Since building a business from scratch can already be very challenging, building a business from scratch without investors may seem to be an impossible task. However, choosing to start a company without the weight of investors can yield many benefits that outweigh the cons. Investors also aren’t the only way you can build into your venture. Here is how you can start a business without investors in Malaysia.
Lauren Grech, the CEO, and co-founder of LLG Events, an international event management firm specializing in luxury destination weddings, discovered those benefits when she partnered up with her husband, Paul, to build what would later become a successful business without investors.
How to start a business without investors in Malaysia
Make the necessary sacrifices to grow your business.
Your business, like a baby, is going to demand a lot of time and attention. You must be willing to make sacrifices to free up your time. Grech said the more time you can free up, the more you can work on your startup and expedite the next phase of your business. However, keep in mind that spending time on your venture will take time away from other activities or people. It’s a give-and-take that you must figure out how to balance.
“In the early part of my career, I had to make a lot of sacrifices,” said Grech. “Every penny went into the company, and Paul and I did not travel unless it was for business. We skipped family gatherings, birthdays and nights out with friends, all to work and focus on the company’s growth.”
Invest your free time into your side hustle.
Since starting a business without investors can leave you strapped for financing, it may be wise to keep your day job while you develop your new business. Grech and her husband did this by volunteering at events on the weekends to gain industry knowledge, insight and network connections. Grech went to work early so she could leave early to meet with vendors and clients, as well as to work on her website, marketing and planning materials.
“I worked for free, with any free time that I had,” said Grech. “The more time I was able to focus on LLG, the more time I was able to dedicate to the business.”
Hire the right individuals (when you can afford it).
When you are finally in a position to scale your business, you should invest in the right individuals. The people you hire should be specialists who believe in your vision. Grech said that finding the right employee is like finding the right investor.
“You need to find those who share in your vision and your growth, who believe in what you’re doing and the message you are spreading,” Grech said. “For me, company culture was everything, and if we were going to expand, it needed to be with the right people.”
Grech advises bringing on team members slowly, only hiring when necessary. She said it is important to focus on building business savings.
Don’t forget about finances.
Through the entire startup process, keep your revenue and finances in mind. Since you won’t have investors to support you in times of need, ensure your company is always in the green. Grech said that she worried about financial responsibilities and commitments every step of the way.
“Paul and I were sure to never overextend ourselves financially,” she said. “Instead, we’d rather take on the work and increase our capacity in order to achieve what was necessary for the business to grow.”
Learn how to take on every job title and responsibility.
Growing a business without investors comes with additional responsibility and pressure since you are likely your only employee. In the beginning, you may not have the capital to hire employees, causing you to take on every job title and responsibility by yourself.
“You learn to become your own lawyer, accountant, secretary, etc., and you run every department until you acquire enough money from your sales to hire talented and specialized personnel,” Grech said.
Knowing how to start a business without investors in Malaysia can be a huge advantage over others who mainly rely on investors to fund their businesses.
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- Business Ideas For College Grads in Malaysia