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5 Steps to Get your Business Started
Starting a business is no easy task. There are a lot of essential facets to take care of to get the company up and running and keep it afloat. It requires a lot of hard work, dedication and planning. This is why we have outlined five simple steps to follow to start this process right!

Step 1: Getting started!

The first step is to get started! This means gathering all of the required documentation and doing your research. The most important part of this process is ensuring that you have everything in order before starting the company registration process.
You will need to outline what exactly your business will be, what need it intends to fill for its target market and how it will make itself stand out against competitors.

Step 2: Finalising a Solid Strategy

The next step is to finalise a solid strategy. You have decided what you want to be, so now it’s time to put it all down to paper. Keep the following questions in mind when structuring your 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

The third step is to finalise your products and services. This goes hand-in-hand with your strategy, as it’s essential to know what you’re offering before you start marketing it, but it takes a closer look at what will make your products unique. This step also involves finalising your profit markup, which will naturally include finalising suppliers, calculating cost price, considering packaging and delivery, etc.

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.