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business

Link Roundup #27: 10 Things to Know This Week

Accelerate your personal finance knowledge with this regular feature on Ringgit Oh Ringgit – the Link Roundup! I promise you’ll find these 10 links informational 🙂

1. 9 things no one tells you when you’re starting a business – The Ladders

It’s a bit oversimplified, but serves as a nice checklist of things you probably don’t know when you’re starting a business, especially if you’re jumping from salaried life to self-employment life.

The 9 things are:

  1. Begin with revenue. Your ideas are great, but how will it bring in the money?
  2. Protect your IP. Things get stolen all the time.
  3. Market yourself. Not just your products and services.
  4. Know your ‘why’. The reason for it all.
  5. Understand yourself so you can make great hires. Hire people who are good at what you’re not good at. Take the DISC personality test.
  6.  You are NOT the boss. The customers are the boss (but that doesn’t mean you can’t fire them.)
  7. Build a structure and find balance. Find a routine that works and won’t burn you out.
  8. Build a tax savings account and emergency savings. Practical
  9. Embrace change and challenges. You’ll be putting your problem-solving skills to the test.

Any of you want to add on to this list? Add them in the comments section.

Related: 11 things I learned about self-employment in Malaysia

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All The Ways to Raise Money for Business in Malaysia, Compiled

fund business in malaysia

So you have an awesome business idea. And you want to pursue it, hoping that it will generate you a nice bit of income.

It could be for a full-blown business, or a flexible side income after work/school hours. But you quickly hit a problem: you need money.

Here are all the ways to raise money for business in Malaysia. If anything is wrong or missing, please let me know by commenting. Also, this article applies to us common folks, not to people who are born into money. Not all options might apply to everyone.

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Thoughts about moving to Ipoh

When I tell people that I’m moving to Ipoh, inevitably this dreaded question comes up:

“So what are you going to do in Ipoh?”

I’m going to be honest af right now- every time I hear that question, my heart beats faster, my mouth gets drier, and I smile (the type that doesn’t reach the eyes) while I say, “I don’t know yet, I’m still looking”.

Then usually they will give me like a “nevermind you’ll find something” and I’ll reply “yeah…” and just trail off awkwardly.

I don’t know why I’m not out and proud declaring that I’m going to be a full time entrepreneur. For goodness sake, I have a running online business called Kotak Koffee. I’m going to expand the business and make it reach new heights. Now I have more than enough time to dedicate to marketing it, and getting more products in. I could employ someone to help me with the work. Kotak Koffee has so much potential, and Ipoh is damn near perfect to continue Kotak Koffee’s expansion.

Click on the logo above to check out what I sell.. although the tagline is a dead giveaway

So why am I not … confident… about being an entrepreneur?

Never mind, I know the answer. It’s plain ol’ fear.

I’m scared shitless right now. I’ve always been a stable, predictable income kinda girl. I like surety. I love certainty.

Part of me is like, what if you fail?

Shit, what if I fail?

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10 thoughts on being a full-time freelancer

My last date of formal employment was 30 September 2015. Today, it’s been 2 weeks of freelancing. My estimated freelancing income for October 2015 currently stands at RM3360 (nett). I’m aiming for RM4k.

I’m not finding enough resources out there for people who made the decision to quit their jobs to freelance slash run a business. At least, not enough resources on how it actually feels like. So I decided to document my own transition. On a personal level, this is making me aware of some aspects of my personality that I have not realised before. In a sense, I am answering ‘If you could do anything with your life, what would it be?’ by actually living it.

Here are my 10 thoughts on being a full-time freelancer, 2 weeks in:

1

1. I worry more. A lot more. It’s not as bad, but I still have panic attacks over this major life decision of moving away from Kuala Lumpur. Before all this, I tend to worry more about the long-term – how to make sure I’m financially okay when I retire. Now I worry about more immediate things – my next paycheck, overspending on lunch, missing opportunities, things like that.

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