A business plan is a document that summarizes the operational and financial objectives of a business and contains the detailed plans and budgets showing how the objectives are to be realized. It communicates a viable business idea.
We communicate with employees, suppliers, investors, financial institutions and other stakeholders.
The main reason for this communication is to convince stakeholders that the new venture will be successful and it is worthwhile to invest in the enterprise. (Refer to Factsheet)
What is the best form for my business?
At this stage of your preparation to venture into business, you should have covered ample ground in terms of the following:
- You should be in business already or you should have decided to start one.
- You should be quite some way into your planning process, and have a very good idea of the partners involved, if any.
Once you have made up your mind about opening a business, you will have to decide what type of business structure to use. Your first step will be to get acquainted with the options available to you.
The business structures available to small business owners are sole proprietorships, partnerships, close corporations, private companies and trusts. Each of these business structures has its own advantages and disadvantages and each confers different responsibilities, liabilities and opportunities for creating wealth. (Refer to Factsheet)
Starting your business
Have you got what it takes? Are you ready to start a business?
In order to start and run a successful business, it is not enough just to have a good, viable idea. Starting a business requires you to have the right skills, attitude and personality to make the enterprise succeed. A number of key considerations must be taken into account before making the ultimate decision of going into a business. This includes but are not limited to motives, personality, pressure, age and experience, and one’s personal skills. See the fact sheet for more information.
The following are some key questions that you are likely to ask yourself when considering venturing into entrepreneurship:
- What is an entrepreneur?
- I don’t have a business idea but I have to do something. What business should I start?
- I have a business idea – where do I go from here?
- Buying/purchasing: Where do I find raw materials and equipment?
- What is a business plan?
- How do I compile a business plan?
- How do I manage my assets: Intellectual property
- Legal issues: What is the best legal form for my business?
- How do I go about setting up a Close Corporation?