You don’t need capital to start a business, you need a plan

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If you are an entrepreneur and want to settle your finances to take the next step, the 2022 Absa/City Press Money Makeover Challenge is open for applications. There are only six places available, so only the most committed applicants will be considered. Photo: iStock

MONEY CHANGE


You may have a big dream of being a commercial farmer or the next tech entrepreneur, but you can’t get started until your personal finances are in order.

Last year’s Money Makeover winner, Nocawe, dreamed of becoming a free-range chicken farmer. For six months, Nocawe focused on her personal finances, paying off her debts and taking the first steps towards her dream.

By creating and sticking to a family budget, her family built up an emergency fund, paid off two clothing accounts, and settled her personal loan.

READ: Faces of financial freedom

Nocawe had a cleaning business and was selling items on the side, but she was not managing her cash flow. During the challenge, she worked on a business plan, improving her cash flow and managed to make a profit of R10,000, which she used to repay the loan she took out to set up the business, which has no more debts.

Her debts no longer keeping her awake, Nocawe was able to focus on her big business idea of ​​becoming a poultry farmer. Working with a business mentor, she identified that she needed to start small, test her market, and build skills. She made a thorough business plan and trained to raise broiler chickens. His pilot project only needed R6,500 in funding to get started. Nocawe was able to save that during his six-month challenge.

LISTEN: Podcast | My money | How to start a business with just R6,500

If you are an entrepreneur and want to settle your finances to take the next step, the 2022 Absa/City Press Money Makeover Challenge is open for applications. There are only six places available, so only the most committed applicants will be considered.

THE CHALLENGE

The Absa/City Press Money Makeover Challenge will take place over a six-month period and contestants will receive expert help to get their finances in order and achieve their unique financial goals.

Over the course of six months, each eligible participant will have a chance to win incentive prizes by reaching certain agreed milestones.

At the end of the challenge, a cash investment prize will be awarded to the participant who is most successful in staying on track and successfully achieving their financial goals during the period.

You will be matched with a financial advisor and the contest will run from May to November.

Only candidates who provide all the required information will be considered.

All applicants must meet the following criteria:

. Must be over 18 years old.

. Must have a transactional account with Absa in which he deposits his monthly salary or be willing to open an Absa account.

. Must be earning a net monthly salary/income of R20,000 or more (this may be a variable income if you are self-employed or freelance). Entrepreneurs with a small start-up business are welcome.

. Must not be so over-indebted as to be blacklisted with legal action against them for their debt.

. Not currently due for debt review.

. Must be willing to be filmed, have their picture taken and have their first name appear in City Press and Absa and City Press social media.

. Must commit to a personalized six to eight month financial fitness program.

. Must complete all tasks and achieve all assigned goals.

If you would like to participate, send your first and last name, age, region, ID number and Absa account number, as well as your current monthly budget (income and expenses) to [email protected]

In your application, tell us about yourself and send us your answers to the following questions by April 11th.

. Why would you want to participate and what do you hope to accomplish if selected to participate?

. What are your biggest financial pressures right now?

. Are you married and do you have children?

. What keeps you up at night?

. What was your worst financial mistake?

. What is your big dream?

Don’t forget to send us the applications well before the April 11 deadline. Only candidates who provide all the required information will be considered.

For more on the Absa/City Press Money Makeover Challenge, you can read more about last year’s contestant here and on the Money Makeover Facebook page @CPMoneyMakeover.


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