Businesses big and small have faced unprecedented challenges in the wake of the devastating COVID pandemic, forced to adjust functions and align strategies with new protocols restricting certain areas of their operations. It has been a turbulent time for the economy, however, things are looking up as the lockdown restrictions ease and South Africa transitions into an economy post COVID. Many employees who may have left their companies or were retrenched during the pandemic are looking at the emerging market with hope as more and more people are encouraged to look to the process of starting a business themselves.
The rise in people with this interest may be linked to the endless opportunities of a new world, where novel product ideas and innovative services shape the way in which we operate as an economy and society post COVID, with many budding entrepreneurs believing that their tangible business ideas will help solve problems, alleviate pressures, and satiate unsatisfied consumer needs and wants. Alas, every entrepreneurial enthusiast needs some guidance in the formalities of business and what it requires to start one, from company registration to product innovation. In this article, we will outline several steps to follow when starting a business in South Africa.
So you have a brilliant business idea but nothing to legitimize its existence. Well, the first and foremost step in formalizing your company is completing business registration in South Africa. There are several methods of doing this, either working directly with the Company and Intellectual Property Commission (CIPC) or with a private company like MBS, who facilitate a more efficient and seamless business registration process through the assistance of highly trained professionals. By choosing to partner with MBS, you will have your business name reserved and your company certifications in no time, allowing you to develop the areas of your business beyond the administration.
The prospect of operating a cash business may seem appealing in the way one can avoid transaction fees and remain below the radar, however, the risks of this do not outweigh the pros of opening a dedicated business bank account. For example, certain banks offer specific business accounts that do not include hefty banking fees. Utilizing a business bank account is one of the most critical parts of running a new startup after company registration as one will be able to develop a tangible and verifiable track record in the marketplace. Separating your personal banking from your business banking will also help minimize the impact of financial challenges imposed by unprecedented cases such as the COVID pandemic as your personal and company money is not so closely connected.
With all the paperwork done and your business formalized, you can now turn to your marketing efforts in the hope of standing out amongst the competition. For this step, you will need to consider how you can best present your business to your ideal consumer segment, developing traditional advertising strategies or employing digital marketing techniques to further entrench your business in the market. Having a Facebook page and a website are two of the most fundamental aspects of solidifying your business in the eyes of the consumer and building on its success. That said, creating these is not merely enough. You will need to manage and maintain these business assets in the same way you would your others, potentially employing specialist digital marketers to look after your businesses online presence and build a community of engaged followers.
While new businesses face many challenges, sticking to these simple steps will be a crucial part of laying a solid foundation for your company to operate within the market. From the initial phase of company registration to the sustained step of maintaining your company’s digital presence, all businesses should follow these considerations and more should they wish to thrive in a post COVID world. While the road ahead is long and windy, you can rest assured knowing that in the pursuit of starting a business, you have gone about the process in the appropriate way.