Give up or keep going?

Three months in and a start-up businessman wants to give up or get direction. He writes:

I am a start-up businessman with no experience, especially when it comes to drawing up a business plan.

I’m only three months in business now. I do retail clothing and printing of garments with no machines and premises.

I learn on daily basis how the industry operates, but I sometimes want to give up due to financial stress.

I would like to be assisted on mentoring and development especially so I’ll know how to run my business effectively.

Fin24’s experts respond:

Business development consultant Anton Ressel advises that the Fin24 user should start at his nearest Small Enterprise Development Agency (Seda) office, which would be able to point him in the right direction.

Seda is an agency of the Department of Trade and Industry (dti).

He can also visit the SME Toolkit website, or do a general internet search for start-up mentorship in the textile/clothing sector, which may well have programmes running.

He should also approach his local LED officer.

Ian Reid of Platinum Black Consulting said it is great that you are starting and working at your own business, but making it work is hard work.

Ressel’s direction is invaluable and critical to your business success. 

However, MindPilot’s Bertie du Plessis warned that the Fin24 user first get some form of employment in the industry to learn the basics before he gets going. “You learn from somebody who is in the industry. There you must and will get the best advice.”

No capital equipment and no expertise are indicators that the venture may well not work.

For now it is wise for the Fin24 user to end the venture. “You are always better off when you end a venture on your own terms, instead of being forced to do so.

“You end a venture when you haven't got cash to keep you and your family going for another three months.”

Mentorship and or any of the other available tools and support for entrepreneurs follow the industry experience you’ve gained through employment, said Du Plessis.

Also, before a lending organisation will even consider financing your business venture, it will want to see that some thought and research had gone into your venture.

To help you get started, download the complete Business Plan Book or specific chapters at no cost to you. The Business Plan Book is available in English and Zulu.

 - Fin24