Important steps when planning to open your own business and realising your dreams!

Step 1:
Questions to ask yourself before starting:

• Is there a demand for your services or products that you want to sell or manufacture?
• Do I have the skills that are required by the specific business?
• Do you have a love for what you want to do?
• Are you going to make money?
• What do you need to start your own business?

Step 2:
Business Plan:

• Set-up a business plan

A business plan is very important in order to see if your business is going to be viable and if you are going to make it in the long run.
-Get a professional accountant to assist in taking what you know to find out if it is possible or not to turn your dream into reality.

For further assistance call Accounting Choice

Step 3:
Cash flow statement

• Draw up a cash flow statement on the worst possible scenario.
• Include the capital assets you need to acquire (computers, furniture and equipment).
• How much capital do you need - Banks are not willing lend money to new companies!
• Now you know how much money you need to carry you over the short term. Cashflow shortage is the most common reason for most businesses to fail.

Ask Accounting Choice to draw up a cash flow statement for you!

Step 4:
Opening your business:
Choose a Closed Corporation (CC)

• Advantages:
• 1-10 members
• Liability is limited
• Keeps your business and personal accounts separate
• When choosing a Closed Corporation (CC)

• Register your CC at CIPRO
• Open a bank account
• Register for PAYE
• Only register for VAT if your company is going to generate a turnover larger than R300 000 per annum (do not register for VAT if you don't have to, it will limit your cash flow).

Accounting Choice can register your new CC at Cipro and handle all the necessary registrations at SARS.

4 Steps to realising your dreams:

1. Questions to ask yourself before starting

2.Business plan

3.Cash flow statement

4.Opening your business