For many entrepreneurs, securing funding can be the key to growing a business, but the founder of Visual Waves says success begins long before an application is submitted.
Since establishing the branding, media and printing business in 2021, Duduzane Mqaba has learned preparation, mentorship and continuous learning are just as important as financial support. He explains the business has grown to employ five people, including three interns who are gaining valuable workplace experience after completing their tertiary studies. Visual Waves secured funding from the National Youth Development Agency, the Small Enterprise Development Agency, the Free State department of economic, small business development, tourism and environmental affairs, and angel investors.
“It is important to have a clear business plan, understand your market, seek mentorship and maintain accurate financial records. Focus on building a strong foundation first.” The funding enabled the company to invest in industry standard printing equipment, expand its services and better serve the community.
Nonetheless, Mqaba believes many people misunderstand what funding involves. “Funding is an investment in their business, and they are expected to demonstrate measurable progress and impact. It requires accountability and proper financial records. Importantly, before funding, one needs to prove that they have been operating on a full-time basis,” he adds.
Networking also played an important role by connecting him with others who had a three-year business incubation programme with helping his vision to become funding ready. Through the programme, he gained access to mentorship, office space, equipment, networking opportunities and valuable business development support, and successfully navigated the funding process. “They should explore government agencies, business incubators, industry associations, and enterprise development programmes. Before applying it is important to meet the eligibility requirements and have all the necessary documentation in place.”
One of the biggest mistakes applicants make, the founder says, is failing to demonstrate a proven track record of growth. “Funders want to see that you’ve invested time and effort into building your business before they invest in you.” He advises entrepreneurs who are seeking funding to prepare first, grow consistently and view funding as a partnership rather than a shortcut to success.
“Networking at this stage is also important because you get to connect with people walking the same path as you. When you have challenges in the application process, you can speak to people that were able to overcome it before,” he concludes.
