Are you tired of working 9 to 5 for a company you’re not really fond of and a boss you don’t get along with?
With this beginner’s guide to starting your first business, you’ll be on your way to becoming a business mogul. Starting and running a business or practice can be extremely challenging. It comes with opportunities and losses, and that’s why it’s important for you to weigh up all your options before deciding to start. Ask yourself the following questions:
- Is this something I really want?
Running and owning a business is not like being an employee, it’s much harder than just showing up every day. Before you do anything, first ask yourself if being an entrepreneur is something you really want – beyond a shadow of a doubt.
If you’re considering being part of a joint practice or business venture, make sure that you first research whether your group of partners would be a good fit. Figure out how to share the revenue, what the ownership percentages would be and what role each partner would play in the business.
- Can I handle pressure?
Running a business can be stressful and time-consuming – that’s why it’s important to know whether or not you’ll be able to manage all the day-to-day operations of a practice or business, which include managing a team, operating expenses, dealing with consumers and the alike. You need to be able to handle anything that may be thrown in your direction.
- How much support do I need?
Work out how much support you’d need, whether it be from a team of people that you would need to hire or investment and capital opportunities.
- Handle the trail
Starting a business comes with a lot of paperwork and transitions. Visit the Companies and Intellectual Property Commission (CIPC) website cipc.co.za to research all you need to know about registering your practice or new venture. Find out if there’s any legal obligations to attend to before launching your business. Plan and track your company progress using innovative tools that help you focus on what really matters when owning a business.
Medical Practitioner Toolkit