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The pros, cons and need to know to starting your own company.

If you are new to starting your own business, there will be things that you won’t really know or even begin to think of, that may be crucial when starting you own business. You will need a hunger for gaining knowledge and strive to build the wisdom you need to make the right choices at the right time. Not everyone is born a business genius and the best business advice you can get is the type that is born from experience. If you want to become successful in your own business you will need to keep yourself acquainted with people that has already become successful in their own business and know what it takes to become successful. Here are some useful tips that will guide you in your first steps to success.

Let’s start with the cons first, it’s better to get over the difficult part of owning a business and having nothing hold your back.

Cons:

Responsibility and stress – You will have more responsibility then you did when you worked for someone else, not only will you be doing your own work but your bosses work as well.

Very long hours – in the beginning of starting up your own business you will need to work endlessly to get your business prepared and keep it stable. Plowing always comes before reaping the reward.

No paid holidays – you pay yourself, and if you don’t work, there will be nothing to pay yourself with. It is good advice, when setting up, to invest every bit of time you have in building your business.

Uneven salary – At first you won’t have a stable income, what you generate is what you get, and don’t forget to pay the bills FIRST.

You have to deal with all sorts of problems - you will have to deal with more problems than before, anything that breaks you must pay, you have to get yourself ready to deal with difficult customers, and you NEED to know how to handle complaints properly (don’t fool yourself they will come)

Don’t become lazy! -  Be careful of this one! It’s easy to succumb to the temptation of resting while working. If you need to rest, take a break. But when you work, always give it your all.

You will need to motivate yourself – at first it will only be you, and it will seem as if the world is against you. You will have to motivate yourself every day. Here a Tip - try and beat someone else to it first.

Pros

You are the boss! - Yes, you are the man. The big guy. It will build confidence in you, but you are only as big as you allow yourself to be. Don’t limit yourself, but don’t over judge yourself as well.

More flexibility in productivity – If you feel you need to rest, there will be no one to stop you. This can be good as overworking can take away creativity. You are also free to experiment with new ways to succeed.

You have more control – You are not limited in your decision making anymore, if you feel you need to change your business direction you can do it with confidence.

You have no limits – You can dream as big and bold as you want. The only limitation you have are the one you set, and that not always a bad thing.

You can create your own working environment – If you don’t like closed box apartments and blank white walls you can design you’re environment the way you believe will best benefit your company.  

You can get tax advantages – With a business you can get a return on your tax! But be careful, you need to pay your tax properly and do it the right way otherwise it will bite you in the end.

You grow as a person and learn different aspects of running a business – This is the greatest benefit of owning your own business, you grow in knowledge, people will view with more respect, and you learn what it is like to be a business owner. The experience is gold and the wisdom is priceless.

Need to know

-          You need to own you business name. Before deciding and sticking with a name, make sure there is an available trademark and internet domain name for it, be wise on your decision, there’s no going back after this one

-          Take the Law in consideration. Know and understand the Regulations, licenses and taxes you need to pay. Be careful on what you say when promoting your business, not following the rule will cost you dearly.

-          Plan your personal expenses properly? Don’t leave anything out! Small things could cost you a lot in the end. Plan everything, think proactive, and don’t brush anything off.

-          Don’t over or under-spend! It is easy to overspend so just for a thumb of rules, plan a very strict budget out when starting your business and stick to it. You will overtime figure out and teach yourself how to use your money wisely. Don’t buy cheaply, you get what you pay for, but take in consideration what will best benefit your company now and in the long run.

-          Starting your own business can be quite exciting. and everyone wants to always get straight into it, but it is very important to get the admin work out of the way first so you can start trading and build up your business. Registering a company shouldbe the first on your list of things to do.

What you need to know when choosing a company name

The registering of a company in South Africa is a simple process that is unique to each type of business that needs to be registered. While some companies like the Sole Proprietorship don’t need to be registered formally, other companies need to undergo the formalities that surround the registering of a business. Companies that are just starting out and are about to be registered don’t need to have a name in order to trade, they are able to trade under their registration number but within time they will need to have a company name registered.

A company name will last a lifetime, or rather it will last the lifetime of your company, so choosing a great company name will help your company to be able to make a memorable mark on the world. The name of a company should not be something that is randomly chosen as the name of a company will be the reflection of what it is that you do and who it is that you are. There is a lot more to a company name than just the words. Registering a great company name is the start of the foundation of your business and of your branding, it will help you to build up strong client relationships and it is going to help you to stand well apart of your competitors.

In South Africa a business is allowed to reserve a number of company names before it commits to one of the names. This is helpful as when you are just starting out you might not have a company name that you are absolutely, without a doubt, sure that you want to use. Once the names have been reserved and you can later on apply to have the name registered for your company.

How do you choose a company name?

Choosing a company name can take some time and it is best that you brain storm a few ideas before you reserve the names. Each name reservation is going to cost you a small fee and so to save money it is best to have all of your ideas out on the table.

There are many things that can go wrong when it comes to choosing a company name, depending a lot on what it is that your company does, a name can be too long or it can be too short. Registering the correct company name that is able to sum up exactly what it is that you do while being catchy and memorable will help your company to be a success.

These are the ten questions that you should ask yourself before registering a company name:

1. What should the name do for your company, what should the registered company name achieve?


2. Is the name going to limit your company in any way?


3. Will the company name make sense when it is connected to what it is that you do as a company?


4. Is the registered company name going to be memorable?


5. Will your potential clients be able to easily spell your company name?


6. How will your potential clients come across your company name?


7. Will the registered company name that you have chosen be easy to pronounce?


8. Will the registered company name only have meaning for yourself?


9. Does the name look good in writing?


10. Have you done a thorough trademark search?

 Avoiding common errors

Choosing the wrong company name or making errors when deciding on a company name can be detrimental to the success of the business. This means that when choosing a company name to register, you will need to make sure that you avoid the common errors that can sneak into the name of the business and end up ruining it. The company name should be easily accessible to everyone and the name should be easy to remember. If the name is really obscure then it will be incredibly difficult for people to find your company.

Some of the mistakes that are often made when it comes to choosing a company name:

• 
  

  The name of the company is too creative

  
  

When registering a company there might be the temptation to take an ordinary everyday word and turn it on its head in an attempt to give the name a creative spin. But this is not always the best idea as you will always need to spell it out for people.

• 
  

  Trying to match the domain name to the company name

  
  

Your company name and your website domain name are not always going to be able to match. But this isn’t actually a big deal! Think of when you use a search engine, how often do you type in the domain name of a company’s website and how often do you rather type in the company’s name in the search engine. Most people will rather look for a company using the registered company name instead of the domain name.

• 
  

  Being mysterious

  
  

Creating a company name that not only makes no sense but that also is not able to reflect what it is that your company does, can be very damaging to your company. The rule of thumb is to create a company name that is partly able to reflect what it is that you do as a business.

• 
  

  Bad pronunciation

  
  

Placing too many punctuation marks in your company name or using a name that is not pronounceable will mean that the name will be easily forgotten and those who want to search for the company using a search engine will have a tough time finding you as they might not be able to spell the name.

Registering a company name is easy in South Africa but jumping into the process, without taking into account all of the considerations, might just end up damaging your business.  When you begin your company name registration process as part of registering a company in South Africa you are creating the foundation for a successful business. Your name is your brand so put some thought into it.

What you need to know when choosing a company name

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Registering a Company made easy

When you reach the point where you want to register your company name you probably have many questions about how to register a company and where to start.

My Pty Online can provide you with all the answers on registering a company and assist you with the process.

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What you need when registering a company