Starting a business, big or small, is no small decision. No matter which direction you follow, you know that each step you take into becoming an entrepreneur will be a massive one, maybe even life-changing.
No doubt, we would all love to call ourselves the Chief Executive Officer or Managing Director of so-and-so company, but it goes without saying that the world of business is so much more than just becoming your own boss.
So, if you have been considering or are already in the process of starting your own company, you need to prepare yourself for what lies ahead because it ain’t gonna be a bed of roses! Unless you want to start a flower business…
Anyway, here are some of the things you really need to know before taking the plunge into the unknown.
#1 Have a good business plan
As with (almost) all things in life, nothing happens without proper planning. When you start a business, your business plan is essentially the blueprint of everything. You need to begin by addressing all areas your envisioned business and be ready to answer all questions that may be thrown at you along the way.
Lay it all down step-by-step and set timelines to direct yourself towards specific milestones. This exercise will help you evaluate every aspect of your business and ways to hit targets and make profits when your business is up and running.
Most importantly, a good strategy can also help you to anticipate potential issues and risks that may surface as you grow your company.
So, do plan and strategise!
#2 Have an insurance policy in place
Speaking of risks, it is crucial to insure your business before officially opening doors because you are dealing with large sums of money that could disappear in a blink of an eye if anything goes wrong.
Hey, we’re not trying to frighten you, but this is a real risk you must be prepared to face as an entrepreneur. That’s why we do our best to take the necessary measures to prevent the worst-case scenario from happening.
If your business is left unprotected, there may be many road bumps interfering the smooth flow of how you run your business and churn out profits.
So, do protect your business!
#3 Get to know your competition
Don’t get too caught up in your own little bubble and ignore what your competitors are already doing well in what you plan to start. Starting a business without scouting out your competitors is practically business suicide.
You need to spend time researching, observing and evaluating and see what they do well or perhaps do even better than you. This will help you figure out how you can set yourself apart from other people because honestly, why should customers come to your new business if they can already find what you are offering elsewhere?
Hence it is important for you as a new entrepreneur to carve out a strong unique selling point from the get-go.
Besides that, understanding your competition also helps you to modify and improve your existing business strategy in areas like branding, product development, pricing, social media presence, etc.
So, get to know your competition!
#4 Get familiar with the law
A good business does not stray away from all the rules and regulations, especially in terms of keeping tabs on things like permits, licenses and taxes.
This may be a bit tricky for someone without some sort of background or understanding in business law, but it does pay to consult the relevant experts before stepping into unknown waters.
Imagine going into your business blind and at the end of the month, you’re slapped with a fine which you weren’t even aware of. Seriously, this is the last thing you want to worry about standing in the way of your new baby.
So, start reading up!
#5 Be smart with your finances
As much as we hate to say this, money makes the world go round in some ways, especially in the world of business. Every cent and ringgit counts, so you need to learn when and how to spend your money.
Of course, you will also need to know when it is equally important to spend. That’s why it is called an investment. You need to spend money to make money, so don’t hold back on things that your company needs.
In fact, it is best to have someone on your team who understands budgeting and financing, especially in small-medium businesses to help you draw up a proper budget.
So, embrace time-saving tips and technology to get rid of unnecessary time-wasters and ultimately, money!
When it comes to technology, Qu Exchange
can help you out when you’re low on cash. As businesses face massive working capital problems, this company strives to solve and improve your cash flow using a Fintech solution that is one-of-a-kind.
Qu Exchange is essentially an alternative financing solution that comes in the form of a mobile application by enabling businesses, small-medium enterprises in particular, to convert your products and services into instant working capital.
All you need to do is pledge RM30,000 of your product or service to Qu Exchange. So, if you are a new business with minimal capital, you can supply your products and services first.
Once done, Qu Exchange will then conduct a credit checking on the business. And upon succeeding, the business will be credited with 30,000 Qu Point, and purchase the products and services that you need.
This platform is a great way to help you connect with the whole SME community as well as raise more awareness on the product or service that you provide.
So, if you’re a new business owner or are currently considering starting a business, think about all those essential things you need to know. Or better yet, download the Qu Exchange app from the Apple App Store or Google Play Store, sign up, register an account and you’re good to go!
For more information, head over to this link