The basics of your start-up
1. Formalise your business structure
Decide if you are going to operate as a Sole Proprietor or Private Company.
- Sole Proprietor
You can operate as a sole proprietor. This type of business enterprise has one owner
Many small businesses operate as sole proprietorships. Businesses that require minimum amounts of capital often operate this way.
- Private company
A private company is a legal trading entity that cannot offer shares to the public and is subject to prohibition on transfer of shares.
2. Register the business with the South African Revenue Services (SARS)
Tax benefits will depend on the kind of business entity you choose. To find out if you will need to pay VAT click here.
3. Prepare your business plan
Before you can write the plan, you must conduct research. A business plan is the road map of your business. It’s a living document that you should refer to each and every day.
Make a list of potential clients. Find out what their strengths and weaknesses are and look for a gap.
Use this gap as your sales tool. Prepare a strategy in order to create the sales and marketing plan.
4. Marketing and selling
There are many online resources for sales techniques, sales strategies, sales tips and sales training for selling products and marketing services.