Basetsana Kumalo Entrepreneur profile

Name: Basetsana Kumalo

Business: Basetsana Woman Investment Holdings Pty Ltd

                  Tswelopele productions

                  Connect TV

                  Uzalile Investments

                  Travel with Flair

Website: www.basetsanakumalo.com

Basetsana Khumalo has a wide entrepreneurial reach, it stretches through broadcasting, media, travel, mining and property. She describes herself as someone who easily gets bored, hence her vast interests. She was 20 years old when it all started. She entered and won Miss South Africa in 1994, at a notable time in South African history. She went on perform well on the Miss World stage earning a spot as 1^st runner up in the competition.

She is the executive chair and CEO of Basetsana Woman Investment Holdings, the executive chair of Tswelopele Productions, the co-founder of Connect TV, the director of Uzalile Investments and the director of Travel with Flair. She wears many more hats as a philanthropist and brand ambassador. She is passionate about education, her desire to lead by example led her to pursuing qualifications at various institutions, namely; UNISA, Havard University, Damelin and Yale. One of her most notable awards she has received is the Young Global Leader award honoured by the Economic Forum.

Humble beginnings

Basetsana grew up in Soweto, being brought up by her mother who was a teacher and her father who was a bus driver. Her hard working, enterprising parents instilled the same values on her. Although she didn’t know which career path she will follow she was certain that she didn’t want to be poor. She sold boiled eggs after school, sold lollipops at school while other kids enjoyed break time, her and her sisters sold ice-cream and sandwiches on weekends at soccer stadiums.

Hard times

In 2003 her father passed away and in 2006 her mother passed away. Growing up, she was daddy’s little girl raised by parents she describes as incredible. She felt she couldn’t breath without her parents and felt depressed; but their passing ignited a desire in her to keep their legacy alive. She went on to experience more gut wrenching personal loss when she had 8 miscarriages between 2007 and 2012. Basetsana had always dreamt about having a big family, at the time, they only had one child. Basetsana Kumalo  and her husband didn’t give up and it finally paid off, today, they have three children. Despite having so many titles and accolades to her name, her favourite role to play is that of a wife and a mother.

In March 2016 after falling at her sons school, she was wheelchair bound for three months and continued with physiotherapy thereafter in order to recover. She made a good recovery but was left with a permanent limp. The limp has put a limit to some physical activities, yet she still continues to do whatever she can and gives it her all. Health and physical fitness is important to her to ensure that she is fit and healthy for her kids.

Career

Basetsana was invited to do an interview as Miss South Africa in 1994. The interview was for a fitness pilot programme. Her now business partner Patience Stevens was interviewing her and asked her to do a promo for the pilot, Basetsana did it in one take. Recognizing that she had good presenting skills Patience told her about Top Billing. When she started presenting for Top Billing it was produced by SABC 3. She got the idea to make Top Billing an independent production. Her pitch was successful and earned herself a contract to produce the show under Tswelopele Productions.

She took a chance and it paid off, the entrepreneurial spirit that she had when she was little was re-ignited. She went on to chase other opportunities. Basetsana joined travel agency, Travel and Fair in 2001 teaming up with her sister. Connect TV is a digital content and television production company. Basetsana Woman Investment Holdings is mainly focused on property, media and IT. Tswelopele Productions is a TV production company, it produces shows like Top Billing, Top Travel and Pasella. Uzalile Investments is a woman owned co-mining company.

Values

Basetsana Kumalo believes that when the going gets tough, it’s passion that will push you through. She also believes that surrounding yourself with people who are better than you will make you sharper and a better leader. She  doesn’t believe in careless spending, investing back into the business needs to be top priority. When Basetsana had an idea to privatise Top Billing she took action and made it a reality. She encourages young people with dreams and ideas to continue to pursue them and not just sit with ideas and choose not to do anything about them.

