3 Things Business Owners NEED To Know Before Getting Their First Customer
Summary
TLDRIn 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
- đŒ Malik Ali is the founder of BFM 89.9, Malaysia's first business radio station.
- đ Deciding on a company name is the first step in starting a business. You need to ensure the name is unique in your region.
- đ Conduct a company name search to check if the desired name is available. You can use platforms like Boss.com for this.
- đ„ïž Incorporate your company online to establish legitimacy and credibility.
- đŠ Set up a business bank account to handle financial transactions after selling your first product. This can also be done online.
- đ Purchase a domain name and necessary software for business operations through Boss.com partners and affiliates.
- đ Avoid common mistakes like failing to file statutory documents, accounts, and annual returns on time. This can lead to fines.
- đ Company secretaries can help remind you to file important documents and ensure compliance with regulations.
- âïž Every company needs a company secretary to comply with the Companies Act and handle statutory obligations.
- đïž 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.
Outlines
đ Starting a Business: Steps and Considerations
In this paragraph, Malik Ali, the founder of Malaysia's first business radio station, discusses the initial steps an entrepreneur should take when starting a company. He emphasizes the importance of choosing a unique company name and checking its availability both as a business entity and a domain name. Malik suggests using platforms like boss.com for company name searches and incorporation. He also touches on the necessity of setting up a bank account and acquiring necessary software for business operations. The paragraph highlights the ease of these processes in the modern digital age, where most can be done online.
Mindmap
Keywords
đĄEntrepreneur
đĄCompany Name Check
đĄDomain Name
đĄIncorporate
đĄBank Account
đĄOnline Incorporation
đĄSoftware for Business
đĄAnnual Returns
đĄCompany Secretary
đĄStatutory Documents
đĄWebinar
Highlights
Malik Ali, founder of bfm 89.9, discusses challenges faced by entrepreneurs and their solutions.
Starting a company involves deciding on a unique company name and checking its availability.
Conducting a company name search online is a crucial first step.
Incorporating a company legitimizes it as a legitimate enterprise.
Online platforms like boss.com facilitate the incorporation process.
Setting up a bank account is essential after selling the first product.
Online services make it possible to set up bank accounts and purchase domain names.
Utilizing online software for business operations streamlines tracking sales, expenses, and inventory.
Failing to lodge annual returns on time can lead to legal trouble for companies.
Common mistakes include not filing statutory documents and accounts on time.
Company secretaries play a vital role in reminding and ensuring compliance with regulations.
Every company requires a company secretary to ensure compliance with the Company's Act.
Delegating statutory obligations to a company secretary simplifies operations for entrepreneurs.
Boss.com offers resources and webinars to assist entrepreneurs in starting their businesses.
100 free webinar tickets are available for entrepreneurs to learn business startup strategies.
Transcripts
hi I'm Malik Ali founder of bfm 89.9
Malaysia's first business radio station
today I'm here to talk about the
challenges that entrepreneurs face and
how they can be solved
easily I'm thinking of starting a
company where do I begin first you need
to decide on a company name so you need
to do a company name check does bfm for
example exist anywhere else in Malaysia
if bfm does exist can I use something
else like bfm media and then I have to
like cross check against domain
addresses www. bfm Dommy is that
available so where do I do the company
name search I do it for example on boss
bo.com I type in the name bfm media and
see if there's any other companies that
has that name if there are no companies
with that name then I can start to do
the next step which is to incorporate
the company like the old days today you
can do it completely online why
incorporate so people know that you're
legit you're a legitimate Enterprise
your legitimate business as an
entrepreneur after you sell your first
product what happens next well someone
wants to give you a check for you to
bank into your bank account but you
don't have a bank account so what do you
do you can set up a bank account even
through boss.com everything can be done
online and it doesn't stop at bank
accounts if you want to buy a domain
name for example you you can access
bossy.com Partners and Affiliates to buy
a domain name and then after that you
need a whole bunch of software for you
to run your business like tracking sales
tracking expenses tracking inventory all
that can be done online through boss.com
Partners I read that failing to keep up
with small tasks like lodging annual
Returns on time can get a company in
trouble what are some other common
mistakes I should avoid the common
mistake is not filing your statutary
documents on time time not filing your
accounts on time not filing your annual
return on time that's the most important
thing um and sometimes you just need to
get reminded I mean for me the biggest
thing is I'm so busy with day-to-day
work I there I cannot remind myself of
doing these things and I have been fine
before so I don't want that to happen to
you company secretaries are fantastic
for reminding you to do things and for
for filing all those resolutions all
those accounts all those statutary
obligations on time the law says that
every company needs a company secretary
why is this important what does this
company secretary do the company
secretary makes sure that we comply with
all the relevant regulations under the
company's act every company operates
under company's act and you know what as
an entrepreneur it's really hard to keep
up you have to file annual returns to
file accounts you have to come up with
resolutions and you have to maintain uh
Communications with SSM so as
entrepreneur this is really hard to do
so how do I do it I delegate it delegate
to who a company secretary company
secretary that will just file all the
resolutions for me do all the statutory
work which honestly I really do not want
to do if you're interested to find out
more about how boss.com can help your
company visit
boss.com boss is also giving out 100
free webinar tickets for entrepreneurs
to learn how to start their own business
just register on the link
below
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