Starting a business in South Africa is not without its challenges. South African entrepreneurs are having to start up new businesses during a period of poor economic growth and low business confidence which has been made worse by the COVID-19 pandemic.

Additional challenges that first-time entrepreneurs face are the high cost of business compliance and limited access to startup capital. 

Luthando Zibeko, in an SME South Africa article, once exclaimed that young people in general, want to get involved. There’s an appetite from young people but there are some factors that discourage this. One of the main challenges is access to funding. Although there are opportunities, the environment is not fertile enough for youth to get into entrepreneurship. Below is a list of business funding opportunities and grant programmes specifically for young people.

Small Business Ideas For Rural Areas In South Africa 

With a solid business plan and a thorough understanding of the community’s challenges, entrepreneurs can launch profitable small business ideas for rural areas in South Africa.

Businesses launched by rural-based entrepreneurs not only help to alleviate poverty and create employment but also bring about innovations that are transforming their communities.

When starting a business in this particular sector it’s important to focus on selling essential goods and solving the major challenges faced by rural communities. Businesses should also take advantage of the natural beauty of their surroundings, as well as any online opportunities.

This guide provides an overview of potentially lucrative small business ideas for rural areas in South Africa.

New This Week (13 June 2022)  

• How to Implement Technology in a Business 

• An Insight into Business Finance

• What is Business Vehicle Finance? 

[DOWNLOAD] Financial Statements Templates for Entrepreneurs 

- A Business Plan for Startups- Income Statement Template- Cash Flow Forecast- Finding Your Breakeven Point- How Much to Charge for Your Services

Need Inventory Finance? For a Free Quote for Business Funding, visit SME South Africa. 

Company Registration Challenges In South Africa

Most new business owners are often surprised at the sheer amount of red tape they need to navigate to run a compliant business in South Africa. This includes everything from labour laws and tax, as well as annual and sector-specific regulations. All these requirements place a heavy administrative burden on new businesses. To keep up with the long list of requirements, small business owners are turning to company registration service providers whose range of services includes everything from company registration and opening of bank accounts to tax consulting and bookkeeping. 

As most will find, registering your business with the CIPC is just the first step in formalising your business.

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