Start a business

Start a business

Once you have a plan of action and funding, it’s time to get moving! Setting up a business is hard work, but if you have a clear plan of action, then you have a basic blueprint to start setting up your own business.

Remember to keep going back to your plan to rethink things as you learn over time. Get advice from your mentors and network with your community as you build your business. Don’t expect to succeed right away, but use your first business as an opportunity to learn.

Things to consider
1. Your plan of action (implementation strategy): Start by listing the specific steps you need to take to turn your idea into a reality.
2. Business set-up: Depending on your business plan, you may choose to register your business (cc or pty ltd). There are websites that can guide you through this process, but ask your mentors for advice.
3. An accounting system: Be sure to keep a clear record of your costs and earnings – this will allow you to keep track of your profits and losses.. You can use Excel or even an accounting programme if your business gets bigger.
4. Marketing and sales: Marketing and sales is the engine of your business. Think of creative ways to market your business without spending loads of money. Maybe highly networked family members, friends, or neighbors can help promote your business? Think about using online tools and social media as well.
5. Hiring employees: If you need extra help in running your business, you may need to hire other people. Think about whether you can afford this or whether you can work extra hours to instead. If you do hire other people, be sure to list your expectations and each employee’s expectations in a contract, whether it’s a formal or an informal one.
6. Filing a patent: If you believe you’re building a product so cool that someone else might steal the idea, you might want to file a patent. This is a legal agreement that will prevent anyone else from using your idea. Applying for and defending a patent is a complicated, expensive and time-consuming process, so we suggest you ask someone with legal knowledge whether you really need a patent and/or to guide you through the process.

For more info on starting a business, check out:
1.http://www.business-opportunities.biz/2005/09/29/the-young-entrepreneurs-guide-to-starting-and-running-a-business-2/
2.http://www.bym.co.za/
3. http://www.cipc.co.za/ (company registration and patents)