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Should I register my startup business?

Should I register my startup business?

As an entrepreneur, one of many questions we ask on a daily is, Should I register my startup business? I mean, I am only just starting out and I am not making any money as yet. Would I be require to pay taxes? What if I don’t have the money to pay taxes?….. and the list of questions goes on and on.

And honestly, the decision to register or not to register, really is yours to make. Sure persons can share their experience but at the end of the day, this is one of the many not so sparkly things that comes with being the owner of a business.

But even though the decision is yours to make, here are three questions to ask yourself to help you decide:

  1. Is this something you’re passionate about? – By asking this question, you can determine how important this venture really is to you. Is it something to pass time or to look good amongst your peers, or is it something you believe in and want to take on even WHEN things start to get tough.
  2. Are you willing to invest in this? – Please note, that investment is not only monetary, investment is TIME, EFFORT, DEDICATION an DISCIPLINE, which will be the most challenging you’ll come across.
  3. Are you willing to do all that’s required to grow this business for it to reach its fullest potential? – Being the owner of a business is more than just the title and if you are not willing to take the bad with the good, this may not be something you wish to take on.

If the answer to all of the above questions is no, then you might want to reconsider, however if your answer is yes then you’re ready to register.

The reward from owning a business is amazing, from the money (if done right), to the social status, who wouldn’t want that?! But before you go on this journey, ensure you understand that, being an entrepreneur is not only sunshine and roses, there are dark moments on this journey and most times (if not all), you will have to journey alone.

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