I have decided to start my own company where do I start?
Starting a company can be a daunting excercise for anyone. Where do I start? What do I need? How much will it cost.
Many Entrepreneurs make the mistake of jumping into a new venture without doing the nesssary homework and this could be detremental to your venture.
I know what I want to do... A good start for a new business would always be to do a business plan, which will help you to determine where you are heading and what finances you will be needing. Included in such a business plan would be a detailed cashflow projection and budget. A detailed business plan will also help you get the much needed investments you might need to get your new business on it's feet.
Do I register a business and what will this entitle. You could opt to trade as in your personal capacity, this could put you in a posistion of paying high amounts of tax. To register a business you should decide what the name of the business should be and determine if the name would be available for use. You will then register a company, choose which type of company would be suiteable for your business. By registering a company you can minimise personal liablility.
When you have registered your company you can open a bank account and start to trade. You will now have to determine, do I need to register for VAT, PAYE, UIF and Workmens Compensation. When you have registered your company you will also need to keep accurate records of all your expenditure and income. You might want to get the help a a proffesional accountant. You will have to do Financial Statements on an annual basis and submit taxation to SARS. You will also have to do Annual return with CIPC to remain registered.
When you start your business of on the right foot, you will have a beter chance of succeeding.