Benefits of business networking

If you are looking to improve or grow your business, one way you can do that is through business networking. What is business networking? Simply put, networking is a social activity where you get to interact with others, with the aim of building relationships. Through networking you can build relationships with other entrepreneurs, potential clients, potential partners, investors, suppliers or any persons who have the skill sets you are looking for.

Continuing to sharpen your social skills in order to network better is sure to yield positive results. Having good social skills comes in handy when you are looking to form relationships.

Networking is more effective when the business relationship is mutually beneficial. Always looking for selfish gain puts off potential partners. When they stand to gain nothing from the relationship, they don’t see the point of forming a partnership.

It’s not just about forming new relationships it is also about maintaining them and taking care of them. Why invest so much in business networking? What are the benefits?

Expand knowledge

Not all is lost if you have not yet been able to form lasting relationships through networking, you can still use it as an opportunity to get as much information as you can. This does not have to be limited to talking to people that have more experience than you in the industry. The new game players could expose you to new technologies that you can also implement in your business. Through mentorship and networking, entrepreneurs get all the support they need to make better decisions and get answers to questions they may have. Networking also helps them take more calculated risks. In order to develop a wider perspective, entrepreneurs speak to other entrepreneurs and clients. To benefit more from the exchange of information, you need to be willing to share information as well for the benefit of others. Sharing helpful information could earn you a good reputation. In turn, you can use your reputation to form more business relationships.

Business opportunities

Leaning towards viewing other businesses as competition at all times, blinds entrepreneurs to the opportunity of teaming up with other entrepreneurs in order to generate more income for both businesses. One way this can be done is through recommendations and referrals.

Networking with other business owners can help the businesses find a gap that can only be filled through a mutually beneficial business relationship between the two businesses. Networking can also expose you to new business opportunities, not just for the purpose of expanding but also opening an entirely new business. Through interacting with other businesses and customers you  might discover untouched ground in the market. A business opportunity can also come in the form of getting new suppliers or getting a new sponsor for your business.

Confidence

When big players that you look up to in the industry know whomst you are, and are impressed with the work that you do, it’s an instant confidence boost. Receiving that nod of approval from influential people feeds your passion and your drive, you feel motivated to achieve even more. The new found energy and self-belief helps you dream bigger and thrive to achieve bigger.

The imposter syndrome can have a negative effect on even the most successful entrepreneurs. It causes them to lack the confidence that’s needed to pitch their ideas or sell their business in a way that’s appealing. It’s hard to be creative and come up with new ideas when you are battling with self-doubt. Believing in your own idea is important especially when others don’t readily get it but it takes a special kind of person to continue to push through without external votes of approval. Networking gives you the opportunity to speak to your clients in order for them to give you some feedback. The feedback adds to your confidence because you know exactly what your clients want and you know what you need to do to meet their needs.

In business, confidence is important. Without confidence you won’t be able to execute policies, deal with clients and create new strategies. Some business owners go as far as hiring coaches to help them work on their confidence. The cheapest, and probably the most effective way to boost your confidence is through networking. Learning different skills that help you look and sound more confident can be very helpful. But through networking, you can work on being genuinely confident and you will soon start exuding the confidence externally. There will not be a need to be coached through it.

How to find the right business partner

The first step to finding a business partner is deciding whether you really need one or not. After careful consideration, you might realise that you don’t really need a business partner. Comparing what you can achieve while working alone, with the projected growth of the business when there are added skills from a partner, will help you decide whether you need a partner or not. With added skills you might realise that you will surpass what you can achieve when you are working alone. You realise the potential of achieving even more and you recognise what you lack when you are alone. You have to be convinced that you won’t be able to reach the milestones you want to reach alone. If you have no doubt that having a partner will help grow the business, then it’s a good idea.

After deciding that you really do need a partner, the hardest task is finding the right person to work with. Failed business relationships can run the business to the ground – you have to choose wisely.

Yin to your yang

Start your search based on the skills you need in order to take the business further. Wherever you lack, your partner should be able to compensate.

