The saying "The youth is the future" runs true, especially in entrepreneurship where the government is investing in financial assistance geared to youth development. Data from Statistics South Africa indicated that youth unemployment rose by 1.1% while nearly a quarter of a million young people lost their jobs in the first three months of 2023. This highlights the need for more school leavers and graduates to explore entrepreneurship. A new business does however come with a need for funding.

One way for youth to get funded is The Youth Challenge Fund (YCF) a youth startup program that provides support and funding to certain youth entrepreneurs and businesses. 

Here are some requirements for funding:

• Applicants need to be between the ages of 18 and 35.

• The business must be registered with the CIPC and must be prepared to register with SARS and UIF.

• The business needs to be 100% South African-owned.

• Applicants must be prepared to participate in business development support and mentorship.

• The business idea must be commercially viable, feasible, and sustainable.

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Could You Afford To Be A Franchise Owner?

Franchising allows bigger businesses to branch out and grow while giving entrepreneurs a chance to run their operations with the help and support of a larger organization with a proven formula for success. This is often considered to be a more expensive way to start a business, but this isn't always the case. Although you might need to look into loans, there are affordable options at your disposal, including some that are 100% local franchises.

Most affordable franchise opportunities:

• Fish & Chip Co.: Roughly R645 000 starting cost plus R4400 monthly 

• King Pie: Approximately R600 000 starting cost 

• Zebro’s Chicken: Roughly R831 000 plus 4% of monthly turnover 

• Battery Centre: R500 000 setup plus R100 000 working capital 

• Tutor Doctor: Roughly R550 000 

• Just Property: Roughly R650 000 

• PostNet: Around R805 000 

To find out which franchises are proven to be the most profitable and which franchises, continue reading.

Sales Strategies for Explosive Revenue Growth: What Works Best?

Entrepreneurs and business enthusiasts, we invite you to share your expertise and experiences on one of the most critical aspects of business success: sales strategies and tactics that drive substantial revenue growth. Your insights can inspire and empower others in the community.

Question of the Week:

What are the most effective sales strategies to drive significant revenue? We believe that diverse experiences and perspectives can help uncover powerful sales techniques that others can benefit from. Whether you've experienced success with customer-centric approaches, value selling, data-driven decision-making, sales funnel optimization, or any other tactic, your input is highly valuable.

What documents are needed to apply for funding?

Finding a funding opportunity is only step one of the process. You also need to look at everything from researching your investors to coming up with a pitch. It is also vital that you are prepared for the application process this means having all your documents and forms in order.

Documents you will need:

• Financial documents –  Be sure to have your basic business plan, cash flow projections, and financial statements up to date.

• Personal documents –  You will be required to supply proof of identification of the owners and marriage certificates where applicable. 

• Business documents – Be prepared with company registration documents, office lease or mortgage agreement, shareholder agreements,  share register, proof of business address and all relevant business licenses, accreditations or registrations.

• Application forms –  Prepare your application pack to ensure your funding application is aligned with the type of funding you are applying for.

To aid entrepreneurs in putting their best foot forward during the application process Startwise mentor, Khomo Mokhobo Founder of MKM Business Consultants has compiled a webinar detailing exactly how to go about accessing funding for your business. 

Learn From Trailblazing Women

This Women's Month, learn from successful businesswomen like Stacey Brewer of SPARK Schools and Tlalane Ntuli of Yalu who have blazed a trail in business, and find out: 

• The strategies they used to secure funding.

• The impact of business funding on their businesses’ growth.

• How they navigated the challenges they faced during the application process.

• Their advice for other female entrepreneurs.