Entrepreneurship is a risky business because you will be venturing into the unknown without a safety net.
In creating a supportive environment here, Sarawak provides a handful of supporting elements that can give young and aspiring entrepreneurs a good head start in their venture.
For instance, the SMA-TEGAS Digital Hub was established in 2017 as an inclusive platform to support and empower early-stage start-ups and social enterprises in Sarawak.
To assist female entrepreneurs, the Sarawak Women and Family Department launched e-Prenuers in 2019, a mobile application under the department’s E-Wanita website that was designed as a platform for local women to market their products locally and globally.
While these supporting elements are available to help entrepreneurs in their business endeavour, it’s advisable to prepare safety nets for any potential setback.
Here are some things that you should invest your time in to create your own safety nets for your business:
Emergency fund
If you’re going to start your own business, it’s vital that you have a solid emergency fund.
Generally, it’s advisable to have an emergency fund that can last up to six months, but for an entrepreneur, it’s safer to have about eight months to a year worth.
Also, do keep in mind that as you start generating revenue, it’s important to draw a firm line between your finances by keeping business and personal spending separate. Even during such period, your emergency fund is a must for any unplanned expenses.
Side hustle jobs
Starting a business is not an easy task. Sometimes, it will take months and even years to see the fruits of your labour.
Hence, it’s necessary to consider taking some sideline jobs to sustain your business and to make ends meet.
Business registration and grants
With greater support towards entrepreneurship by governments, it is possible to apply for grants to start your business just by getting your business registered with relevant authorities.
This can be done online, whether you intend to run your business in a physical premise or online, as shown in this guide by SiteGiant.
Entrepreneurs can also find various types of grants online, which depends on the nature of their business.
Back-up data
These days, everything such as customer details and employee information is kept online, so you can’t afford to lose any data and information related to your business as it can lead to catastrophic consequences.
For this, you can use cloud-based services that are designed specifically for small businesses and should have features such as data and information protection.
This will allow you the flexibility to share your files from wherever you are securely.
Photo by Garrhet Sampson on Unsplash.
