Next Steps...

Note: This Blog Post relates to some of the things one would need to do for a business in South Africa.
Whilst some of the things would be similar, each country has its own requirements, which you could find out via a Google search or speak to an attorney, accountant or business advisor in your own country.

For the first 6 weeks of this Beautiful Bracelets business I focused on growing the business and generating sales. I didn’t want to add unnecessary expenses to the business and in any case one would first want to prove the business to be a viable one before doing that. A number of years ago I had a recruiting company, one of the clients who used my services for recruiting his start up staff spent R50,000 with me in the first couple of weeks into the business (the equivalent of R250,000 in today's money), utilizing the Access Bond on his house to finance his business. His business folded within 6 months, and sadly these employees lost their jobs. It would be prudent in a micro-business start up to watch your spend very carefully in the first 6-12 months. Take advice and wisdom from others around you (for me this is my business coach, Stan Close of Ikusasa).

Now we have to work on the practical aspects. Beautiful Bracelets and its profits are now MINE to do with as I wish (until 12 November all profits went to Radio 702/Cape Talk Money Show for the Starfish Foundation and I’m thrilled about that), I have to make sure to do all the right things and some of these things cost money and require re-investing some of the profits back into the business. Like purchasing domains that would point to Beautiful Bracelets or the 1000 Beautiful Bracelets Blog... So by going into “Google Analytics Dashboard” I can work out which “search terms” people from around the world are using to find Beautiful Bracelets and start by registering those domains and pointing them to my websites. I also want to make sure I get them before anyone else does, possibly to pre-empt any copycat ideas! For starters, you will find the Blog if you try www.1000beautifulbracelets.com or www.1000beautifulbracelets.co.za with highly visible links to the main Beautiful Bracelets website where you can buy Beautiful Bracelets online.

The next step is to register the company name with Cipro and get all the paperwork done. In my first business, a recruiting company, I registered my own Close Corporation and had the Founding papers within 24 hours by driving to the Registrar of Companies and Close Corporations in Pretoria. At the time I could do this easily without assistance of an attorney or accountant: my first 4 years of employment were in law firms where this was one of my tasks! You can still do it yourself online or in person but if you don’t have time, pay a lawyer or your accountant to do it for you.

The next thing I want to do is get all the correct paperwork and import/export licences from the Department of Trade and Industry. Even the day after the Money Show Challenge ended I received an order from Canada and the level of business from overseas countries is increasing to a point where I need more systems in place to insure everything is above board. With higher volumes of Beautiful Bracelets being ordered online it won’t be feasible to send the Beautiful Bracelets as “gifts” to other destinations any longer!  A great service is provided by my international courier, with whom I signed a contract giving Beautiful Bracelets preferential local and international courier rates yesterday. This company is focusing on providing excellent rates to e-commerce start-up businesses at the moment. They will help me achieve the required export/import licences via their contacts within the DTI, but I have been warned it can take up to 6 months therefore it is probably important to get these applications in the pipeline soon .

And last, but not least, once your business in South Africa begins to show a turnover that will be likely to exceed R150,000 in its first tax year, it begins to be a more viable option to ensure your business is registered in a format that would attract a lower rate of tax. Your Accountant can advise you on this. Since I have big dreams and a huge vision for Beautiful Bracelets I am already looking at all these aspects. SARS (South African Revenue Service) gives good advice and insights on Turnover Tax here.

There are other aspects one needs to be aware of and deal with as the business grows, I will cover these via this Blog as I get to them. Things like Labour Laws, Basic Conditions of Employment, the practical aspects of business administration and other things one needs to be aware of in the first 6 to 12 months of running a business. I believe in treating people well, and looking after my staff because I believe that if you have staff that are also your raving fans, life will be easier. I want Beautiful Bracelets to be a happy place for people to go to work as it grows! Mike, one of the joint owners of Cappuccino's Midrand (my favourite hangout whilst working on this Blog and the 1000 Beautiful Bracelets Book) is a great example of how one should treat one's staff. Happy staff equals happy customers and more sales!