What kind of business can I start?
You can start any type of business. Well, almost any business. Better take into account your limitations, entry barriers, and specific regulatory requirements. For example, you’ll need a license if you want to run your own bar, betting office, or entertainment venue and you need specialized training by law to become a doctor, dentist, or accountant. So, saying you can start any business is probably a bit out there but what we mean is – to increase your odds of success you should rather start a business in your area of expertise. Focussing on your own competencies would be a much easier route than taking on the challenge of starting something completely foreign.
Starting your business also needs to take into account the changes in human behavior in a post-Covid era for instance we find ourselves more remotely whether it be from home or elsewhere. So starting your business the question is, do I need an office? Alternatively, if I plan to deliver services to people does your business module take into account where those people will be working from?
Structuring your business as a self-employed person means that you can either operate as a sole proprietor or you can register a company. Bearing in mind that a doctor or attorney requires an Incorporated to operate in. You will have to register with SARS and obtain an income tax number either way.
Whatever business module you are contemplating, ensure that you are solving a real problem. Do not make the mistake of thinking that your idea is world-changing unless it is. Even then, this is not sufficient. A good idea is not even half the battle. Focusing on the four core pillars of your business which include your brand, people structure, and systems is the only way you can get your idea or business across. Branding and marketing are probably the most important at the beginning as this conveys your story and should allow the potential client to bridge the gap between where they are and where they need to go. In other words, how are your product or service solving the problem, getting from a to b as well as ensuring that you are making the client the center of attention and only positioning yourself as the guide? Don’t try to be the hero, leave that for the client.
Lastly, stop the procrastination and start already. You can only plan so much!