By Simba Nyamadzawo
In the past 5 years, I have registered hundreds of companies for entrepreneurs across different industries; mining, agriculture, ICT, energy, retail, logistics, financial services, commodity broking just to name a few. Now and again I meet people who are delaying registering their companies because of financial constraints. I want to share with you 5 simple but profound tips which you can use to start your business on a limited budget.
1. Register a PBC instead of a Private Limited company
PBC stands for Private Business Corporation. It is ideal for sole traders and entrepreneurs who are on a limited budget. It is cheaper to register than a Private Limited Company. With a PBC you can get a certificate of incorporation, open a bank account and even register with ZIMRA and get a tax clearance certificate. The beauty of a PBC is even if you are a one-person business you can register it. If need be you can always upgrade to a private limited and maintain the same name. Our team at Gumiguru can help you register your PBC. Get in touch with us on +263781670750 and we will assist you.
2. Use hubs if you cannot afford office rent.
Hub is a place where people with the same work interests or interlinked interests different come together, connect, collaborate, and grow together. Examples of such hubs in Zimbabwe are Ignite Hub powered by BancABC, B2C at Batanai Gardens, Eight2Five, Impact Hub, Stanbic Bank. Hubs provide you with working space and wifi at a fraction of office rentals. They are worth considering especially if you are a freelance.
3. Use social media to promote your business.
Most Zimbabweans have a social media account. Take advantage of that and promote your business with pride. Do not be ashamed. One of my colleagues George Munengwa the CEO of ProAirZw is relentless in promoting his business. He is the number one fan of his business. You can learn one or two from him.
4. Network. Network. Network.
Your network has an effect on your net worth. Your contacts determine the kind of contracts you get. I encourage every young entrepreneur to join a civic organization like Toastmasters, JCI, or Rotary. These are good organisations for networking, personal growth, and making a positive impact in your community. By the way, I am the Area Director of Toastmasters. If you want to join our club or find out more information, do not hesitate to reach out to me on my Whatsapp at +263772571342
5. If you are in services, do service exchanges.
This is about the barter trade. Find out who has what you need and work out a barter trade agreement, It is a win-win situation. Scratch my back as I scratch yours. Ends.// #GUMIGURU
