Motherland Mogul Feature: Siyamthanda Makhwabe
According to a World Bank article published in November 2018 on women entrepreneurs and the future of Africa, enterprises owned by male entrepreneurs have more capital than women-owned enterprises. This month, we shine the spotlight on a fierce lady who has bootstrapped her way into starting not just one – but two – businesses while holding down a full-time job. Siyamthanda Makhwabe is a professional town planner, a wife and mother, owner of Kuhle Bags and Accessories and a town planning consulting business. Fellow Motherland Mogul, Zimkhitha met with Siyamthanda to talk about juggling work, business, a kid, and a briefcase. The Many Hustles of Siyamthanda Makhwabe Determined to gain financial freedom, Makhwabe took the leap in 2019 to start two businesses while keeping her job as a town planner. Leveraging her background in Town Planning and Housing, Makhwabe started a consulting business catering to SMEs and startups. Using the power of her network as a launchpad, she has run this venture in the past year purely by word-of-mouth and industry referrals. In October 2019, Makhwabe diversified her business portfolio to include a fashion business named after her daughter, Kuhle. Here she offers affordable bags and accessories to South Africans online via social media. She coverts a lot of customers via WhatsApp and uses Instagram to advertise what’s in stock, which markets she will be visiting and pop up stalls. Entrepreneurship: A seat at the table As a STEM woman working in a male-dominated space, Siyamthanda has not always found it welcoming. She explains that this dismissal boils down to the most basic things. For instance, in meetings, men are more readily acknowledged and engaged than women. “When you sit at that table, it can be very easy to feel invisible and like a fraud, hence many women rather take the back seat”, she says, talking about the dreaded imposter syndrome that creeps in even when you know you have both the qualification(s) and relevant experience to be seated at the proverbial table. With her ventures, Makhwabe has found autonomy and confidence in being a decision-maker and leader. This remains a key motivator for her in moving her business forward. Siyamthanda’s Top Tips for every Hustler Here are Siyamthanda’s top tips for female entrepreneurs on the building – not only a sustainable – but profitable business, from the ground up: 1. Before you throw money at it – innovate There is a temptation to think that money will solve your problems. As an entrepreneur, it’s important to learn how to be scrappy. Think on your feet, look at the competition and see how you can offer more value to your customer base. 2. Stay learning and find mentors As you grow your business, you will find out there is a lot you don’t know. It is necessary to stay curious, take short courses and prioritize soft skills. A mentor also gives you an edge in the game. Having someone who’s been there in your corner is invaluable. It’ll save you money, time and headache. 3. Never stop networking You don’t know what you don’t know until you know. Reach out to those in your market and those outside to get inspiration and to see what is out there. This will help expand your mind into untapped segments. Zimkhitha‘s Notes: My interview with Siyamthanda was eye-opening. I think it is important to emphasize how necessary it is for female entrepreneurs to be more transparent about their experiences. The hustle does not always look glamorous and that’s okay. To all you Motherland Moguls out there, keep on SLAying and exuding your #BlackGirlMagic! Ready to take your business to the next level? Join the Motherland Mogul Insider program.
