1. e-Book
8 Tips for Startups
Royston Benjamin

2. Get a Mentor 4
Have a Savings Fund 4
Expect No Salary 5
Develop a Solution to a need 5
Become a Networker 6
Plan and Budget Your Cashflow 6
Work Twice as Hard 7
Understand technology and Market Trends 7
Contents

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4. Introduction
Before you get carried away with the dream of becoming the next Bill Gates, take
stock and think about what life will be like as an entrepreneur.
It’s easy to get excited about the potential for the product, or service you are planning
to sell, or the fact that at last you can turn your hobby into a living.
Starting a small business is a dream of many people, but you have to take a big step to
make your dreams a reality. Most of it can only be done with careful planning.
As a business owner, you’ll need a plan to avoid pitfalls, to achieve your goals and to
build a profitable business.
Here’re some tips that can help make your business a success.

5. 1. Get a Mentor
2. Have a Savings Fund
Many very successful people have named mentors as being critical to success.
Mentors are crucial in helping people connect the dots between their abilities and their potential,
their goals and their successes.
When it comes to difficult decisions, such as accepting an investor, negotiating a large deal, cash flow
issues or a business disagreement - a mentor will help you.
The world of business can be a lonely place and a mentor ensures accountability and can give you the
advice, confidence, and network that allows you to find your avenue to success.
This can be a lifeline for an entrepreneur experiencing a difficult financial situation.
People who’ve had large and unforseen expenses will tell you how happy they were that they had
emergency funds, or how difficult it was to find the money to cover the expenses.
As with most finance related issues, pre-planning is a key to successfully weathering the storm which
most small business owners face along the way.

6. 3. Expect No Salary
4. Develop a Solution to a Need
What should the salary be of a small business owner? Unfortunately, the answer isn’t “whatever you
want it to be”.
How much you pay yourself largely depends on your stage in business and your business’s proftability.
Sometimes, especially during the start up phase, you can expect to go home without pay.
This could go on for prolonged period of time, until you can fulfil a need in the market place and your
product or service is on par.
Start off small and target a market that requires a specific need.
In the period of solving the need and getting your first customers, make sure your service levels are high
and refine your product or servicing offering every time you get client feedback.
Constantly evaluate customer experiences so that when your product moves from the start-up phase
it’s well designed for the market.

7. 5. Become a Networker
6. Plan and Budget Your
Cashflow
Networking is one of the most essential personal skills you can have.
Communication and a strong presence can help you build relationships with clients and entrepreneurs
from all age groups, nationalities and fields of interest.
Business networking events bring together extraodinary groups of highly-skilled and talented entrepre-
neurs who are united around the idea of communication, sharing, creating and solving problems.
Not only that, you could also find potential partners, customers, suppliers and investors.
Many large deals have resulted from a connection at a business breakfast or networking meeting. They can
initiate for process of developing relationships with business partners.
These events attract people from different experience levels and backgrounds. Who are all looking for
connection, inspiration, advice, opportunities and mentors.
A cash budget is extremely important, especially for small businesses, because it allows a company to
determine it’s working capital cycle. Cashflow is the major factor why small business in South Africa don’t
survive, so it’s fundamental and critical.
Once your business is operational, it’s essential you plan and tightly manage its financial performance.
Creating a budgeting process is the most effective way to keep your business, and its finances, on track.
Begin by asking these questions:
• What are the projected sales for the budget period?
Be realistic, if you overestimate it will cause you problems later on and banks and investors will see
through your forecast.
• What are the direct costs of sales?
This means, what are the costs of materials, components or subcontractors or make the product or
supply the service?
• What are the fixed costs or overheads?
• What’s my expected net profit margin?

8. 7. Work Twice �s Hard
8. Understand Technology and
Market Trends
As an entrepeneur for every hour your colleagues or friends work, you’ll most likely have to work twice
as hard.
The reason for this is, that as the founder of the business, you run every aspect of the business such as
finance, marketing and operations. A large amount of your time will be spent on admin that might not
bring in revenue.
Hard work does pay off but for the initial start up period this work ethic must be an accepted reality.
Every startup needs to understand the revolution in technology.
These new technologies can help you create your own value and further define your unique selling
proposition (USP). Remember, the way we did business 50 years ago is not the way business will be done
in the next 50 years.
The digital age is here. The entrepreneur should always be looking at ways to refine their product
and service.

9. Why You Should Talk to C8
Chartered Accountants
When you start a new company it’s important to set it up correctly right at
the beginning.
To register your business, and to find out all the things you need to do to comply with
regulations that govern small business, just talk to C8 Chartered Accountants.
We can give you the personal attention of a small firm and the service efficiency of a
medium size firm.
We take pride in our work and our people. We have the depth of knowledge and
experience to respond to every clients needs. The diversity of our staff and work
ethic greatly differntiates us from firms of similar size.
We’ve built our reputation on value for money, quality of service, and empowerment
of our clients and our staff.
We have a large number of high-profile clients with a wide range of experience across
dynamic sectors.
In most cases, our clients retain us for auditing, accounting, tax and other business
services.
By partnerning with C8 Chartered Accountants, you’ll not only experience the energy
and freshness of our dedicated staff, but you’ll find that every job are done in a
professional manner.

10. About The Author
Specialties
Royston Benjamin is the founder of the C8 Chartered Accountants.
His mission is to help visionary, ambitious entrepreneurs who’ve
recognised growth potential and want to take their enterprise to the next level.
Royston helps entrepreneurs with strategy, planning, accounting, bookkeeping, tax
returns and business analysis issues.
He sees successes and he sees failures, but he is always there to help out.
He has clients in food & beverages, property, technology and retail.
Royston completed his articles at BDO Auditors & Accountants.
After that he was a director at another small practice before he founded
C8 Chartered Accountants. His practice is lean and nimble, dedicated to
providing “Big Advisory” partner-level expertise to clients facing their most
demanding business issues and goals.
• Preparing financial statements
• Independant reviews
• Providing assurance
• Small sized businesses to medium sized businesses
• Company and personal taxation
• Returns and compliance
• Advisory and business consulting
• Strategic planning

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