Sole Proprietorship

If you want to start a business, be sure to understand the type of business registrations available in Malaysia. Sole Proprietorship is one of the business registrations available. What is Sole Proprietorship? Let us have a look at the variable meanings.

There is a long list of explanation available but here is a few descriptions:

Sole proprietorship is the most simple form of business registration in Malaysia.

There is only one owner but there might be many employees to run the business together. You should understand the advantages and disadvantages before you proceed with your registration to make sure you fully understand sole proprietorship. There is no way you want to jump into business without proper research.

Advantages:

  • You have the freedom to make decision for your business.
  • All profits will be your own personal income.
  • You don’t have to appoint your own accountant to keep your account record.
  • When it comes to tax, you only need to pay personal income tax and not business tax.

Disadvantages:

  • You will carry all the responsibility for your debts and risks in the business.
  • Your personal property will also be your business property. That means your liability is unlimited.

Whether you want to start your own design business, sewing business or hosting business, you can register for sole proprietorship before you start your business. It is very important to make sure you register your business before you commence the business to avoid penalty (usually RM 50).

To find out how you can register your sole proprietorship online, refer to Malaysia.gov.my for details.

Are You Ready to Quit Your Job?

People quit their job for myriads of reasons. Jumping to a new company, relocating to a new place, family commitment, personal problems, workplace scandals, finding new environment, changing career and so on.

Some others, decided to quit to find freedom – physically and financially. They simply want to leave the 9 to 5 working world, do what they do best on their own and in their own way, and attain success in their own style.

They want to start a business. They want to become a writer. They want to say good bye to the usual work day routine and choose freelance jobs instead. They want to become a full time blogger. The list goes on and on.

Quitting your job for freedom takes courage and bravery. That is especially true when you’re good at your job and your boss classified you into the bright sparks category. Because if you are, then there is a good chance for you to come back to the working world, when things don’t go right in your quest for freedom.

Are you ready to quit your job and make a change in your life? Perhaps, the following list of questions might be of help.

1. Can I live without a steady paycheck?

Having your steady income paycheck taken away from you is one hurtful experience, and it is a loss that should not be taken lightly. Money is a very emotional thing and if you handle this wrongly, disaster awaits you. Not only you are deprived of cash, all the benefits such as medical coverage, dental plan, discounted goodies, house loan facilities and so on will be gone. Can you live without them?

2. Do I have enough money to get things started?

Think of the investment that you will need to make to put your plan into action e.g. the new laptop, broadband connection, fax machines, packaging, materials and so on. This should cover both the immediate needs and the future needs. Also note that the money we are talking about here only cover the business operation and in no way it should involve your emergency fund. Can the money be put into good use and drive your venture forward?

3. Will you come back working for people?

When things go wrong, the temptation of going back to where you were most comfortable at – the full time, 9 to 5 job will be unbearable. It is even more compelling if you were good at your job and have been performing well in your company before. More than half of those who quit their job to realize their own dream would eventually end up going back to the working world. Will you be one of them?

4. What is your back up plan?

In case of disaster, what are the immediate action plans you can fall back into? Will you go back to the previous answer? If not, what are your options? Will you be selling the house? Will you be using the emergency fund? Will you be begging your parents for money? Will you turn yourself to loan sharks?

5. Can you wait for years before success?

Success comes with a price. It is not cheap, but it is worth every penny of it. The question is, how long can you wait? Can you suffer for the next 3 years before reaping the profits? If your full time job requires you to be in the office 9 hours per day, can you work 14 hours per day in your own venture for the next 12 months? Only you can know it.

20 Questions Before Starting a Business

20 questions before starting a business.

1. Why are you starting a business? Is it because you hate working 9-5? Is it because you hate working for other people? Is it because you don’t like being in the rat race?

2. What specific event drives you to make this decision? Have you been influenced by the success of other people around you? Who?

3. If you are currently working for other people, in the most honest way, how would you think your boss describes you? Do you consider yourself a top performer, an average worker, or a slow learner?

4. Do you still remember when was the first time you came up with the idea of starting your own business? Have you run a business before?

5. If you hate working for other people, would you consider engaging in a franchise business? Why?

6. What specific business you have in mind now? How well you think you know about the industry? Are you an expert? If no, how do you plan to drive your business forward? What makes you think you can do so?

7. Do you have a business plan now? Is it a completed plan? Is your business plan genuinely workable or just another piece of junk? Do you have the data, figures and statistics that can prove your business will grow, or at least survives after 2 years of operation? How about 3 years? 5 years?

8. Do you have plan to approach the banks for loan? Is it for start up capital, or expansion capital? If you are a banker, will you approve your own loan application based on the business plan you have now?

9. How exactly you are getting your start up capital? Do you already have fund? Where did you get it? If you have cash now, would you go to say to yourself that this money will be put in good use, and eventually drives the company to achieve profitability?

10. What are your specific roles in your business operation? Who will be mostly responsible for the running? Are you the operator, or the business owner?

11. If you are not around, who will take charge of your business? Do you think he, she or they can do it? If you decide to go on holiday overseas for 2 weeks, can the business still be run as usual without you? Does this business allow you to be far away from your business?

12. At what point of your business operation you would think you have enough and you will decide to call it a quit?

13. Do the words manager and leader sound different to you? How are managers and leaders different? Do you consider yourself a manager or a leader?

14. Who would be your competition? What exactly they are doing? How would you think your business differs from theirs? Why would the customers choose your products or services instead of theirs?

15. The singer Sting once said “I would sing regardless I am paid or not. I love singing.” What is the single most enjoyable thing you can do, such that you’d do it for free?

16. Is your answer in the previous question related to the business you will be doing?

17. If the answer is ‘no’, would you agree to say that the business is not for you and you should abandon your plan to start that business?

18. If according to you, business is the way to go, how important the business would be in your life? Is it more important than your family? Is it more important than your health?

19. How are you going to pay yourself in your business. As an employee? Taking part the portion of the revenues? Or you don’t get paid? How do you eat?

20. You have 24 hours per day. Once you start your business, roughly, how many hours you would spend on your business every day for the first 6 months? 8 hours? 10 hours? 14 hours? How would you spend the rest of the hours? Sleeping? Spending with family? Resting?

JomMakan Opens in London

JomMakan, the first restaurant under the MalaysiaKitchen QSR (Quick Service Restaurant), opened its second international outlet in London, last month.

The first JomMakan outlet made its debut in Tokyo, a year ago, and is currently doing well. The food chain is operated by JomMalaysia, a wholly owned entity of Perbadanan Nasional Berhad (PNS).

JomMalaysia plans to enter United States, Australia, German, Sweden and Middle East soon, through partnership and franchising program.

At JomMakan, customers can find a wide range of authentic Malaysian cuisine, including dishes, drinks and desserts. Roti canai, teh tarik, mee goreng mamak, nasi goreng kampung, laksa, kuih muih and other delicacies are ready to capture the heart of Londoners and other foreigners alike. JomMakan operates through an open kitchen concept, where customers can actually see their food being prepared and served hot.

Apart from the dining in service, the company also provides catering services to public and private events, complete with design, art and multimedia facilities. The strategic location of the JomMakan outlet, which has close proximity to major landmarks including the Trafalgar Square, Chinatown, Piccadilly Circus, Leicester Square and so on will also become a promotional tool that are set to spur Malaysia tourism industry.

To grow the operation further, the company provides franchising opportunities for aspiring entrepreneurs, both local and foreign, who are considering venturing into food business, particularly in overseas.