{"id":38686,"date":"2023-07-12T12:44:58","date_gmt":"2023-07-12T12:44:58","guid":{"rendered":"https:\/\/swoopfunding.com\/za\/?post_type=start-a-business&#038;p=38686"},"modified":"2025-06-09T08:42:23","modified_gmt":"2025-06-09T08:42:23","slug":"how-to-start-a-small-business","status":"publish","type":"start-a-business","link":"https:\/\/swoopfunding.com\/za\/start-a-business\/how-to-start-a-small-business\/","title":{"rendered":"How to start a small business"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"38686\" class=\"elementor elementor-38686\" data-elementor-post-type=\"start-a-business\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3b3fcd2d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3b3fcd2d\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-78c7fa95\" data-id=\"78c7fa95\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-55d0851d elementor-widget elementor-widget-text-editor\" data-id=\"55d0851d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">Starting your own business can be an exciting and rewarding experience. But there\u2019s a lot to consider and you\u2019ll need to be prepared to put in the work to get your business off the ground.<\/span><\/p><p style=\"text-align: left;\"><span style=\"font-weight: 400;\">Part of this will involve writing a business plan, deciding on the legal structure of your business and getting funding to help your business expand and grow.\u00a0<\/span><\/p><p style=\"text-align: left;\"><span style=\"font-weight: 400;\">So, take a deep breath, grab a cup of tea, and check out our comprehensive guide that covers all you need to know about how to start a small business. <\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6dda3f4d elementor-align-center elementor-widget elementor-widget-button\" data-id=\"6dda3f4d\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-md\" href=\"https:\/\/southafrica.swoopfunding.com\/stage\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Get a quote<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-67e369c2 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"67e369c2\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1d6348ef\" data-id=\"1d6348ef\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-12a3a37d elementor-widget elementor-widget-heading\" data-id=\"12a3a37d\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Why start your own business?\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7b3bb6e8 elementor-widget elementor-widget-text-editor\" data-id=\"7b3bb6e8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">There are multiple reasons why you might want to start your own business. Perhaps the most attractive one is that you get to be your own boss. This means you can work more flexibly, pick your own hours and decide what type of work you want to do.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Going it alone can mean you get to focus on something you\u2019re interested in while also having a varied role. One minute you could be dealing with suppliers, the next you could be tackling accountancy spreadsheets. Working for yourself can also be very profitable, provided you have the right business idea and the right mindset.<\/span><\/p><p><span style=\"font-weight: 400;\">To give yourself the best chances of success, you\u2019ll need to give some serious thought to the type of business you want to run. Think about what you\u2019re interested in as well as what you\u2019re good at. Do people regularly come to you for advice about certain topics and what do you already have experience in?\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Also consider whether there\u2019s a gap in the market that you could fill. It\u2019s important to conduct some market research and check whether a service is viable by looking at <\/span><a href=\"https:\/\/trends.google.com\/trends\/?geo=GB\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Google Trends<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Once you\u2019ve got a business idea, you need to think about whether you want to <\/span><a href=\"https:\/\/swoopfunding.com\/za\/blog\/how-to-set-up-an-online-business\/\"><span style=\"font-weight: 400;\">set up an online business<\/span><\/a><span style=\"font-weight: 400;\"> or whether you\u2019d prefer to have physical premises.\u00a0\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6879388 elementor-align-center elementor-widget elementor-widget-button\" data-id=\"6879388\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/southafrica.swoopfunding.com\/stage\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Apply now<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-78c08d2 elementor-widget elementor-widget-spacer\" data-id=\"78c08d2\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-03f5372 elementor-widget elementor-widget-heading\" data-id=\"03f5372\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">When is the best time to start a business?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-004bd23 elementor-widget elementor-widget-text-editor\" data-id=\"004bd23\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The timing to start a business can vary depending on your circumstances, industry trends, and market conditions. There isn&#8217;t a universally &#8220;best&#8221; time to start a business, as factors such as personal readiness, financial stability, and market opportunities play a role.