What is the first step that you will do in identifying a good business?

Four ways to identify more business opportunities

• Listen to your potential clients and past leads. When you’re targeting potential customers listen to their needs, wants, challenges and frustrations with your industry.
• Listen to your customers.
• Look at your competitors.
• Look at industry trends and insights.

What would be your first two steps in creating your own business?

Make sure you don’t skip these first two steps to starting a business.

1. Step 1: Get a business entity. Forming a business entity is the first thing you should do when starting out.
2. Step 2: Take the insurance. Another critical area that’s often overlooked is having the right types of insurance for your business.

What is the first factor to consider in putting up your own business?

Capital and Finance The financing pattern is one of the most important factors to consider before starting a business. This generally includes the capital that you can introduce from your savings as well as the funds that you can borrow.

What should your first step be when creating a business plan?

1. Executive summary. This is the first page of your business plan. It should include a mission statement, which explains the main focus of your business, as well as a brief description of the products or services offered, basic information such as ownership structure, and a summary of your plans.

How do I start my own business in South Africa?

6 Registration Documents most new South African Companies need

1. Register a Company (CIPC) – CoR14. 3, CoR14. 1, CoR14.
2. Tax Verification (SARS) and Tax Clearance Certificate from SARS.
3. A BEE Affidavit or BEE Certificate.
4. UIF Registration.
5. COID Registration and a Letter of Good Standing from COIDA.
6. A Business Bank Account.