Today, tens of thousands of South Africans are considering starting their own business, and for good reasons.
We are going to offer you the 10 steps to take in order to get yourself on the right path to setting up your business in South Africa. Most of which are free to apply for or less than R1000.00
On average, people can expect to have two and three careers during their work life.
Those leaving one career often think about their second or third career move being one they can run out of their own home.
The good news: Starting a home-based business is within the reach of almost anyone who wants to take a risk and work hard, as are a plethora of other low-cost ideas.
Here are 10 Tips for setting up a business during Corona.
1. Go online and visit the website of CIPC and here you can register a new company for R175. Registration is R125 and to register your name is a mere name is R50.
2. Go to SARS and apply to complete and do a tax clearance certificate this is a free service. This will need to be done at a physical registered SARS office we suggest that you book an appointment for this assessment to avoid waiting in line. Waiting in the queue could take at least half a day and we are not sure what procedures they would have in place for “Social Distancing”
3. Open a business bank account. Most banks have “Basic Business” accounts with monthly fees less than R500. Many of which offer Small Business very low monthly rates.
4. Go to your nearest Seda, ask them to do a business plan for you, for free – Plus other training that might be relevant to your field.
5. Go online, register on the CSD ( Central Supplier Database), for free. The Central Supplier Database maintains a database of organisations, institutions and individuals who can provide goods and services to government.
6. Go to your local municipality and ask them to register your newly registered (or existing) business on their database as a supplier.
7. Go to your nearest NYDA (National Youth Development Agency), attend their free financial management short course for a minimum of 5 weeks (once a week)
8. Apply for the NYDA funding. They can give you equipment for up to R50 000.
NYDA government grants are available to entrepreneurs or co-operatives that meet the following criteria:
- Applicants must be a youth (18 to 35 years old).
- They must have the necessary skills and experience or show the potential of skills for the business and industry in which they wish to operate
You don’t pay it back.
9. Hire employees you may need when you can afford to and register for COIDA (Compensation for Occupational Injuries and Diseases Act).
To cover your workers against occupational diseases, injuries and death, you must register with the Compensation Fund. You can register online.
The fund covers an employee who is:
- permanently employed
- a domestic worker in a boarding house
- an apprentice or trainee farmworker and
- a worker paid by a labour agency.
10. Get a Letter of good standing at the Department of Labour. This will confirm all your PAYE, UIF and other legal obligated payments are up to date.
11. Personalise and Create a Brand Identity. Professionalize your business with: Logos, Letterhead, business email, website, landline. Make use of a domain rather than Gmail/Yahoo/Hotmail. You can purchase this domain and have it forward to your Gmail DAress for under R200. eg. MyName@MySmallBusiness.co.za. Set up a professional email signature, there are free online tools that will design these for you.
Starting a business isn’t difficult if you use the above resources and advice available to you.
If you have any questions or want to get in touch please feel free to leave me a comment below or message me on Social Media.
I am more than happy to help! Wishing you all the best with your small business in these uncertain times.
DISCLAIMER: My blog and any columns are base on my personal knowledge and understanding. It is for educational purposes. For any financial advice contact a certified financial advisor, registered with FSCA the market conduct regulator of financial institutions, that provide financial products and financial services, financial institutions that are licensed in terms of a financial sector law, including banks, insurers, retirement funds and administrators, and market infrastructures.
Adapted from a Tweet by @IvynSambo
