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Do you know what type of business best suits your business idea in South Africa? Below are five different types you can use to list your business.
Starting A Business In South Africa
Thinking of starting a business? There are many ways you can structure your new business, which will affect how you run it and who you answer to.
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Whether you are a team starting a company together or one founder is doing it alone, you should know the advantages and disadvantages of each structure. Here are 5 different business structures and how they affect your business:
A sole trader is a sole proprietor who owns and runs a business. This is the simplest form of corporate entity, as the company is not separate from the owner.
You can brand your business, and only you have the power to make decisions about your business.
Sole proprietorships are usually small one-person businesses. When they grow, partners join or the company is registered as a private company. This means that a large part of the global companies were single-stage private companies:
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In 1994, Bezos quit his six-figure corporate job to pursue his business idea. He wanted to start an online bookstore called Amazon. It was risky, but he was convinced that the Internet was a place to grow business.
He worked in the garage of his rented house, where he stored, packed and delivered books to customers. Bezos used his time to develop his own book search skills and develop a user-friendly web-based system for his clients.
Four years after the first sale, Bezos took the company public and Amazon became a massive online marketplace generating more than $610 million in sales with 3,000 employees and more than 13 million customers worldwide.
A partnership is a company of two or more shareholders. Partners pool their money to achieve a common goal, share specialized skills and resources, and share in the ups and downs of business success.
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Similar to sole proprietorship, having a partner or partners help you run your business has advantages such as:
Before a company becomes a global hit, it may start as a collaboration. As they develop their business, they can register as a Pty Ltd or a public company. The company started as a joint venture and grew into one of the most famous and profitable companies in the world.
Partners Steve Wozniak and Steve Jobs discovered their love for electronics and became friends. After working together on a project, their partnership proved successful and they decided to team up and develop a personal computer.
In 1975, they set up shop in Jobs’ parents’ garage and began developing a prototype called the Apple 1. Jobs sold his car and Wozniak sold a Hewlett-Packard calculator to raise enough money for the launch.
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They enlisted the help of the third founder, Ronald Wayne, and started selling the Apple 1. Thanks to their success, they improved and improved their design and released the Apple 2 in 1977.
A private company, Pty Ltd or limited liability company is treated as a separate legal entity. So even if you set up your own company, this company will be registered as a separate legal entity.
Although there are quite a few advantages, there are also disadvantages to organizing your business as a limited company, such as:
Although he started as a sole trader and eventually became a public company, he eventually decided to run a private company. Here is an example of a private company:
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After years of dabbling, Richard Branson started a mail-order record label in 1969. This earned him enough money to expand and open a discount record store.
He then launched a successful record label that expanded into industries such as railways, mobile phones, banking, bridal wear and gyms, and an airline.
“I didn’t set out to build a business empire. I decided to create something that I loved and that would pay the bills,” says Branson.
A public company is a company that issues securities through an initial public offering (IPO) and trades its shares on at least one stock exchange. Daily trading in the shares of a public company determines the value of the entire business.
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Unlike Pty Ltd companies, listed companies are defined as public because the shareholders can be anyone who buys shares. After that anyone can become a partner in the company.
Most internationally recognized companies were established as joint ventures, this business is no different. Today it is one of the companies traded on the New York Stock Exchange.
In 2004, Mark Zuckerberg, Eduardo Sabrin, Dustin Moskowitz and Chris Hughes founded Facebook while studying at Harvard University. Since then, Facebook has become the largest social network in the world with 2.38 billion monthly active users.
In 2012, Facebook sought to become a public company. Its IPO raised $16 billion and its market value was $102.4 billion. At the end of the first trading day, Mark Zuckerberg’s fortune was estimated at more than 19 billion dollars.
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A franchise agreement refers to a situation where the business owner licenses his business to a third party. This gives you the right to conduct business or distribute goods and/or services using the company name and systems for a fee.
McDonald’s started as a joint venture between two McDonald’s brothers. Since then, it has opened more than 36,000 franchise restaurants worldwide and operates in more than 100 countries.
It is now one of the most popular international fast food chains. Their popularity among new franchisees must be combined with their extensive training and support to ensure continuity in all businesses worldwide.
McDonald’s restaurants serve more than 68 million people every day, more than the entire population of South Africa.
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Your needs and the needs of your company determine what type of business structure is best for you. Feel free to switch between classes as your business grows.
When starting a business, you can register as a sole trader or a partnership and eventually grow to a Pty Ltd or a public company. Use different business structures to your advantage and to your company’s advantage.
Nicole Crampton is an SEO expert contributing to /za. He studied BA in Journalism at Monash in South Africa and continued his studies with a Creative Writing degree at UNISA. Nicole has taken several writing and online marketing courses, expanding her skills and knowledge in digital media, digital marketing and content production.
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