth for the business. Posters will be put in various location stops where students love to sit and information boards.
Since the business is staring l also had to think of how to make the business sustainable in times of winter or exams. Exams are times where students are more focused on nothing, but the books. To make things easier l came up with an idea to combine all dancers into only two groups. Giving each group one and a half hour each and dancing two genres in that one and a half hour. This will only be done during exams.
To keep the class’s fun l will have a meeting once a month to see if my clients are still satisfied with the service they are getting or are the any changes they want. That way it gives joy to the client that l want to satisfy their needs. It’s also a good way to have a good relationship with my customers and good for the business. By doing that my clients will be further advertising my business of the good service they getting and the customers is happy.
The make my business grow l have to consider that it is still a baby and some of the plans l have to t take must be baby steps and l must patient regarding the growth of the business. I have to consider what l want it to grow and also my clientele.
And l believe with the growth of the business l will be able make DVD’s for my clients to help them keep up with their dancing and losing weight routine. And get new clients that can’t come on Saturdays, but can only join us with buying DVDs.
SWOT analysis plays a very big role in the viability of a business. I did a SWOT analysis to investigate the business idea that l will be producing into the campus.
|S– Strength- My business provides different genres of dances and music. That is a great way to get more clients since the music will attract all cultures.
W– Weakness the payment method of the aerobics team. They give students a free six month trial before you start payment.
O-Opportunity is that once the business is well established l can provide new genres and also operate on Fridays also.
T– Threat is my competitor, the aerobics classes. The operative the whole entire week.
At the end it is all about balance that will work with focus for the business.
Focus will being my market, am l using the right marketing strategy for this business?
Is the product that l am selling being my dance classes, are they satisfying or not to the clients?
How am l going to handle money?
When there is failure how persistent will l be for the business to grow?
With all of this there has to be rotation in my business for it to grow.
Now that business has grown after all the planning and decision making that l put into my action in starting Nnini’s dance class. I am thinking of ways to expand, not from campus but nationally in other tertiary institutions.
For my business to grow l will have to get into partnership. While it looks like the stress of being a sole trade will be out of the way l will have to make important decisions being getting into partnership. The business started with me being a sole trader l have decided not to invest all the money that will l profited while l was still a sole trader. I will only invest the money that l and my partner have agreed to take out to continue the business. Making the business a partnership will help more in decision making, since two heads are better than one. This way it will be better for borrowing capacity and the payment of tax.
While a partnership will be working for the growth of the business l cannot just ignore the disadvantages that go with being in a partnership. Since l will be jointly and severally liable in the partnership l will be liable for the other partner debt. Decision making will not be easy to make like before because there will be disagreements and friction. A way of decision making can be made for the business decisions to be made fast. Can be a form of voting with hands or pallet papers.
Wanting the business to grow more throughout the country. We decided to take the business to social networks. There will be a social movement on snap for our clients to tell us of the journey regarding their classes, how are they benefiting from our class and also their input regarding the business. We decided to use snap chat to as survey our business. To make our business known we decided to make t-shirts and squeeze bottle. Our members will get monthly calendars of workouts to be done and every month there will be a new workout.
The growth of the business has also brought new responsibilities to the business. The equipment that is used for the business that has now been bought will have to be insurance. The rest of the business will set be operating at campus. Reason being campus is a good place for the business to operate, close to target market and is also reasonable in regards to paying rent.
Since the business is still growing investing now will not be possible. We looking more into handling the profit of the business and working with the money for business expense. The business will start investing or venturing out in other spheres like having its own protein shake and more once the business is well stable in the partnership manner.
There is nothing more thrilling than being your own boss. No longer having your boss on your ear wanting unnecessary deadlines, having to wake up every day to a nine to five job and the worst part is that you are making money for someone else rich not you. I myself would not want be one of those statistics and l am sure you would not also. Wanting a different path you to start by informing yourself more on business, especially in relation to starting your own business. And while busy with that there be will a lot of questions that will arise that l am sure you do not have the answers for them yet.
You must know must know that business is an enterprising entity that is engaged in different activities from commercial, industrial or professional. With business there is a form of investment and having enough customers to whom their output is sold on a consistent basis to make profit. You as the entrepreneur will decide how you want to trade your business. It can be privately owned or non-for-profit owned.
You have to ask yourself if you have the personality traits to handle this venture on your own or will l have to change from being a sole entrepreneur to having a partner?
Will having a partner be profitable to the business or will you be able to learn the personality traits that you lack now once the business is in motion?
With the business idea that you have in mind you have to know if there will be a market for the product you want to sell. Your idea should be something that you are passionate, but also an idea that will be able to make profit. Make sure that your product has is unique and original feel to it. That could be very helpful for your product as we all know customers want to appear different and feel unique. Once you are sure and certain of product you have to look at the branding and packaging of your product. Are you just going to package your products in a black plastic or a paper bag? While deciding on your packaging keep in mind that the cost of packaging and branding does not be more than product costs.