<\/p><p>Some <a class=\"waffle-rich-text-link\" href=\"https:\/\/swoopfunding.com\/za\/business-glossary\/entrepreneur\/\">entrepreneurs<\/a> may find good moments during economic upswings or when consumer demand for certain products or services is high. Others may choose to launch their business during downturns, benefitting from lower costs and less competition.<\/p><p>The decision to start a business should be based on careful consideration of both internal and external factors, including personal goals, financial resources, industry knowledge, and market research. It&#8217;s important to assess the risks and rewards related to starting a business and to be prepared to adapt to changing circumstances throughout the business journey.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-23d5e3d elementor-widget elementor-widget-heading\" data-id=\"23d5e3d\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What are some easy businesses to start?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5566311 elementor-widget elementor-widget-text-editor\" data-id=\"5566311\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>There are several easy-to-start businesses in South Africa for various interests and skill sets. Here are some examples:<\/p><ul><li><strong>Consulting services<\/strong>: Offering <a class=\"waffle-rich-text-link\" href=\"https:\/\/swoopfunding.com\/za\/start-a-business\/consulting-business\/\">consulting services<\/a> in areas such as marketing, finance, human resources, or business management can be a low-cost business to start, particularly if you have expertise in a specific industry.<\/li><li><strong>Freelance writing or content creation<\/strong>: If you have strong writing skills, starting a freelance writing or content creation business can be relatively straightforward. You can offer services such as copywriting, blogging, or editing to businesses.<\/li><li><strong>Event planning or coordination<\/strong>: Planning and coordinating events such as weddings, parties, or corporate functions can be a rewarding and easy-to-start business, especially if you have organisational skills and a creative flair.<\/li><li><strong>Online retail or e-commerce<\/strong>: Starting an online retail business can be a simple way to enter the entrepreneurial world, particularly if you have a niche product or market.<\/li><li><strong>Tutoring or teaching<\/strong>: If you have expertise in a particular subject or skill, offering tutoring or teaching services can be a good business opportunity. You can provide one-on-one lessons, group classes, or online courses.<\/li><li><strong>Cleaning or janitorial services<\/strong>: Starting a <a class=\"waffle-rich-text-link\" href=\"https:\/\/swoopfunding.com\/za\/blog\/how-to-set-up-a-cleaning-business\/\">cleaning<\/a> or janitorial services business requires minimal investment in equipment and supplies and can be an easy business to start, particularly if you have experience in cleaning or are willing to learn.<\/li><li><strong>Pet sitting or dog walking<\/strong>: Providing pet sitting, dog walking, or pet grooming services can be a simple and low-cost business to start, particularly if you have a love for animals.<\/li><li><strong>Handyman services<\/strong>: Offering handyman services such as home repairs, maintenance, or <a class=\"waffle-rich-text-link\" href=\"https:\/\/swoopfunding.com\/za\/start-a-business\/landscaping-business\/\">landscaping<\/a> can be a straightforward business to start, particularly if you have skills in plumbing, electrical work, or gardening.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6f108dd elementor-widget elementor-widget-heading\" data-id=\"6f108dd\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What is the most profitable type of business?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0a38654 elementor-widget elementor-widget-text-editor\" data-id=\"0a38654\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Determining the most profitable type of business in South Africa can be challenging, as profitability varies depending on factors such as industry trends, market demand, and individual business strategies.<\/p><p>However, certain industries tend to show strong profitability potential, including technology and software development, renewable energy, healthcare services, <a class=\"waffle-rich-text-link\" href=\"https:\/\/swoopfunding.com\/za\/sectors\/agricultural-loans\/\">agriculture<\/a>, and e-commerce. Each of these sectors presents opportunities for innovation, growth, and meeting changing consumer needs.<\/p><p>The most profitable type of business for an entrepreneur in South Africa depends on factors such as their skills, experience, resources, and market insights. Conducting thorough market research and identifying niche opportunities can help entrepreneurs maximise profitability in their chosen industry.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3a32811 elementor-widget elementor-widget-heading\" data-id=\"3a32811\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What are the requirements to start a business?\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bdcfce8 elementor-widget elementor-widget-text-editor\" data-id=\"bdcfce8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">When you\u2019ve decided on the type of business you want, you\u2019re ready to start getting it up and running.