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How Township Businesses Can Scale Business
The township economy has been in the spotlight with both the public and private sector launching initiatives to develop township-based entrepreneurs, from government initiatives like TREP to global giants also making investments.
Such initiatives aim to provide support to township entrepreneurs, many of whom continue to struggle to access the resources and skills needed to launch and grow their businesses. What’s needed to grow township entrepreneurs and their businesses beyond the corner store and into commercially viable enterprises able to scale? Bulelani Balabala, an entrepreneur and motivational speaker says that it begins with seeing your business as an opportunity business and not as a response to circumstance and necessity.
How Township-Based Businesses Should Be Selling Themselves
Township businesses have an opportunity to succeed but failure to recognise their Unique Selling Point (USP) is one of the biggest mistakes township-based businesses make in terms of marketing themselves or their brands.
Here are 3 ways Township Entrepreneurs can market their business: 1
. Know your market
It is easy to sell to a market you know and understand. Working from the township is golden because you get to experience the lifestyle every day, making it easier for you to sell to your consumers.
2. Change the narrative
There is a stereotype that township-based businesses lack professionalism and do not produce quality products. Embark on a journey to change that narrative through your business by proving that you can deliver great work with professionalism and on time.
3. Sell the story
Do not be afraid to share your brand story. People buy stories, relationships and magic – storytelling is king. Find out the top 3 marketing/branding mistakes township-based businesses make
New This Week (26 September 2022)
Township Business Funding Opportunities
Township and Rural Empowerment Programs (TREP)
If you’re a township-based entrepreneur looking for small business funding opportunities, then TREP might be the answer.
TREP provides business support and funding to help grow the rural and township economies. This is an initiative designed to increase the number of competitive small businesses in townships and to provide opportunities for entrepreneurs to thrive. Read more...
Government Funding
The South African government offers several funding instruments for small businesses. Ranging from grants to incentives, each offers some form of financial support for entrepreneurs. Read more...
Crowdfunding
With crowdfunding entrepreneurs can raise funds through the collective effort of friends, family, customers and/or individual investors. Crowdfunding is well suited for entrepreneurs as it allows them to raise capital in a way that does not load them with debt. Read more...
Need Working Capital? For a Free Quote for Business Funding, visit SME South Africa.
Download FREE Resources for your Business Here
- A Business Plan for Startups- Income Statement template- Cash Flow Forecast- Finding Your Breakeven Point- How Much to Charge for Your Services