Starting a new business can be daunting. As many serial entrepreneurs will attest, the key is to just start. This is easy to do when an aspiring business owner has some experience in doing this.

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Without the experience, however, one risks overlooking important considerations that may be key to the survival and growth of the business. In starting your business, you need to consider some of these aspects, including:

- Performing a feasibility study of the envisaged market

- Preparing a business plan

- Developing a strategy

- Registering the business

A feasibility study is the first step to consider when starting a new business, entering new markets, or developing a new product for your existing customers.

At its core, a feasibility study determines the likelihood of an envisaged product or service succeeding in the market. Key to this is assessing the product-market fit. From a market perspective, you will need to consider the following:

  • Which markets are you targeting? The types of markets can include business to consumer, business to business, or a combination.
  • Do you have a specific geographic focus, or does the nature of the product enable you to sell and deliver the product anywhere?
  • Are you tackling the entire market, or is there a niche segment on which you will focus?
  • What is the potential size of the market now and in the future?

Having assessed the market, you must determine how well your product fits the market. In this, you need to consider:

  • What customers' needs in the market are currently unserved or underserved by current market participants?
  • How does your product meet these customer needs, and how is it different from the current alternatives?
  • Are the potential customers in this market willing to compensate you at a price that would ensure the product's sustainability?

We will work with you to craft the relevant questions that need to be part of the feasibility study. Then through research and surveys, we will scan the market to ascertain the likelihood of your value proposition succeeding.

Many small business owners often come up with an idea and jump straight into implementation without mapping their business plans to understand the environmental factors they would like to operate in.

This often results in the business not being able to take off and the inability to make strategic and operational decisions in an agile manner. We will work with you to craft a business plan that will inform how to structure, operationalise, and grow your business.

In doing so, we will also consider aspects deemed important by funding institutions. Elements of a business plan include the business overview, market analysis, product or service offering, competitor analysis, sales and marketing plan, operations plan, financial plan and projections, and the management team.  

 

 

Aligned to the business plan, is your business strategy. We will work with you to craft your business strategy that answers five key questions:

  • What is your guiding purpose – This focuses on getting to the true “why” and determining why your organisation exists.
  • Where will you play – What are the markets, products, and opportunities that you will focus on to fulfil your purpose.
  • How will you win - What are your strengths? What is unique about your value proposition? What business model will you adopt? How do you bring all these together to present a winning formula?
  • What capabilities do you need – What are the core and supporting capabilities you will need to win?
  • What management systems are required – What systems, structures and measures will you need to operationalise your strategy?

Starting a new venture is challenging and rewarding at the same time. It is crucial that your business gets off to the right start by making sure all your legal boxes are ticked.

We will make sure that you have all the information you require to decide on the most appropriate legal form for your business. Once you have decided, we complete the registration process on your behalf with the CIPC. This includes:

  • Business registration and all amendments with the CIPC
  • Drafting the Memorandum of Incorporation (MOI)

It is important that you start off on the right track, which is why we aim to give you peace of mind that you have made the correct business decision and that your new business is compliant with the relevant tax laws.