We speak to Kelebogile Mooketsi, owner of Good Life Debt Counsellors, about starting a business and managing debt.

Mooketsi, whose business is supported by Shanduka Black Umbrellas, a non-profit business incubator which aims to empower black-owned business, discusses how the incubator has helped grow her business and shares financial tips for business owners.

How has Shanduka Black Umbrellas helped you to grow your business? Shanduka Black Umbrellas is a wonderful incubation programme that has relieved me of the financial burden of operating a small business. I operate in a service industry where image, professionalism and integrity are imperative to ensure the success of your business. With the Shanduka Black Umbrellas' office infrastructure, I am provided with a conducive working environment and support services. Having a credible office space, a computer with internet, receptionist services and access to a vehicle with a driver as a part of the services provided, have proved to be critical elements in enabling my business to succeed.

Shanduka Black Umbrellas also assists with skills development through training initiatives, like developing a marketing and business plan. I have also engaged in numerous media and business exposure platforms through their help. This has given my business exposure that it would not have had if I was operating independently.

 

How did you come up for the idea for your business?

I take great interest in assisting people and engaging in problem-solving. When I heard about the Debt Counselling programme introduced by the National Credit Regulator (NCR) in 2007 through the National Credit Act 2005, I saw a niche in the industry and I knew it was the kind of business that is very aligned with my life purpose. At Good Life Debt Counsellors we are geared to providing holistic and turn-key debt management solutions. By so doing, we seek to address the challenge of over 8,61 million over-indebted consumers to better our country’s credit market.

 

What tips do you have for entrepreneurs looking for start-up support?

• Choose the business that is right for you and align it with your life purpose and passion.
• Always keep a clear record of your finances and invest in bookkeeping services right from the start. This will assist you in getting the financial aspects of your business in order and make you eligible to acquire funding for your business.
• Business and industry specific mentoring is crucial to optimise on opportunities and manage your challenges.
• Enjoy what you do.

 

What are your key tips for new business owners looking to manage debt?

• Always separate personal finances and business finances.
• Invest in your business rather than rushing into both personal and business debt, particularly in the first few years of the business.
• Seek professional help the moment you realise that you have cash flow challenges and you are running into debt.
• Remember, credit is not your money!
• Cash is cheaper than credit.

Publication: DestinyConnect.com