School of Administration & Management - Virtual Business Clinic
The School of Administration & Management at STADIO Higher Education has established a virtual business clinic for all STADIO students and non-STADIO students with Small, Medium and Micro Enterprises (SMME's) to access free business documents in order to kick-start their road to successfully managing their businesses.
SMALL, MEDIUM AND MICRO ENTERPRISES (SMME’S)
SMME's, also referred to as small businesses, play an important role in an economy. They can be key drivers of economic growth, innovation and job creation.
The Daily Maverick identifies SMME strengths, weaknesses and large business support.
The South African Government, recognises the importance of this segment of business activity, so much so that a new Department for Small Business Development was established in (early) 2014.
The mission of the Department of Small Business Development is to focus on enhanced support to small business and cooperatives, with an emphasis on programmes to advance entrepreneurship amongst women, the youth, and people with disabilities to contribute to job creation and economic growth.
WHAT TYPE OF BUSINESS STRUCTURE CAN YOU REGISTER IN SOUTH AFRICA?
Sole Proprietorship - this business structure defines a venture founded and operated by a single proprietor without partners or co-founders. Many businesses start as a side 'hustle' and eventually grow into larger, more complex business structures.
Partnership - is a venture founded and operated by one or more partners. It is an ideal business type for leveraging people’s varying skills.
Proprietary Limited Company (Pty Ltd) - under this structure, the company is a separate legal entity from the owner. If things go wrong with the business, the owner’s assets cannot be involved in settling debts or other financial damages.
Public Company - a public company trades its shares on a stock exchange. Share trading determines the value of the whole business.
HOW TO START UP YOUR OWN BUSINESS
Starting a business is one of the most exciting a rewarding experiences you can have. But where do you begin?
BUSINESS NEWS DAILY provides 11 things to do before starting a business.
Forbes Advisor provides 11 Steps (the official 2023 Guide) on how to start a business.
The Small Enterprise Development Agency (SEDA) provides business development and support services for small enterprises. SEDA will give you all the information you need to start a business, including how to write a business plan, and once you have a business, to grow it.
REGISTERING A BUSINESS
You can register a non-profit company or profit company with Companies and Intellectual Property Commission (CIPC). A company is a legal person which has capacity and powers to act on its own. The law sees a company in the same light as a natural person.
The CIPC provides you with all the necessary forms needed to bring you one step closer to making a success of your SMME.
According to the South African Revenue Services (SARS), you are required to register with the cipc before registering with sars for an income tax number. Once a taxpayer is registered with CIPC, sars will automatically generate an income tax reference number. The taxpayer must then register on e-filing to transact electronically.
POSSIBLE FUNDING OPPORTUNITIES
The 2023 list of sponsorship companies in South Africa will provide you with sponsorship companies who are responsible for the growth and investment of businesses in South Africa. Sponsorship can lead to a great deal of exposure and opportunities; it can create visibility for your business and push it for more success!
Should you have any further questions please email Philip Fouche at [email protected]