Free business start up kit for Namibia

 

BUSINESS REGISTRATION / HOW TO START A BUSINESS

FREE BUSINESS START UP KIT

ü  REGISTER YOUR BUSINESS TODAY.

ü  DO YOU WANT TO START YOUR OWN BUSINESS?

WE. Business Multi Service, make it very affordable.

Here are easy steps on how to start a business

Here are easy steps that are required to start a business successfully. Take one step at a time, and you'll be on your way to successful small business ownership. Business Multi Service will hold your hand from start to finish.

 

Step 1: Do Your Research / Identify a business idea

Business Multi Service will help you with this step you can contact us at 081 790 1079, 081 691 7765 or 081 283 0731 It is most likely that you have already identified a business idea (If not we have a published book called 501 Business Ideas, which can inspire you – its available free for our BMS subscribers or costs N$287.50 for non members) the book is available on Amazon.com or from Windhoek Bookshops like: Salient Stationers, Book Den or Windhoeker Buch Handlung. Once you are set on a business idea, so now it's time to balance your idea with a little reality. Does your idea have the potential to succeed? You will need to run your business idea through a validation process before you go any further. In order for a business to be successful, it must solve a problem, fulfill a need or offer something the market wants.

There are a number of ways you can identify this need, including research, focus groups, and even trial and error. As you explore the market, some of the questions you should answer include:

·         Is there a need for your anticipated products/services?

·         Who needs it?

·         Are there other companies offering similar products/services now?

·         What is the competition like?

·         How will your business fit into the market?

·         Don't forget to ask yourself some questions, too, about starting a business before you take the plunge.

Starting a business will be very demanding but can be highly rewarding. Through a business you can gain financial independence, become rich and have the freedom to be all you can be and take care of your family and friends.

 

Many people procrastinate for years out of fear, lack of courage or lack of knowledge, through Business Multi Service your business idea has expert back up for all your business administrative services needs.

 

Step 2: Make a Business Plan / Put your idea on paper

BUSINESS MULTI SERVICE WILL HELP YOU WITH THIS STEP SIMPLY CALL 0817901079 OR 0812830731. If you fail to plan you are planning to fail therefore you need a plan in order to make your business idea a reality; you need to put your idea into a written implementation plan. A business plan is a blueprint (the Bible of a business) that will guide your business from the start-up phase through establishment and eventually business growth, and it is a must-have for all new businesses. The good news is that there are different types of business plans for different types of businesses and when you need to raise funds, the business plan becomes imperative and you should make sure you get expert help.

If you intend to seek financial support from an investor or financial institution, a traditional business plan is a must. This type of business plan is generally long and thorough and has a common set of sections that investors and banks look for when they are validating your idea.

If you don't anticipate seeking financial support, a simple one-page business plan can give you clarity about what you hope to achieve and how you plan to do it. In fact, you can even create a working business plan on the back of a napkin, and improve it over time. Some kind of plan in writing is always better than nothing.

Step 3: Plan Your Finances / How to fund your business idea

Starting a small business doesn't have to require a lot of money, but it will involve some initial investment as well as the ability to cover ongoing expenses before you are turning a profit. Put together a spreadsheet that estimates the one-time startup costs for your business (company registration, licenses and permits, equipment, legal fees, insurance, branding, market research, inventory, trademarking, grand opening events, property leases, etc.), as well as what you anticipate you will need to keep your business running for at least 6 to 12 months (rent, utilities, marketing and advertising, production, supplies, travel expenses, employee salaries, your own salary, etc.).

Those numbers combined is the initial investment you will need.

Now that you have a rough number in mind, there are a number of ways you can fund your small business, including:

 

Source of Financing

ü  Small business loans from financial institutions (DBN, FNB, Bank Windhoek, Standard Bank, Nedbank etc…)

ü  Small business grants (Government, NGOs, Diplomatic Missions etc…)

ü  Friends and family

ü  Angel investors

ü  Government funding programmes and Equipment financing schemes.

ü  Crowdfunding

You can also attempt to get your business off the ground by bootstrapping (Starting your business on a string budget), using as little capital as necessary to start your business and grow it organically with profits realized. You may find that a combination of the paths listed above work best. The goal here, though, is to work through the options and create a funding plan for setting up the capital you need to get your business off the ground. Be creative, you may even find that your initial customers could pay you in advance for products or services should they have enough confidence in your business. Do not limit yourself and do not be discouraged, business requires perseverance.

Step 4: Choose a Business Structure or type of legal entity

Your small business can be a sole trader, a partnership, a proprietary limited company (pty) or a close corporation (cc). The type business legal entity type choose will have an impact on many factors in your company from your business name, to your financial liability, to how you file your taxes.

You may choose an initial business structure, and then reevaluate and change your structure as your business grows and needs change.

