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BE INNOVATIVE, ITS NEVER A BAD IDEA

Some cleaver products that have made there way onto the consumer market.

The market conditions are as perfect as they will ever be, start a business follow your passion and set your self apart.

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Start your business become an entrepreneur take that first leap and get started with a company registration.

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Starting a business, when to quit your day job.

Many people have great business ideas and would make great entrepreneurs but there is always that element of uncertainty when starting a business. There are some things that you should always consider when you want to start a business.

 

1. Are you unhappy with your current company?

If yes than you should consider starting your own business. Although money makes the world go round you should be able to enjoy life and considering 1/3rd of your day is spent at work it should challenge yet inspire you.

2. Don’t quit straight away. 

If you have an idea or business model work on it. Plan and ensure that you know what you’re in for. At this stage it would be ideal for you to continue working in order to maintain some source of income. You can do all the planning, complete business registrations and set up for your launch date.

3. Expect changes.

You may have an abundance of freedom but things still need to get done. Make a schedule for all your activities to ensure you complete the required tasks to ensure the success of your business.

4. The money. 

While your business is in its start-up stages. Depending on your business the capital required to start maybe very high. There is always the option of applying for finance.  And despite common belief finance is relatively easy to secure in South Africa. With banks, government initiative programmes venture capitalists and the more recent crowd funding available starting a business is possible.

TIP: You business plan will make or break your application for finance. Ensure you are thorough and have a well put together plan. 

5. Hidden costs. 

There will always be something that you did not fully budget for ensure there is enough capital to cover these unforeseen costs and pay the bills.

TIP: If you are not making enough money to cover the costs you may perhaps want to find a part time job or some free lance work. 

6. To be a successful entrepreneur you need to be able to do everything. 

When starting a business you will be required to do everything from sales, operations, marketing and general admin. Research and learn how the basics are done so you can keep the daily activities of your company going.

7. Have a backup.

Always have a plan B in case the business is not successful.

TIP: Make sure your planning is thorough and you fully understand your businesses micro and macro environment to be able to know where you stand and what is required of you to be distinctive.

 

Ready to quit your day job and register a business, visit Phase One and we will help you start a business.