Life Goal: Starting My Own Business

Whether it’s a list of new year’s resolutions or a list of life goals, for many the list will say, “starting my own business”.

In South Africa it’s not always sure that you will be able to find a job – especially not one that pays enough for your and your family’s needs. So many in South Africa spend half their lives looking for a job that it’s not strange to hear someone say that they decided to start their own business.

Reasons not to start your own business

If you decide to start a business, there are certain factors you need to look at first. It takes a certain grit to be an entrepreneur. Most businesses won’t last more than five years and for you to be that one out of ten that do make it, will probably take more than you realize. It doesn’t only take money to start your own business, you will probably have to give up a lot of time with family and friends. And the stress… oh yes, the stress of being your own boss can be grueling and often more than one can handle.

Reasons to start your own business

As many reasons as there are not to start your own business, going it on your own can be very rewarding. You will be your own boss and not have to answer to anyone – except clients, government, your family – but not to a boss.

You can set your own timetable. Obviously your work hours will be set by the type of business you wish to start but the behind-the-scenes work can be done at a time that best suits you. If you choose to work during daylight hours, you can; if you are a night owl, you can burn the midnight oil.

Another advantage of starting your own business can be that you can increase your income without asking anyone for a raise. Just make sure that you don’t have unrealistic expectations about the income you can derive from your business. Many businesses show no profit within their first year – sometimes longer.

Will you make it as an entrepreneur?

Being your own boss sounds great but it takes hard work and nerves of steel. Entrepreneurs have some common traits that help them succeed. Can you agree with the following statements?

• Starting my own business means I’m willing to take calculated risks but not gamble on a ‘sure thing’.
• Starting my own business means I’m prepared to move out of my comfort zone.
• Starting my own business means I’m able to problem solve using logic, intuition and experience.
• I must have plenty of self-discipline, as there is no boss to stand behind me to make sure that I work.
• Starting my own business means I must have an understanding of how the business world works.
• Before starting my own business I must be able to motivate myself – I may have to stand alone through many tough times.

If you can answer yes to all of these, your own business might not be such a far-fetched idea.

Starting my own business – is the import/export industry the right choice for me?

As far as the forms and registrations needed to start your own business are concerned, information is readily available. For many, the biggest issue revolves around what type of business to start. If you haven’t studied in a certain direction, for instance, law or accounting, this can be difficult. But with some ingenuity and a little money, you can start a business importing goods from other countries.

There are many potholes in the import business. You have to start doing some market research to see what is needed. If you start importing goods that are readily available and you can’t provide it at a better price, your new business will not make it. So finding out what you can import and the legalities surrounding the import of such goods is crucial to starting your business.

If you have an idea to start importing goods or products to sell, contact us at Macro Clearing. With almost years experience in the import/export industry, we know exactly what can work and what the pitfalls are. We are willing to share this knowledge with you to help ensure that your business is not one of those that don’t make it past the five-year mark. With our help, you can raise your glass and tell others, “I’m starting my own business”.