19 Nov Becoming Your Own Boss: Sanlam & Creative Entrepreneurs Share 5 Tips On How To Achieve This At #Loeries2020
Have you ever dreamed of ditching your nine to five in favour of becoming your own boss? This dream can become a reality! Three amazing entrepreneurs shared their stories at a ‘Be Your Own Boss’ webinar on 5 November – the first in a series of webinars by Sanlam and The Loeries aimed at assisting SA creatives with financial planning.
The conversation included three leaders in their respective industries; Think Creative Africa’s co-founder and Chief Creative Officer, Nkgabiseng Motau; founder of Osu Creative Production, Simoné Bosman; as well as Sanlam Indie CEO, Peter Castleden. The three individuals shared key insights and learnings on what it takes to start and grow your own successful business, as well as how it starts with a plan. Watch the full discussion here:
Here are a few key take-outs from the session:
Don’t wait to behave like a boss
Now may not be the exact right moment to go on your own – let’s give due respect to the pandemic and deep economic crisis – but that doesn’t mean you can’t start learning to be a boss. If you have a job in the creative industry, act like a boss while still employed! Take full responsibility for your work, put in the extra time, work on understanding the business priorities of clients and build relationships with potential new clients.
Ask the important questions
Soak up as much knowledge from established entrepreneurs as you possibly can. Whether formally from a business coach or informally through networks, pick their brains! Try to learn as much as you can before starting your business.
Be brave but prepared
Going on your own is a brave move – and you will need to harness your courage – but don’t rush into it without having a financial ‘kitty’ for the first few months. You need to have an income or lump sum that will pay the bills while the business is getting up and running.
Plan your business – but learn to pivot
As a first-time business owner, the challenge is often taking the leap from idea to execution. Translating your idea into a business plan before you get started is vital. During the first year you may realise that as much as you plan, there is actually so much you don’t know. So start small and stay flexible, you need to grab opportunities as they come your way.
Get obsessed with financial planning
The financial side of a business is ultimately where many businesses come unstuck. Planning financially for your business is just as important as making your own personal finance plans. And those plans should cover risks that any business may face. Work with a financial professional to develop a plan for every financial aspect of your business. When do you bill clients? When must they pay by? What are your terms with suppliers? How much of your income do you save for a rainy day?
Don’t leave it until tomorrow to start planning your big move. Get a partner to help you with financial planning and tap into as many resources as you can, including this useful guide.