Good balance between the partners ensures that one partner doesn’t end up feeling more important than the other – this is especially important when there is an equal partnership. Make sure that you and your partner feed off each other, so that there is a healthy balance of your partner needing you as much as you need them. A partner that fits the skills profile that you are looking for is a good fit, but there is more to be considered. You cant totally isolate a person from their skills, there are many other factors that come into play. Unlike an employee, a partner has a level of control over the business and takes part in decision making. Being in sync in terms of skill doesn’t mean everything else will fall into place.

Passion & Vision

Your business partner doesn’t necessarily have to be as passionate as you are about the industry you are in. A person with a great work ethic and who possesses the necessary skills you need, can be the right person to bring on board. If they care  about their personal growth and link it to the growth of the company, opposed to viewing the business as a temporal endeavour that helps them pass time, they are sure to put in their best effort. A business partner that’s in pursuit of other passions isn’t necessarily bad for business. They might still be able to devote time and energy to the business. This depends on how high the business is in their list of priorities. Like marriage, some business partnerships last until death do them part. It’s important to share the same type of vision. Do you want your business to be kept in the family and have future generations take over the business? You and your business partner need to share a similar vision, so you can move in the same direction.

Trust

Some have tried to deal with the issue of trustworthiness by choosing to work with a relative or a friend opposed to working with a stranger. This formula doesn’t have a 100% success rate. When the business relationship breaks, it’s not just the business that suffers, family ties can be broken forever. Is it worth the risk? Sometimes it is, sometimes it isn’t.

When you are looking to partner with someone that you are not related to and don’t know well enough to trust, you can start by asking yourself if they have as much to lose as you. Is there enough information available about this person for a background check? Are you able to contact the people your potential partner has worked with to find out more information about them? How will you ensure that there is transparency? Leaving very little space for fraud and dishonesty. Last but not least, what is your gut telling you? You can’t make decisions solely on gut feelings. What this means is that you need to continue to find out more information until you start feeling more at ease. Trust is a huge factor in a business partnership. It doesn’t just contribute to having a peace of mind, it also contributes to the success and longevity of the business.

Common money mistakes to avoid

Financial literacy gives you the necessary skills that will help you manage your money efficiently, through making sound and informed financial decisions. Nobody is immune to making some bad financial decisions. When we educate ourselves about good personal finance, we avoid having to learn everything through personal trial and error. When it comes to money management, errors can be costly. It is always better to avoid as many errors as possible opposed to going with the flow and learning through experience. This article talks about common money mistakes that we should avoid. Knowing what mistakes to avoid forms part of financial literacy education.

Not having a Credit history

Focusing too much on trying to avoid accumulating debt can lead you to neglecting building a good credit record for yourself. Not having a credit record is undoubtedly better than having a bad credit record. If that’s the case, why is not having a credit record a bad financial decision? It can interfere with financial plans that require you to have a good credit record to in order to obtain credit . If you don’t have a credit record you might still get credit but at a higher interest rate.

Some start up business owners take out personal loans to finance their businesses, with the idea of repaying the loan from the profits of the business. When the interest rates are high due to not having a credit record, it drastically lower your net profits after making the loan repayment.

Amongst other benefits, a good credit record will save you money and earn you some credit card rewards – not building a good credit record is an expensive mistake.

Can you afford it?

This question is usually answered with a quick yes or no response. The answer to this question is more complicated than we think. It is common knowledge that having the money to buy something doesn’t necessary mean that you can afford it. If you don’t take note of all your expenses or adhere to a set budget, you can’t say you know how much you can and can’t afford.

Being able to cover all your monthly commitments is good but are you always left with no money by the end of the month? Are you able to save at least 10-15% of your total income? If your answer to these two questions is no, you could be living above your means. You need money in order to reach your financial goals and to enjoy a better quality of life. You need to find ways to increase your wealth opposed to over stretching your budget.

How much can you rely on online affordability calculators? Affordability calculators should be used as guidelines and not as a definite way of checking if you can afford something. Your financial plan is unique to you and your needs no one should know what you can afford better than you. Making financial decisions solely based on affordability calculator results is not wise.

