Questions and Answers about your own Business

All about Starting your Own Business, Working for Yourself, Labour Laws, Salaries, Entrepreneurship and more on Mywage South Africa

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Who is allowed to start their own business, and be their own boss?

Anybody and everybody! Entrepreneurs form a very important part of the South African economy, whether it’s opening a tuckshop or running a factory.

What kind of business can I start?

Anything! But you need to know what you are doing. Don’t go into a line that you know nothing about. And importantly, find out if there is need for the service or product you plan to offer.

Is there finance?

There are various ways to get financing – through a bank, through an investor, through government funding and grants. You will need a proper business plan.

Can I set my own salary?

Yes. But always work within reasonable margins. If you blow your profit at the beginning, you will have serious problems further down the line.

How do I know what salary to draw?

Work according to your means. use our Salary Check if you want to get an idea of who earns what in various sectors.

Can I market my business?

Of course! Make use of local newspapers, or radio. Distribute flyers. Find internet websites that provide free or cheap advertising. Let potential clients know what you have to offer. Sell yourself!

Is it legal?

You must make sure that wherever you operate, it is according to the relevant laws. For example, if you want to start a business at home, you need to find out from your homeowners association, which may prevent the operation of a home business, depending on what your line of work is.

Do I get medical aid and pension?

You will need to set up and pay for your own medical aid and pension plan.

Can I hire employees?

Yes – as long as it is done legally, and that all aspects of the work comply with the basic Conditions of Employment Act and other South African Labour Laws.

Are there tax benefits?

Yes – if you keep your books properly. For example, if you work from home you can claim for the electricity you use, office equipment, maintenance and such like.

Read more

Find out how to Get Started with your own business. And get great advice on Management, Money Skills and more.

And if you want more advice on your future career, being your own boss, training, financing for studies and more, visit the Career Advice Services website.

Find out all about state Minimum Wages for all official sectors.

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