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You can also opt to pitch your idea to an investor who will become a shareholder
in your business.

Somebody told me I will also need to ’register’ my business. What does that
mean and how do I go about doing that?

To register your business is to make it a legal entity. There are many forms of
legal entities and for more information on this, please visit nedbank.co.za and
search for The Essential Guide for Small-business Owners.

At Nedbank we can also help you register your business and we won’t charge
you for it.

IMPORTANT

How do I keep my personal needs and business needs separate?

Have a personal bank account that you will use to address your personal
financial needs. This means to pay yourself a salary. To pay yourself a salary
means to draw a budget of the items you need to sustain you personally. It is
important also be conservative when meeting your personal financial needs.
What are the biggest mistakes made by startup entrepreneurs?

While preparation might not guarantee that your business will become
successful, if you start your business without doing thorough research about the
business and most importantly about the industry, the chances of the business
failing become great.

Getting money is challenging; keeping it can be even more difficult. Where can
I get assistance in managing my business?

Different banks offer different value propositions. At Nedbank, should a
small-business client choose to bank with us, they get assigned a dedicated
relationship banker, who will not only look after the banking needs of the
business, but also look after the financial needs of the entire household of the
business owner. These small-business clients have a go-to person who will look
after their personal, family and business needs.

Many people say that banks are expensive – is this true?

It really depends on how you use your personal or business bank account. If you
familiarise yourself as early as possible with digital banking, you will save a lot on
bank fees and other costs.

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