Armed with her chartered accountant skills, Phuti Mphelo is on a mission to create wealth for generations to come and help other women change their perspective of wealth.
Phuti Mphelo CA(SA) co-founded Mae Eggs, an operation that produces table eggs, in 2019 together with her husband. Having gone into this business just before the COVID-19 pandemic, the business has experienced growth, and they aim to build something that will outlive them. When she is not at the farm, she is mentoring women through Yay To Freedom, an online coaching business helping women make more money and create wealth.
Based in Lephalale, Mae Eggs currently employs four full-time staff and aims to double their current capacity and employ and transfer skills to more people and achieve economies of scale. Once at the right scale, they plan to expand into other areas of the value chain so that they can become an integrated poultry business. Phuti says they chose a business in agriculture to contribute towards food security and play their part in the UN Sustainable Development Goals.
Phuti shares some lessons, tips and advice with other entrepreneurs.
Becoming an entrepreneur – the dos and don’ts
As an entrepreneur, you must believe in yourself and your abilities, because without a solid belief and confidence in your abilities to at least start, the chances of survival in business diminish very quickly. Marcus Garvey said: ‘Take advantage of every opportunity − where there is none, make it yourself.’ And it would be difficult to take advantage of opportunities, let alone make them yourself, if you don’t have confidence in yourself or your abilities.
Planning, as well as taking action, is very important in business. You won’t know how to start addressing a problem if you can’t track back to where the problem could have started. In addition, build strong networks and a support system. Things will go wrong, it’s just a matter of when. So, having a strong team and support system will go a long way when dealing with and overcoming challenges.
You should do whatever it takes to stay positive. This will help you be ready to explore options for growth and to scale when opportunities come by. Also, market and sell yourself but be prepared for any outcome – acceptance, rejection, and sometimes failure. One last thing: don’t feel sorry for yourself. If you make a mistake or things don’t go according to plan, don’t waste too much time dwelling on the failure or disappointment. Choose to forgive yourself, learn from your mistakes, and move on. In that way, there are no losses, just opportunities for growth and learning.
How the COVID-19 lockdowns affected our business
Fortunately, our big break came because of COVID-19. We gained corporate clients when their regular suppliers of table eggs could not cross provinces because of the government regulations at the time.
Importance of putting processes and systems in place
- This is imperative because it allows the business to operate effectively even when the owner is not around.
- Documenting roles, responsibilities and procedures helps create a culture of ownership and accountability.
- The use of automation is a great aid, particularly in the areas of administration, accounting and record-keeping.
Because we deal with eggs (which are highly perishable) and livestock, keeping track of the data is critical so that we can evaluate performance and address issues as soon as they arise. Without systems and documented SOPs, it would be difficult to identify problems early on. To ensure continued operations and avoid undue reliance on certain members of staff, key processes are documented and shared with personnel.
About Yay to Freedom
I am a founder of this online coaching business: our main clients are frustrated women who lack financial guidance. We assist them to transform the way they see money so that they can make more of it and create wealth. I started this business because of my passion for learning, teaching and self-development. Because of investing in my own personal development and engaging with a number of women, plus the added advantage of many businesses pivoting to be online, I identified this gap in the market. I am also a certified neuro-linguistic practitioner, which brings value to my contribution to my client’s development. And this being an online business has helped us to reach more women without the limitation of distance or location.
Networking
Without a viable network, anyone’s chances in business are limited. Most business opportunities come from people in your network – those who know about you and what you do. Networking also allows you to build relationships and add credibility to your business. It builds trust and creates social proof which makes it easier for more people to want to do business with you.
Brand-building in the age of social media
In one way or the other, everyone has one or more social accounts these days. Without a social media presence, it will be extremely difficult to grow your business, let alone remain in business. Your social media brand gives an impression about you as a person and about your business.
Being searchable adds a level of trust and credibility to you as a person and for your business. Being seen on social media means you are forced to be ‘out there’ and ‘be seen’. It therefore becomes easier for people to find you and know about your service or product offerings. Your social media brand allows for people to decide whether they want to do business with you based on what they see or their impression of you.
Innovation
Due to globalisation, social media and rapid advancements in technology, it’s imperative for businesses to continue innovating and adding value to their customers. Without innovation, the business will become stagnant and lose its relevance in the marketplace. Innovation has to be core to the overall strategy of the business; this is no longer an option. This is because technology and artificial intelligence are moving at such a fast pace.
