Transforming a business in six months | City Press

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When township entrepreneur Mpho entered the Money Makeover Challenge last year his finances were chaotic. He was running three micro businesses but never had any money

pplications for this year’s Money Makeover Challenge are now open. We are looking for six motivated individuals who are ready to transform their lives, finances and even their businesses.

One of his businesses was a small township takeaway restaurant selling a variety of fast foods and drinks. Mpho also ran a small T-shirt printing business and supplemented his income as a personal fitness trainer.His dedicated financial adviser immediately identified that Mpho’s food business was losing money. This was the reason he was unable to make ends meet. This is a common mistake by entrepreneurs, they do not have a proper handle on their finances and business cash flow.

This, combined with his personal training and printing businesses, means he can meet his financial obligations, including maintenance for his daughter. He is paying off his debts and has made an arrangement with the local municipality to pay off outstanding accounts. “Before my journey started, we were fighting to a point that I went to court to file for joint custody because she was refusing me my visitation rights. Fast forward, we are now co-parenting as the best parents with good systems in place for both of us and the baby.”

 

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