Now that you’ve decided to launch your very own kasi business, you may be wondering how you can make it a triumph. Well, we find it best to learn from those who have already transformed a business plan from a simple idea to raging profits.
Let’s get started with the 16 small business lessons that we’ve learned from successful kasi entrepreneurs.
16 Lessons to Learn from Successful Kasi Entrepreneurs
1. Do the Research
Kicking off our list is something that is necessary for every business owner. You need to ensure that you’ve done adequate research on every aspect of your small business.
Knowing how your business operates, inside and out, will make it easier for you to plan and plot your path toward success. Once you have all the information, you’ll be able to pick and choose what you’ll need for your particular venture.
You should also make sure that you are aware of all the administrative and regulatory requirements of your industry.
Being well-informed means that you can do a lot more for your business, and the less likely you are to be tripped up by unwelcome surprises.
2. Discover Your Niche
When starting a business, it’s always better to serve a small group and focus on a particular market. After your business starts thriving within its niche, you can look at ways to grow and expand.
Luvuyo Rani is the co-founder and CEO of Silulo Ulutho Technologies. He discovered his niche by selling refurbished computers after PCs became the new standard and requirement for South African schools. His company is now a leading IT provider for educational facilities nationwide.
So, find out which community needs your product or service the most. Whoever it may be, find the people who are going to be loyal to your cause, as they are the ones who will ultimately determine your business’ success.
3. Master of One
Now, you may have many different interests and indeed talents. But you do not have to bring everything with you when it comes to choosing the type of business you want to have.
Focus on what you know best, choose something that works in harmony with your skills and strengths, and run with it. Being the master of one area will give you a better chance at prosperity than being adequate in multiple sectors.
4. Be a Pioneer
Kasi businesses find a winning formula when plugging a gap in the market. Mainstream markets are overpopulated and saturated, while eKasi offers many avenues that have yet to be explored.
Espinaca Innovations has attained folklore status as its founder, Lufefe Nomjana, started this million-Rand company with just R40. They now bring healthier food choices to many communities in Cape Town.
He explains to Life Choices how his innovation came from wanting to fulfil a need in his community: “I looked around my community and identified a need. I began volunteering in a community garden.”
Find something that no one else is doing and watch your business shoot to the top! If you can bring a fresh idea to the table that also has the capacity for longevity, then yours could become a story of instant entrepreneurial success.
5. Have a Great Product/Service
Building a business is all about making sure that your company is able to survive through the toughest of times. An outstanding product or service makes durability more attainable for you and your business.
Whatever you are offering to the public must be of the highest quality and always good value for money. There are no shortcuts to success, so be sure to do good work.
6. Upskill
Education is something we carry with us through our entire life’s journey. It’s impossible to know everything, so learning never stops.
While you may be talented in your area of focus, there’s always an opportunity to know more and do better.
Search for courses and workshops that will enhance your knowledge and business skills. Read books and articles (like this one!) that will help you grow your company to the heights you wish to achieve.
7. Lean on Professionals
Again, the best advice comes from those who have already done it and did it well. Seek out the professionals in your industry and lean on them for lessons that you can practically apply in your business.
In the same way that it’s impossible to know everything, you may not have the skills required in certain areas that are vital for your business. Hire people who are industry professionals and can handle the work that you are unable to do.
You should never be afraid to ask for help, and you should always be willing to spend wisely when it will positively affect your business.
8. Cashflow
Cashflow is king. Your business needs to maintain a steady stream of income in order to survive and grow. So, you need to understand your bottom line and know exactly what is required to keep your doors open.
Focus on sales to ensure that money is always hitting your business account. Be it a product or service, if sales are your priority then cashflow is removed from your list of burdens.
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9. Never Give Up
There'll undoubtedly be a time when your back is against the wall and your business is on the cliff’s edge. In these moments, it’s vital that you don’t give up.
If something doesn’t work, assess the reasons why and try another method. Repeat the process as many times as necessary.
Lufefe Nomjana failed at many ventures before finally finding success in Espinaca Innovations. His persistent efforts are the real reason he was able to turn R40 into millions.
Accept failure as an inherent part of life and business. Then, pick yourself up, dust yourself off, learn from your mistakes, and continue your pursuit of excellence.
In the words of Luvuyo Rani, “No one person knows all the answers. The important thing is to keep a positive attitude, even when you make mistakes.”
10. Reinvest in Your Business
Once the wheels start turning and your business is profitable, remember to take some of that money and put it back into your business. You’ll probably need capital to start your business, and you’ll need to keep reinvesting in it if you want it to grow.
11. Marketing
No one will know about your business if you don’t make an effort to tell them. Marketing does not always have to be expensive. In fact, clever marketing that is aimed at your target markets can be cheap yet highly effective.
Make sure that your website and social media pages are soaked with brilliance. And again, if marketing is not your forte, seek out help from someone who knows better.
12. Location, Location, Location
Geography plays a major part in whether a business will thrive. Even if you have a solid business idea, it may fall apart when implemented in the wrong location.
Make sure that your business is situated in the right geographical area. Even if your business is only online, how you position yourself still matters.
Will your product or service fare better on LinkedIn or Facebook? Do you have to be more active on Twitter or Instagram? Do the research and make the decisions, they may be vital for the success of your business.
13. Time Management
Remember the old tale of the tortoise and the hare? Well, that is a perfect example of the difference between managing your time correctly and failing to grasp how to use the hours in a day.
Much like the slow and steady tortoise, effective time management takes careful planning and deliberate actions. And when you get that right, you’ll no doubt win the race.
Rushing into things without a plan, and thinking you can do something without the proper considerations will leave you out of breath and winless, just like our dear ol’ hare.
14. Change is Constant, Move with the Times
Like taxes in life, no sleep as parents, and stage 6 loadshedding in South Africa, change and uncertainty are inevitable.
Chicken Bar co-founder Asanda Maqabuka encourages us to adapt to our current circumstances by using technology more in business and reinvesting more time in learning about new technological trends.
She believes that this will lead to more efficient business models for company owners, and we agree. Instead of fearing change, embrace it for all the possibilities that it holds. As the goalposts shift, move with them. You’ll be making your business that much better by adapting to the environment of your changed circumstance.
15. Have an Exit Strategy
One of the biggest mistakes that new business owners make is that they do not plan for their business's success. It’s a funny thing to say out loud, but it’s true nonetheless.
When your business is bigger than you ever thought it would be, what then? Will you list it on the stock market? Will you sell it to the highest bidder? Will you pass it on to family members as an inheritance? Ask yourself these questions, and then plan your exit strategy accordingly.
And if your business does not thrive as much as you’d like it to, you should have a contingency plan in place for that as well.
16. Take a Break
Our final piece of advice from entrepreneurs hailing from eKasi who have got it right is to always make time for rest. As humans, our bodies are finite in their capabilities and everyone needs some time off.
Make sure that you schedule enough relaxation time within your busy schedule, and stick to it! Your business will struggle if you are unable to carry on due to exhaustion and you will end up losing the race, just like good ol’ Mr Hare.
Knowledge is Power
Now that you know how others have made a success of their kasi business, it’s time for you to do the same for yours. Good luck!
Keen to learn more about how to start, manage and grow your business eKasi? Check out The Kasi Business Boom & The Opportunities That Lie Ahead for more!
