The first is knowing which industry to become part of. In South Africa, the biggest contributor to the national economy is the financial, real estate and business services industry. Some of the world’s largest banks are from here, which suggests that there is a market in this field. However, there is also intense competition, so choose your industry wisely.

Plan ahead
Once you have made that decision, the planning part of becoming your own boss is next. This can involve plenty of work, but it’s better to do it right than do it quickly. Here is a list of tasks to do before you can even begin to start selling.

Firstly, write a business plan. This should have sections for market research, your strengths/weaknesses, projected income over the short and medium-term and what your business is supposed to do.

Next, find an office or business address. To save on costs, you could base your new business at home, but check whether it’s legal to do so in your state. Choosing an office space away from home will not be that expensive; as long as it has a postal address, that should be sufficient.

Financial security
The most important step of the planning phase is to secure some finance. Without at least some Rand in the bank, your idea will be no more than a few words in your business plan. There are some initiatives and funding agencies for startups in South Africa. Look at how much money you need to get going and check which fund is right for you.

Aside from making funding bids, there are other sources of money you could tap into. Business loans are popular, whilst your own funds could be used to pay for expenses such as a car, computer or stationery. Alternatively, a part-time job or source of income to boost your business acumen could be extremely beneficial.

Forex trading, where you can trade on the outcome of foreign currencies rising or falling in value, is a good potential revenue stream. Learn how to trade forex first, then you can work out how to trade when major decisions need to be made.

Ready for business
With money, premises and a plan in place, the selling phase is where you really get to work. Try not to chase massive profits and big goals straight away - a slow and steady start will prepare you for growth later on in the business cycle.

When you have the resources, hiring the right staff is a very important decision. Recruit someone who brings genuine skill, value and versatility to your company. Be sure to adhere to local labour laws as well.