This webinar was recorded to celebrate Money Smart Week South Africa. Start a Business and Become Financially Independent. In this webinar I share how starting a business can help you to create multiple sources of income, create wealth and ultimately create financial independence. I also discuss 10 steps how to start a successful business. If you are an aspiring entrepreneur or a business owner still in start-up phase, this webinar will certainly help you gain more insight in starting a small business.
10 Steps how to start a successful business:
- What is your business idea? Will you be offering a product or service or a combination? Do proper research about your business. Is there a market for your product or service and are they willing to pay for your product or service?
- A critical success factor is to compile a detailed business plan.
- What do you need to start the business? A computer, equipment etc.
- From where will you operate your business? Can you do it from home? Do you need an office or a factory? Can you run your business online?
- Understand the capital / funding requirements to start. Do you have capital available? If not what sources for funding can you consider?
- What is the most suited business entity for you – sole proprietor, company, or partnership? Each of these entities have different rules and requirements (registration, tax etc.) that you need to consider.
- You will have to open a business bank account. It is also important to keep your personal and business expenses separate.
- Marketing is very important to any business. You can have the best product or service but if nobody knows about you, nobody is going to buy from you. Do you need a website? Which social media channels will work for you? Do you need brochures? Will you follow a direct marketing approach to reach your clients or customers?
- Financial management including accounting is another critical success factor of any business. Will you be using an accounting system or doing it on excel? Will you be doing your accounting yourself or outsource to an accountant?
- Lastly you need to consider compliance. Compliance would include tax, registrations, industry regulations, licences etc.
To learn more about our 2-day course for start-up businesses: firstname.lastname@example.org