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Get your business out there and in the eye of the public to make that lasting impression
Start a business and start the hype about your brand.
Think you’ve got what it takes > Start a business
Here are 5 reasons why you should start a business today.
1. Online tools
In the business world today you do not need to know how to do everything, study a degree in everything or even pay someone the internet is your best friend. Many industry specific experts have made their knowledge available enabling you to utilise these resources. Resources range from starting a business right through to management of your business.
Here are some free online resources you could utilise in starting a business.
2. Government initiative programmes
Government in South Africa is focusing and driving entrepreneurship in the country by making various funding available for people who want to start a business or simply require capital to improve and maintain their business.
View our 2 part series on public sector funding in South Africa.
3. Funding available
The funding by private institutes is available however the only trick comes in when knowing where to go and how to apply for funding. The availability of funding is South Africa is ranked as one of the easiest in the world to aquire, but then why do entrepreneurs name it as the biggest factor holding them back? Its simple be prepared when approaching finance institutes.
4. Easy to register
The CIPC (Companies and intellectual properties commission) has simplified processes allowing you to register a company in a matter of hours. Yes it can be a handful if you do not know what is required of you but it is possible. You should not be hesitant to register a company as it is easy and convenient as well as affordable.
How to register a Private company, simply visit Phase One and all the information, costs, the process involved, what is needed to register a company and additional information will be available to you.
5. Discussion forums
Lastly once your business is up and running if ever you need advice or unsure of what’s required of you visit a forum. Discussion forums enable you to get peoples opinions and learn from people who may have similar problems or know a solution.
Visit The Forum SA for stimulating and informative discussions around all aspects of business.
“South Africa remains one of the more poorly-performing countries with regards to entrepreneurial activity, despite the factors which are conducive to entrepreneurial ventures, including government policies and programmes aimed at stimulating entrepreneurship,” as stated by the researchers of the latest edition Global Entrepreneurship Monitor (GEM).
So just how do you register a company in South Africa and start your business.
The CIPC (companies and intellectual property commission), which has replaced the previously known CIPRO. CIPC is the body that performs company registrations in South Africa. The CIPC has put cost effective structures in place to ensure that all entrepreneurs with a vision to start a business can register a company fairly simply.Setting up the business in terms of registrations is the easy part when starting a business. Below is some information you need to know when registering a business and once you have registered a business what the requirements as a start-up are.
The company registration of a private company can cost as little as R550 allowing you to benefit from the advantages of Private company as a business owner.
Once your business is registered you can now open a business account ant any major bank in South Africa. There are other requirements to start a business in South Africa such as tax requirements. SARS registrations for your start-up will vary depending on factors such as number of employees, import and export activities of your start-up and other factors. The basic SARS Business Registration will cost R250. If other thresholds are met SARS registrations can cost an additional R250.
Please note: you will need the company registration certificate to open a business account.
Visit Phase One to save 25% on start-up packages for your business, including company registrations and all vital SARS registrations.
When you register a company in South Africa selecting your business name it crucial to the success of your business. There are a few factors to consider during your business registrations and select your business name.
Consider the following when registering a company and deciding on the business name:
- Grab attention of the audience
- Don’t give too much information about the business
- Research a name before you register the company
- Be unique. If your business name has common words in when customers search for you there will be a large number of results increasing the competition for your business and your chance to stand out
- Test the name. Ask your consumer’s, friends and anyone really what they think of the name to gain valuable feedback
- Don’t be specific. There is a limit between ensuring customers know what the business is about and being too descriptive
TIP: When your business grows if your name is too specific it will limit your product offerings.
For convenient and affordable Business Registrations in South Africa visit Phase One
“Plans are nothing; planning is everything.” Dwight D. Eisenhower
One of the key factors to a business’s success is the planning behind the business.
Set it in stone
One of the first things you should do when starting a business is formalising it in a plan. Although you may know and understand the vision you have for your business it is important to set it in stone. Business plans create a vision for your business and help ensure your objectives are achieved. Establishing a sense of the future for your business will keep you motivated and focused on your business objectives in the long run. It is important to remember creating one business plan throughout the life time of your company will not be sufficient, as the environmental factors change you should update your plan, preferably on an annual basis.
Know what you’re up against
All most every industry is made up of hundreds of businesses, knowing who and what they are will give you the competitive edge. Consumers are bombarded with thousands of adverts on a daily basis, to grab their attention you need to be unique. Doing good research into your consumers and competitors will allow you to understand their needs and through satisfying these you will be better than your competitors and fulfil the needs of your clients.
TIP: Compile a list of your top competitors analysing which are the biggest treat to your business in terms of market share and add note of elements you do and don’t like about their businesses to create a guide to what your business should and shouldn’t be doing.
Make it official
Now that you have put all your strategies in place the next step would be to register your business. Registering a business is a simple process and will give your business that sense of professionalism to compete against the top dogs in your industry. In South Africa you will register a private company if you are starting a business. Private companies are great if you are just starting out and still trying to expand your business. The laws surrounding them are simple and the registration of them is not going to put a dent in your pocket.
How To: How to register a Private company, simple visit www.phaseone.co.za/project1.html and all the information of costs, the process involved, what is needed to register a company and additional information will be available to you.
Any topics you feel you need clarity on or would just like to boost your knowledge let us know and Phase One will ensure your queries are answered.