So, you’re looking to start up something official, but which type of legal entity would be best suited to contain the magic? Here’s your options and a bit about each:

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 […]

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 […]

Can’t we just all keep our money under our pillows? Then we do not have to deal with this thing called a bank and the bureaucracy that comes with it. Well unfortunately not. Banks are part of our ecosystem and we rely on them for handling our cash flow as well as funding our businesses. […]

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 […]

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 […]