1. As a local entrepreneur, what is the potential total market size for your product today? What is its growth rate?
Local entrepreneur or not – the market is quite huge, people love having fun, seeing the world and going places, and we give them exactly that. The business is season because winter is a slow period but during summer, the growth rate and demand is quite high.
2. How much potential market share can you achieve?
It depends, as Retsene Travel & Tours we have a huge advantage because we own our own Quantums or transport, so we don’t need to outsource, there is so much room for growth, acquiring or increasing our transport fleet is an Intergral part of increasing our market share. It’s a very tightly contested industry and there are big players like like Monngakgotla but we are taking one step at a time.
3. Why will people buy your product as a local entrepreneur (and not something else)?
We use social media a lot to promote our services and we are in touch with the people. They connect with us at a more personal level and that has translated into a lot of sales.
4. What’s is your competitive advantage and why can’t it be copied? (Alternative: “What are the barriers to entry?”)as a local entrepreneur?
Like I indicated, we own our combis and and we don’t outsources transport, that gives us a huge advantage over our competitors, that has been our strongest characteristic as a company.
5. Why do you think your team is best placed to deliver your business plan / forecasts?
We all play different yet significant roles and everyone is equally committed to meeting the objectives and forecasts of the business.
6. What risks are you facing as a local entrepreneur? At the moment?
Covid-19 has been a thorn in almost all business but tourism has been the hardest hit because its functionality stems From peoppe traveling and moving around. Due to the lockdown, we are uncertain about the future and hence the biggest risk is uncertainty, we don’t know how to plan or how to make future plans because one thing that is certain is that people wont be traveling soon.
7. Who do you sell to (and how do you get customers as a local entrepreneur)?
We sell to everyone who either travels for pleasure or for functions or events.
8. Why will customers stay or do repeat business with you?
We develop personal relationships without clients and go an extra mile in tailoring their service to their needs. They leave with a smile on their face and the understanding that We are dependable and we deliver.
9. Have you considered any alliance / partnership as a local entrepreneur?
We have build alliances or partnership with other Travels and Tours companies where we share ideas, opportunities as well as with business that have potential to be our clients… We want to be on control and maintain our independence and as company, our partnerships are only external, not internal.
10. What are your cash flow projections? When will you break even? How much will you need in investments?
At this juncture as we are in the middle of a pandemic its impossible to even come up with a definite figure of even an estimate because business has come to a standstill.
Lawrence Mokgatitswane, commonly know lm as Slax Jnr,Principal Pharmacy Technician in South East DHMT. Born and bred in Kanye but currently based inMogobane-Otse