\u00a0<\/span><\/p><h3><strong>1. Register a business name<\/strong><\/h3><p><span style=\"font-weight: 400;\">Naming your business can be a bit of fun but it can also be frustrating if you find someone else has the same or similar name to the one you wanted. Your business name needs to be unique, it must not be offensive and it must appeal to your target audience.<\/span><\/p><p><span style=\"font-weight: 400;\">It\u2019s worth carrying out a search on Google<\/span><span style=\"font-weight: 400;\">\u00a0before you become set on a particular business name. That way you\u2019ll know whether anyone else has a similar name to yours.\u00a0<\/span><\/p><h3><strong>2. Establish a legal structure<\/strong><\/h3><p><span style=\"font-weight: 400;\">The next step is to choose your legal structure. The structure you choose will impact how your business is taxed and how much tax you\u2019ll pay. Setting up as a <a href=\"https:\/\/swoopfunding.com\/za\/business-glossary\/sole-trader\/\">sole trader<\/a> is the simplest option. You\u2019ll need to register your business so that you can pay income tax through your <\/span><span style=\"font-weight: 400;\">self-assessment tax return<\/span><span style=\"font-weight: 400;\"> each year. Note that being a sole trader means you\u2019re personally liable for any business debts.<\/span><\/p><p><span style=\"font-weight: 400;\">If you\u2019re starting your business with a partner or partners, setting up a partnership will be more appropriate. You\u2019ll share responsibility for your business\u2019 debts and its profits and losses. Each partner pays tax on their portion of the profits through their own personal self-assessment tax return.\u00a0\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Alternatively, you might prefer to <\/span><span style=\"font-weight: 400;\">set up a limited company.<\/span><span style=\"font-weight: 400;\"> This means your business finances will be separate to your personal finances and you\u2019ll need to pay <\/span><span style=\"font-weight: 400;\">corporation tax<\/span><span style=\"font-weight: 400;\"> on your profits. This could work out cheaper if you\u2019re a higher rate taxpayer.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Setting up a limited company can also be more suitable if you plan to hire employees as you can pay salaries through the pay as you earn (PAYE) scheme.\u00a0<\/span><\/p><h3><strong>3. Write your business plan<\/strong><\/h3><p><span style=\"font-weight: 400;\">A business plan is an important document that outlines to potential investors what your business does and what your future plans are. Even if you don\u2019t plan to apply for finance yet, a business plan can help you get a better idea of your strategic goals and any potential problems that could arise.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">A business plan should include the following:<\/span><b><\/b><\/p><ul><li aria-level=\"1\"><b>An executive summary: <\/b><span style=\"font-weight: 400;\">This should go at the start of your plan but needs to be written last. It should describe your business and outline your objectives.\u00a0<\/span><\/li><\/ul><ul><li style=\"list-style-type: none;\"><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Products and services: <\/b><span style=\"font-weight: 400;\">This needs to outline what products or services you\u2019ll be offering, how you\u2019ll source the materials and how much they will cost.\u00a0<\/span><\/li><\/ul><\/li><\/ul><ul><li aria-level=\"1\"><b>Market analysis: <\/b><span style=\"font-weight: 400;\">Show that you\u2019ve examined the market and looked at competitors to establish that there is a demand for the service you\u2019ll be offering.<\/span> <span style=\"font-weight: 400;\">Be sure to include your target market, as well as market size, growth rate and trends.<\/span><b>\u00a0<\/b><\/li><\/ul><ul><li aria-level=\"1\"><b>Financial projections: <\/b><span style=\"font-weight: 400;\">This should include revenue, expenses, cash flow and profit.<\/span> <span style=\"font-weight: 400;\">Usually, five years of projected financial statements are enough.<\/span><b>\u00a0<\/b><\/li><\/ul><ul><li aria-level=\"1\"><b>Management team and strategies: <\/b><span style=\"font-weight: 400;\">Highlight all the key players involved in the business and what qualifications they have. Also include the risk management strategies you propose.\u00a0<\/span><\/li><\/ul><ul><li aria-level=\"1\"><b>Marketing plan: <\/b><span style=\"font-weight: 400;\">This should outline how you\u2019re going to promote your business and how much you expect to spend on marketing. It can also be worth including a <\/span><a href=\"https:\/\/swoopfunding.com\/za\/blog\/how-to-do-a-swot-analysis\/\"><span style=\"font-weight: 400;\">SWOT analysis<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/li><\/ul><h3><strong>4. Secure funding and finance to set up and grow your business<\/strong><\/h3><p><span style=\"font-weight: 400;\">When starting a business, unless you have a significant sum of savings lurking in an account somewhere, it\u2019s likely you\u2019ll need to borrow funds to help get your business set up and later expand.