How to start a business

How to start a business

If you’re thinking of starting a business, you will need to know what the different steps are. Thanks to EvenMe, you can simply read this page and the pages it links to, to know what it takes.

But first, starting a business is a very big decision and you must be sure you’re doing it for the right reasons and that you’re cut out for it.

Follow these steps to successfully start-up your business:

1. Testing your business Idea: Before you set off to write a business plan, you have to do market research. This is the only way you will know whether your product or service has a chance of being successful.
2. Draft a business plan: It’s not enough to have a business idea. You have to plan your business. Creating a business plan forces you to really think about how you’re going to run your business and plan ahead.
3. Consider how to finance your business: Unless you have a good stash of savings lying around or a rich uncle, you will need to get financing for your business.
4. Compliance issues: You have to comply in every area of your business from dealing with customers, to where you set up your office, to staff, to how to set up your business.
5. Legal issues: These are very similar to insurance in that only when you’re in trouble do you think about them. But the reality is you should have a legal plan in place. There are a number of affordable legal companies these days for small business owners, like Legalwise that can help you stay prepared without breaking the bank.
6. Choosing a name for your business: A business name is really important because it’s your company’s identity and the first thing your potential customers see.
7. Your website: If you’re starting a business in this day-and-age, you should have a website. There are few businesses that wouldn’t benefit from being online, like a spaza shop. For the rest, even if it’s not an e-commerce site where customers can buy from, it will help build your business’ credibility.
8. Setting up your business: It’s important to know how to set up your business so that you legally compliant and so you don’t pay unnecessary taxes. A sole proprietor is for a one-man business while a company is best from when you’re bringing in R350,000 or more in revenue.
9. Choosing a location: Where you set up office is really important. It could save you a lot of money in deposits and rentals if you do this right the first time.
10. How to save money on software: When you’re first starting out, the last thing you need is to spend tens of thousands of rands on software. But you don’t need to, you can get open source software for your new business that will enable you to manage your company well.

These points may seem overwhelming but just take one step a time and you will get there. It’s important that you set up your business right, from the start.