Side hustles: The value of talent
In 2020, having a “side hustle” is a must and many have mastered turning their talents into an additional stream of income whereas some are still struggling to find entrepreneurial direction. Here is a guide to help entrepreneurs build their start-up or turn their idea into profit.
Ester Kamati
The first step to establishing a successful venture is to start. Many entrepreneurs consider this the most difficult step to overcome. This is because at this point, financing the venture may be a headache and on top of that, many naysayers may come close to convincing you to give up. However, many entrepreneurs advise that the beginning is always the most difficult part, adding that an entrepreneur needs to remain resilient in order to achieve success and build trust from their brand.
The first step is to start
Julia Ndeilenga, the founder of PillowChick, says she had been contemplating for a long while before she started making her special pillows. “My proudest moment was actually getting PillowChick started,” she says, adding that she always thought she would be unable to accomplish it. Despite many telling her that it would not work, she has found a market for her brand.
Alma Nakandungileh is another entrepreneur who had a “happy accident” which landed her in the shoes of self-employment through her fondness for baking. After posting a photo of a cake that she had baked, a stranger approached her to bake a cake for them. Surprised at the request, she saw opportunity and started baking more cakes, and soon, Tangi’s Cakery was born. The founder of this cake shop advises that in order to make one’s dream a reality, one needs to be realistic.
“There are certain industries that can be profitable and others that are not.” She adds that one needs to ensure that there is a demand for the product or service before pursuing it.
Money matters
Nakanduungileh says investing in yourself is critical, especially when starting out.
“Some people would charge peanuts because they feel that since they are doing what they love, they don’t need to charge a lot.”
She adds that entrepreneurs should charge customers for the quality of their work as well as the time that they spend, and should not sell themselves short. It starts with believing in your capability and craft.
Start-up entrepreneurs are also advised to rather save their profits instead of using it for their daily needs. Many believe that the reason they are doing business is to reap the rewards, but be warned to not start reaping too early.
“In any type of business, you always have to reinvest your profits,” says Nakanduungileh, who advises that these savings should be used to buy the best quality equipment and sharpening your skills “so that your work stands out”.
When it comes to investing in your business, Nakanduungileh says taking it step by step is advised. For instance, focusing on equipment first and then marketing or any other area of business that needs to be strengthened.
“For the first five years, you might not make a big profit but despite this, reinvesting in the business is one way of growing business potential.”
Value of information and planning
The founders of Brandberg Creative Agency, Lisias Hilifa Uusiku and Paul Nakashololo, believe that information is the greatest foundation to build a business on and encourage start-ups to build a learning culture. According to them, some of the most vital things entrepreneurs need to know are how to acquire seed funding, how to market products, what to invest in, why networking is important, and what the future of business looks like in Namibia.
Amorey Pote, the talent manager at O&L, advises bouncing ideas off people and remaining hungry to learn.
“The more you speak to people, the more they can help you shape your thinking to identify where it is you need to be. Just spend your time engaging and discussing and collaborating,” she says.
She advises inter-dependency among networks as well as planning ahead, “as long as your plans never run out and you keep moving forward”.
The first step to establishing a successful venture is to start. Many entrepreneurs consider this the most difficult step to overcome. This is because at this point, financing the venture may be a headache and on top of that, many naysayers may come close to convincing you to give up. However, many entrepreneurs advise that the beginning is always the most difficult part, adding that an entrepreneur needs to remain resilient in order to achieve success and build trust from their brand.
The first step is to start
Julia Ndeilenga, the founder of PillowChick, says she had been contemplating for a long while before she started making her special pillows. “My proudest moment was actually getting PillowChick started,” she says, adding that she always thought she would be unable to accomplish it. Despite many telling her that it would not work, she has found a market for her brand.
Alma Nakandungileh is another entrepreneur who had a “happy accident” which landed her in the shoes of self-employment through her fondness for baking. After posting a photo of a cake that she had baked, a stranger approached her to bake a cake for them. Surprised at the request, she saw opportunity and started baking more cakes, and soon, Tangi’s Cakery was born. The founder of this cake shop advises that in order to make one’s dream a reality, one needs to be realistic.
“There are certain industries that can be profitable and others that are not.” She adds that one needs to ensure that there is a demand for the product or service before pursuing it.
Money matters
Nakanduungileh says investing in yourself is critical, especially when starting out.
“Some people would charge peanuts because they feel that since they are doing what they love, they don’t need to charge a lot.”
She adds that entrepreneurs should charge customers for the quality of their work as well as the time that they spend, and should not sell themselves short. It starts with believing in your capability and craft.
Start-up entrepreneurs are also advised to rather save their profits instead of using it for their daily needs. Many believe that the reason they are doing business is to reap the rewards, but be warned to not start reaping too early.
“In any type of business, you always have to reinvest your profits,” says Nakanduungileh, who advises that these savings should be used to buy the best quality equipment and sharpening your skills “so that your work stands out”.
When it comes to investing in your business, Nakanduungileh says taking it step by step is advised. For instance, focusing on equipment first and then marketing or any other area of business that needs to be strengthened.
“For the first five years, you might not make a big profit but despite this, reinvesting in the business is one way of growing business potential.”
Value of information and planning
The founders of Brandberg Creative Agency, Lisias Hilifa Uusiku and Paul Nakashololo, believe that information is the greatest foundation to build a business on and encourage start-ups to build a learning culture. According to them, some of the most vital things entrepreneurs need to know are how to acquire seed funding, how to market products, what to invest in, why networking is important, and what the future of business looks like in Namibia.
Amorey Pote, the talent manager at O&L, advises bouncing ideas off people and remaining hungry to learn.
“The more you speak to people, the more they can help you shape your thinking to identify where it is you need to be. Just spend your time engaging and discussing and collaborating,” she says.
She advises inter-dependency among networks as well as planning ahead, “as long as your plans never run out and you keep moving forward”.
Comments
Namibian Sun
No comments have been left on this article