<\/span><\/p><p><span style=\"font-weight: 400;\">You could think about approaching friends and family to see if they would be willing to loan you the money as this can be cheaper than going to the banks. But this also has the potential to ruin your relationship if your business fails to take off and you can\u2019t afford to repay the money.<\/span><\/p><p><span style=\"font-weight: 400;\">Another option is to find out whether you qualify for a <\/span><span style=\"font-weight: 400;\">startup loan<\/span><span style=\"font-weight: 400;\">. This type of loan is designed to help new businesses launch and expand and will give you a lump sum that you then repay in monthly instalments over a set term, with interest on top. To qualify, your business must have been trading for no more than 36 months and you must be able to prove that you were unable to obtain a loan from alternative sources and that you can afford the repayments.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Further finance options to consider include:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">an <\/span><a href=\"https:\/\/swoopfunding.com\/za\/business-loans\/unsecured-business-loans\/\"><span style=\"font-weight: 400;\">unsecured business loan<\/span><\/a><span style=\"font-weight: 400;\">, which lets you borrow a lump sum from a <a href=\"https:\/\/swoopfunding.com\/za\/business-glossary\/high-street-bank\/\">high street bank<\/a> or online lender;<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">a <\/span><a href=\"https:\/\/swoopfunding.com\/za\/knowledge-hub\/business-credit-card\/\"><span style=\"font-weight: 400;\">business credit card<\/span><\/a><span style=\"font-weight: 400;\">, which enables you to borrow flexibly up to your set credit limit;<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">a <\/span><a href=\"https:\/\/swoopfunding.com\/za\/business-grants\/\"><span style=\"font-weight: 400;\">business grant<\/span><\/a><span style=\"font-weight: 400;\"> that you won\u2019t have to pay back, but you\u2019ll usually need to be working in a particular industry to qualify;<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/swoopfunding.com\/za\/business-loans\/asset-finance\/\"><span style=\"font-weight: 400;\">asset finance<\/span><\/a><span style=\"font-weight: 400;\">, which enables you to lease or hire business equipment;<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/swoopfunding.com\/za\/knowledge-hub\/equity-crowdfunding\/\"><span style=\"font-weight: 400;\">crowdfunding<\/span><\/a><span style=\"font-weight: 400;\">, which lets you raise money from a large group of people via an online platform.\u00a0<\/span><\/li><\/ul><h3><strong>5. Establish a marketing strategy<\/strong><\/h3><p><span style=\"font-weight: 400;\">Once you\u2019ve got your funding in place, it\u2019s time to think about how you\u2019re going to market your business.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">As a first step, it\u2019s important to build a website for your business. Website builders <\/span><span style=\"font-weight: 400;\">can help guide you through the process and you can choose to have a standard information website or an e-commerce site if you\u2019re selling products online.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">You\u2019ll also need to optimise your website for search engines so that people can easily find your website and understand what it offers.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Additionally, it\u2019s worth building a social media presence through platforms like Facebook, Twitter, LinkedIn and\/or Instagram. Post content that\u2019s interesting and relevant to your target market and also helps drive customers back to your website.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Finally, consider writing regular blog posts, sending emails and newsletters and using flyers and print marketing to advertise your business.\u00a0<\/span><\/p><h3><strong>6. Secure business insurance<\/strong><\/h3><p><span style=\"font-weight: 400;\">Having the right insurance in place is crucial to running a successful business. Some of the <\/span><span style=\"font-weight: 400;\">business insurance<\/span><span style=\"font-weight: 400;\"> policies to consider are outlined below:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Public liability insurance.<\/b><span style=\"font-weight: 400;\"> This covers you if you\u2019re taken to court because your business activities caused damage to someone\u2019s property or resulted in injury. It can cover your legal costs and any compensation you might be required to pay.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Employer\u2019s liability insurance.<\/b><span style=\"font-weight: 400;\"> You\u2019ll need to have this type of insurance if you employ staff. It provides cover for compensation claims if an employee becomes ill or injures themselves due to the work they carry out for you.\u00a0<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Professional indemnity insurance.<\/b><span style=\"font-weight: 400;\"> This will protect you in the event a client loses money as a result of negligence in the services you\u2019ve provided. It can cover legal fees and compensation payments.\u00a0<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Contents insurance:<\/b><span style=\"font-weight: 400;\"> This protects your business equipment and other physical belongings in the event they are damaged or stolen. Some policies will also offer cover for items you take outside the business premises.