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How to Start an Online Business?

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This article are all about my sharing on how to start the online store or online business. Take it as a reference as there always have multiple ways to start your own business. Still, you need to do many research and finding before you getting started. Business world always filled with ambiguities and uncertainty that you will only discovered it after you getting started. You needs to prepare yourself to never feel bored and keeps learning the new things each day.

Below are some points that you might want to listed down in to your checklist:-

1.  Unique product

You need to choose the product that you like it very much, you know well of the product’s features and functions and confident of selling it. Don’t ever sell the product which you have less knowledge on it since your online store need to introduce from root to tail of your selling products in which your consumer can’t touch, feel or test it physically. If you don’t have the confident on your own products, do you think your consumer will have confident over it?!

Why you must fall in love with the product you are selling? The theory very simple, will you ever feel bored when you be with someone that you love each day? The answer is NO, right?! You will try your very best to do investigation on your selling products so that to introduce to the peoples around you.

2.  Business plan

Draft out some simple business plan so that you will have much clearer picture on the business that you are going to carry out soon:-

  • Business profile – description of your business, business name, targeted market and customers, growth trend in this business, pricing power.
  • Vision and your professions- which is your vision & mission for your business. What abilities and skills that you possess which can help you run your business. What knowledge that you lack of so that you might need to do more reading on it.
  • Required tools to run your business- computer, web hosting and communications tools.
  • Marketing plan- methods to promote and advertise your products, target audience, purchasing and inventory control
  • Cash flow planning- proposed capital & budget you will invest in.

Start as small. Don’t throw your whole saving into your business. Reserved 50% of your saving for uncertainty you might faced in future. Don’t dream that your business will go smooth from start.

3.  Search for potential vendor or supplier

Ask for wholesales price, minimum order they able to accept, payment methods, shipping methods, returns policy and any others things you can think of. You might start to look for the vendor based on the brand name you wish to sell and googling for their official websites to get their contact information or email which is the cheapest method contact them to get your questioned answered.

If you import the items from oversea, you might need to check properly either your item is taxable or non-taxable to avoid any higher charges applied to your parcel while your item held at customs office.

4.  Website and hosting

If you are the programmer, that’s great! because you can waived away the charges to own your customized website. There are many small businesses started through free blogging such as wordpress or blogger. Also, there are some business owner hire freelancer or purchase through the software house to setup their online business store.

Choose for reliable hosting company to host your website. Make sure the hosting company can provide fast response when your website need technical support while critical time.

You might consider to purchase SSL to setup into your web store. Consumer feel more confident while register and purchase through the online store which can secure their personal information.

5.  Register your company

Start as small by registering your company as an enterprise (Sole Proprietorship or Partnership). For Sendirian Berhad (Private Limited), you need to get the Company Secretary from your trusted accountancy firm to help you prepare some documents which will cost you RM2k++ from the startup.

You are now able to register your company online through the SSM (Suruhanjaya Syarikat Malaysia) website [SSM eLodgement]. Total Amount to register an enterprise for sole proprietorship is RM65:-
i) Subscribe into My Government Portal to enable you gain access into SSM e-Lodgement for company registration – RM5
ii) Register your business (business name using the trade name or different than your personal name) – RM60

6.  Business stamp

You required business stamp in advanced to allowed you open your business current account with bank.

7.  Business current account

The current account allowed you to use your business registration name as your account name which gives your consumer feel more confident while making the payment into your business account rather than into your personal account.

Your business current account provides you with an online banking facility for you to keep track for each and every business transaction. Bank will provide you with cheque book and printed copy of monthly statement.

After doing some reading and research, I decided to open the current account with CIMB Berhad due to Maybank applied an additional charges and fees from the usage of their online banking.

An introducer is required for opening a current account for enterprise. Sdn Bhd waived away the introducer procedure. The introducer must be a personal or business current account holder from your applied bank with no blacklist record and atleast 1year holding the current account with the bank.

8.  Poslaju/EMS account

Bring along your company stamp, photocopy of your business registration certificate (borang D- RM10 if you print and get the chop sign copy @ SSM office), business information (you can buy the print out @ SSM office which cost you RM13) and visit to your nearest poslaju branch. You required to fill in the form and submit the documents as I just mentioned. They will process your application within a week and give you the account number, list of domestic and international freight charges includes the blank AWB and parcel plastic bag.

Hola ! Wait for your stock to reach you and you can start your business right away !

Remember! The business already becomes parts of your life. Once you give up, the business has no hopes to sustain or survive.

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2 Comments

  1. For poslaju account, do they require a monthly target? And also, how much discount do they give as compared to a non-account holder?

    • No monthly target required. Well, for small businesses it is just the same rate as non-account holder. It just that you are able to ask postman come to collect the parcel free of charge via their toll free number from your company and request for free poslaju envelope and AWB form.

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