If you are a local individual or company planning to start a business in Zimbabwe, you need to make certain decisions and prepare the right information before starting the business.
We have put together a checklist of what you need to know or do.
- What’s your Aim? Clearly outline the customer pain and problem you are solving. This will help you define your relevance and sustainability in the market.
- Define your mission and core values. Your mission is a short statement describing your organization’s overall goal. On the other hand core values are the principles that guide your actions, examples include proficiency, efficiency, professionalism, reliability, confidentiality, etc…
- Map your finances. This is where you identify your source of finance. Is it going to be from your savings account or you already have an interested investor. Draw up a financial structure and estimated income from the business. You should clearly know the expected capital costs, recurring expenses, and expected income so that you know when you’ll recoup your capital.
- Register and incorporate your business. Most businesses nowadays are registered with different boards and organizations to which they relate, hence the importance of getting registered for quick recognition in the market and compliance with regulatory authorities.
- Types of Business Entity.
There are different types of business entities, go ahead, and choose the best suitable for your type of operations. In Zimbabwe, you can register your business as a Private Business Corporation (PBC) or a Private Limited Company (PLC).
- After Registration Compliance to statutes & regulations is a sign of order and a commitment to development. As such compliant persons/companies are preferred by the Govt and other corporates for business.
Keep your records up-to-date with:
a. Company Registrations
- Plan sustainably, by defining your target market, product/service, and customer value proposition.
- Find help. In everything, you do have a mentor and also hire assistance where necessary. There are bigger operators in the industry with better knowledge than you have, network, and connect with them to share ideas and acquire knowledge.