Before starting, every new business should prepare a cash flow projection. However superficial this may sound at least this will provide you with a visual representation of what is to come. One thing to note, please do tone down on your revenue expectations. It is usually the case that you over estimate your revenue resulting […]
Except for some fear, which is normal, and subsequent adrenalin there are no legal obligations when you are planning to become self-employed. The safety net is gone. No salary at month-end. It is you and you alone who are now responsible for bringing in the sales and paying the bills. If you shy away from […]
Trading as a sole proprietor If you trade as a sole proprietor your business name will be your name and surname. You can however decide to trade with another name. It might, for example, be Frankie Figs t/a The Corner Shop. Trading as a company If you decide to incorporate a company you will have […]
Most new businesses need initial capital to get established. This capital may be quite high because of the cost of adapting and fitting out premises and the cost of stock (working capital) or equipment. The cost of initial stock or equipment is likely to be a real problem – for example in the case of […]
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 […]
No single factor is a clear indicator of whether you are suitable or not. Being suitable for self-employment requires consideration of numerous aspects. One of the most indicative qualities is whether you have an internal locus of control as opposed to an external locus of control. In other words, Are you in charge of your […]
The majority of South African small businesses have not yet discovered what Xero calls Business Zen. As a forward-thinking, value-driven accounting firm Cronjé & Cronjé runs on Xero – a global leader in cloud-based accounting software. Here are a few points as to what Business Zen means: Overall, reduced stress when it comes to running […]
If you’re running a small business or considering it, Xero has a super-helpful guide on how to invoice effectively to ensure you get the money owed to you for work done or products sold.