After giving yourself time to plan and implement your business idea. You have to identify your target market that you are certain that your products will evoke interest to them and the pricing. Will the prices be high to make double of your profit or affordable knowing you will be making the profit you do not desire. The location of your business can be the start of your business dying or the success of it. Regard the location of your business wisely.
You have to be flexible. That way it will be easy to adapt to change in your business and the truth is the faster you adapt to change the more customers notice that there needs are being taken care of. The more they will value your products and you. That is where a good customer and consumer relationship begin.
With this business journey there will be naysayers that will have different opinions regarding your business and they will be competition. All you have to do is know your mission.
Take this journey as a soldier who is at war and will not surrender until the war is won and the victory for you is when your business starts to flourish.
With small businesses taking over the market. I wanted to be more informed with the journey I will be taking. It is truly a wonderful feeling to be in charge of your business knowing that you started from the ground. This so much going through my mind and even ideas that I want to put into reality, but with all the good l want for my business l want to into the market knowing the ins and outs of the market.
With staring my small business l will be in control of all that happens in my business. That will allow me to create my own system from scratch and l will be able to make decisions relating to my business.
I want my business to be debt free. I want to be able to reap all my profits than having a portion of it going to the bank.
I want the location for my business to be from home while it is starting. That way l will be able l will have more flexibility in my business, because l will strive to make things at a lower cost
I will be able to make much more money that working for someone else.
With being my own boss l will be making all the decisions crucial to my success and that of the business.
With the way the economy is going l will be to decrease employment by hiring other people to. .
I will be stress knowing no one can fire me.
I will be putting myself to practice with my ideas into practice and see what works and what doesn’t.
I will have be having control over every aspect of the business.
I will be learning about every aspect of being in a business and gain knowledge in a variety of disciplines.
I will have a better relationship with my customers. Since l will be work directly with your customers, and see what they need first-hand.
Take personal satisfaction of creating and running a successful business on your own.
I will be working in a field that l will be enjoying working in and that will compel me to continue working in the business.
When it comes to investing my business l might take a large financial risk.
I will have to work long hours and l may have fewer opportunities to take vacations.
Gone is my free time. Much of my time could be eaten by the details of running a business, not things enjoy.
With the start of my business my income may not be steady; there may be times when very little is coming in my business.
I might have to undertake unpleasant tasks, like firing someone or refusing to hire a friend.
Learning will be my best friend. I may need to learn new disciplines, like filing and bookkeeping, inventory control, production planning, advertising and promotion, market research and general management.
There are different ways to describe how we relate with money, Every individual has their own relationship with money. The same applies when dealing with money in a business point of view. What l have realized regarding money is having the greatest ideas does not guarantee that your business will be successful to make a substantial profit. The value l have for money plays a big rule in the growth of my business.
With all the knowledge, research and research l have done regarding money l could say l truly understand why my business ventures have not been well successful as l would have desired for them to be. As an artist l noticed realized a sad thing about as we thing just having talent, passion and working hard is all we need. But I realised sadly that is not going to put food and butter on my table. I now had to school myself on money. What really did l know about money as an up and coming entrepreneur.
Questions started to fill my mind.
- Did l make the right decision of not taking up a loan to start my small business?
- What am l doing with my profit?
- What am l doing wrong that the business is not growing?
The more questions started to fill my mind the more l realized l had to change my relationship with money in order for my business to grow. With all the research that I started to do and my business failures l had with money.
I was proud with myself that l made a very good decision to start my business with my savings not with loan. Starting my business that way allows my business to be debt free from the bank that is very good for me for me l will not have stress of monthly payments from the bank. Even though the growth of my business will be slow, but there will be less stress from the bank.
With the stress of staring capital out of the way l had to find ways on being financial smart with capital. They manner l did my transport changed when l had to purchase products. Gone was the habit of buying products in half and half. Now l buy products in bulk setting a specific day.
Profit that is the word every entrepreneur likes to hear. That word puts a smile on my face. To me it is like the reflection of my hard work coming in rands. Before when profit came l spend it to cover my personal needs, more than the needs of my business. Now l do a total different method. The profit for the business is for the business, I make sure stays in the business.
The money from the profit earned is now enough that l am able to get money to purchase products and transportation. With the growth and new method of handling money l am looking into investing with youngsters like me on new business ventures.
Am l full of knowledge about money regarding business? No, but l can say that l am not were l used to be when dealing with money. Like Richard Branson said ‘‘Don’t think what’s the cheapest way to do it, think what’s the amazing way to do it. Those are my words now, cheap does not always make the cut when it comes to business.