This document outlines essential steps for launching a business, including identifying your idea, researching the market, and developing a business model. It emphasizes the importance of assembling a capable team, acquiring necessary skills, and creating a detailed business plan. Additionally, it discusses various funding options available for startups in South Africa, such as angel investors, crowdfunding, and institutional loans.

1. Identify your idea
Either you have your big idea or you
need to start brainstorming and re-
Understand your business’s
location
For a retail store, research the suburb,
street or mall. For a services company,
understand the customer demand and
competition in your city or area.
Research the market
Understand the size of your market, in-
dustry influences, customers and com-
petitors.
Develop a business model
Work out how you are going to differ-
entiate yourself. Work out how much
you are going to charge. Work out your
business expenses. Test your concept
with four or five customers to find out
what they think of your product and
Pivot your idea
“Pivot”is entrepreneur speak for
“change”or“adapt”. Use what you
discovered when developing your
business model to get your idea
market ready. Make sure you have a
product or service that people want,
Work out who you will need on
your team
You can’t do this alone! You might think
you can tackle every aspect of the busi-
ness yourself, but in reality you need to
focus on your strong points and identify
the support you will need in other areas
Expand your own skills
Make sure you learn everything that
you need to know about what it is that
you’re going to be doing, for example
bookkeeping, marketing and logistics.
You should also attend conferences,
join industry organisations and
network with people in your industry.
Draw up a business plan
Drawing on what you have learnt so far,
write up a business plan that details every
aspect of your business, from what it does
to how it will make you money.
Angel funders or seed investors will collectively fund your business in return for some
control of your operations.
Crowdfunding usually takes place through an online platform on which the public can
make small donations to your business.
A number of different institutions, including the Department of Trade and Industry, the
National Empowerment Fund, the Development Bank of South Africa, the Small Enterprise
Finance Agency, the Industrial Development Corporation, the Small Enterprise
Development Agency, the Technology Innovation Agency and the Jobs Fund, all offer
loans or grants for start-up businesses.
Most small businesses won’t be able to go the route of public equity funding, which
involves listing on an exchange, but might be able to get private equity funding, which
involves selling stock to a few people who have confidence in your offering.
A venture capital investment fund manages money from investors who are seeking
stakes in small- and medium-size enterprises with strong growth potential.
Banks may be willing to provide capital to entrepreneurs with a strong business plan to
fund the assets of a start-up business, such as machinery.
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Apply for funding
Many businesses in South Africa are
self-funded, but there is support
offered to start-ups. You just have to
know where to look (see below)
How to get funding for your
big idea
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Open the doors of your new
business
Congratulations!Your journey as
an entrepreneur has begun.
Good luck and remember
to do what you love
and love what you do!
Source: Seed Academy
www.seedacademy.co.za Go to: www.1life.co.za
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They say the journey of 1 000 miles
begins with a single step. Here are the
first ten steps in the journey to