By Lubinda Haabazoka
In Zambia, people have a lot of free time. We have no parks, no recreational facilities apart from bars where most of the people spend free time.
So because of boredom and idleness, we come to social media to be experts on every prevailing topic and in most cases vent anger on those that seem to be successful!
Instead of wasting internet bundles by passing around online gossip and hating on others, here are some tips on how one can properly make use of social media…
How to start a business with no money 👇🏿👇🏿👇🏿
- Find a free business idea
You need to find something that people are not doing in Zambia and try to replicate. If you are good at innovating things, you can create your own idea. People nowadays want to get everything online so a simple business can involve online deliveries of food stuffs etc. Starting a business has never been easy but it’s doable! For business ideas, consider your talents. What is your talent? What are you good at? If you are shy, then you can’t sell! Making money doesn’t know shyness! You need to be a ruthless Elon Musk type of entrepreneur. - Write a business plan
Without a written plan, you can’t go anyone. A business plan is a picture of how a business will look like. It contains things like background of the business including ownership, the product, production/product sourcing, costs, competition, swot analysis, revenue, possible risks etc. without this plan, you can get funders! In order for people to fund your idea, you need a well crafted business plan. You don’t need to be a professional to do one. YouTube can be of great help. Infact funders prefer simple business plans that are summarised, easy to follow and very realistic and practical.
-Choose a business name
In a business, the name is very important. How you name a business is how it will grow. If you plan to expand beyond your neighbourhood, try giving your business a serious name. Avoid funny names. If your focus is even to cross borders, an international appealing name would be of great importance. No offence but pick names that are in English or that appear to be English because if you will need market recognition and respect in the market, you will need to remove clues of who is behind the business I.e remove race from the name.
- Launch a website
A proper website is very important for a business. Whoever you want to access funds from or even your clients would want to verify if you truly exist. It’s not easy to get a good website in Zambia. But there are guys that are good at that. Make sure you don’t spend a lot on this. A simple interactive website with possibility of being contacted by WhatsApp is ideal! Nowadays, clients are inpatient and want things done there and then.
-Validate ideas with preorders
If you are not sure of future demand for your products, try to seek for preorders. Advertise and boost your post with preorders. See the number of interested people. Marketing is all that is needed. Depending on the product, Facebook is the most ideal advertising platform. For some things LinkedIn and other platforms are good! Make sure you are prompt in your interactions with clients. No lazy or I don’t care attitude! One of the reasons businesses fail in Zambia is attitude towards clients! Don’t behave typical Zambian where when you get an advance payment, you even start ignoring your client. Referrals are very important and once unhappy clients increase, your company loses customers because in Zambia, bad news spreads very fast.
- Source funding to grow
This is the most difficult part of a business. if everyone had money, they would have been involved in some form of business activities. In Zambia, funding can be sourced from salary savings, loans but most importantly looking for funders among citizens. Identify people in society with a bit of cash and approach them for funding. This is the time when that business plan comes handy. If you are not sure about the business, don’t get a loan. Offer them equity. Clearly explain the risks involved in the business and measures you plan to implement so as to reduce those risks! Be very realistic in your assumptions. Don’t over promise. Make sure that your partner understands that as an equity partner, they are also carrying the risk of business failure! In Zambia, I have witnessed partners asking for their money (equity) back when businesses don’t succeed. Debt finance is much better than getting a partner through equity. In Zambia, greed makes it very difficult for people to work with each other. So as you seek this finance, be very clear the type of support that you want. Do you want a shareholder, loan, or free money? It’s better to always start small and grow once you are comfortable in business. - Business behaviour
Always make sure to start your business formally. Register with PACRA, register Napsa, ZRA, NHIMA and make sure that in the beginning you do things yourself! Don’t over employ staff or rent a very fancy and expensive office. Most businesses start from home! Make sure you separate personal finances from business finances. Don’t give things on credit to friends! Friends will confuse their role of clients with friendship. Be professional all the time. Hold board meetings with your partners and forget about getting a return from your business for 1-3 years! Beware of those that want to invest in your business once it starts off. Some of them come to destroy. Don’t tell your co-workers about your business. The negative work place politics will bring bad energy to your business. If you are in employment, once your business is able to accommodate your salary over a prolonged period, it’s time to quit your job! You don’t quit a job to start a business, you quit a job to grow your business!
-Growing business skills
If you want to grow business skills, you need to read a lot on the sector your want to invest in. YouTube, tic toc and Facebook has a lot of these business ideas! Watch videos of those that have been through a similar business. Speak with others about your ideas. In Zambia, 80% of your friends will discourage you because few want to see others progress so it’s very important you identify genuine people to advise. Attend trainings, join business oriented WhatsApp groups and not those groups discussing politics and gossip from morning to evening. Once you are in business, it’s all about business! Cut off friends whom you just discuss about alcohol with. Once you notice a friend who competes too much, cut them off! Those are the people that will bring you down. In business it should be all about positive energy! Share less information with those you are not close to. Zambians can even spend money to bring you down but they can’t spend the same money to open their own business!
Have a wonderful 4 day holiday