Company Registration at CIPC, SARS, COID, CUSTOMS, CIDB & More
Get Compliant from Anywhere, Easy and Fast!
Company Registration at CIPC, SARS, COID, CUSTOMS, CIDB & More
Get Compliant from Anywhere, Easy and Fast!
This is Step 2/12 of our series “How to Start a Business in SA Successfully?”
In this 12-step-series we discuss the 12 Core Elements of How to Start a Business in South Africa. We cover all the big questions… how do I offer something better than competitors? create the right brand? get Leads? keep control as I grow?
Last week we covered what it takes to become a successful Entrepreneur in South Africa. If you missed it, simply click here to catch-up now.
In an interview style discussion, Brend will lead us through these start-up success steps. Brend is SA’s leading start-up success consultant.
To watch the Video Interview, simply click on the video below:
You can also read through the interview content below – question by question.
“You’ve got to work with the right idea in terms of what you are deeply passionate about. What’s is my real interest and why am I doing this?
The second aspect is your technicality or skillset. What am I technically good in?
Lastly, your economic engine: is this a necessity or is this a luxury?
You’ve got to ask those important questions.
Once you have an answer for that, there is a spot in the middle that’s your sweet spot, and that really is the right business idea for you.
You’ve got to take that idea, and ask yourself what is my business strategy?
So number one: My business strategy consist of a focus point. What’s my value proposition?
My value proposition, is asking yourself if you’re selling a luxury or necessity, what the main focus is and why people will buy it?
The second area of my business strategy is the unique selling proposition – what makes it unique in the market? You’re going to have to figure out the brand positioning map. Figure out where you are, compared to competitors on the map, in terms of pricing, quality and the products or services that you offer.
Lastly, its your competitor advantage – keeping it really simple, you want to offer a package, that you’re selling to your target market.
If you just use those core elements and principles, you will have an idea that’s going to work. You’re selling a necessity and you have a strategy, that’s backing up this idea, to get it to the market and sell it to your target market.”
“There are a couple of tools you can use to start with market research.
Ultimately what you want to figure out is – who is my target market, where is their attention at and who is my competitors?
Those are the 3 key questions to ask when doing market research.
I like two very specific tools from Google:
Google keyword search – which is the best market research tool in the world. The second tool that’s also really good is Google trends.
These are all free tools you don’t have to pay for. You can go and use them today if you want to. Ultimately, you want to ask yourself, as I said, who is your target market, where is their attention and look at your competitors.
As you are setting up your own structure and strategy for your business, your competitor is doing the same thing and you got to study what they are doing.
Understand what their competitive packages is that they offer, what makes them unique, where they place on the brand position map, as well as what their focus point and value proposition is.
So everything you do in terms of strategy for your business, compare it to your competitors.”
Firstly, I would go to Google trends and Google keyword search. I would search for “spaza shop” in the area I want to do business in. I would then see how many people are searching for “spaza shop” in Google in my area.
That will give me an indication of the need out there in the market and what people are searching for.
Then I would go and see if there are any other keyword ideas.
So, the nice thing about Google keyword search, is that it will give you other keyword ideas and other terms that may come up, like “mielie pap” or “milk” or “bread”. You’re going to really see what people are searching for in your area and market.
Once you identify what the search is, you know that’s the need, and you will know what to cater for in your market to really draw attention.
Then I would go to Google Maps (another free tool) and look at all the Spaza shops in the area. Let’s say within a 5km radius. I would go and visit them and see how they do things: what makes them different, what makes them unique and then I would try to compete against that and be better than the competitors.
If you want to make sure that you have the right business idea in South Africa, do your research, and analyze your competitors to make sure your idea is unique and that you stand out above your competitors.
In our next Session (Step #3), we will cover more aspects on: How to Set Business Goals, create a clear vision for your business and setup a business plan. See you there!
Start your journey to a become a successful entrepreneur in South Africa by Signing up for our FREE Online Startup Workshop. In this workshop we’ll train you how to apply this information above and much more. Best of all – it is FREE!
If you are already a trading business and need funding or support to grow, our IMCSA Accredited Business Coaches are ready to assist. We train you how to apply this information above to your business and much more.
Dulang Qina – owner at Kaizen MasterPiece Projects (Pty) Ltd.
“The Start Up Workshop is a good platform for young entrepreneurs or upcoming entrepreneurs, it helped me understand marketing platforms and how to use them.”
Kaizen MasterPiece Projects (Pty) Ltd
Need to build a new home? Or you just want to renovate? Then Kaizen MasterPiece Projects is the company to call. They also provide services such as Plumbing, Paving, Roofing and Painting.
Contact Details:
113854 Ext 5, Thokoza, Alberton, 1426
dulangqina27@gmail.com
076 407 2222
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Public Holidays: Closed
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