Monday, the 20th, was day 39 of our zero-to-million campaign in which you and I are building a company from scratch and aiming to reach a million in sales within the next 24 months. So far, we’ve had a Facebook live conversation with Keabetswe Molapo, an MBA candidate from Henley Business School, who advised us to conduct effective research before starting a business.
We are starting an agriculture business through catfish farming. I had never heard of catfish farming until we began this project. Few people are aware of catfish farming, which may mean that there is a market that is ready to explore this business or consume the product. We regularly hold meetings on TikTok lives to discuss our progress, so be sure not to miss out on this content if you want to stay updated.
Thus far, we know that we require R20,000 to get started. Like most South Africans, I don’t have R20,000 just lying around. So, what should I do? Am I going to seek funding? Of course not. Why? Because funders will ask for evidence that the funds will be utilized efficiently and generate profits if you approach them with an idea.
Many individuals believe that the government and private funders are supposed to provide funds for simply having ideas, but that is not the case. They want to invest money where there is potential. How do we gauge potential in a business? By its ability to generate profits even without funding. When you obtain funding, you can increase your profit margins. However, many of us make the error of seeking funding to start rather than grow a business. We assume that a cash influx will magically make a failing business successful, when the problem may actually be a dysfunctional business with an unprofitable product or service. If a business is not profitable without funding, it is unlikely to be profitable even with funding. In fact, the problems may increase.
As a result, I am not going to seek funding because I lack evidence. What will I do? I will start a side hustle, a business that requires low capital to enter and has the potential to generate the profits we need to achieve our target. Our current goal is to generate R20,000, although our ultimate aim is to build a company that generates a million. However, we must take small steps to reach this goal, so we will start by generating R20,000.
On Wednesday, the 22nd, I will introduce you to the side hustle that I believe will generate the money we need. From then on, we will participate in branding and discuss what we will call the company. We will go through the entire registration process, and if you do not know how to register a company, stay tuned, and you will see how it’s all done. On Wednesday, I will reveal this company that I believe will be our means of generating the R20,000 needed to begin the farming project swiftly.
I’m still young but I’m really impressed in your work brother and I’m obsessed on knowing how you will raise the R20k..i wish you succeed with your business.
Ola… did you see I have already?
I’m am running a Business consulting Company I would really want to be part of this by offering Bookkeeping, Tax Services, Accounting Services and Secretary services thank you
https://www.subscribepage.com/l9r9c2 here is the link.
I like to have this book but I can’t find it
Am struggling in my plumbing business and I can’t find any funding any where