Business incubators have become an important part of South Africa’s entrepreneurship ecosystem. They are where South African entrepreneurs go for support and to access resources they need which typically include: training, mentorship, workspaces and business development, as well as help source funding from VCs, angel investors and the government. Incubators are a great way of igniting the entrepreneurial spirit in the country, especially among the youth. 

Often there is a mismatch of expectations. Many entrepreneurs mistakenly believe the programme is going to fix everything that’s not working in their business.

Another misconception is that the programme’s team or the mentor will do the work, go out to source work or network for entrepreneurs. The success of an incubation programme is as dependent on the entrepreneur as it is on the programme itself. Below we look at where entrepreneurs can access the support and resources they need and shine the spotlight on new business incubators that have recently been launched.

SEDA Provides Funding and Business Support for SMEs   

SEDA does not only offer business funding, but the agency also works with entrepreneurs and small businesses to help them develop and become more profitable.   

If you are an aspiring entrepreneur with an idea, then you can go to your local SEDA office where they will help you develop your idea and business plan. SEDA will help you determine the operational and financial objectives of your business and help you create a detailed plan on how your business will operate and what your budgets will look like.   

Once your business plan is established, SEDA might also be able to help fund your business. If you are starting a new business, then it’s essential to have a clear and solid business plan before you start looking for funding of any kind.  The agency also includes a special cooperative incentive scheme (textiles, services, energy, agriculture, print, film, and video production, consumer and housing, etc), and a black business supplier development programme.  

New This Week (05 September 2022)  

• IDC Funding Opportunities

• What is Incremental Cash Flow?

• How to Start a Cleaning Services Business

Have You Considered Business Coaching? 

Due to the high number of businesses in crisis as a result of the COVID-19 pandemic, demand for business coaching has skyrocketed.

Business coaches have professional training and are experts at helping business owners unlock theirs and their business’ full potential. Most coaches will have some form of qualification and accreditation from the various governing bodies, such as the Coaches and Mentors of South Africa (COMENSA) and the International Coach Federation (ICF). They will have to adhere to standards of professionalism and ethics.

There are many different types of coaching available, from leadership and executive coaching to African leadership, women and youth development, among others.

Need a Bridging Finance? For a Free Quote for Business Funding, visit SME South Africa. 

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12 Big Lessons from some of SA’s most Inspiring Women 

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SME South Africa has partnered with Version. Eight Media to bring you the digital marketing Ebook ‘Cost-Effective Digital Strategies for Growing Your Small Business’, with easy-to-follow and cost-effective digital marketing strategies and tactics JUST FOR YOU. 

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