So you have come up with a brilliantly relovutionary business idea and you finally summoned up the courage to go all in and turn your idea into reality. There is only one problem though, there are so many things that need to be done but you dont know where to start. This quick guide has been put together to help lay a secure foundation for your venture.
The various issues discussed in this article can be tackled in any order but it is generally safer to ensure that compliance and set up of financial management systems be handled first. This article will not go into detail, the technicalities of each section will be covered in follow up articles.
Business Regulation And Compliance
CIPC
In order to formalise a business, a business owner will need to register a company with the Companies and Intellectual Property Commission (CIPC). Protection of intellectual property by way of patents, trademarks & copyright is also administerd by CIPC. This is a highly specialised field and the use of an IP lawyer is advisable.
SARS
It is the duty of every business to register for and pay tax. There are a variety of aspects to consider when registering with South African Revenue Service SARS. An experienced tax practitioner will assist you choose the most suitable options to make sure your business does not get on the wrong side of the tax-man and also help you take advantage of all tax benefits available to you.
Labour
If a business will be employing staff the business owner or the officer in charge of HR should familiarise themselves with the labour relations and minimum wages act which can be found on the labour department website. If there is no one capable of handling labour issues within the company the services of a labour practioner can be enlisted from a third party.
Finance
The finance function includes accounting, funding, banking, cash-flow projections and more. The decisions around the various finance functions should be guided by a solid business plan. If you as a business owner lack the expertise to draft a business plan an accountant/ business consultant can assist in this regard. The consultant and the business owner should work hand in hand to draft the plan, this will ensure that the contents of the plan reflect the business owners’ vision and goals.
Sales & Marketing
In the eary stages of a statup an entrepreneur wears many hats. Branding, client acquisition, supply chain, PR & marketing, Online presence, ICT these are just a few of the many terms a new business owner will need to know and understand. In todaý’s digital environment startups can not ignore tools such as Unified communications, social media, CRM, websites and apps.
Payments
Handling cash payments is becoming increasingly risky and costly and therefore SMEs should consider alternative payment methods. A few of the options are available below.
Integrated Online Payments : PayFast, Snapscan, Zapper
Card payment options: Vodapay, Ikhokha, Yoco
Debit Order : Three Peaks
