Business Doctors treats small businesses’ money problems

A Business Doctors franchisee has offered new business owners invaluable advice on how to avoid money worries.

Business Doctors has been sharing its top tips for making your finances work as an entrepreneur or small business owner.

In an article for the Sowetan Live, local business professionals from across South Africa offered their advice for avoiding money woes when trying to branch out on your own. Business Doctors joined in the discussions on the subject, warning budding entrepreneurs to prepare for self-employment long before it’s a reality.

Christo Olwagen, a franchisee of the business coaching franchise based in the Bryanston area of Sandton, South Africa, explained that financial reserves are absolutely key to the success of any new business and that business-savvy people will make sure they’ve built up theirs before launching their business.

“Reserves is basically the amount of money you will need each month to pay your bond, utilities, school fees and any other living expense or financial commitment. We advise that you have reserves of at least 6 to 12 months if possible.”

He added that it’s very important for new business owners to remember not to waste their cash on themselves when trying to make their new enterprise profitable. He advises that for the first two to four years, it’s wise to keep personal spending on luxuries like holidays to a minimum to maximise your chances of succeeding. Although the figure may seem shocking to some, Olwagen says that it can take more time than people anticipate to see profits from your own business.

Set up in 2004 by successful businessmen Rod Davies and Matthew Levington, Business Doctors offers advice to SMEs who are struggling with any aspect of their business, be it finances, HR, training or expansion, at a price they can afford.