Starting a Business (Not So) Comprehensive Guide
Step 1: Business Idea
Start by defining a clear business idea. Consider what product or service you want to offer to the market. Ensure your business idea adds value and meets market needs. SOLVE A PROBLEM!
Step 2: Market Research
Before proceeding, conduct comprehensive market research. This should include:
Identifying your target market.
Assessing market size and expected growth.
Analyzing existing competitors and understanding their strengths and weaknesses.
Evaluating the needs and desires of your demographics.
Step 3: Business Plan
Develop a thorough business plan. Your business plan should encompass the following elements:
Business goals and long-term vision.
Marketing strategy, including identifying your target market and how you’ll promote your business.
Financial planning, including startup expenses, revenue projections, and cash flow.
Organizational structure if you plan to hire employees.
Step 4: Business Registration
Register your business with the appropriate authority, such as SSM or the local PBT (pihak berkuasa tempatan). Choose the business entity type that aligns with your business plan, such as a Enterprise, LLP, or Sdn Bhd.
Step 5: Obtain Funding
Secure the necessary capital to start your business. Ways to obtain funding may include:
Personal savings.
Business loans from banks or financial institutions.
Investments from partners or potential investors.
Ensure you have a solid financial plan and realistic expectations for how you’ll use your capital.
Begging, Borrowing and even (not encouraged) Stealing!
Step 6: Financial Aspects
Consider financial aspects carefully. This includes:
Opening a business bank account to separate personal and business funds.
Understanding tax implications and adhering to tax regulations.
Maintaining regular financial statements to track business performance.
Step 7: Legal Compliance
Ensure compliance with applicable laws and regulations. This may involve obtaining the necessary business licenses, understanding labor laws, and handling tax matters appropriately.
Step 8: Business Location
Choose a suitable business location, if applicable. Make sure it’s easily accessible to your target customers and consider renting or purchasing a physical space.
Step 9: Human Resources
If needed, hire and train employees. Make sure you comply with Malaysianlabor laws, and foster a positive work culture. Else, just DIY everything first.
Step 10: Marketing
Develop an effective marketing strategy, which may include:
Building a business website and utilizing social media.
Running advertising and promotional campaigns.
Actively engaging with customers and collecting feedback.
Step 11: Monitor and Improve
Regularly monitor your business performance. Collect data and customer feedback to identify opportunities for product or service improvement.
Step 12: Business Growth
Once your business stabilizes, consider expanding or seeking new growth opportunities. This might involve opening additional branches, exporting products internationally, or diversifying your product range.
Continue learning and adapting to market changes. Starting a business is an ongoing process, and success requires patience and determination.
Anyways, just some quick writeup on my part. Next part I will discuss how to apply these for a coffee/cafe biz in Malaysia!