Business Advice for Small Businesses in Lesotho

By Relebohile Sera

4094

The world is full of people who want to, and try to, but just can’t get their businesses off the ground. All this is due to the fact that many entrepreneurs don’t know how to take their businesses from stage 1 to stage 2. Below is a list of tips on how to make your start-up a success:

  1. Just Start

It is much more important to start, than to start right. Whatever is keeping you from starting is the exact thing you need to either ignore or tackle head-on. There’s nothing standing in the way of your starting your business except yourself. The government is not in your way, the business license is also not in your way, neither is the LRA. Do the very first thing that needs to be done.

 

  1. Pick a Good Name

Picking the right name for your start-up is very important. Remember that you are not naming a start-up but a brand, therefore create a positive, intriguing and clear first impression. You don’t need a big idea for your name, what you need is a name for your big idea. Try making your decision based on what your target audience would enjoy. You can do a quick company name check on the Ministry of Trade & Industry, company registry website to avoid naming conflicts.

 

  1. Start With a Great Product

Most start-ups gain momentum with support from cybernauts. You however don’t need the support of trend setters to launch a great start-up. All you need is a great product or service and a customer base that loves it. It’s always wise to look for products that are on demand, or products that will clearly sell while also benchmarking on your competition. The last thing you want is to run a clearance sale because there was no demand for your stock.

 

  1. Pay Great Attention to your Business Plan

A good business plan is key to start-up success. What makes a good business plan is not the writing, the formatting, the ideas, details, the analysis or the strategy but rather the results of the business plan. Learn to plan accordingly as the plan establishes expectations and reviews and analyses results; but planning is not accounting as planning starts today and goes forward in time while accounting starts today and goes backward in time in ever increasing detail. Planning is always an important part of starting any business.

 

  1. Learn From Criticism

Unyielding negativity is of no use to you, but thoughtful criticism can be priceless. Failure to learn from criticism is very inherent in most of our local businesses. Seek feedback about your products and services. There’s so much value to be gained from the feedback of your clients, and it’s only in utilizing that feedback that the value can be discovered. Any chance to improve your business should be affectionately welcomed.

 

  1. Understand Social Media Marketing

Social media and social media marketing are totally different things. Develop serious social media marketing for your start-up. No matter what kind of start-up you are launching, getting your message to mobile customers is much more important. Exploit the power of social media marketing to help connect you with potential employees, partners, clients, or people that can promote your product. Join Facebook groups like online marketplaces and start promoting and writing about your products or services.

 

  1. Keep in Mind that your Business is Your Baby, Nurture it

The same way you want to hire the best nanny that loves your child the same way as you do, do the same for your business. Find means in which you can nurture and grow your business.  However, be patient. It will take time and effort to build a loyal customer base and profits.  You should also have a good financial backing for the hard times as well.

 

  1. Don’t do it Alone, Find a Co-founder

Looking at a listing of successful start-ups, most of them have a common denominator, multiple founders. Starting a business all on your own puts you at a disadvantage because starting a business is a lot of work and important things will fall through the cracks if you aren’t paying attention.  Co-founders can also provide the skills you lack, and take you further than you ever expect to be.

 

Incorporate these tips, do your research, and improve on what works for your business.

Comments

Selibeng.com
Whether you are looking for your first job, a better job or just want to manage the direction of your career, explore educational opportunities, and/or pursue entrepreneurship, Selibeng.com offers the resources you need to make it happen.