\u00a0<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Business interruption insurance:<\/b><span style=\"font-weight: 400;\"> This covers you for loss of income during periods where your business can\u2019t operate due to an unexpected event such as damage to your premises by fire or flooding, or the breakdown of essential equipment.\u00a0<\/span><\/li><\/ul><h3><strong>7. Register for tax<\/strong><\/h3><p><span style=\"font-weight: 400;\">Before you start trading, you must register your business. If you\u2019re a sole trader you\u2019ll need to register to be able to <\/span><span style=\"font-weight: 400;\">file a self-assessment tax return<\/span><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">If your VAT taxable turnover exceeds R85,000 in any month over the last 12 months, you\u2019ll also need to register for VAT and <\/span><span style=\"font-weight: 400;\">complete a VAT return<\/span><span style=\"font-weight: 400;\"> each quarter.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Finally, if you\u2019re hiring staff, you will need to register for PAYE.<\/span><\/p><h3><strong>8. Establish secure record storing<\/strong><\/h3><p><span style=\"font-weight: 400;\">A big part of making sure you pay the correct amount of tax is to stay organised and keep accurate business records. Without this, completing your tax returns can be extremely time-consuming and you\u2019re more likely to make mistakes.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Opening a <\/span><span style=\"font-weight: 400;\">business bank account<\/span><span style=\"font-weight: 400;\"> will help you keep your personal and business accounts separate, making it much easier to see what\u2019s what when it comes to completing your tax returns. There\u2019s also a wide range of accounting software that can help make record-keeping a lot easier. <\/span><span style=\"font-weight: 400;\">Many of these tools will also help you streamline your invoicing process, helping you to chase late payments and make paying invoices a lot quicker and hassle-free for your customers.\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-55b9509 elementor-align-center elementor-widget elementor-widget-button\" data-id=\"55b9509\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/southafrica.swoopfunding.com\/stage\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Apply now<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-674a3245 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"674a3245\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4ce089dc\" data-id=\"4ce089dc\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f697ac8 elementor-widget elementor-widget-heading\" data-id=\"f697ac8\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Which types of businesses can I start from home?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2c0501c elementor-widget elementor-widget-text-editor\" data-id=\"2c0501c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Many types of businesses can be successfully operated from home, offering flexibility and convenience for entrepreneurs. Here are some examples:<\/p><ul><li><strong>Freelancing<\/strong>: Offering freelance services such as writing, <a class=\"waffle-rich-text-link\" href=\"https:\/\/swoopfunding.com\/za\/start-a-business\/graphic-design-business\/\">graphic design<\/a>, web development, or <a class=\"waffle-rich-text-link\" href=\"https:\/\/swoopfunding.com\/za\/start-a-business\/consulting-business\/\">consulting<\/a> allows individuals to work remotely and serve clients from anywhere.<\/li><li><strong>E-commerce<\/strong>: Starting an online store allows entrepreneurs to run a <a class=\"waffle-rich-text-link\" href=\"https:\/\/swoopfunding.com\/za\/start-a-business\/how-to-start-a-retail-business\/\">retail business<\/a> from home without the need for a physical storefront.<\/li><li><strong>Consulting or coaching<\/strong>: Providing consulting services in areas such as business, marketing, finance, or personal development can be done remotely, allowing consultants to work with clients globally from their home office.<\/li><li><strong>Virtual assistance<\/strong>: Providing virtual assistant services to businesses such as administrative support, customer service, or social media management, can be done remotely from a home office.<\/li><li><strong>Arts and crafts<\/strong>: Creating and selling handmade crafts, artwork, or DIY products through online marketplaces or at local craft fairs allows artisans to turn their creative hobbies into home-based businesses.<\/li><li><strong>Blogging or content creation<\/strong>: Starting a blog, YouTube channel, or podcast and monetising it through advertising, sponsorships, or affiliate marketing can be done from home.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-be64ab0 elementor-widget elementor-widget-heading\" data-id=\"be64ab0\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How do I do this with no money?\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-71b77e22 elementor-widget elementor-widget-text-editor\" data-id=\"71b77e22\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">You don\u2019t have to have thousands of pounds stashed away in a savings account to get a new business off the ground.