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South Africa lags behind among other developing and emerging market economies on business start-ups. Businesses that fail in a year is averaging between 50% and 60%, a figure quite high for a country struggling with achieving sustainable economic growth to reduce unemployment, inequality and poverty. This study identifies issues hurting SMMEs that need attention from both businesses themselves as well as from policymakers. The objective of this study is to identify key business success determinants using cross-sectional data that was randomly collected from informal businesses in Johannesburg/Pretoria in South Africa from 390 informal SMMEs. Using assets ownership as a yardstick for success in an ordered logistic regression, the study finds education status, income, employment growth, centre of operation, financial inclusion, experience, financial literacy and advertising budget were significant in explaining assets ownership (success) in South Africa. This study recommends that the government through its various institutions that deal specifically with small businesses come up with radical business training programmes so as to improve the finance literacy among small business. Also, small business owners should budget to fund their advertising budgets since it is found that advertising has a positive impact of firm success. [ABSTRACT FROM AUTHOR]