Black Economic Empowerment

Steps to starting a business intended for youth with matric:
 

1. Do you qualify to manage your own business?

If not what training do you require?
It is to your advantage to start a business when you possess some management experience. If you do not have any management experience considers short courses in:
Business training by SEDA.
Basic financial principle by local SMME development organisations.

2. Legislative Framework
Find out the legislation governing your area of business. What are the "Acts" in place? Have these been updated since 1994: if so read the most recent. With some business the production aspects are governed by legislation-know your potential business well.

3. Do you have an idea of your own?
Take time to analyse your business idea. How viable is it? Does the local community you are in require such a service product? If you do not have the business idea of your own, visit the local municipality and find out what areas have been prioritized for development and obtain ideas from there. To assist you in analysing your business idea, visit your local LED office and your local SEDA office.

4. Market Analysis
Who is your competitor and what can you do different so that your product or service receives a competitive edge. SEDA offices have professionals in place who cab give advice on marketing. Approximately how big is your local market, how much of that market do you think you can access? Bear in mind that there are other established role players in the market! Once you know the size of your Market, you can plan to produce such a market.

5. Environment Analysis
Keep in touch with what is happening in your industry. Visit your local LED office and discuss the viability/need for your product or service before you begin. Find out if any research documents exist on your product or service at the local LED office. Gather the relevant fact from research documents on viability of your product or service. Some businesses require you to conduct an EIA (Environmental Impact Analysis) before you obtain permission to operate. Speak to your LED manager on this aspect.

6. Finances
How much do you have to invest in your business? Your business plan must indicate areas where money is needed. SEDA can also do a specified business plan. When you need how much you need to start your business with, you may visit the dti website for information on grants and loans. Other institutions that offer development funding include DBSA, IDC, NDA and NYDA.

7. Registration of company
Register your company or co-operative. This can be done on line via the dti website. The Agency's that register company's is CIPRO and they can be found on the dti website. There is a registration fee required with your application and you will be asked for company name and names of all directions. Registration takes approximately 3 to 6 months. During the registration process,there are many things you can do to prepare for the time you have to operate full speed. For example, find suitable premises, buy office furniture, interview potential personnel, buy machinery required by your business etc.

 
Links
 

Click the link below to visit B1SA B-BBEE (Broad Based Black Economic Empowerment) website

 

Contact Details
For further information, contact Ms Stella Mutyorauta
on 071 777 2433 or visit the Economic
Empowerment Unit at Umzimkulu Building Corner Elliot & Kelvin Street
Kimberley 8301.

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