I’ve always been keen in business since I can ever remember. The first time I ever did some trading would be when I was seven, in Standard One. Yup at such a young age, I sold photocopied images that we are required to paste in our workbooks. How did I see an opportunity? Classmates tend to forget to bring their sourced images from various mediums and I had an extra “pictionary”. I used coloured for mine while I sold photocopied units to them. Smart? Maybe so. I also sold candies and sweets at school. Bought them in bulk and repacked for the mass. Haha.
Anyways, the point of this post is to talk about starting up a business of your own. It might seem impossible or you are just too afraid to take that leap knowing of the many uncertainties that awaits you.
The biggest fear would be money aka funds.
Here are some tips that you could consider before making that leap or just to properly establish your company.
- If you are still in a 9-5 job, stratergize your launch date. Work three months backwards and apply for a personal loan. With a standing payroll, you have a higher chance to get a loan. The recent economy does not help in loan approvals of late.
- You are given 3-6 months leeway before you must register your company with SSM. Within this period, evaluate how big you think your business will expand. If you think it would grow quick and prominently within a year, save up RM3,000 and find a good company secretary. Register your company as a SENDIRIAN BERHAD straightaway. If not, an enterprise company should suffice.
- Once the company has been registered with SSM, open up a bank account ASAP.
- When you start any business 75% of the time, you will not be making much for the first three (3) years. Be thrifty and save as much as you can.
- If you can start your business from home, do that. It is highly advisable to keep your overheads as low as you can.
My last advise is keep hustlin’!
Below is an excellent article by iMoney on what 2016 holds for entrepreneurs.