Lack of Financial goals

Long-term financial goals usually need time to come to fruition. Drawing up a long-term financial plan as early as possible allows you to see the exact time-line, and set small milestones that bring you closer to your goals. Depending on when you start generating income and how long you plan to work until retirement, you have roughly 42 years to save up for your retirement. It seems like a very long time, maybe it is, but other living expenses shrink the amount you are able to save towards retirement. If you start saving for your retirement late, you will have less money saved up by the time you retire, unless you generate a high income and you are able to put away a lot of money in a short period of time. Whatever your plan for retirement is, you need to think about it today and start planning it. Not setting financial goals leads to careless and impromptu spending.

Many believe that they would have to be accountants or possess special skills in order to properly manage their finances. Bank consultants are always available to speak to customers about any financial questions they may have. The internet is also a vital source of information. No matter how cliché it sounds; it’s not so much about how much money you have, it’s about what you do with it. If you don’t set up a plan for your future, you won’t be able to make the most of what you have. Ever wondered why some have gone from having it all to having nothing? – poor planning!

Ways to make customers fall in love with your business

When customers fall in love with a business they are motivated to talk about it. Word of mouth is a powerful marketing tool. Testimonials and success stories from customers spread quickly and sway more customers to buy in. This method of marketing can have a much bigger impact when compared to other forms of advertising and marketing strategies. Businesses sell themselves through advertising in order to make a profit, external parties that talk about their experiences working with the business have nothing to gain or lose. Their opinions are viewed as objective and true.

Past disappointments and false advertising has lead to customers being more skeptical when it comes to advertising and marketing. They trust the opinions of friends and family and/or online testimonials more than marketers and advertisers. How can you make your customers fall in love with your business so that they can speak positively about it?

Understand their needs

Before you can make your customers love your business, you need to understand what it is they want and need. When you offer them what they want and continue to be consistent in providing their needs, you are on your way to earning their love and trust. It is important to remember that this is not a once-off exercise, customer needs may evolve with time, what worked yesterday might not work today. Keep your ear on the ground and be willing to make adjustments to retain their love.

Customer experience

There is no better way to work on the customer experience than to put yourself in the shoes of your customers and apply the Golden Rule – treat them how you want to be treated. Be intentional about how you want them to feel. If you have businesses premises you can make them as comfortable as possible. If you have staff members you can train them to be courteous and friendly at all times, and offer incentives for good service. Do whatever that’s required to enhance the overall customer experience.

Quality

You wouldn’t have a business if you were not offering a service or a product. The quality of the products or services you provide can either put you way ahead of your competitors or behind them. Businesses that care about their customers are always willing to go as far as losing money in order to ensure that the quality of the products they provide is not compromised. Depending on the type of business you are in good quality can mean freshness or longevity. Whatever “quality” translates to, it will make your customers fall in love with your business.

Deliver on expectations

Expectations are usually built on service delivery promises. Anything that’s outside the agreed business transaction will need you to directly speak to the clients, so they can bring to your attention any expectations you may be missing. Customers can be lenient on expectations that are outside the agreed business transaction, if the service delivery promises are not met, it gets frustrating for them. If you want your customers to fall in love with your business, you have to deliver on the services you promised as per business agreement and go the extra mile by enquiring about other expectations they may have. Customers want to deal with businesses that are reliable and always deliver.

Transparency

Some customers have been victims of manipulation and trickery; as a result, they don’t do well with the lack of transparency. Taking on the assumption that customers are passive can lead to you dealing with them in a way that  lacks transparency and rooted in dishonesty. The cracks of dishonesty or lack of transparency will eventually start to  show no matter how well disguised they seem to be. When the trust is lost it might never be regained again, valued customers can be lost forever.

