Lesson Notes By Weeks and Term v5 - Grade 9

Lesson Video

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Performance objectives

• Explain marketing strategies for small businesses.
• Create a basic income statement.
• Describe the importance of customer service.
• Discuss ethical business practices.
• Differentiate between assets and liabilities.

Lesson summary

This week, we delve deeper into the practical aspects of starting and running a small business. Entrepreneurship is crucial for economic growth in South Africa. By understanding the fundamentals of running a business, you're equipping yourselves with skills that can empower you to create opportunities, contribute to your communities, and achieve financial independence. Think about your township, your school, or your family – what needs are currently unmet? Entrepreneurship is about identifying those needs and developing innovative solutions.

Lesson notes

Marketing Strategies for Small Businesses: Marketing is how you tell people about your business and convince them to buy your products or services. For small businesses with limited budgets, cost-effective strategies are crucial.

Word-of-Mouth Marketing: This is the most basic and often most effective. It relies on satisfied customers telling others about your business. Provide excellent service and encourage customers to spread the word.

Flyers and Posters: Design eye-catching flyers and posters to distribute in your community. Target relevant locations, such as community centers, schools, and local businesses. Ensure your contact information and a clear call to action (e.g., "Visit our stall!") are prominent. Social Media Marketing (WhatsApp, Facebook): Use platforms like WhatsApp and Facebook to connect with potential customers. Create a business page, post updates about your products/services, run promotions, and engage with your audience. Be mindful of data costs for your target market when using video or large image files. Remember to obtain consent before adding people to WhatsApp groups.

Local Partnerships: Collaborate with other small businesses. For example, a hairdresser could partner with a local clothing boutique to offer package deals.

Special Offers and Promotions: Offer discounts, loyalty programs, or limited-time promotions to attract new customers and retain existing ones. Think about "buy one get one free" offers or discounts for students or pensioners.