Pick up some useful tips to get started with your business.
Build a solid business plan
A compelling business plan will help you get the financial support you need, arrange strategic alliances and attract key employees.
Make sure that your business plan has complete and accurate information about your company. Most importantly, your executive summary must stand out with comprehensive details of your marketing strategy.
Learn how to write a solid business plan
here.
Manage cash effectively
An excellent cash management policy can determine the growth or survival of your company. Manage your company's cash well to survive the upturns and downturns. Understand how to forecast your business-cash needs as well as how to handle a cash crisis.
Your cash flow budget doesn't have to be elaborate to be effective but it should come with a valid financial forecast.
Choose a form of your business
Find the right structure for your business. Study the advantages and disadvantages of corporate forms such as a sole proprietorship, a partnership and the incorporation of a private limited company.
Hire your first employees
Get ready to play more than one role when hiring your first new staff. You'll have to be the recruiter, interviewer, negotiator and legal counsel. At the early stage of your business, look for staff who can multi-task.
Patents
You will require patents for your products and services to protect your ideas in the marketplace. Currently, the patent system in Malaysia involves:
- The Patents Act 1983
- The Patents (Amendment) Act 1986
- The Patents Regulations 1986
- The Patents (Amendment) Act 1993
- The Patents (Amendment) Regulations 1995
Raise your start-up capital
Start your capital raising effort with a compelling business plan that impresses potential investors. Before that, do some research on the venture capital industry, its marketplace and demand at the moment to find an investor that fits your business cash needs.
Set up a home office
It is a growing trend among new entrepreneurs to operate their businesses at the comfort of their homes. With effective telecommunications service and affordable technologies, they run their businesses and spend time with families away from office politics, corporate ethics and rush hour traffic jams.
Set up a new office
Setting up a new office is not just about looking for a space to put your desk, chair and phone line. It's more about looking for the right location, negotiating a lease, designing a workplace and considering the option to buy or rent office equipment. The key word is to economise your rented space and maximise both utilities and shared areas.
Pricing
Get your pricing right. If you overprice your products or services, you'll be at risk of losing your business to rivals. On the other hand, underpricing will devalue your products or services.
Market research
Do a comprehensive market research to help you determine the need for your products or services, their potential markets, target-market demographics and desirable store locations. You can do research online and conduct focus group surveys or street surveys.
Ask these three key questions:
- Who will need my products or services? Is there a big demand for them?
- How much are they willing to spend for the need?
- Will my products or services give them value-for-money?
Grassroots marketing
Build customer confidence without spending a fortune by taking the products to the end-user yourself. You can also emphasise on counter service help to get direct feedback from users.