Customers do understand that businesses need to make a profit and they are open to purchasing whatever convenience they need, knowing very well that the business will make a profit out of it. Withholding some information in an attempt to protect ideas or to try decrease the chances of your customers going out to find cheaper alternatives, will only deepen the distrust. Customers fall in love with a businesses that are transparent. Being transparent doesn’t mean that you need to divulge unnecessary details about the business. Purposely hiding or withholding some information for selfish gain and exploiting vulnerable customers is both unethical and unkind. A business that’s built on greed and selfish desires, also reflecting that on the poor treatment of its employees repulses the customers.

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PRE-WRITTEN BUSINESS PLANS FOR SOUTH AFRICA (PDF, WORD AND EXCEL): COMPREHENSIVE VERSION, SHORT FUNDING/BANK LOAN VERSION AND AUTOMATED FINANCIAL STATEMENTS

We have several payment methods which you can use to buy the business plans.

Combined Payment Method (Visa Card, Mastercard, Instant EFT – FNB, Absa, Standard Bank, Nedbank, Capitec Bank, Investec, TymeBank and African Bank. )

The business plan package is a zipped compressed file containing the PDF, Word and Excel documents. To open the package after downloading it, just right click, and select Extract All. If you have any problems in downloading and opening the files, email us on sales@bizbolts.co.za and we will assist you.

Other Payment Methods

1. Cash deposit into our FNB Company Bank Account
2. EFT Transfer to our FNB Company Bank Account

Call/Whatsapp us on +27606334830 for the other payment methods. (Whatsapp us by clicking the link https://wa.me/27606334830). Email: sales@bizbolts.co.za .

About the Business Plans

We decided to introduce the South African business plans after noting that many South Africans were venturing into businesses without a full understanding of the industry, market, how to run the businesses, the risks involved, profitability of the businesses and the costs involved, leading to a high failure rate of the start-ups.

Our business plans will make it easier for you to launch and run a business successfully, fully knowing what you are going into, and what’s needed to succeed in the business. It will be easier to plan and budget as the business plans will lay out all the costs involved in setting up and running the business. They are designed uniquely for the South African market.

USES OF THE BUSINESS PLANS (PDF, WORD AND EXCEL)

These business plans can be used for many purposes including:

• Raising capital from investors/friends/relatives
• Applying for a bank loan
• Start-up guide to launch your business
• As a project proposal
• Assessing profitability of the business
• Finding a business partner
• Assessing the initial start-up costs so that you know how much to save
• Manual for current business owners to help in business and strategy formulation

CONTENTS OF THE SOUTH AFRICAN BUSINESS PLANS (PDF, WORD AND EXCEL)

All our pre-written plans include, but not limited to:

• Market Analysis
• Industry Analysis
• 5 Year Automated Financial Statements [ Income statements, cash flow statements, balance sheets, monthly cash flow projections (3 years monthly cash flow projections, the remaining two years annually),break even analysis, payback period analysis, start-up costs, financial graphs, revenue and expenses, Bank Loan Amortisation]
• Marketing Strategy
• Risk Analysis
• SWOT & PEST Analysis
• Operational Requirements
• Operational Strategy
• Why some South Africans in that type of business fail, so that you can avoid their mistakes
• Ways to raise capital to start your business in South Africa

All our agriculture pre-written business plans include technical aspects of how to keep and rear the animals / farm the crops. They also include a mini-directory with contacts which will prove to be helpful in launching and running the business. E.g. for broiler poultry we will provide the contact details for South African suppliers of feeds, equipment, day old chicks, abattoirs, training companies etc)

The Business plan package consist of 4 files

1. Business Plan – PDF file (Comprehensive – Between 70-105 pages)
2. Business Plan – Editable Word File (Comprehensive – Between 70-105 pages)
3. Business Plan Funding Version – Editable Word File (Short version for applying for a loan – between 35-50 pages)
4. Business Plan Automated Financial Statements – (Editable Excel file)

The financial statements are automated. This implies that you can change an item eg unit price, and all the other financial statements will automatically adjust to reflect the change.