|My partner Stacey and I when we owned VirgoModels|
|One of the Bands I managed under G.O Management|
I wont say I'm an expert in this, all I'm giving you is my experiences of starting up my own companies, and if it helps, then I've done what I set out to do! There are several things you need to consider.
Firstly what do you want to do, what do you really love to do? These are important questions as you will discover you spend more than 80% of your time working (I think we should have 3 day weekends! but hey that's just me!) Is it something that you're really passionate about? Have you discussed this with your close group of friends? Are they supportive or do they think it's the worst idea ever? Do you have a mentor? Can you go to them and outline what you intend to do? I must say I'm a very stubborn person and once I decide to do something, "you can't " is not in my vocabulary. That helped a lot in keeping my focus on getting my businesses up and going. Of course I discussed it with a few friends and got them to help me with cash flow projections, 3 to 5 year P&L plans and that dreaded word.. yes.. accounts.. yuck!, to all the accountants out there, we love you, please don't ever change !
Now if you've decided to take the plunge , (please don't blame your shampoo for hair loss, it's the stress...) then the first thing you need to do is , set up a company. In M'sia you have two choices, you can either open up as a sdn bhd (limited co) or as a sole proprietor. It all really depends on the kind of structure that you want for your company and what suits you best. Sdn Bhds's will obviously cost you more, so ensure you have at least $5K set aside to cover all the different fees when Incorporating a company , this includes secretarial fees, stamping fees and if you buy a shelf company and want to have the name changed. Pick your company sec carefully, they will be with you for a while, ask friends about theirs or for recommendations.
If you are opting for a Sdn Bhd then make sure you nominate the other director/s with care, as they have to sign off on all the docs including co cheques. Now if it's only you running the company and you don't need loans, grants and restructuring every few years it's ok to use family members or friends you trust, I did that, but as we grew, I was advised to bring on shareholders and directors with hefty track records, it would make applications for funds in what ever form much much easier. I now have 2 Directors and 3 shareholders on board who kick butt bebeh!
On to some frivolity, the name of the company! Heh, for some this doesn't matter, for me, it's part of branding. My company is named after my 3 kids so it's called Cleiden (Christopher, Leilani and Ayden) a girlfriend of mine came up with that (more heads together, more ideas!) here's my link Cleiden Management Productions
The logo is a Maori fish hook aka "hei matau" which represents strength, good luck and safe travel across water (as a producer and creator of shows there is a lot of travelling!). Your company sec will give you a list of names already incorporated if you want a shelf company, from there if you want the name changed make sure you give your co sec at least 3 choices.
|Hosting a TV show with Color Me Badd|
Ok so now you've got your company sec, incorporated a company, have a list of names you'd like to change it to and picked your director. It gets better .. now you need to get an accountant on board as well as a company auditor. Yes apart from co sec fees you have to pay quarterly, you have the auditors yearly fees for audit and tax and your best friend and somewhat huge pain in the derriere the accountant. Try to have your accountant do the books regularly either weekly or fortnightly depending on your turnover, or like me you'll be huffing and grumbling from all the questions and deep file searches for that one flipping receipt that they don't have!
I know it all seems much, especially since you're also expected to attend Company Director courses, GST courses etc to ensure you know what you're doing, BUT if you've got the determination to get your product off the ground, this is only a small blip on that road to your new adventure, and hey if I can do it, so can you. I'll catch you all again next week, I've uploaded my first vlog for this Blog, and hopefully the new design for my blog will be ready in the next few days, hope you like it! Drop me a line, firstname.lastname@example.org anytime, love to hear from you!