Nontokozo Madonsela, the former owner of Spa88, an internationally-themed spa that has since closed down, has shared valuable entrepreneurial lessons from her experience of starting a business. Madonsela emphasizes the importance of understanding the industry and contracting specialists or consultants to run the business, especially when venturing into an unfamiliar sector.

She also stresses the significance of comprehending the risks associated with running a business and seeking financial advice to protect oneself and the business. Madonsela’s own experience taught her that financial backing is a significant challenge for many entrepreneurs, and she advises exploring alternative funding sources, particularly for those over 30, to avoid falling behind in retirement goals.

Madonsela’s journey highlights the need for entrepreneurs to balance their passion with business objectives. She learned that the same effort put into ensuring clients have an amazing experience is required to sustain the business. Despite having a solid strategy and business plan, Madonsela struggled with financial aspects, such as the seasonality of the spa business, which she believes could have been better planned for.

As an entrepreneur, Madonsela did not have conversations about risk management, which is crucial in the spa business to protect against potential client reactions to treatments or stock theft. She emphasizes the importance of understanding the risks involved and seeking professional advice to mitigate them.

Madonsela’s experience, while challenging, serves as a valuable lesson for aspiring entrepreneurs or those looking to start their own businesses. Her story highlights the importance of industry knowledge, financial planning, risk management, and seeking professional guidance to navigate the complexities of entrepreneurship successfully.

For More Details: https://womenworldmagazine.com/