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Setting up a YouTube channel or using TikTok are easy ways to start out small and can enable you to earn some cash. You could also think about providing services like dog walking or personal training. Creating a <\/span><a href=\"https:\/\/www.google.com\/intl\/en_uk\/business\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Google Business Profile<\/span><\/a><span style=\"font-weight: 400;\"> will help to get word out about your business, as will advertising via social media.<\/span><\/p><p><span style=\"font-weight: 400;\">But, as mentioned earlier, there are also a number of funding options you could explore for new businesses. Business grants, for example, are usually awarded by the government or other companies and there are hundreds of different grants you can apply for across South Africa. Often they will be targeted towards specific industries, community groups or types of business, so check to see if you qualify.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Alternatively, find out whether you might be able to apply for a startup loan, or look into seeking investment through crowdfunding. You\u2019re more likely to be successful with this if you have a unique business idea and you can show that it has a lot of growth potential. However, you might need to give your investors a share in the company or a reward in return for their cash.<\/span><\/p><p><span style=\"font-weight: 400;\">You might also be able to secure investment from a <\/span><a href=\"https:\/\/swoopfunding.com\/za\/knowledge-hub\/business-angels\/\"><span style=\"font-weight: 400;\">business angel<\/span><\/a><span style=\"font-weight: 400;\">. These are high net worth individuals who prefer to invest in startups and early stage businesses. In return for their investment, they receive shares in the company. They can also offer their expertise and contacts to help your business grow.\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0aa7a62 elementor-widget elementor-widget-heading\" data-id=\"0aa7a62\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Get started with Swoop's business funding platform<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-48c66e3 elementor-widget elementor-widget-text-editor\" data-id=\"48c66e3\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Keen to get your small business off the ground but not sure how to secure the necessary funding? Our team of experts here at Swoop will be happy to talk through your funding requirements and help match you with the most suitable choice for your new business. <\/span><a href=\"https:\/\/southafrica.swoopfunding.com\/stage\"><span style=\"font-weight: 400;\">Get started today<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-39dc8861 elementor-align-center elementor-widget elementor-widget-button\" data-id=\"39dc8861\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/southafrica.swoopfunding.com\/stage\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Apply now<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"author":22,"featured_media":0,"parent":0,"template":"","start-a-business-sectors":[370],"class_list":["post-38686","start-a-business","type-start-a-business","status-publish","hentry","start-a-business-sectors-starting-a-business"],"acf":[],"featured_image_urls_v2":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":"","image_blog":"","image_blog_full":"","image_podcast":"","image_banking":"","image_blog_internal":"","image_blog_medium":"","image_single_banking":""},"post_excerpt_stackable_v2":"<p>Starting your own business can be an exciting and rewarding experience. But there\u2019s a lot to consider and you\u2019ll need to be prepared to put in the work to get your business off the ground.Part of this will involve writing a business plan, deciding on the legal structure of your business and getting funding to help your business expand and grow.\u00a0So, take a deep breath, grab a cup of tea, and check out our comprehensive guide that covers all you need to know about how to start a small business. Get a quote Why start your own business? There are&hellip;<\/p>\n","category_list_v2":"","author_info_v2":{"name":"Rachel Wait","url":"https:\/\/swoopfunding.com\/za\/author\/rachel-wait\/"},"comments_num_v2":"0 comments","_links":{"self":[{"href":"https:\/\/swoopfunding.com\/za\/wp-json\/wp\/v2\/start-a-business\/38686","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/swoopfunding.com\/za\/wp-json\/wp\/v2\/start-a-business"}],"about":[{"href":"https:\/\/swoopfunding.com\/za\/wp-json\/wp\/v2\/types\/start-a-business"}],"author":[{"embeddable":true,"href":"https:\/\/swoopfunding.com\/za\/wp-json\/wp\/v2\/users\/22"}],"version-history":[{"count":20,"href":"https:\/\/swoopfunding.com\/za\/wp-json\/wp\/v2\/start-a-business\/38686\/revisions"}],"predecessor-version":[{"id":43275,"href":"https:\/\/swoopfunding.com\/za\/wp-json\/wp\/v2\/start-a-business\/38686\/revisions\/43275"}],"wp:attachment":[{"href":"https:\/\/swoopfunding.com\/za\/wp-json\/wp\/v2\/media?parent=38686"}],"wp:term":[{"taxonomy":"start-a-business-sectors","embeddable":true,"href":"https:\/\/swoopfunding.com\/za\/wp-json\/wp\/v2\/start-a-business-sectors?post=38686"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}