Successfully launch that side hustle and help boost our economy
The effects of the pandemic and the recovery of the economy has been on everyone’s lips lately. ‘Will we recover?’, ‘How long will it take?’, ‘Is my job secure?’, ‘Is now the right time to start a business?’. The answer to the last question is simply ‘Yes’. Launching a business is usually not a walk in the park, but that is why having a business coach is that important, helping you plug into opportunities that you may not be able to access, while in turn expanding your train of thought, and more people are realising this and jumping on the growing trend.
The national lockdown has had a huge financial impact on many businesses, with some struggling more than others. When zooming in on certain businesses within the jewellery, hospitality and fitness sector, it’s easy to notice that some have not yet embraced a digital strategy, making it difficult for them to easily adapt during this lockdown period. Businesses benefiting the most would be the ones who were flexible enough to embrace change, the business owner who was able to evolve with the new norm, finding ways to stay relevant to the client’s needs.
Empire 629 is the sister company to PHL International Consulting (Pty) Ltd and was established by business coach, serial entrepreneur and radio host of the Business Show on CCFM, Lester Philander. The company helps everyday employees start their own business without them having to leave their jobs. “In business, there are usually 2 underlying reasons you fail. 1: There is something you don’t know which you should know and 2: You know what to do, but your habitual cycle won’t allow you to change or execute”, says Philander. Having a business coach means gutsy entrepreneurs have someone to help them build a business strategy, assist with financial decisions and having someone to rely on.
SMME’s undoubtedly have a positive financial impact on the economy and they play a role in reducing the countries unemployment rate. The pandemic has knocked some holes in the economy, and the people equipped to fill those holes are ultimately entrepreneurs, constantly finding opportunities and gaps in the market. “Even prior to the pandemic, the focus on digital resulted in many corporate job losses, the pandemic has further exposed the myth of job security, with many individuals losing their jobs. If employees had additional streams of income and received the appropriate skills and training to grow their businesses, their financial dependency on their fixed income would not be as high”, says Jayshree Naidoo, Former Head of the Standard Bank Incubator and CEO of YIEDI, a company that has provided entrepreneurial reskilling for hundreds of staff affected by retrenchments since 2018.
“The best person you can work for is yourself, and the best time to start is right now. Ask yourself, how do you align your business to ensure that you stay relevant?”, says Philander. Apart from providing excellent business coaching services, Empire 629 also has a program called Ingalozi Mali (Angel Money). Here employees can buy shares into small businesses for a stake in the company. This might suit employees that has the money but no desire to start a new business. “Sometimes it’s not that easy to determine which basket to place your eggs in, a business coach will help you become a proactive business owner who will seek to understand why reaching your business growth goals is important to you and the impact it will have on your life”, says Philander.
With the right foundation, idea and the right support system, everything else will fall into place. “These days it’s so easy to work from home, realistically it has become our new norm. Younger generation folk are easily branching into social media consultants and realising they do need a second income. Your 9 to 5 pays your bills, your 6 to 9 builds your empire”, says Philander.
For more information on Empire 629 visit www.empire629.com or call 021 007 1032. Connect on social media at Empire 629 on Facebook.
