How to start a startup in Malaysia
There are many business opportunities in Malaysia not like restaurant, hotel, grocery shop. Startup business as young entrepreneurs in Malaysia is risk free if make a good plan. Find a good location of business if business is relating SME as location is fact of sale. For others, place is not fact as online marketing and goods delivery ways are perfect. Startup companies fight with many difficulties like family, friends, competitors, ego and many more. As a result, business is closed after certain time being lacking perfect plan. The main key of successful is stay in market for 3-5 years at any cost without listening side talk. Yes, as smart entrepreneurs make short- and long-term business plan for first 6 months and next 2-3 years. Know your competitors, product price and service quality and keep study on it. Accept any challenge in everyday and go ahead.
This type of business is challenging more than others as many issues must handle. Risk factor of small type business is high, 70%-80%. A lot of competitors nearby and DBKL, MBPJ department will be keep checking as regular duty. Shop rent is higher also and if sales are lesser than expenses is fact of counting loss. 80% of customers visit from street and stranger whereas lots of other shops available with same goods those you have. Be different than others considering shop decoration, attitude of sales team, online marketing, online promotion, location and goods marketing, attractive office etc. Buyers now a day search in Google to find the desired goods from nearby. Promote your product regularly to be visible online and keep contact number active. One simple map (one page) to go out from here to popular places can give to all customers as social work as stranger face difficulties to come out from market. Request for a customer review in Google business address and keep a computer in front with WiFi connection. Buy goods from wholesale market and stock some common goods to sale in pick time. This is how startup will develop in business and expand in certain time.
Risk factor is 30%-50% as investment is bit higher than small business. Super Shop, Service company, wholesale, export, import business are example of medium enterprises and there are many more. Keep strong connection with buyers and make multiple business plan to increase the sale. Promote your business regularly and expand social networking and keep small budget for promotion. Check price rate of goods and services from market and provide best services to customers. Promote membership at 10% discount rate on any goods. Setup office in convenient location where car parking facilities are available. Provide A-Z service and all goods are available those are need as customers. Sale goods and services through apps on 10% discount always.
Risk factor is less but investment is high as startup must be experience before setup big industry. Hire right person is number 1 as importance to run business smoothly. Check fixed and variable and production cost and total sales volume. Promotion will keep going on and goods and service quality must high priority. Raw materials, delivery of goods, labor force, machines, vehicle and many more necessary be ready. Goods delivery on time is challenging otherwise compensation must be there. Once reputation is achieved can sale franchise and open multiple offices to ensure better service and sale. Setup factory in trade free zone area to enjoy tax holiday to reduce cost that helps to increase profit. Keep checking goods by quality controllers’ team and uphold brand image.
Conclusion: Each business must take 3-5 years plan to be successful. Sustain in business is challenging as startup but never give up within 3 years and shut business down at any cost. If you overcome challenges of 3-5 years must be market leader and established businessman. First investment plan for 6 months as beginning time and then 1 year and 3 years plan. Register Sdn Bhd company by SSM in Malaysia within low fee instead of proprietorship as smart choice as FDI law for foreigners and local as SSM rules.