3 Things Business Owners NEED To Know Before Getting Their First Customer

Summary

In this insightful talk, Malik Ali, founder of bfm 89.9, addresses the common challenges faced by entrepreneurs and offers practical solutions. He outlines the initial steps for starting a company, such as choosing a unique name, checking domain availability, and incorporating the business online. Malik emphasizes the importance of setting up a bank account and utilizing online tools for business management. He also warns against common pitfalls like failing to file statutory documents on time and highlights the crucial role of a company secretary in ensuring compliance with regulations. To assist entrepreneurs further, Malik promotes boss.com's services and offers 100 free webinar tickets for business education.

Takeaways

• 💼 Malik Ali is the founder of BFM 89.9, Malaysia's first business radio station.
• 📛 Deciding on a company name is the first step in starting a business. You need to ensure the name is unique in your region.
• 🔍 Conduct a company name search to check if the desired name is available. You can use platforms like Boss.com for this.
• 🖥️ Incorporate your company online to establish legitimacy and credibility.
• 🏦 Set up a business bank account to handle financial transactions after selling your first product. This can also be done online.
• 🌐 Purchase a domain name and necessary software for business operations through Boss.com partners and affiliates.
• 📅 Avoid common mistakes like failing to file statutory documents, accounts, and annual returns on time. This can lead to fines.
• 🔔 Company secretaries can help remind you to file important documents and ensure compliance with regulations.
• ⚖️ Every company needs a company secretary to comply with the Companies Act and handle statutory obligations.
• 🎟️ Boss.com offers resources and free webinar tickets for entrepreneurs to learn how to start their own business.

Q & A

What is the purpose of the radio station BFM 89.9?

BFM 89.9 is Malaysia's first business radio station, founded by Malik Ali, and it aims to discuss challenges faced by entrepreneurs and offer solutions.

What is the first step Malik Ali suggests when starting a company?

The first step is to decide on a company name and perform a company name check to ensure it is unique and not already in use in Malaysia.

How can one check if a company name like 'BFM' exists in Malaysia?

You can perform a company name search on platforms like boss.com by typing in the name to see if any other companies have that name.

What is the importance of checking domain names like 'www.bfm.com'?

Checking domain names ensures that the online presence of your business is available and not already claimed by another entity.

What platform does Malik Ali recommend for company name search and incorporation?

Malik Ali recommends using boss.com for both company name search and incorporation, as it can be done completely online.

Why is it important to incorporate a business?

Incorporating a business legitimizes it, making it a recognized and legal enterprise that can build trust with customers and partners.

What is the next step Malik Ali suggests after selling the first product and receiving a check?

The next step is to set up a bank account where you can deposit the check, and this can also be done online through platforms like boss.com.

What other services can be accessed through boss.com to support business operations?

Boss.com offers services such as buying domain names, accessing software for tracking sales, expenses, and inventory through their partners and affiliates.

What common mistakes should entrepreneurs avoid according to Malik Ali?

Entrepreneurs should avoid common mistakes like not filing statutory documents, accounts, and annual returns on time, which can lead to legal trouble for the company.

Why is having a company secretary important for a business?

A company secretary is crucial as they ensure compliance with all relevant regulations under the Companies Act, helping with filing annual returns, accounts, resolutions, and maintaining communication with SSM.

How can entrepreneurs learn more about starting their own business with boss.com?

Boss.com is offering 100 free webinar tickets for entrepreneurs to learn how to start their own business, and interested individuals can register through the provided link.