Friday, March 29, 2024

6 ways I built my business and wealth

Charles Mwangi is the General Manager at Petanns Group of Companies which include Petanns Driving School, Tours and Travel, and Insurance Agency.

Milestone: Although the company has broken even today, this was not the case when we started it in 2009. We struggled for three consecutive years. We couldn’t even afford to meet our basic operational bills. This has taught me that persistence is the key to breaking a business even. Don’t fold your tail because a business has started off on a rough patch. Instead, look for ways to improve your product and visibility in the market.

Biggest money mistake: At one time, I struggled with spending without a proper budget. In some cases, I would borrow from banks simply because money was available and the banks were readily willing to lend it out to me.

If I were to start all over: I would look for enough capital before launching the business. You see when this company started, we didn’t have any funds. We raised Sh. 200,000 from borrowing from fiends. I would also conduct better market research and visibility study on my business idea before setting it off.

Savings in business: Over time, I have come to learn that it is important to re-invest your profit in business rather than in your ordinary savings account. This is a strategy that ultimately not only sees you grow your savings more rapidly, but also grows your business in tandem.

Side hustles: Big businesses are founded on the template of a simple side hustle. In fact, under employment, you will first toil to make your employer a millionaire before you can ever come cross to becoming one. It is therefore highly important to consider establishing a side hustle. However, if you are to start a side business, you should be careful to strike an operational balance so that it does not undermine your work under employment.

Success in business: Being in business, I have learned that it is always tempting to increase your income margin by narrowing expenditure as much as possible. Sometimes, this includes slashing salaries. However, you should be careful to appreciate that it is your employees who are bringing you money. They will be a greater determinant on which destination between success and closure your business goes. The same goes for employees looking to grow their net worth through employment. Since we cannot all be entrepreneurs, it is critical that you maintain ideals that will improve the value you give your employer. Be serious with your work, and respect your work and colleagues.

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