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

Boss Boleh Cloud Company Secretary

21 Dec 202303:29

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

💼 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.

Outlines

00:00

🚀 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

💡Entrepreneur

An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. In the video, Malik Ali discusses the challenges faced by entrepreneurs and offers solutions, making it a central theme. For example, he talks about the process of starting a company and the importance of having a legitimate business entity.

💡Company Name Check

A company name check is the process of verifying whether a proposed business name is already in use or not. In the script, Malik Ali emphasizes the importance of conducting a company name check to ensure uniqueness, such as checking if 'bfm' or 'bfm media' is available in Malaysia, which is a crucial step in the business formation process.

💡Domain Name

A domain name is the human-readable address of a website on the Internet, such as 'www.bfm.com'. In the video, Malik Ali mentions checking the availability of a domain name as part of setting up a business online, highlighting the importance of securing a domain for a company's online presence.

💡Incorporate

To incorporate means to form a company or corporation legally. Malik Ali explains that incorporating a business provides legitimacy and trustworthiness to the enterprise, which is essential for customers and partners to engage with the business.

💡Bank Account

A bank account is a financial account maintained by an individual or business at a financial institution to store money and conduct transactions. In the script, setting up a bank account for a new business is mentioned as a necessary step to deposit checks and manage finances.

💡Online Incorporation

Online incorporation refers to the process of legally establishing a business through the internet. Malik Ali mentions that today, one can incorporate a company completely online, which simplifies the process and makes it more accessible for entrepreneurs.

💡Software for Business

Business software refers to programs or applications designed to assist in the management and operation of a business. In the video, Malik Ali talks about the need for software to track sales, expenses, and inventory, which can be accessed online through partners of boss.com.

💡Annual Returns

Annual returns are official documents that companies must file with regulatory authorities each year to report their operational details. Malik Ali warns against the common mistake of failing to lodge annual returns on time, which can lead to legal trouble for the company.

💡Company Secretary

A company secretary is an officer of a company who ensures compliance with legal and regulatory requirements. In the script, Malik Ali explains the importance of having a company secretary to handle statutory obligations and maintain records, which is a critical role in running a compliant business.

💡Statutory Documents

Statutory documents are official documents required by law for a company to operate legally. Malik Ali mentions the importance of filing statutory documents on time to avoid legal issues, which is part of the responsibilities a company secretary would handle.

💡Webinar

A webinar is an online seminar or interactive lecture that is transmitted over the Internet. In the video, Malik Ali mentions that boss.com is offering free webinar tickets for entrepreneurs to learn how to start their own business, which is a resource provided to assist in the entrepreneurial journey.

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.