Build your business now
Andreas Ghani Weiler
YOU know that idea you’ve been turning over in your mind to open an online internet business? After all, online businesses now have spurred the growth of local brands and made it convenient for consumers to support local businesses. All in all, a feasible idea.
You’re just not sure when you’ll have the time? Tell you what. The best time to build your business is – now.
If you keep waiting for the perfect opportunity, you’ll never do it.
Take out that idea, dust it off, and launch it. The only way you can polish and refine it is if you put it out there, into the hands of your customers, and then get their feedback.
Capital comes next. If you don’t have any, don’t worry. You can pool resources from your savings, borrow from friends and family, or sell things you don’t need. Or, do all three.
One other option is to apply for a personal loan. There’s a chance this might not be granted to first-time business owners, so make sure you have a solid business plan backing you up. A good credit score also won’t hurt.
You can even start small. Your business will be easier to manage and carry less risk.
Let’s say you want to start a bike delivery service. It’s cost-efficient, environment-friendly, and its scope is small enough that you can service smaller deliveries that would otherwise be too expensive and take too long if they use bigger companies.
Hire some local kids who have bikes and want to make some money for the school or semester break. Just make sure you get good character references or get parental clearance or both.
Once your business is off the ground, start looking around for extra funding so you can expand. Don’t be afraid to pitch your idea to venture capitalists, or of criticism and rejection.
Think of it as a free learning opportunity. You walk away from the meeting with the knowledge of what you need to do next to improve your venture. You didn’t even have to pay consultants for that advice.
Be very clear about the needs your business is addressing, and what differentiates you from similar services or products on the market. These narrow down your responsibilities and let you focus on priorities. They also form your brand’s identity.
In terms of personal finance, owning a business on top of holding a job down is always a good idea because it gives you another source of income. You’ve heard it before: having a job and saving money just doesn’t cut it anymore. Inflation will eat away at your savings until they dwindle down to nothing.
An entrepreneur isn’t just someone who puts up a business to make lots of money. Be an innovator. In the case of the bike delivery service, you want a faster and cheaper way of delivering small items. You’re also environment-friendly because you’re helping reduce carbon footprint.
Do you need more proof you’re making things better? Small businesses impact the economy in a huge way by providing government revenue (also known as taxes) and creating jobs. You’re helping fellow Malaysians by providing them with income, which they’ll use to improve their lives and hopefully make their dreams come true.
Those kids you hired? You’re teaching them responsibility by showing up to work every day, and giving them appreciation for money by making them earn it instead of handing it out. Who knows? You might even inspire them to put up a business of their own someday.
Andreas Ghani Weiler is a money saving expert with Malaysian financial comparison platform, CompareHero, aimed at helping Malaysians save time and money.
For more information, visit www.comparehero.com
Andreas Ghani Weiler
YOU know that idea you’ve been turning over in your mind to open an online internet business? After all, online businesses now have spurred the growth of local brands and made it convenient for consumers to support local businesses. All in all, a feasible idea.
You’re just not sure when you’ll have the time? Tell you what. The best time to build your business is – now.
If you keep waiting for the perfect opportunity, you’ll never do it.
Take out that idea, dust it off, and launch it. The only way you can polish and refine it is if you put it out there, into the hands of your customers, and then get their feedback.
Capital comes next. If you don’t have any, don’t worry. You can pool resources from your savings, borrow from friends and family, or sell things you don’t need. Or, do all three.
One other option is to apply for a personal loan. There’s a chance this might not be granted to first-time business owners, so make sure you have a solid business plan backing you up. A good credit score also won’t hurt.
You can even start small. Your business will be easier to manage and carry less risk.
Let’s say you want to start a bike delivery service. It’s cost-efficient, environment-friendly, and its scope is small enough that you can service smaller deliveries that would otherwise be too expensive and take too long if they use bigger companies.
Hire some local kids who have bikes and want to make some money for the school or semester break. Just make sure you get good character references or get parental clearance or both.
Once your business is off the ground, start looking around for extra funding so you can expand. Don’t be afraid to pitch your idea to venture capitalists, or of criticism and rejection.
Think of it as a free learning opportunity. You walk away from the meeting with the knowledge of what you need to do next to improve your venture. You didn’t even have to pay consultants for that advice.
Be very clear about the needs your business is addressing, and what differentiates you from similar services or products on the market. These narrow down your responsibilities and let you focus on priorities. They also form your brand’s identity.
In terms of personal finance, owning a business on top of holding a job down is always a good idea because it gives you another source of income. You’ve heard it before: having a job and saving money just doesn’t cut it anymore. Inflation will eat away at your savings until they dwindle down to nothing.
An entrepreneur isn’t just someone who puts up a business to make lots of money. Be an innovator. In the case of the bike delivery service, you want a faster and cheaper way of delivering small items. You’re also environment-friendly because you’re helping reduce carbon footprint.
Do you need more proof you’re making things better? Small businesses impact the economy in a huge way by providing government revenue (also known as taxes) and creating jobs. You’re helping fellow Malaysians by providing them with income, which they’ll use to improve their lives and hopefully make their dreams come true.
Those kids you hired? You’re teaching them responsibility by showing up to work every day, and giving them appreciation for money by making them earn it instead of handing it out. Who knows? You might even inspire them to put up a business of their own someday.
Andreas Ghani Weiler is a money saving expert with Malaysian financial comparison platform, CompareHero, aimed at helping Malaysians save time and money.
For more information, visit www.comparehero.com
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