When it comes to starting a business, one of the most common obstacles that prevents young people from even getting out of the gate is a lack of capital. But the idea that you need significant sums of money to launch a business is a myth.

You do not need a large investment or outside funding to become an entrepreneur to realise your dreams or to supplement your income. There are hundreds of low-cost businesses that you can start for less than R5,000, or even for free. Armed with the right mindset and approach, nothing should hold you back from becoming your own boss, building a successful company, and creating wealth – if that is your intention.

Getting started

Rather than waiting for a groundbreaking idea to strike, assess what you already have and consider how you can use it to your advantage. Identify the skills, knowledge, or assets you possess that could be leveraged to generate income.

With this concept in mind, begin planning your business venture by identifying and listing any equipment, materials, or resources you would need to get started. Remember to factor in all overheads and expenses, such as rent, electricity, and fuel. Then, set a price for your products or services that will cover your costs and generate profits while remaining attractive to your customers or clients.

However, try to keep your expenses to a minimum and avoid overcapitalising. Do not buy equipment for work that you could do by hand in the beginning while building your business, and do not overstock on materials.

Focus on maintaining a positive cashflow, because cashflow can make or break businesses – especially while your business is in its infant stages. In fact, this has been a key tenet of MotiMoves, my free online business intervention and mentorship programme that holds regular free webinars for aspiring entrepreneurs.

To reach potential customers, explore inexpensive or even free marketing avenues such as door-to-door promotions, distributing flyers, and utilising social media platforms like Facebook, LinkedIn and even TikTok.

If you really need some funds to get started, consider decluttering your home and selling any items you no longer need. Businesses ventures can be thirsty, so it is important to stay financially nimble and focused.

Business ideas on a shoestring budget

Here is a quick list of some ideas for simple, low-cost businesses that you can start with less than R10,000:

1. Professional gardening services

Service-based businesses are often even less expensive to launch than businesses selling products. Plus, many successful businesses have been built through performing common tasks and chores that people do not have the time to do themselves – like gardening.

Begin with the basics and gradually expand your services as your business grows, purchasing more equipment such as better lawnmowers, hedge trimmers or leave blowers to take on more complex jobs and tasks.

Cost: You can buy a lawnmower and basic garden hand-tool equipment set which includes a wheelbarrow, sheers, rake, fork, and spade, for under R10,000.

2. Sell handcrafted, homemade, or homegrown goods

Utilise your culinary skills to bake homemade goods such as bread, biscuits, cookies, or cakes, and begin selling these within your local community by offering some free samples as a starting point.

Cost: Considering that you would already own a facility with an equipped kitchen, and that you are not paying additional rent, you would still need to calculate the hard start-up costs such as inventory ingredients, basic equipment and electricity costs, for instance. The set-up cost for the home bakery would be less than R10,000.

If you are more creatively inclined, you could begin selling drawings or paintings, or you could explore other artisanal crafts such as candles. Or, if you have a garden, you could sell your homegrown flowers and succulents within your area or to your local nursery.

3. Clothes and tailoring

If you are skilled in sewing and have an eye for fashion, you could consider starting your own clothing line. If not, you could still consider an innovative option such as a bespoke tailoring service by taking people’s measurements and outsourcing the physical work to other nearby seamstresses, while avoiding the overheads and expense of a physical shop.

Cost: Starting up a sewing service can be lucrative business, bearing in mind that a sewing machine costs less than R5,000. Calculate the combined expenditure for fabric, trimmings (buttons, zippers, elastic, tags, etc.), and indirect costs (including sewing machine tune-ups, cutting mats, and electricity) to establish your total start-up costs.

4. Professional home organising

Unnecessary and overwhelming clutter is a widespread problem in many homes, and many households are willing to pay for someone to assist in decluttering and organising spaces such as their kitchens, garages, or even wardrobes.  

Cost: The start-up costs for a basic professional home organising business could range from a few hundred to a few thousand rands, depending on how big or professional you want to go. If you want to do it right, invest in some training and certification to give your business professional gravitas, purchase decent organising supplies, and consider all costs, such as the transportation of clutter (albeit for the client’s expense).

