Have you been thinking about making that leap from working for someone else to being your own boss? Imagine waking up every morning full of energy, excited and eager to seize the day because you’re doing something that you love and you’re passionate about. Even better, you own it, you are the boss, you set your own goals, make your own dreams, meet your own targets.
If that sounds like a scenario you’ve been dreaming about but nothing has been done to start, you’re not alone. A lot of Malaysians dream about owning their own business, but have no idea where to begin. While it may be a challenge to get started being your own boss, it is definitely not impossible. Just look at the number of companies listed in Malaysia, both small and big. Incorporating a company is a challenge that can be accomplished.
If you can’t find a job you love to do, then you need to create your own dream job by turning what you love into your career. Here are 8 tips on how every Malaysian can get started on their entrepreneurial journey:
Determine a Business That is Right for You
There are a lot of business niches, and a lot of them may seem appealing to venture into. But a good entrepreneur knows it is better to be a master of one trade and excel in it. So, take the time to sit down, make a list of what interests you and choose the one that you’re most passionate about. Ask yourself what will give you the drive to keep going even when you’re exhausted. And that will be the one that is the business for you.
Target the 3 Entrepreneurship Approaches
Do what you know, learn from others and solve a common problem. When you do what you know, you’ll be able to do it better. Identify other businesses similar to yours that have already achieved success, study them, learn from them and emulate them. Does your business solve a common problem or fill a gap that is currently in the market? If it does, your business definitely has a higher rate of success, and you’re on the right track already.
Plan for Your Business
A business without a sound business plan is a surefire way to be doomed for failure. Invest in time in coming with a strong, solid business plan as a foundation. Not only will a business plan help you to gain focus, clarity and confidence, but a plan will help you lay out your goals, strategies and action steps so you don’t lose sight of what you need to achieve.
Know Your Audience
When incorporating a company in Malaysia, you need to study the local market to see where your business would best fit in. Determine the size of your target market and who your customers are. Is your product going to be relevant to them and something they will need?
Know Your Finances
For an entrepreneur, personal and business are one in the same. To succeed in your business, you will need to have a detailed understanding of your finances and how much you can afford to invest without jeopardizing your finances to a point of bankruptcy.
Be Prepared to Hustle
As your own boss, it is up to you to keep the work flowing in. Work means money, the more you have, the more you earn. Learn to prioritize and manage your workflow, and never turn down business if you can because it may not consistent. As an entrepreneur, you need to seize every available opportunity you have and make it count. The one thing you need to be prepared for when making the transition to being your own boss is that there is no longer 9-5. You will need to work 24/7 until your business has grown to the success level that you’ve targeted in your business plan so you will need to be ready to meet those demands.
Have a Support Network
Once you have made up your mind to run a business, you then need to cultivate a support network of your own. Your support network can consist of advisors, business partners, and allies. Having a great partner and advisor on your team could mean the difference between the success and failure of your business. With Paul Hype Page & Co, you get the best of both worlds – both a great partner and a business advisor. We have the years of experience and expertise needed and have helped many start-up businesses pave their way to success.
Time to Set Up Base
Once you’ve got everything in place, it is time to set up a base and get serious about becoming a legal business. Paul Hype Page & Co can assist you with choosing the right legal business structure best suited to your business, what the benefits and drawbacks are, the requirements and the tax systems you’ll need to be prepared for. Setting up a business with the help of a professional services agency will save you a lot of time and error and ensure that things are done right from the very beginning. While the incorporation process in Malaysia is a straightforward process, for those who are unfamiliar with the system there could be errors done here and there which could cause considerable delays in your company start-up process.
One of the best things about being your own boss is that you will reap what you sow. The more you put into your business, the more returns you will get out of it. Once you’ve laid out a business plan and you believe that this is the right move for you, then there is no stopping you from making the leap and start reaping the benefits that the business world has to offer. Mind you, it will be challenging, but if you’re doing what you love, you will find that it will be worth it in the end.