You have been sparked with inspiration and have come up with an idea that is worth starting a business over. Starting a business in South Africa is a challenging yet rewarding adventure. When starting a business, there are many factors to take into consideration. Take your business payroll off your list of worries with SureBooks payroll services.
Starting a Small Business in South Africa:
South Africa is composed of unique challenges. These allow for entrepreneurial opportunities if you are brave enough to take these challenges on. Starting a business in South Africa is difficult but possible through dedicated hard work. Putting in the time, effort, energy, and capital are worth it when your small business becomes a success. A successful business in South Africa is a dream made into a profitable reality.
When considering starting a small business in South Africa, you should aim to bring into the market a product or service which adds value to South African lives. Your product or service will be found in South African homes or used by your fellow South Africans and should therefore be centred on enhancing or bettering the South African lifestyle.
Steps to Start a Small Business in South Africa:
Before you can use SureBooks payroll services for your employees, you need a business. Starting a small business can be a daunting task if you have no experience. Make the process of starting your small business easier by following these ten steps.
1) Decide on a Business Idea:
This is your moment to come up with an idea that will lead to a successful business. Successful business ideas tend to be centred on solving or bettering a problem you or other South Africans face. Whatever you decide on creating a business around, you need to be dedicated and passionate about your business idea. This will help you stay motivated through every step of creating your business.
Once you have decided on your business, you need to research everything you can think of which will have an impact on your business. Extensive research will help you be prepared for every step of your business. Here are our top business research suggestions:
Industry: Knowing exactly where your product or service fits in is what understanding your industry is all about. This information helps you position your business correctly which makes running your business easier.
Business Competitors: This helps you understand what other businesses are doing and possibly find ways to offer a better product or service.
Industry Challenges: Understanding your industry is important but understanding the challenges which face your industry will help you be prepared and allow your business to be sustainable.
Target Market: These are the people you are aiming to market your product or service to. Understanding your target market intimately is critical to success for a start-up small business.
3) Business Plan:
Now it is time to take your business idea and blend it with your research to create a powerful business plan. Put pen to paper (or your fingers to your keyboard) and get your business plan written out. Incorporate every possible detail which will lead you to successfully achieving your dream small business.
An important aspect of your business plan is to consider how you are going to fund your business. The amount of capital needed to get your business off the ground and stay soaring is dependent on your unique business. There are various funding options available for starting small businesses in South Africa and should be researched and evaluated.
4) Business Name:
Choosing your business name is fun but also carries a lot of importance. Your business name will be the first thing your target market will know about your business. Your business name should be unique, attention-grabbing, and relevant to your product or service.
If you have a name idea, run the name through one of the many platforms which check business name availability. If you are truly stuck, many platforms sell business names.
5) Register Your Business:
It is time to make things official, and not just Facebook official. All South African businesses need to be registered. The Companies and Intellectual Property Commission (CIPC) oversees all business registrations in South Africa. Your business will also need to be registered with the South African Revenue Service (SARS). Ensure you have all the relevant documentation needed to register your business correctly and efficiently.
Registering your business also helps you become aware of the regulations around running a small business. For example, a SARS regulation is that every registered small business is required to have its own bank account. This is especially helpful when you begin using SureBooks payroll services.
6) Product Development:
Product development takes your business idea in your head and brings it to life. Some products can be created in your garage while others will need you to outsource materials and machinery. Your product development process is dependent on the product your business is going to sell.
During your product development phase, we suggest creating prototypes and allowing close friends and family to evaluate your product or service. Make sure you choose people you can trust to provide you with an honest opinion and be prepared to take on any constructive criticism. This is the time to iron out any possible issues with your product or service.
In the same way we suggest outsourcing your payroll services to SureBooks, we suggest outsourcing your business marketing needs to an accredited marketing company. Brilliant marketing is the difference between a thriving business and one which no one has heard of.
