A cc can have between one and 10 members, each of whom owns an agreed percentage of the business and who is liable for managing it properly. A cc cannot be owned by a company or be a subsidiary of another cc or company. A cc (rather than its members) can sue and be sued. How to register your cc - all CCs in south Africa are governed by the Close corporations Act, which is administered by the companies and Intellectual Property registration Ofce (cipro). Purchase cc registration forms from a local stationer, or download them from the cipro website. Top Choose a name for your corporation, plus a second and third option in case your rst choice is already registered. If you have access to the Internet, you can check this by using the name search function on /home. Reserve this name by lling in form CK7.
Planning Resources and Free, business Plan
There are several ways to structure the legal ownership of your business, depending on the nature of the business, the number of people involved, management capabilities, personal risk and your future plans. Sole proprieter/sole trader: This is best suited to a business that is not xed asset-driven (ie, is service-based) and in which the owner is the sole employee. Income accrues directly to the owner and there are no complicated statutory returns other than meeting basic legal and tax requirements. The disadvantage is that the business is not a separate legal entity, so the owner is liable for, and can be sued for, the businesss debts. If the owner of the business dies, the business ceases to exist. Top Partnership: Based on the same principles as a sole proprietorship, this structure allows you writing to have up to 20 partners who share responsibility, skills and liability. A partnership requires a contract to formalise each persons contribution to the business, their responsibilities, prot share, means of resolving disputes, disability/death insurance and what procedure will be followed if the partnership changes or is dissolved. Finding funds for a sole proprietorship or partnership depends on the security that the individual owner/partners are able to provide. Close corporation (cc this is a popular and widely used structure that gives a business a separate legal identity without the formalities of the companies Act that governs (Pty) Ltd companies. This structure is ideal for for a business that purchases stock on credit.
There also may be nancial difculties until the business becomes protable, which could necessitate lowering your standard of living. Do you have a network of friends or associates who could provide outside nancing? Insufcient capital is a key cause of small business failure. If you are not able to obtain enough funds from a bank, you may need to rely on funds from friends and family. Most start-up business are funded this way. If you can answer, yes to most of the above questions, then you may have the potential to join the ranks of successful smme owners. If you cannot, you need to consider whether starting a small business is the best solution for you. Which structure suits write your business best?
Good organisation of nancials, inventory, schedules and production is the oil that keeps any business engine running smoothly. Top, do you have the strength to stay motivated? Running write a hypertext business can wear you down, especially when all the responsibility is on your shoulders. It takes strong motivation and passion to survive a slump in business, or periods of burnout. Are you willing to invest? True entrepreneurs put their money where their mouths are, and this might mean using personal savings or property. Have you considered the possible impact on your family? Starting a business can be hard on family life. The strain of a spouse who isnt behind you 100 may be hard to balance against your new business demands.
Wanting to be your own boss isnt enough to make you successful and, before you set up shop, you need to think hard about whether you have the right temperament, leadership skills, support system and dedication to be an entrepreneur. Evaluate your strengths and weaknesses by honestly answering the following questions: Are you a self-starter? You need to be able to develop and drive projects, manage your time and follow through on details. Are you willing to work long hours? When you own a business youre committed to it 24 hours a day, seven days a week, particularly during the rst few years. Are you good at making decisions? As a sole owner you will have to make decisions quickly, under pressure and on your own. Do you plan well? Research indicates that many business failures could have been avoided through better planning.
Starting, your Own, business, realtor Magazine
Making small business work in south africa. Small, medium and Micro, enterprises (smmes) contribute around 40 of south Africas gross domestic prot and employ more than half of the private sector work- force. It is estimated that as much as 80 of new jobs in world economies are being created. Smmes, making small business a key player in the future growth of our country. It is estimated that more than 1,5 million self-employed people constitute write the. Smme sector, contributing about 40 of the total remuneration in south Africa.
South African Business Warrior offers clear explanations, logical suggestions and expert advice for small business owners in south Africa. This section focuses on starting and managing your own business. We provide you with the tips, tools and essential references you need to save time, share knowledge and secure maximum returns on your small business investment. Getting the basics right, starting an entirely new business is uncharted territory for most people. It offers great rewards, but equally high risks. About 80 of all new small businesses fail within the rst ve years.
The management team is also described in this section, as well as their experience. Address the opportunities and potential threats in this section,. Mini business Plan Cleaning Service., we need to overhaul our business plan because we want to continue to operate our business on Fridays. Product As a window washing company. Costs are limited. 00 we favoured a service related business.
We thought of the ideas other students have pursued like. Our locations are strategic. We plan to pin-point private business owners to build a client base. ; hazardous waste, patents, copyrights, etc. Detail products and services in this part of the business plan. In addition, the facility requirements would be outlined in this section. The market, including industry trends and an extensive marketing plan. Market components to consider when preparing a marketing plan, according to sba, are the four Ps; product (items or services you sell price (the amount you charge for products or services promote (the ways you inform the market as to who, what and where you.
Business Plan., smallstarter Africa
Title page, including the new businesses name. Choose a name that is partially arbitrary or non-descriptive in essay conjunction with a name that is descriptive of goods or services provided. You should obtain a patent or trademark for the name. The business address and telephone number (if available) and the owners name and date of the plans preparation. Table of Contents, prepared after all other sections. Executive summary, this is the heart of the business plan and is prepared after all other sections. The executive summary will include sume items such as; business structure and proposed business goals, products, services and production processes, marketing strategy, the financing needed, and terms of payment, and who will be on the management team and their skills. The company, this is the place to specify the organization as a proprietorship, partnership, corporation, etc.
The plan forces you to look at the business in its entirety and is a good instrument to manage the business. A good plan creates a tool to measure and evaluate changes in the business. The business plan defines your business, identifies your goals, and serves as your firms resume. A good business plan is a crucial part of any loan application package, and is a selling document to potential backers. According to a handout used in a pre-business Workshop, hosted by resume score, there is no specific format used for a business plan. Consult the lending institution that you are planning to work with and obtain information regarding their requirements. Score provides a sample outline to assist in writing a business plan. There are seven sections to the outline provided by score:.
business to make a profit, however the. Has different aims and objectives compared to a normal business or organisation. They need to weight up the. By modern farming methods which use pesticides to kill small rodents, which are the main food source. To take on a proposal that has high start-up costs and doesn't make a return. A business plan is necessary for all businesses, no matter how small or large.
The best business for you is one that utilizes your interests, skills and background. Consulting local experts and business owners about the growth potential of businesses in your area will increase your chances of success. The type of business and an appropriate location should be determined before taking any further steps. Buying or homework leasing property is something you will need to consider. Leasing is a good way to reduce start up costs. Before signing a lease, you will need to consult an attorney. The next step is a self-evaluation. There are four basics of success in small business; sound management practices, industry experience, technical support, and planning ability. Unfortunately, very few people start their business with all of these areas well thought-out.
Business Plan - step-by-Step Planning Templates
Words, building a successful small business requires self-evaluation of your strengths and weaknesses. A happy clear vision of the business, and what you are planning, to achieve is essential. The most important steps, that anyone planning to start a business must take, are proper research and planning. A thorough, workable business plan is crucial and will become an invaluable tool. The financing, legalities, licensing, insurance and taxes also need proper consideration. According to information provided by score (Service corps of Retired Executives only a small percentage of new businesses succeed, with a daunting number failing within the first one to five years (SBA). The first question you should ask yourself is; what business should I choose?