Applications 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.
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.
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.
READ: Money Makeover: Enter now and claim your financial freedom
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. They have no idea if they are making or losing money. The first task set for Mpho was to thoroughly understand his business – from knowing and accounting for every single stock item to understanding the costs of each meal he served.
FROM A LOSS TO MAKING PROFIT
Mpho’s food business went from making a loss to making a profit that could sustain him financially. He is now running his stock levels efficiently, hosting events and has a food garden next to the restaurant. Mpho is working so hard and cleaning up so much that “even my mother would not recognise me”. This turnaround required dedication and hard work. He made sure he also focused on small things such as making sure every fork and knife was spotlessly clean and planting vegetables around the restaurant to improve the environment and produce vegetables for his takeaways.
He identified that Wednesdays were slow days and created specials to draw in the customers. As part of his beautification project, Mpho started growing citrus saplings from seeds and planting them in his community.
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.”
If you identify with Mpho and believe your micro business or even a side gig can grow with the right guidance, then this year’s Money Makeover Challenge may be just the thing you are looking for.
There are six places available so only the most committed applicants will be considered. See the business section for full details of how to enter.
Only applicants who provide the full information required will be considered