Step 1: Getting started!
Step 2: Finalising a Solid Strategy
- Who is your target market?
- What are their needs and wants?
- How will your company address these needs and wants?
- What products or services will you offer?
- How will you generate income?
- What are your company’s core values?
Step 3: Finalising your products and services
Step 4: Concluding Capital and Preparing Financial Management
The fourth step is budgeting your company’s capital. This includes both the money you will need to start up and the funds you will require for day-to-day operations. It’s essential to be realistic about how much money you will need and set a budget that you can stick to. This may require some sacrifices in the early stages, but it will be worth it once your company is up and running!
This step should also involve planning the approach you will take for your business’s financial management to ensure compliance with all relevant legislation, such as completing your CIPC registrations and meeting the deadline for your annual return.
Step 5: Registering a business…
The final step is company registrations. This process can be completed through CIPC (Companies and Intellectual Property Commission) and will involve completing several requirements, such as filing your company’s memorandum of incorporation. Once you have registered your company, you will also need to register business name.