8) Customer Acquisition:
This is where your target market research will be put to the test. People want to feel understood by the business they are choosing to support. Knowing exactly what needs and requirements your business product or service is achieving for your customers allows you to offer a business tailored to excite your customers. Exceptional target market research, great marketing, and a high-value product or service are the best ways to bring feet through your door (or traffic through your website).
9) Customer Retention:
Ensuring your product or service is of high quality, lives up to its expectations, and adds value to your customers is the best way to create loyal customers. Marketing is important to a business’s success, but there is no better form of advertising than positive word-of-mouth about your business. Keep your customers happy and they will be motivated to choose your business over other businesses in your industry.
10) Grow Your Business:
This is when your business is flourishing, and you can no longer do it alone. It is time to hire employees, and this is where SureBooks’ payroll services come in.
SureBooks is a small business accounting agency. SureBooks offers all you need when it comes to accounting and payroll services. SureBooks is here to partner with you to ensure your business finances are managed efficiently to help keep your business a success.
Your accounting and payroll services are ensured to be timely, secured, effort and time-saving for you, and reliable when you incorporate SureBooks into your small business. SureBooks offers a free consultation to demonstrate to you how they can aid your business and show you their other successes in the many businesses which use SureBooks.
Why We Focus on Small Businesses:
Running a small business can be stressful. You have many things to consider, worry about, and focus on. No matter how small your business may be, every business needs accounting and payroll services to ensure adequate functioning. SureBooks is here to offer you peace of mind for your payroll operations.
While your business may be a success and you are clued up on your industry, you may have no idea where to even start when it comes to organising the finances of your business. This can create unease and nervousness. SureBooks aims to remove all your financial worries with our financial managerial efficiency. Our accounting and payroll services are your go-to when keeping a small business financially successful in South Africa.
From a business perspective, your payroll is your list of employees in your business and the amount of money they are due to be paid. From your employee’s perspective, your monthly or weekly wages allow them to put food on the table, provide education for their children, or an enjoyable lifestyle. A correctly maintained payroll helps keep your business’s finances correct and your employees motivated towards making your business a success.
SureBooks handles your payroll from start to finish with our excellent payroll services. Whether your payroll operations are on a monthly or weekly basis, SureBooks will be able to do these accurately and efficiently. With an understanding of all SARS and the department of labour regulations, you do not have to worry about any backlash with our payroll services.
SimplePay is a South African payroll software aimed to make payroll services simple. SureBooks uses SimplePay for your payroll services due to the many benefits this system offers.
Due Payments: SimplePay is used by SureBooks for your payroll services as it offers reminders when payroll is due for each of your employees. This ensures that your employees are paid on time. Avoid your employees becoming upset or frustrated when being paid late so that they continue offering their best when working for you.
Payroll Deductions: Depending on the payroll your employees are on, there may be certain monthly deductions that need to come off before the money is transferred to their account. Monthly deductions like tax or UIF are incorporated into the SureBooks payroll services so that your payroll is correct.
SimplePay Used by SureBooks: SimplePay is an excellent automated payroll services software, but still requires your time and effort to use it. SureBooks takes on the role of monitoring and using the SimplePay software so that you can focus on running the rest of your business. SureBooks provides you with the best payroll services by using the SimplePay software.
Advice for New Small Business Owners:
Adapt After Failures: Few businesses get it right the first time. Learning from your business failures and adapting to suit your industry or target market is what separates a successful business from a failed business.
Prioritise Your Customers: Happy customers mean a happy and thriving business. Keep your customers as the centre focus of your business and see your business’s bottom line increase.
Outsource Your Payroll Services: If you feel even slightly unsure about your payroll operations, we suggest outsourcing to an accredited payroll services company such as SureBooks. Allow your business to have its best chance at thriving by focusing your energy on what you know and understand and allow others to help you where you are uncertain.
Start a small business in South Africa and keep your payroll worry-free with SureBooks payroll services.