Advice for first time franchisees
Ethel Nyembe, Head of Small Enterprise, ED & Franchising at Standard Bank, gives top advice to entrepreneurs who are considering a franchise.
How to get the financial basics right from launch
You’ve taken the first step, decided to start your own business and be your own boss. It’s an exciting and challenging time and there are a few things you can do now to set yourself up for success.
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One important step is the implementation of systems and processes in your business, particularly when it comes to your finances.
A finger on the pulse of your business
By keeping accurate banking records and managing your cash flow correctly right from the start of your venture, you will always have a clear idea of what is happening in your business at any given time.
Entrepreneurs usually begin trading from their personal account, but as your new venture grows you will need to differentiate between personal expenses and business expenses. This is when you should consider opening up and trading from a business account.
The BizLaunch account from Standard Bank offers start-up businesses a solution for running your business professionally. BizLaunch allows you to keep accurate banking records, produce statements for easy reference and assists you to build a banking relationship and credit risk profile.
You may not have the need to hire a bookkeeper just yet in your business, but it is essential to have accounting processes in place, which is why your BizLaunch account also offers you the Sage One Accounting package.
Sage One will help you to produce management accounts and financial statements so that you always have a finger on the pulse of your business
BizLaunch is simple to manage and allows you to transact in the way that is most convenient for you, from traditional branch banking to using our advanced electronic services.
Keeping costs in check
Maintaining low costs is important when you’re starting out and you might be concerned with the higher banking charges that a business account could incur. During the early days, your cash flow may be scarce and planning to the very last cent is essential.
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We understand that it can be tough when you’re just starting out, which is why the BizLaunch account offers a fixed amount for bank charges every month, allowing you to plan your monthly expenses more accurately. By offering bundled pricing, you save on bank fees while your business is starting up.
Business on the move
As you market and promote your products or solutions, you need to give your customers the choice of payment type. By offering your customers various payment options, you can tap into other markets that you had previously been unable to target while trading through a personal account.
The BizLaunch transactional account gives you that flexibility. Your transactional account offers you a point of sale (POS) system so that your customers can pay you by card.
Through Internet, telephone and cellphone banking you can monitor all EFT customer payments and make your own payments, even when you’re on the move.
Support when you need it
The entrepreneurial journey can be a lonely one and there will be occasions where you need advice along the way.
Your BizLaunch account is there to support you in your journey to business success, and includes a range of tools and resources, including business registration services to help you register your business and a business plan template to help you with your finance applications.
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You will also have access to the BizDirect call centre for business support and to help you with any queries you may have.
Do I qualify for a BizLaunch account?
You qualify for a BizLaunch account if you are one of the following:
- An entity, sole proprietor or informal body formed with the intention to do business and generate a turnover
- A start-up business with no other business accounts
- Run an existing business less than 12 months old
- A business trading and using your personal account to transact.
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