ithala

Start a business

Start A Business

To make a success of a business, one must be driven, and it is therefore important to start an enterprise for the right reasons and with realistic goals in mind.

Before committing oneself, it would be useful to ask and answer a wide range of questions, including those that follow. Only then will one be sure about taking the first step towards entrepreneurship,

  • Why do I want to start my own business? – It is important that you are honest with yourself and that you establish the true reason for wanting to see yourself in business.
  • What kind of business would I like to operate? – You must ensure that you have the necessary and relevant knowledge and skills. This may involve you having worked for someone else within a particular industry to gain experience.
  • Do I have the required knowledge, training, certificates, interest, attitude, and freedom to undertake a particular business? Once obtained, you should.

undertake intense self-analysis.

  • Is there a market for the products or services I wish to deliver? – A brief market survey in the area will assist you to determine market needs.
  • Where do I intend locating my business? – It is imperative that you have a clear idea of location; this plays an important role in determining business success.
  • Is it possible to operate my business from home? – Is the business type such that you need not operate from formal business premises, thus saving on expenses.
  • Do I need to meet any requirements to work from home? – Determine your local council’s by-laws in this regard.
  • When do I take the first step? – It is necessary to plan meticulously for the day on which your business will be launched. Don’t rush.
  • When will I begin delivering my products/services? – Determine when your business will be fully operational. Plan to meet this critical deadline.
  • Does business require a partner, manager and employees? – You may need staff. You need to interview and select staff who will complement you and your business.
  • What should I know about accounting and book-keeping? – You may wish to contract with a book-keeping / accounting firm to assist with the bookkeeping/ record­ keeping of the business.
  • From whom will I buy supplies? – Have you established a relationship with prospective suppliers?
  • What form will my legal structure take? – Should I trade as a sole proprietor, close corporation, company, or partnership? Obtain advice from a firm of attorneys and your accountant.
  • How will I combine my personal life with my business operation? – Starting a business requires personal sacrifices. You must reconcile your family and yourself to this fact.
  • How much money do I need to start my business?

– Determine your financial requirements for equipment, stock and working capital.

  • How am I going to finance my business7 – Determine the level of self-funding you can afford and how much loan finance you will require.
  • Where should I go for financial assistance? – Approach financial institutions, such as lthala and other commercial banks. They will give you professional advice.
  • It should be noted that successfully answering these questions does not guarantee business success. Regrettably there simply are no guarantees. However, those who take the time and trouble to answer these questions, have a better chance of success than those who do not.