5 Bookkeeping Tips for New Small Business Owners
One of the most important things a small business owner needs to learn is the basics of accounting and bookkeeping. I mean if your business is not turning over a profit, how would you know? For someone that is not good with numbers, I struggled a lot with the concept of accounting and bookkeeping. I still do until I was forced to get my acts together and learn it once and for all. I’m not exactly a pro yet but I like to think I’ve got my books handled for now until I can afford an accountant. So, here are five tips that have helped me that can help you too as a small business owner: 1. Start with Excel It’s so easy to get overwhelmed with all the tools and templates available for bookkeeping. But I’ve noticed that sometimes it’s better to start with what you’re familiar with. Most of us have a basic knowledge of Excel so you should start with that. Make sure you enter all the money that is coming in and all the money that is going out. Don’t forget you can also use it to create monthly budgets for your business. 2. Track every single expense One of the key things you need to do for your business is to track your expenses. If possible, keep all receipts and tellers. If papers are too stressful to track, download an expense tracking app. You can never go wrong with one. Tip: If you’re in Nigeria, use the Reach app to track your expenses. 3. Separate personal from the business account Whether you admit it or not, you’re not your business so you should treat it like a separate entity. Don’t be tempted to use your business account for personal expenses. Once your business starts making money, put yourself on a salary. That way, you can curb the temptation to dip into your business account. [bctt tweet=”Small Biz owners, listen! Once your business starts making money, put yourself on a salary – @Ebun_Oluwole ” username=”SheLeadsAfrica”] 4. Embrace technology As a small business owner, you should be thankful for all the apps and software that are available at your disposal. It saves you a lot of money you would otherwise have used to hire a professional. Once you get a hang of them, the accounting software is pretty easy to use. 5. Balance your books regularly Between your Excel sheet and your bank statement, there needs to be a reconciliation. Every month, try to balance your books by reconciling all your accounts with your software. It’s so easy to make mistakes manually when using Excel so it’s better to use your accounting software where you can upload your bank statements and reconcile your accounts accurately. Tip: Wave is a simple accounting software you can use. When your business begins to scale, don’t hesitate to hire the services of a small business accountant. Interested in contributing for She Leads Africa? Click here.
4 simple steps for developing a marketing strategy for your Small Business
It’s common to see many small business owners unintentionally ignore marketing, as in this digital age, a lot of SME’s interchange ‘marketing’ with ‘social media’ and ‘advertising’. This article aims to get small business owners to think about marketing holistically and systematically. Marketing is definitely not a few social media posts with a few Instagram ads here and there. You need to put in WORK! Running a small business without a strategy in place leads to confusing your customers with mixed messages, and worst of all, confusing yourself with a lack of direction. We’ve put together for you, some simple steps to developing a marketing strategy as a small business owner. Step 1: Take a step back Look at your entire business as it relates to your marketing strategy, plans, and campaigns as well as your competitors, your customers and your industry as a whole. Take the time to write (or type) things down, getting your thoughts out of your head allows you to see the bigger picture. Step 2: Plan ahead Lucky for you, here is a FREE template you can use ( because who doesn’t like freebies?) to develop your marketing strategy, which you can download and work through. Make sure you are as thorough as you can so you don’t get overwhelmed later on when it is time to execute your plans. When you answer these questions, it is time to think about how they will affect your marketing communication. Step 3: Communicate appropriately Your communication depends on your strategy (which you should have created using the template above). For example, if you provide a home service or you offer delivery services, your communication should play upon the element of convenience. If you do not have a permanent location and offer a nomadic experience, then your communication should play up the element of mystery. If your target customer does not have a car and uses public transportation, your location is key as it needs somewhere that is close to where your customer works/lives or you can consider a delivery service and cut down on your overheads. Your product, customer base, and price point will determine your tone of voice in your communication for example, if you are selling luxury high-end handbags to women over 40 years old, it is not advisable to use slang such as ‘slay’, ‘beat’ or extensively refer to popular culture as your customers are unlikely to relate. If you are selling a luxury product/service, your communication should be minimal, professional, impersonal and aesthetically pleasing. Make sure you are not partnering with brands that might dilute the luxury i.e. lower end brands or brands that cater to a completely different market in the same industry. If you are selling a product/service that is complementary to another e.g. if you are a makeup artist, your service complements or relies on makeup products and tools. Therefore, your communication can involve displaying makeup products or you can possibly collaborate with brands that offer the complementary product/service. Step 4: Stick to your plans Defining your USP (Unique Selling Point) and communicating effectively will allow you to play up your strengths and allow you to stay consistent and relevant in your consumers’ minds. You will be able to let your customers know exactly what problem your product/service solves and what gap it fills. Without actually writing down these points, you may be communicating something that you think is a strength but is actually your weakness in comparison to your competitors. Once your marketing strategy is in place, it becomes easier to develop your marketing plan for different instances, e.g. your launch, new product releases, and your seasonal campaigns. Go forth and strategize!