Starting a Startup

Random Hero

Random Hero

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What do you need to start up a business? You have an idea that seems viable and disruptive....

Now you need a Business model and protect your IP... what is the next phase and what else would you need befor trying to acquire funding?
 
Random Hero, do you *honestly* treat Mybroadband as your personal Google? You can't go online these days without stumbling over 'Start your own business' advice, and there are countless good books written on doing exactly that in South Africa.

We're not going to have another four threads devoted to you and this dream, right? We've had it with your other dilemma :P
 
Foxhound5366 said:
Random Hero, do you *honestly* treat Mybroadband as your personal Google? You can't go online these days without stumbling over 'Start your own business' advice, and there are countless good books written on doing exactly that in South Africa.

We're not going to have another four threads devoted to you and this dream, right? We've had it with your other dilemma :P
Click to expand...

Ha! wait until thread "Startup 3.2" comes.. it'll blow you away.

No I just want to hear the opinions of you guys.. I value that more then a generic Google search which I have done. I could have Googled dating advice too right?
 
If you don't know how to start a business, then you need someone to help you. Find a partner who believes in your hairbrained scheme. Profit.
 
I have a marketing and business degree and even I don't know how to start a business :p

I like the idea of running my own business and sometimes dream of it. I particularly admire small businesses in every shape or form. Even the guy on the street corner at Builders Warehouse with his table selling food and cigs etc... to all the "plumbers", "painters" etc... for some reason I admire that a lot!

Sadly I have no viable business ideas, not one. :( Sure I can think of many things to do but none that have a good chance of succeeding.
 
Random Hero said:
What do you need to start up a business? You have an idea that seems viable and disruptive....

Now you need a Business model and protect your IP... what is the next phase and what else would you need befor trying to acquire funding?
Click to expand...

Let me try take a stab at it though...

1. A sound business model. And by that I mean a vision together with profit/loss forecast, supply/demand and mitigation of every foreseeable risk. Try to be as realistic as possible.
2. Capital, obviously. Or a loan if it can be worked into your business model, but if you're going to go it alone you should also have 4-6 months salary tucked away at least.
3. Patents may help if it is a unique product or invention. Otherwise simply make sure your model is competitive enough to stand out. Focus on all means of competitive advantage, not just price.
4. Marketing and market tactics. Determine your marketing medium and deploy ethical market tactics (Product, price, place, promotion, PR). Are you going shotgun or rifle approach?
5. Make very sure you have a good client base before you commit 100%.
6. Determine other revenue advantage in your business model. Sell the product cheap but get a signed SLA or maintenance agreement for example...
7. What legal implications to cover? Terms and conditions etc...
 
Last edited:
Bobbin said:
I have a marketing and business degree and even I don't know how to start a business :p

I like the idea of running my own business and sometimes dream of it. I particularly admire small businesses in every shape or form. Even the guy on the street corner at Builders Warehouse with his table selling food and cigs etc... to all the "plumbers", "painters" etc... for some reason I admire that a lot!

Sadly I have no viable business ideas, not one. :( Sure I can think of many things to do but none that have a good chance of succeeding.
Click to expand...

I know how to draft up Business Models, Marketing plans and know how to get funding or where to pitch.. but I have a bit of an OCD and want it all to go perfect before approaching people for funding.
 
Bobbin said:
Let me try take a stab at it though...

1. A sound business model. And by that I mean a vision together with profit/loss forecast, supply/demand and mitigation of every foreseeable risk. Try to be as realistic as possible.
2. Capital, obviously. Or a loan if it can be worked into your business model, but if you're going to go it alone you should also have 4-6 months salary tucked away at least.
3. Patents may help if it is a unique product or invention. Otherwise simply make sure your model is competitive enough to stand out. Focus on all means of competitive advantage, not just price.
4. Marketing and market tactics. Determine your marketing medium and deploy ethical market tactics (Product, price, place, promotion, PR). Are you going shotgun or rifle approach?
5. Make very sure you have a good client base before you commit 100%.
6. Determine other revenue advantage in your business model. Sell the product cheap but get a signed SLA or maintenance agreement for example...
7. What legal implications to cover? Terms and conditions etc...
Click to expand...

Thank you Bobbin, great advice...
 
Random Hero said:
I know how to draft up Business Models, Marketing plans and know how to get funding or where to pitch.. but I have a bit of an OCD and want it all to go perfect before approaching people for funding.
Click to expand...

Things will never go perfect, that's the nature of things. I too was OCD once about things but the earlier you learn that you can't cater for everything and instead need to hone your skills at catering for hickups etc on the fly the better off you will be. I'm not saying that planning to the best of your ability isn't necessary, it most certainly is, but to think you can cover all your bases means you will be at the drawing board until you die before you actually do anything.

* You need an idea
* You need a general plan, business plan, do some initial marketing/gauge interest from potential clients (NOT friends and family - they will be optimistic which skews the truth), do forecasts, see when you could be profitable, maybe try stir some interest and get someone to sign up for a reduced rate now so you can guarantee some income when you go live.
* Do full blown market research
* Get the right skills - you need at least someone skilled to deliver the product/service as well as someone who can market and handle the accounts. Many times I have seen great ideas fall on the wayside because even though the product/service is world class, no marketing happened and hence no one knew about it.
* If you aren't willing to take the risk and pay people for their time/skills or take a lone to do this it shows you don't have the faith or determination in your own business. Don't be the 1 millionth person to post that "I have an idea, I just need someone to develop the product/service for me for 50% of the business." A good businessman will never part with any % of his business because he knows he loses money that way.
 
Random Hero said:
Ha! wait until thread "Startup 3.2" comes.. it'll blow you away.

No I just want to hear the opinions of you guys.. I value that more then a generic Google search which I have done. I could have Googled dating advice too right?
Click to expand...

Yes you could have.

With that said in relation to all your other threads... Start a online dating startup.
 
OCD is part of the problem.... start small - think big.

Start small - it costs less than R2000.

My 21 year old son registered and started an online business.
The longest time and biggest problem was getting it registered with CIPRO.
That aside, the new tax laws favour SMMEs - and the DTI may be able to assit.
 
TEXTILE GUY said:
OCD is part of the problem.... start small - think big.

Start small - it costs less than R2000.

My 21 year old son registered and started an online business.
The longest time and biggest problem was getting it registered with CIPRO.
That aside, the new tax laws favour SMMEs - and the DTI may be able to assit.
Click to expand...

What business did he start?

I remember registration was a as so I bought a CC from ShelfCompany Warehouse
 
Thor187 said:
What business did he start?

I remember registration was a as so I bought a CC from ShelfCompany Warehouse
Click to expand...

My surname contains ö and the CIPC website "convenietly" strips that out of the name field for me. They then do a cross reference on their surname field vs the home affairs department db so it never matches up. Long story short - I can't register a business in my own name. Good job ANC good job!
 
Thor187 said:
With that said in relation to all your other threads... Start a online dating startup.
Click to expand...

I was thinking something more on the lines of 'speed dating' - a 'one-date-relationship' start-up.

You could call it 'Hello Stupid'
 
^^vampire^^ said:
My surname contains ö and the CIPC website "convenietly" strips that out of the name field for me. They then do a cross reference on their surname field vs the home affairs department db so it never matches up. Long story short - I can't register a business in my own name. Good job ANC good job!
Click to expand...

What are you? A Viking? :p
 
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