At the Business Empowerment Summit on September 30 in Justicia, local businesses were urged to expand within their communities, particularly those located in rural areas.
L & L Investment organized the summit as a way to encourage small business owners to stay in their hometowns rather than moving to cities where they would eventually have to shut down. Rural areas have a lot of potential for business growth, especially if the right research is done to determine the needs and how to meet them, according to Lungelo Khoza of L & L.
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We discovered that the majority of rural residents, particularly those in the Bushbuckridge region, prefer to conduct business in large cities due to the fierce competition and high rent. According to him, local business owners can succeed where they live and even generate employment.
Khoza added that while local businesspeople can benefit from this, people in different communities are compelled to travel great distances in order to obtain certain services.
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The most crucial step is to determine what is unavailable and whether there is a market for it. The price at which the products will be sold, as well as whether the community can afford it, must then be determined by a supplier. Additionally, prospective business owners will need to consider whether locals will be able to afford these rather than traveling to nearby towns where costs might be lower. He continued,” Business owners should be devoted to their communities and accessible when necessary.
Khoza added that local business owners can expand to the point where they can construct shopping centers and entice investors to support them financially. He continued by saying that the summit’s attendees learned where to find funding, learned how to invest their money to help them grow, and learned the fundamentals of running a successful company.