Are you thinking of starting a new business in 2023?

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As we are getting closer to 2023 I am starting to see more posts regarding goals and plans for the New Year.

What caught my eye is the fact that many Steemians mentioned that they are considering opening a business.

With the current economy, electricity crisis’s, wars, etc. one cannot help to wonder if it will be the right thing to do. It is my viewpoint that if you have taken the proper steps any time is a good time and that goes for 2023 also.

I once read that you must never regret not taking a risk.

As an entrepreneur and business owner it is exactly what you are doing when you open a new business, you are taking a risk if not the biggest risk of your life.

I’ve always believed that if you can identify, evaluate, mitigate and accept the risks and challenges that come with opportunities and also innovations you are on the road to success.

Risks and challenges come with any business. It is never smooth sailing. No matter how big or how small the business might be.

Let’s take KFC. Kentucky Fried Chicken, is the name given by Colonel Sanders who started selling his fried chicken way back in 1890. With shops in more than 150 countries, most of us are familiar with this concept and if not available in your country I am sure you must have seen it in movies or on social media platforms.

After trading for 132 years you might think that KFC has seen it all and doesn’t face any problems. Well, if this is your thinking you are wrong. All business face problems. Some problems might just be larger than others.

In the news last night it was announced that KFC will be closing close to 70 of the +/- 960 outlets in South Africa while others will be trading with a smaller menu. This is due to those load shedding or power cuts I’ve been mentioning in many of my posts as chicken suppliers struggle to supply chicken under these circumstances.

Never in my wildest dreams would I have thought that power cuts can have this kind of impact.

As a business owner, you always have to expect the unexpected.

I can remember when I was in the hospitality industry and the shopping center in which our restaurant was located was sold and the new owners upgraded the center. The revamp cost us sitting looking at empty tables many days in a row. In fact, it was for close to three months.

➜Did we get compensated for the loss in business? No

➜Did we get a discount on our monthly rental? No

➜Was the business a failure due to the challenge we faced? No

➜Was the business worth the risk? Absolutely

It was a way for us to learn from what we’ve experienced, make use of innovative ideas, and plan for the months to come.

Plan… plan… plan! You can never plan enough for any business.

If you are reading this post you have already started by taking the risk to build a business on the Steemit platform.

Best of all it is a business that requires;

• No capital layout
• No office
• No location dependency
• No set hours
• No business plan

If you are passionate, you have done your research, and you have prepared yourself that it will take some time before you start making money you can make a success of your Steemit business and any other business you might invest in.

Investing in a business is not only measured in money but also in quality time.

I myself will be entering a new business venture in 2023.

Although the hospitality industry is familiar to me I know all about food cost, setting up of menus, etc.
I have no idea about running a B&B (bed and breakfast) business but I have done my homework and I am ready for the challenge.

Questions I asked myself:

Is the location right? Yip, the location is 100m from the beach.

Is there a demand for holiday renting? Yip, Ballito is a holiday town.

Is there competition? Plenty, of advertising and pricing, is going to be key.

Am I prepared for the extra work? Umh, this was a difficult question to answer. After investigating I’ve decided to turn the units into self-catering units which will make my work easier.

What can I do that will set me apart from my competitors? I can add extras that will ensure that my clients enjoy their stay, spread the word, and return the next holiday by adding items in the units like beach umbrellas and chairs, pick-up and drop-off services, and charter fishing.

To those of you who are planning to open a new business in 2023, you will never know unless you have taken the risk and tried.

Do your homework!

If you are ready to take the risk I’ve written a set of 10 posts on “How to start your own business”

These posts will take you through setting up your business plan which is crucial for any new business and covers the following topics;

The links:

Link to Lesson 101
Link to Lesson 102
Link to Lesson 103
Link to Lesson 104
Link to Lesson 105
Link to Lesson 106
Link to Lesson 107
Link to Lesson 108
Link to Lesson 109
Link to Lesson 110

Whatever your business decision might be, now is the time to believe in yourself, to put grease to the elbow, and to trust.

Wishing you all the best for 2023 and your new venture!

“Success is not final; failure is not fatal: it is the courage to continue that counts.” – Winston Churchill.

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