[Updated: The original post here was written in a personal nature and I found after reading it through again that it did not actually relate or help with the topic of 'starting a small business in Malaysia' and hence I have rewritten it.]

After starting my own small business (A Malaysia web design) company, I’ve learned a few things that I think would help any body else out there who’s thinking about taking the same path that I did.

I made my share of mistakes and have subsequently learned from them, which I’d like to share with you so that you don’t make them too. Starting a small business is not as easy as you think – prepare, prepare, prepare and you’ll have a much better chance of making it big than if you jumped head-long into your idea.

But What About Youtube?

You’re probably thinking, how hard can it be right? Those Youtube guys managed to do it easily enough… The Youtube story, for those who don’t know it, created an innovative video sharing website which was a raging success when it was first launched.

Google bought it over 1 year later and paid them $1,000,000,000 for it, making them instant billionaires.

When you lay it out like that, it seems easy enough doesn’t it?

But the Youtube story is a one in a million (in their case, a billion) story and small business owners should be much more prepared when they start their own venture.

Do Your Research

Doing your due diligence is an important first step when starting your own business, it is that ‘double check’ that confirms or rejects that brilliant new idea you thought you had.

Use the Internet, use the newspapers, magazines, the library – whatever it takes for you to dig up as much information you can about your business idea and to see if it is as unique as you thought it was.

Ask a friend to help you out, so that you have a second opinion and a second point of view on your business.

Write A Business Plan

Getting your ideas down on paper is one thing, planning it out completely is another thing.

Writing a good business plan will help you do a series of things:

• Help you apply for funds from banks or venture capitalists
• Lays out your business idea in detail
• Lays out your finance, marketing and sales plans
• Acts as a reference material for what you plan to do, so that you don’t forget and have a guide of sorts to follow

Without a business plan, you would essentially be making things up as they come along – something you just can’t do in business.

Writing a business plan will also let you see if it is financially viable to approach your venture. Remember to use realistic numbers, don’t overinflate expected income and give yourself a good financial picture of what your business will be expecting.

Use your business plan as a ‘next actions’ guide, for e.g. 1) apply for appropriate licenses, 2) get quotes, 3) register business etc. That way you’ll be able to see and do that you need to do to keep the business moving forward to your goal.

Google ‘business plan templates’ online and you’ll find more than enough step by step business plan documents for you to follow. Take your time and make sure it’s done properly as it will increase your chances of your business doing well further down the line.

Get Clients Before Your Business Starts

One of the biggest mistakes I made on my first projects of my newly formed business was that I did not approach people (friends, families, referrals) to try and secure business before my business even began.

If you approach such people, tell them what you are planning to setup, gauge their interest, maybe even secure some deals before you begin operations.

If anything, you’ll at least be able to identify how interested potential clients are to your product or service, maybe allowing you to tweak your plans before you commit any time or money on them.

Register Your Business

All businesses need to register their business and the simplest way to do this is to head over to your nearest companies comission (SSM) building and register your business manually.

See my business registration tutorial for more information.

Get An Effective Website Made

Having a website as a marketing tool in our day and age is a must.

Without one, potential clients may think that your business seems unprofessional, that you didn’t take the time out to get a website made.

A website has the potential to work for you, day and night, 24 hours a day – if you do it right.

A website gives you branding online, it gives you a custom e-mail address as well.

Getting a website made is now a fast and easy process, with a business website able to be up and running within 1 or 2 weeks.

If you’d like a website made, visit our web design company website to find out more information.

These are just some of the tips you can do to start of your small business in as advantageous a position as possible.

If you have any tips of your own, please share them in the comments section below.

Web Design

Sponsors

Related Posts:

Why Start An Online Business In Malaysia? Or Anywhere?

If I Could Start An Online Business Again, What Would I Do?

How To Start A Business Forum.

Tags