5. Sweat your assets

Look to make the most of any knowledge, skills, resource, or ability you may have. For example, if you have a car, you could start a lift club for the children of busy parents and households. With a washing machine and iron, you could begin a laundry and ironing service. Alternatively, you could offer tutoring, dog walking, or even offering a car valet service for people in their comfort of their own homes – which means you do not have infrastructure expenses.

Cost: Since most of these business ideas would take place in clients’ homes, your startup costs would be minimal, requiring only basic equipment and a modest investment on your part.

As these ideas demonstrate, entrepreneurship is not about having large sums of money at your disposal. With the right combination of self-belief, determination, and enterprising spirit, coupled with the willingness to start small, you can build an entry-level company to supplement your income.

In an unusually positive twist for the ongoing ‘gender parity’ debate, South Africa is making significant progress when it comes to women occupying roles across categories within the finance and insurance sectors.

This is according to recent findings in a global Deloitte study, which showed that South Africa is one of the few countries in the world that is predicted to come close to achieving gender parity within the finance sector as a whole by 2030.

However, as is the case with the most traditionally male-dominated fields, the study notes a considerable lack of women in senior roles across finance. Many women in insurance feel similarly; Julian Maduray, divisional managing director of Aviation at GIB Insurance Brokers, agrees that the industry has come a long way but that that the status quo is not yet where it should be.

“Men are still respected to a greater degree and are placed on a pedestal compared to women in the industry,” says Maduray. “You have to be twice as great to get half the respect that men get. Most times we are not seen, recognised for the hard work, or even heard the way a man would be, which has been a challenging part of my career.”

Despite this, Maduray has seen a gradual shift towards more women entering the industry, not just from an insurance perspective but in the aviation space too, with female pilots and airport managers becoming more common. She adds that women supporting women is key to driving change across industries.

Tracy McLaughlin, Regional Managing Director for coastal regions at GIB, shares these sentiments, adding that industry bodies play a big role in upliftment and empowerment of women in the space.

“While I do agree that there has been major progress for women in our industry over the past 30 years, I still believe we have a long way to go,” says McLaughlin, whose career in the insurance industry spans three decades. “Industry bodies like Gauteng Women in Insurance (GWII) in particular have done so much in the past 10 years alone to empower and educate women in the industry, showing how far women can climb when they have the right support.”

Support in professional and industry environments are key, but McLaughlin says that the having a network of people to lean on outside of the office is just as key for women in the industry to achieve success in their careers.

“Along with a great team at GIB, I am fortunate to have an amazing support system at home, which always reminds me of the importance of maintaining a good balance, and to allow myself some slack – sometimes the balance in favour of home, and other times in favour of work, and that’s okay,” she says.

Maintaining healthy boundaries is what is key to achieving this balance and ultimately success, says Kareena Inder, who holds down the high-stress role of Chief Financial Officer at GIB.

“Plan for what matters to you,” she advises. “And be intentional with your time. You alone are responsible for your balance. For me, when things are vey stressful, watching reruns of my favourite series, such as Friends is my comfort. It’s up to you to find and prioritise yours.”

Where the pursuit of ‘having it all’ and juggling home, family and career responsibilities  can start to take a toll for women and stand in the way of success in many instances, Inder says that taking it all one day at a time is key.

“When I was six weeks away from writing my final strategic case study exam for CIMA, I got TB and it turned my world upside down. I faced a lot of uncertainty and anxiety, but instead of giving up, I stuck to my routine, prioritised my health and took the journey as it came. To this day, passing that exam remains one of my top achievements and I wouldn’t be where I am today if it wasn’t for that approach,” says Inder.

As women continue to break glass ceilings and strive towards stepping into leadership roles in the insurance industry, the ‘rules’ to success, especially from the unique position and perspective of women, are evolving too. This evolution is setting the precedent for future generations, creating a platform of support empowerment, and encouraging more women to pursue careers in these fields.