Before you start your business
- Starting a business requires a lot of effort and commitment. It’s important to know what’s involved and if you’re suited to business and self-employment.
- We recommend you take some time to critically evaluate yourself and the challenges of owning a business. See if you’re ready to start a business.
- It’s important to research and analyse your business idea and consider its potential.
Some questions to ask yourself are:
- Is there a want or need for your product or service?
- How hard will it be to develop your idea?
- Is your idea financially viable?
- How will you protect your idea?
- Who are your competitors?
Researching your business idea involves gathering, analyzing and evaluating information to that will also help you write your business goals.
Work out if your activities are that of a business or a hobby. There are different tax, insurance and legal obligations depending on what you are.
If you are unsure, read our information on the difference between a business and a hobby.
The 10 Steps to start your business:
The decisions you make early on can affect many areas of your business, including the licenses you need, how much tax you pay and the volume of paperwork required.
Decide on a business structure
You’ve analyzed your idea and yourself. Next you can plan your future and see how it all comes together.
Find resources to help you with your business, from general business advice to finance assistance and support for your mental health and wellbeing.
To make it official, you’ll need to register. This makes sure your business gets taxed at the right rate, avoids penalties and protects your brand and ideas.
It’s essential to take charge of your business finances and know how to manage your cash flow. It could make or break your business. If you need help, consider speaking to a financial adviser.
Finding out your business isn’t entirely above board can cost you time and money. Start off strong by setting up and protecting your business legally. Consider speaking to a legal professional to help you along the way.
You invest too much time and money in your business to lose it. Protect your investment by planning ahead.
Getting on top of your taxes now can make things easier in the long run. It can help you avoid penalties and make sure your business is taxed at the correct rate.
Setting up your business operations properly will save you trouble in the long run, and give you more time to focus on running your business.
Promote your business and brand to your target audience to grow your customer base.