Ahead of the annual #BuyaBusiness and Small Business Expo at the Ticketpro Dome, here are considerations you should keep in mind before investing in one of the opportunities on show.
#BuyaBusiness and the co-located Small Business Expo takes place 6 – 8 September 2018 at the Ticketpro Dome, and will showcase a range of innovative business ideas and opportunities for aspirant and established entrepreneurs. Before you take the leap and sign up to a business opportunity, there are factors you need to consider:
What skills and experience do you currently have?
This event exposes visitors to a wide range of business models, incubation programmes, business contacts, speakers and other entrepreneurs who will engage them on starting or growing their business.
Ideally, any business opportunity you buy into should build on experience and skills you already have. If you’re considering entering an entirely new niche, consider: where will you gain market insight? Can you readily learn the necessary skills? Do you have a strategy for building a business network in this new sector?
What is the start-up cost?
The upfront investment on a new business opportunity may seem manageable, but have you considered the additional costs involved? These could include raw materials, consumables, staff, premises, utilities, travel and training. Most new businesses are not profitable for at least the first 6 to 24 months – have you considered your own cost of living for this period?
What is the projected ROI?
When investing in a new business opportunity, it’s not enough to have an assurance from a salesperson that the investment will pay returns. Ask for references, and speak to other customers about the real returns on investment. Carry out research in your target market, looking at potential customers and competitors in the area, to draft your own projections. Be conservative in your projections – there is no such thing as quick and easy money in legitimate business.
What support will you get?
Many business opportunities include support to new investors such as training, marketing and operational support. Find out what these benefits include, as these will help you on your road to success.
Will funding be necessary?
In many cases, it is necessary to secure a certain amount of funding, particularly if your new business will depend on you having specialised equipment, vehicles or premises. Consider whether you will be able to repay any loan even if your business is not yet making a profit, and whether you will be able to sell the assets should your business fail.
At the #BuyaBusiness Expo, running alongside the Small Business Expo, entrepreneurs will discover opportunities such as building material supply and services franchises, electrical retail franchises, small scale manufacturing equipment, home improvement, decor, DIY and hardware franchises, dry-cleaning, health and wellness employment and recruitment franchises, as well as loyalty programmes, small business support services and a range of investment, funding, loan and financial services products.
Visitors to the expo will also be able to attend free small business development workshops and network with franchisors, business service providers, financial institutions and many more.
A key highlight will be a talk by business mogul and global speaker Vusi Thembekwayo on 7 September at 09:00-10:00.
About the #BuyaBusiness Expo
The #BuyaBusiness Expo, running alongside the Small Business Expo, showcases business opportunities for small business owners and would-be entrepreneurs. This event exposes visitors to a wide range of business models, incubation programmes, business contacts, speakers and other entrepreneurs who will engage them on starting or growing their business. Visitors can attend free business development workshops throughout the three days of the expo.
The #BuyaBusiness Expo and Small Business Expo are presented by Reed Exhibitions in partnership with the Eskom Development Foundation, and will be held from 6 – 8 September 2018 at the Ticketpro Dome, Northgate. The expo is supported by the Randburg Chamber of Commerce and Industry and Minara Chamber of Commerce, and is endorsed by the Black Management Forum (BMF) and approved by AAXO.
For more information, visit http://www.reedexpoafrica.co.za/BuyABusinessExpo/