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BUSINESS START UP CHECKLIST
Starting a business?
So you have a great idea to start a business? Now you want to know how to get your business started?
Did you know that 60% of start ups fail? Why? Because they don’t plan. You cannot start a business in the hope that you will start tomorrow and next week you will be rich. In today’s market you have ample competition, business that have been in operation far longer than you and have customers who change their demands every day.
With the height of the internet and more information available to customers, your new business will simply not succeed if not done properly.
A business can be defined as an undertaking, a trade, profession or commercial activity. A business can be for profit or for non-profit. In South Africa, we have the following forms of businesses
Decide what form of business enterprise you will be using.
In South Africa, we have the following types of enterprises:
1. Sole Proprietorship – Owned by one person (a natural person). No company/juristic person is formed;
2. A Partnership: Formed by 2-20 people (natural or juristic), by agreement. No juristic/company is formed. The general rule, is that all partners are equally liable for the profits and losses of the partnership. A partnership does not have perpetual succession, in other words, unless the agreement states otherwise, the partnership terminates on the death of a partner;
3. A Business Trust: Formed by a Donor/s for the benefit of 3rd party beneficiaries and managed/administered by the Trustees. No juristic/company is formed;
4. A Company: A private company (Pty) Limited, a Public Company and an NGO. In the case of a private company (the most common form), a juristic entity is formed. The company is liable for its own debts, can sue and be sued. A company must have at least 1 shareholder and 1 director and is registered at CIPC.
Get a Business Plan! In your business plan you will:
1. Research your product/ service;
2. Understand your customers / demand for the product or service and who are they;
3. Forecast your expenses and your profits and losses;
4. Understand your competition;
5. How will you market?
Before you start your business, choose a business name, a logo and your branding. Think of Woolworths, Guess, Carlton Hair, Sorbet or KFC. They all have a easy and catchy name, a good logo and excellent branding. Would you buy from someone who doesn’t? You also want people to remember you. If they don’t remember you, they will remember your competition! Your name will then be used as a your business name, your company name (if you register one at CIPC) and your domain name (if you register a website).
Market your business. You need to set up your market strategies, whether it be on Facebook, google, linked or other types of advertising.
Nowadays registering a business is not enough. Customers look on google to find the products or services they want. In order to compete, get yourself online.
To do this, you need to first register a domain name (your website address) and get a hosting plan.
Then you need to get a website developed.