Starting a Business

How to start a business!

1) DECIDING WHAT YOU WANT TO DO; The secret about deciding what you want to do is choosing something that you 'know' or 'love doing'

If fiddling with cars is your passion? start a small mechanical workshop, if it's baking cakes? start a bakery

It doesn't matter what you do choose but if you like or know what you are doing the chances for success are increased.

2) RESEARCH YOUR SUBJECT; You had better not spend money starting something that won't work rather spend a bit of time researching the subject before you decide.

Find out if there are similar businesses in the area, find out how they are doing, it's pointless competing in a saturated market. If however there is no competition go to the next level.

Find out if there is a demand for your product or services and what sort of price people are prepared to pay, sometimes you can sell a good hamburger at a higher price because to get a cheaper one people will have to travel a fair distance to the competition and the burger may not be as good.

3) RESEARCH THE FIXED AND VARIABLE COSTS;

4) CALCULATE YOUR 'NUT';

5) WHEN YOU ARE READY TO TAKE THE PLUNGE;

6) DECIDING ON THE BUSINESS VEHICLE, SOLE PROPRIETER VERSUS PTY Ltd;

7) WHO YOU MUST REGISTER WITH?

   CIPRO,

   SARS,

   DEPARTMENT OF LABOUR,

   HEALTH DEPARTMENT,