5 FX business steps every IB needs.

#Forex industry entrepreneurs/IBs typically have a casual approach when it comes to setting up their businesses. We have all been there, focusing on social media followings and portraying an opulent, successful lifestyle. IB’s often feel social media marketing is the main aspect of their business and often neglect the basic business processes they need to have in place.

The perception of IBs when it comes to their business endeavors :

• I can run my IB business as I see fit, I am an entrepreneur and I don’t really need any business skills.
• Industry consultants and brokers don’t know or understand my business, so how can they know what I need without taking up a lot of my time.
• I can do it myself, I don’t really need to solve a problem for my clients or create value for them I can always get new clients if they leave, all I need is to partner with a broker that can pay the highest rebates and convince my clients to fund their accounts and pay for my service offering.
• All the money my business makes is mine to do with as I please. I don’t really need an accounting or book keeping system, what for? I don’t have a big business so why would I need one.

The reality

Any business needs operational processes and a strategy to help manage and grow the business .

It’s always good to have accounting, tax and legal processes in place whether you are offering a service or a product, or whether your business is small or big. These processes not only protect your business from getting into trouble with consumers, partners and stakeholders, but they are the backbone for strong business growth.

Once you have registered your company, don’t forget that legal advice is vital because it can guide you on the various topics such as tax laws in South Africa, Privacy laws (POPI Act), and industry relevant ones that you need to comply with. Plus, they can also tell you how to comply to avoid any hefty fines that may come your way as you grow and expand.

Here are the top 6 steps all IB’s need when they launch their businesses.

1. Company registration at CIPC.
2. A corporate ID and digital presence.( logo, website, business email addresses, social media accounts.
3. A business strategy and operations processes.
4. Legal agreements and an accounting system.
5. Tax Registration (SARS)
6. Roles and responsibilities of staff/stakeholders.

Starting or running an FX business and getting these steps right can be overwhelming. Luckily you don’t have to navigate this tricky path on your own. And it doesn’t have to cost you the earth. IB Central can give you access to several FX business consulting services free of charge as we would like to help your FX business grow. We have created this platform specifically because of the challenges we personally faced as FX entrepreneurs. And still to this day, We lean on our knowledge and business experience to help guide us on running our businesses effectively. The value we have gotten out of simple chats with fellow entrepreneurs and role players who have been in the industry for many years, is invaluable. We can’t even put a figure to it.

Originally published at https://www.linkedin.com.