Starting Your Own Business
The Definitive Guide [2017 Update]
People that are wondering how to start a new business in South Africa often lack the resources or structure to get started. From the basics of company registration to representation at the cipc and services such as cidb registration, we provide a comprehensive guide with all the tools you need to get started setting up your business.
This guide is designed for anyone looking to start a business or people already in business looking to make improvements.
Starting a Business: Powerful Tools for Success
This adventure can be a long, hard, and a lonely one if you do not do enough planning ahead of the time. We recommend bookmarking our page so you can refer to it whenever you like.
The Ultimate List of
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– CHAPTER 1 –
How to Choose a Business Idea
Let’s start off by saying this is sometimes the most difficult step for any entrepreneur.
You know you do not fit in the mold to work for a boss all your life, but the question still remains: “What am I going to do so that I am not stuck in this dead-end job?”
Coming up with a business idea is not that easy for all of us, but there are ways of “spotting” a good business idea when it presents itself.
Some of the key questions to ask include:
1) What problem could I solve if I start my business
2) What needs of people are changing?
3) Can I save people money and more importantly time?
4) Will I make people’s lives easier
5) Could I turn my hobby into a business?
6) What are other business doing which I could do better?
Below are some insanely useful and interesting articles on how to come up with a great business idea:
– CHAPTER 2 –
Choosing the Right Name for your Business
What is so important about a company name? Everything!
A company name creates a memorable impression for your clients/customers and often provides insight into what your company does. It should be something unique and should be easy to remember as it is your main marketing tool.
Too many people do not give their business name enough thought, and by the time they want to rebrand it becomes a costly exercise that can damage their reputation.
It is very important to make sure that your company name is available for registration before you make the investment registering a domain(see below) or before you get your logo designed.
If you are unable to register your name you may have to redo your branding which brings unnecessary costs.
Here are some good resources that will help you to come up with a name:
– CHAPTER 3 –
How to Determine Which Legal Structure is Best for You
Deciding on the legal structure of your business is an important aspect as it can determine a lot of how your daily running of your business will be affected. Research suggest that some of the primary factors will include, liability of the owner or director, taxation, record keeping and the availability for funding in various countries. The main types of businesses are Sole Proprietorships, Partnerships, and Companies. In South Africa, company registration services can be performed at the CIPC, however it is often better go to through a representation company.
– CHAPTER 4 –
Why You Should Create a Business Plan?
Let’s ask ourselves the question: “What is a business plan?” The easiest answer is that is a roadmap to your success. It is your plan you have set out to reach certain targets and outcomes which you have set in place, which you feel will propel your business to the heights you envisioned when taking on your entrepreneurial journey and which has taken you to the point where you want to take the plunge and be a business owner.
A lot of people make the mistake of spending countless hours researching and then setting up their business plan and they then never look at it again. You need to revert to your business plan every 3 to 6 months to see whether you are on track. Planning is the key to success in any business, do not forget to keep your eye on the ball.
– CHAPTER 5 –
Why a Budget is Important and How to Finance Your Business
We have all heard it before: “It costs money to make money.” And lately something that rings true: “You have to be in business to have a business.” This is easier said than done, because every business starting out needs money and when I say money, we are talking about cashflow.
There is an old saying, you might have heard it, “Cash is king.” Cashflow is important and saving that extra money that came in from an exceptionally good month for the following month that might not be so good. A rule of thumb to go by is to have enough money saved up to be able to run your business and cover all expenses for three months, if not one sale was made. Therefore, you need to draw up a detailed budget and stick to it and build up that three-month cushion.
– CHAPTER 6 –
How to Become Compliant with the Laws of Your Country
The first step toward your compliance is when you register your business, but that is just where a barrage of administration starts. The other main headache is that the state requires you to pay taxes on your company’s turnover, you might have to register for sales tax or VAT once your company reaches a certain threshold and if you are planning to employ people you will have to make sure your company is a registered employer and you will need to make allowances for the tax being charged on their salaries.
Compliance also enters into the field you are doing business in. If your employees are vulnerable to getting injured on the job you will need insurance coverage for in case someone gets injured on the job. Various of sectors have their own governing bodies you will need to register with and they have their own multitude of requirements you need to consider first.
– CHAPTER 7 –
Why You Need an Accounting/ Invoicing System and How to Implement One
You need to accounting/invoicing system to keep track of your daily transactions as you must submit your company’s Tax returns to the revenue authorities as they can ask to see all your financial statements and invoices. There are many types of software available on the internet, you just need to find the right fit for your business.
– CHAPTER 8 –
How to Brand Your Business and Make Sales
There are many steps to take to brand you business and to start generating sales. Your basic branding starts with your logo, website, letterhead and email signatures. Once these are in place you need to make sales, the best way to go about making sales is to leverage off your business plan. Who is your target audience and where do they hang out? Once you answer this question you’ll be well on your way to identifying what methods may work best to reach them.
How to Brand Your Business in the Digital World
8 Ways To Gain More Attention For Your Business
Ten ways to build a brand for your small business
5 Branding Tips to Supercharge Your Sales
18 Sneaky Ways to Build Brand Awareness
Are You Using These 25 Sales Techniques to Increase Sales?
How to Use Google AdWords
Video: 6 Steps to Facebook Marketing Mastery
– CHAPTER 9 –
When to Hire Employees or Deciding to Outsource
It is a constant problem to get the right person for the job. Many people still believe their employees should be close by so that you can keep an eye on them to see whether or not they are doing what is expected from them, but this is changing rapidly.
The challenges today is that an employee virtually has more rights than the employer and getting rid of an underperforming employee or trouble maker is rather difficult, so there is a big trend to outsource various tasks which could be done in house.
Both insourcing and outsourcing has their own sets of benefits and shortcomings.
– CHAPTER 10 –
Choosing a Suitable Workspace for Your Startup
Commercial real estate does not tend to be cheap and office rentals often tie you into long rental contracts. This can be a risky proposition for a new business.
For most startups it is a good idea to minimize costs by initially operating from a home office. There are however also some good alternatives available today.
Coworking spaces are growing in popularity and availability throughout South Africa and usually offer very affordable work spaces together with a range of services and facilities.
Another option are serviced offices which tend to be slightly pricier but which are usually also available on more flexible rental contracts than traditional office space. Serviced offices also tend to come bundled with a number of services and facilities.
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