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Start-Up Tips for the 2022 Entrepreneur

by blindertech

As we finally say goodbye to the Covid pandemic, this is as good a time as any to put that great business idea into practice and regardless of the sector, there is much to consider. One thing is for sure, there’s never been an easier time to register a business; online solutions mean you can carry out the registration process, using a 3rd party law firm.

Here are a few tips from the business gurus to help your 2022 start-up.

  • Work on your business plan – The business plan is a guideline for the entrepreneur; a document that details every aspect of the organization from capital investment to marketing, and everything in between. When you think your plan is complete, hand it to a business coach and see what they have to say. A good business plan answers any questions that a potential investor might have.
  • Registering your business – Whether looking for company registration in Malaysia, Singapore or Thailand, you do need to make things legal and above board. Setting up a business in a foreign country demands legal advice and there are specialist law firms to help foreigners setting up business abroad.
  • Funding – Many entrepreneurs simply fail to prepare enough money and as a result, are forced to close down; it only takes a few big invoices to go unpaid to put you in the red, or a fire that destroys all your stock. If you have equity in your home, you can refinance the property and channel this money into your new business. Another source of funding is the online commercial lender, who offers low-interest business start-up loans and you get an answer within minutes when you apply for a loan online.
  • Make good use of specific business software – Whether you run a haulage company or a hair salon, there is sector-specific business software that helps you to automate many of your processes. Search with Google for a software developer and take a look at their customized packages; the developer would be happy to give you a product demo and show you how to eliminate human error and double handling. Click here for information about virtual assistants.
  • Invest heavily in digital marketing – Every 21st century business needs to generate and maintain a strong digital profile and you can’t do that without professional help. Search engine optimisation (SEO) drives organic traffic to your website; some SEO agencies boast that they can put any website on page 1 of Google’s search results, which is doable over several months. There are several strategies to boost a website’s rankings within specific searches, such as keyword insertion and link-building and the SEO technician can tailor their services to suit the client. Social media is one very powerful strategy for branding and with a team of Facebook marketers in your corner, the only way is up!
  • Outsourcing is the way to go – Outsourcing to local 3rd party providers allows you to compete with larger companies, plus this is the most cost-effective way to get things done. From digital marketing to office cleaning, every imaginable service is offered and prices are very competitive. If you are planning to set up an ecommerce business, for example, a third-party logistics (3PL) company can handle your order fulfillment.
  • Shared office space – If you know a few entrepreneurs, you could share a workspace, which will cut your running costs considerably. Splitting the cost of office space is the only way a small start-up can operate, plus you can get a prestigious registered business address in the CBD district for a few dollars a month. A virtual receptionist is a great way to handle all incoming calls and the remotely located receptionist is fully briefed on your business and can work to a script.
  • Bookkeeping – Don’t make the mistake of leaving the bookkeeping until the end of the first quarter; talk to a local bookkeeper at the very outset and they can set up a system for you to follow. Simply create a few Excel spreadsheets and make sure you key in the data every evening, recording all transactions that day. If you give the bookkeeping staff access to your cloud, they can carry out their work remotely, saving you time and money.
  • Minimize risk – It is important to take out tailored business insurance; general liability and employer’s insurance are just a couple of policies that you will need, plus stock, inventory and commercial vehicles need cover.

If you are planning to set up your new business in Malaysia, there are local law firms that can facilitate the business registration process, offer you the very best advice and they can also source office services for their many clients. There are foreign markets to penetrate and with some local legal advice, you can move forward with some confidence.

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