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The entrepreneurial journey is fraught with challenges and setbacks. You have to survive the constant twists and turns on an uncertain road; you invest time, effort and money and most times you really don’t know if it’s going to succeed.
But with the fear comes the fun: the knowledge that you are your own boss, you are creating much-needed jobs and leaving a legacy for your children.
Brendon van Niekerk has been on his own rollercoaster in the past year; he is co-owner of Select Beverages Company, which produces the award-winning Chroma and African Craft ranges of premium gin. This start-up first opened in 2018 and was just finding its feet when COVID-19 hit last year and the South African government instituted three alcohol bans. This meant that Select Beverages was only allowed to operate for seven months.
“It was difficult year for us,” said Brendon. “But we learnt so much about ourselves and what we are capable of.”
The alcohol bans cost South Africa dearly: according to reports, the prohibition wiped R52 billion from the South African economy. And it is not just alcohol producers that paid the price: the industry was hit by job losses and families were plunged below the poverty line, businesses that survived on the sale of alcohol were forced to close permanently and the government lost billions in taxes.
Then came the upturn: “When the ban lifted, we had the best production run and sales exploded as people rushed to stock up on their favourite tipple. It was the only reason we were able to break even last year.”
Managing the highs and lows is a skill entrepreneurs must master if they are to last the distance, says Brendon. It builds a resilience that enables you to bounce back from adversity.
Here are his six #TopTips to help entrepreneurs overcome challenges and persevere:
That’s where all the customers are. It will also give you a competitive edge over those who rely on foot traffic for sales. “We survived a difficult year because we did not have the huge overheads that a typical retailer has.”
Investigate alternative streams of income to get you through the lean times. “We were fortunate that our digital marketing company helped keep us afloat.”
Brendon and his team used lockdown to engage with their customers and keep them apprised of new developments and when production resumed. “Talk to your customers and you build brand loyalty. In addition, be good to people on your way up because you will need them on your way down.”
Talk to your staff and suppliers. They understand the economic climate and just want to know that they will be paid. “Select Beverages Company had to retrench staff during lockdown but were able to rehire them when the ban was lifted and gin production resumed.”
Nothing is going to fall in your lap. “You have to go out and take advantage of every opportunity that comes your way.”
“Build the plane while you fly. Don’t be bogged down by creating what you think is the perfect product. Learn as much as you can as you develop your business.”
Business, like life, is unpredictable and it is important to travel with people who share your passion. It makes the journey more interesting will probably be the reason you keep showing up every day. And that’s good advice from someone who survived a rollercoaster year.
Do you have your own rollercoaster story? Tell us all about it here.mailto:[email protected]
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About the Author
Terrena Rathanlall is a media officer at Fetola.
