Write it down
First things first. Write that idea down and begin to flesh it out. How much time and money will it take to get off the ground? Consider what your goals are for your new venture. Is this going to become your full-time job or simply a side project?
Also think about what else is already out there that is similar. How are you different and what can you do to make sure potential customers choose you over competitors.
Start researching who your target market will be. Remember, when you target everyone, you target no one.
Plan to start small. Some businesses grow too fast and can quickly become overwhelmed. Rather grow slowly while perfecting your business.
Name your business
Think up an exciting name that describes you and your business. Check with the Companies and Intellectual Property Commission (CIPC) whether the name is available, and if it is register it as a trademark. By registering the name, you will protect it against usage by anyone else for 10 years. You’ll need to complete a Notice of Incorporation and Memorandum of Incorporation.
These are to protect your intellectual property rights. You’ll need to also register this with the CIPC to prevent someone else from using your invention. Your invention won’t be able to be made or sold without your permission for 20 years.
Register your company with SARS
You’ll need to register with the South African Revenue Service (SARS) to start paying tax, VAT, PAYE, UIF and SDL. The good news is complying with tax legislation as a small business owner has been made increasingly simpler in recent years.
Open a bank account for your business. in this way you’ll be sure to keep your business and personal finances separate. You’ll need to decide how you want to be paid for your service or product and set this up. Also decide what you will do when you need to make purchases
Make sure everyone you falls within the target market knows about your new business. Get yourself social media accounts and set up your website so that customers can find you and your products or services.
The final step is possibly the most difficult part. Carry on providing the service or manufacturing your product, and ensure it ends up in the hands of people who are willing to pay for it.
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