Sustain your business without the fuss

The coronavirus pandemic has caused much distress to the lives of many. Small, medium and micro enterprises (SMMEs) have suffered radically. With high rental fees for spaces many SMMEs have had to close, especially, during these times.

Young entrepreneurs Zareef Minty and Maipelo Letebele have come up with a solution to help them out.

Introducing their mobile app- WealthSpaces, it takes the stress of leasing and renting out of the equation.

“The main reason for launching WealthSpaces was because we looked at the rate of SMMEs that are failing in South Africa. We can say that there are about 90 per cent of SMMEs who fall off within the first four years and the main reason for that is not having entrepreneurial knowledge and the second reason was the high rentals and leases that entrepreneurs take on to start their businesses,” said Minty.

He added that having to lease and rent a space takes away from the business sustainability.

“They have to pay three months’ rent in advance. It’s quite difficult to succeed as an entrepreneur because of the amount of expenditure you have to put in at the beginning. With all these rent conditions, liquid cash flow is not viable hence the need for this app.”

The idea behind it is to be completely flexible and convenient for you and your business. The duo wanted to create a liquid model where people can have access to beautiful spaces, five-star locations, network with the best of the best and affluence for people who are business owners themselves. They have partnered with underutilised restaurants, cafés, hotels and private offices all around the country to get these business owners going as well.

“Entrepreneurs don’t want to take on that burden of paying a large amount of money for office space. With WealthSpaces there is a flat fee of R249 a month with benefits such as free parking, networking tools, Wi-fi and coffee.”

Letebele said that the president is already sharing his economic recovery plan with the country and they strongly believe that WealthSpaces play a vital role in that plan.

“Just imagine what South Africa can become if we have 10 per cent less of SMMEs fail in South Africa, think about the number of jobs that will be created, the amount of opportunities for growth and effect it will have on our economy and GDP,” she said.

With a month in existence, the app has already reached number 38 on the app store under the business category.

For more information, visit www.wealthspaces.co.za

Related articles:

https://www.citizen.co.za/sandton-chronicle/286172/businesses-need-social-media/

https://www.citizen.co.za/sandton-chronicle/285513/long-road-to-economic-recovery/