 

Step 5: Pick and Register Your Business Name

BUSINESS MULTI SERVICE WILL HELP YOU WITH THIS STEP SIMPLY CALL 0817901079 OR 0812830731 In registering your company the first phase is to reserve the name your company will be called. You typically get to choose or propose 6 business names from which BIPA (the Namibian Business and Intellectual Property Authority) will approve 1 and reserve that name for a period of 60 days to allow you to register your company. There is a specific form to complete which is submitted with a payment of a revenue stamp. Your business name plays a role in almost every aspect of your business, so you want it to be a good one, be creative and have a catchy name. Make sure you think through all of the potential implications as you explore your options and choose your business name.

Once your name is approved by BIPA, don't forget to register your internet domain name, today most businesses have present on the world wide web. The name reservation turn around time could take 5 to 14 days to come back from BIPA from our experience.

 

Once the business name is approved, you are ready for the file step and you can file the CC1 forms in the case of a close corporation, a CM8 in case of a defensive name or sole trader, Memorandum and Articles of associations CM2 in case of a pty Ltd etc…. BUSINESS MULTI SERVICE CAN HELP.

 

Step 6: Get Licenses and Permits

Paperwork is a part of the process when you start your own business. BUSINESS MULTI SERVICE WILL HELP YOU WITH THIS STEP SIMPLY CALL 0817901079 OR 0812830731

There are a variety of small business licenses and permits that may apply to your situation, depending on the type of business you are starting and where you are located. You will need to research what licenses and permits apply to your business during the start-up process.

If your business is a bar for example you will need a liquor license, if a car wash in Windhoek you will need a special municipal permit, various businesses will need different licenses and permits and it’s important to get started legally.

Types of licenses and permits:

ü  Namfisa Licenses for financial institutions

ü  Liquor License

ü  Mining License

ü  Municipal fitness certificate

ü  Gun license

ü  Night club License

ü  Guess house license

ü  Hotel license

ü  Gambling house license

ü  Taxi License

ü  Interurban Transport License

ü  Professional licenses for certains specialized businesses (Pharmacies, Doctors, Lawyers etc….)

Registration of a business is no longer enough as additional permits are required to operate certains businesses and these are an attempt to protect the public by insuring that business operators act responsible. There are very few businesses that do not require some type of additional license to operate legally. So make sure you use the services of a professional business consulting firm like Business Multi Service. With over 15 years in business, we have the experience and expertise to guide you through to your business success.

 

Step 7: Choose Your Accounting System / Count your money

Small businesses run most effectively when there are systems in place. One of the most important systems for a small business is an accounting system.

Your accounting system is necessary in order to create and manage your budget, set your rates and prices, conduct business with others, and file your taxes. You can set up your accounting system yourself, or hire an accountant to take away some of the guesswork, Business Multi Service will save you time and money. BMS recommends a very practical software NCH the free version allows small and medium companies to manage their income, expenses, profits and inventory. There are various options which incorporate a POS system.

Step 8: Set Up Your Business Location

Location location location, setting up your place of business is important for the operation of your business, whether you will have a home office, a shared or private office space, or a retail location. You will need to think about your location, equipment, and overall setup, and make sure your business location works for the type of business you will be doing. You will also need to consider if it makes more sense to buy or lease your commercial space, if you have the financial means to consider buying.

Retail businesses will generally look for foot traffic and busy areas to set up shop, service companies may not have the same requirement.

Accessibility is important, your budget limitations could dictate where you initially set up your business.

 

Step 9: Get Your Team Ready

Putting the right team together is a test of your leadership skills and selecting the right team members is key to business success. If you will be hiring employees, now is the time to start the process. Make sure you take the time to outline the positions you need to fill, and the job responsibilities that are part of each position. Business Multi Service can assist and guide you in hiring your first employees.

If you are not hiring employees, but instead outsourcing work to independent contractors or service providers, now is the time to work with an business consultant or legal advisor to get various agreements in place.

Lastly, if you are a true solopreneur / sole trader hitting the small business road alone, you may not need employees or contractors, but you will still need your own support team BMS. This team can be comprised of your business advisors like Business Multi Service, a mentor, small business coach, or even your family, and serves as your go-to resource for advice, motivation and reassurance when things get rough.

 

Step 10: Promote Your Small Business

Once your business is up and running, you need to start attracting clients and customers. You'll want to start with the basics by writing a unique selling proposition (USP) and creating a marketing plan. Then, explore as many small business marketing ideas as possible so you can decide how to promote your business most effectively. BUSINESS MULTI SERVICE WILL HELP YOU WITH THIS STEP SIMPLY CALL 0817901079 OR 0812830731

Once you have completed these business start-up activities, you will have all of the most important bases covered. Keep in mind that success doesn't happen overnight. But use the plan you've created to consistently work on your business, and you will increase your chances of success.

 

BUSINESS MULTI SERVICE WILL BE WITH YOU FROM DAY ONE UNTIL YOUR BUSINESS EMPIRE IS A REALITY.

 

Original Article by: ALYSSA GREGORY Updated April 24, 2018

You are not required to pay for the costs of registration immediately, a small deposit of your choice (between 25% TO 50% of the chosen package) will be enough to get you started.