Very easy to start a business. Register your company name with the Malaysian Companies Commission known as SSM and in about 45 minutes, you have a company. However, a short business registration process does not mean that you too can benefit from your business in a short time. You are lucky if this happens.
There are several other factors that you should consider before entering the SSM.
- Does your business just want the money?
There is no doubt that every entrepreneur wants to make a profit from the business. But what if he’s going to continue doing business if he can’t profit for as long as 3 or 4 months? What if that year is still not a profit? Knowledge, talent and money go hand in hand in business. If you have any knowledge of the business, you have added to your chosen line of business your hobby, for example, money has become a matter of no importance to you. But be careful, do not ruin your interests. Entrepreneurial talent can be polished. How is it by participating in business management workshops taught by more experienced business consultants.
- Do your products and services meet the needs of the market?
You must first take a survey before doing business. Spend more time surveying the community you want to open a store in later. What the community needs. Are your products and services included in your will? If yes, please provide the statistics so that you can develop a good business plan.
- Do you have enough working capital?
Capital is important in determining whether or not the business can survive. A small business should aim to at least have up to 3 months’ worth of working capital available, even if it’s not a profit. If you don’t provide adequate social capital, you will limit your future marketing efforts. Keep in mind that you are also responsible for promoting your business, no matter how small the use of any medium, such as house-to-house advertisements.
- Are you willing to take the risk in your business?
Every business has its own risks, but the difference between us is the size of the risk. Small businesses are still at risk, even if large companies are not. But you need to know the level of risk you incur in the event of something unfortunate like a break-in or fire. Risk transfer can be done by taking out an insurance policy and installing closed circuit television or CCTV on your business premises.
- Do you have assistance in case of any problem?
Assistance not only in terms of cost, but in all aspects of your business, from the installation of the entrance door to the advertising business. You don’t necessarily need money to have all forms of assistance. Sometimes after a long business you will develop a network of people who are experts in their fields. Some will help you for free, or even with a cup of coffee.