South Africa boasts of a fast growing economy thus many investors have been seen flocking down south of Africa to invest. The rise in the activity of investors in South Africa is born out of the country’s sound economic policies which allow local and foreign business entities to partake. Any potential investors should consider the following tips if they need to succeed in operating their businesses in SA.
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Immigration: Potential investors should familiarize themselves with SA’s immigration laws most precisely the legal requirements of setting up a business.
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Business contacts: You must establish a relationship with experienced entrepreneurs in SA thereby creating a big clientele base.
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Business plan: Come up with a business plan which provides you with a roadmap for your business. The plan will guide you to achieve your intended goals; this can be done by conducting a market research within an area that you wish to establish your business entity. Starting a business without conducting a market research is tantamount to driving a car with not lights in the dark.
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Challenges: Any business has its own challenge, your business plan will avail you with such challenges hence you need to come up with ways to address them. Such challenges include, culture, intellectual property rights, trade barriers, logistics, personnel and bureaucracy.
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Government: A new business entity takes time to familiarize itself with the government of that country thus it is the prerogative of the owner to acquaint himself with the local government. This will help him to know whom to approach for delivery of services such as water and electricity.
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CSI: Businesses should develop a culture of giving back to the community – social responsibility. You should conduct some form of charity activities like sponsoring schools, donating material to hospitals and schools.