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“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.
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.
In today’s competitive market consumers have multiple companies which they can choose to deal with. The power lies with the consumers. If the consumer has the impression that your business is a start-up they may seek a more experienced company to fulfil their needs. Competing against established businesses can be problematic. There is however simple measures that can be taken to ensure your business gives consumers the impression your business is established.
Step 1: Domain
What is a domain? A domain is how clients will find you on the internet. A domain is for example. http://www.yourdomain.co.za. Registering your domain can be quiet vital to your business as you would register your company name or service you specialise in, if it is available. Clients could easily find you when they search for your business website. Once your domain is registered you will be able to have email addresses that are specific to your company, such as email@example.com or firstname.lastname@example.org. Setting up multiple email addresses will give clients the impression that your business is a more than a start-up but rather has multiple departments and employees dealing with specific areas within your business.
Step 2: Company Website
Your company website may be the first point of reference for potential clients. They will seek information on the services your business offers, previous projects your business has completed, testimonials from previous clients and contact information. It is important your website is user-friendly. By user friendly we mean the website is easy to navigate, it does not take too long to load, all writing is easily legible and all relevant information is available that a client may require.
Tip: Include Operating hours, your business address, an email address, phone number, cost and time frame of services offered. Ensure your website is presentable, all links work, the overall appearance of your company website is professional and keep it simple yet provide sufficient information.
Step 3: Point of contact
Having a landline number will make your business appear established and give off the impression of permanence. You phone etiquette is vital to the success of your business. Ensure you are able to return all calls within 24 hours as clients may need a service urgently and will take their business elsewhere if they are not tended to. Having a designated number for business ensures you always know when receiving a call to that number that it is for business allowing you to come across professional.
Step 4: Location
Renting an office is first prize however as a start-up there are other expenses that first have to be covered until your business is doing well enough to rent an office. Many start-ups operate from their home and there is nothing wrong with this there are however a few things that can make your business appear more established. Firstly, if your small business is run from your home placing a well printed sign outside will make the business appear professional. Secondly, designate a specific area of your house to your business where only things you require for your business are, this area is not a storage room but rather should have a professional atmosphere to ensure your clients are comfortable doing business in this environment. Thirdly, ensure that if a client comes to your home that they do not see your personal life. Keep the kids and pets out of the office. Lastly, ensure your home office is safe for clients and that there security is a priority, allocate parking that is in your property, perhaps install cameras to prevent hi-jacking, this is South Africa after all. But with the right measures you will ensure the safety of your clients.
Step 5: Be Prepared
Always keep a few business cards on you. Business cards are an important sign that this business was not just started and that some thought and preparation have gone into what this business is. Have some pamphlets or brochures placed in your office. Even though it may seem like something small clients like a company that is well prepared, gives a good impression and goes a long way to promote the branding for your business.
Following these simple steps will go a long way to making your start up appear established and give off a great first impression making it easier to compete in the market.
To take your business a step further register your company with Phase One today.
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.