Things You Must Know Before Setting up a Profitable Small Business in Malaysia

Things You Must Know Before Setting up a Profitable Small Business in Malaysia

Starting a small business in Malaysia is indeed a good start-up plan. There are many options to start a small-scale business in Malaysia. Some of the recommended industries to start in Malaysia in 2020 are as follows;

  • Fashion stores
  • Electronic repair shops
  • Cellphone accessories shop
  • Professional services
  • Pet care business
  • Tutorial businesses
  • E-commerce store
  • Photography
  • Food truck business
  • T-shirt business

These are some of the small-scale business opportunities which you can start in Malaysia. The above list is also recommended to you all since the country appreciates if any of you all start any business from the list.

These small-scale businesses in Malaysia will soon turn out to be a larger industry in the country. When starting a new business, be concerned about the type of country and check what type of industries they welcome in a country.

Cost of starting a small business in Malaysia

  • The registration fee of a company depends in the Malaysian incorporation of Sdn Bhd company.
  • Trading license such as (WRT) wholesale retail trade requires the counsellor’s permission to receive the license. Depending on the type of business established, the fee is exhibited for you to pay for the license.
  • The business amount for office space purpose is to be deposited before 2 months for rental and 1-month advance payment for furniture
  • The minimum amount to be deposited in bank is RM 1,000 TO RM 5,000. The amount depends on the bank where it is deposited
  • The cost of setting up broadbands and landline cost around RM 450.

5 things to know before starting a business in Malaysia

Know your business:

It is important for you to know what type of business you want to execute. You need to be knowledgeable about your industry in which you want to attain profit. Since you are planning to do a Small Business in Malaysia it is important for you to select specific function or functions. You need to select a specific product or service in which you are good at making business.

Knowing your customers:

It is important for any business person to know their customers. You need to have a broad understanding about their taste and preferences. You need to know what type of customers – age, gender, and other factors – prefers to buy your product. Proper research has to be done in order to have your target audience satisfied. In a small business, it is important to achieve your required target and not beyond the target.

Receiving lessons from a mentor:

In a business apart from the research which needs to be done you also need to receive advice from people who had past experience. Taking lessons from people who had experience is always helpful and important. There are also free workshops where you can attend and know about their experience with business.

Business plan:

Before staring anything there always has to be a plan in order to achieve the objective. Planning is an important initial step of a business. You need to know what kind of product you are planning to sell or what kind of services you would like to provide to your customers. Planning is the important base of a business where you get the overall idea of your business.

Business budget:

You need to be financially ready in order to start a business. Since you are willing to start a small business, it will not be hard for you to analyze your budget. It is important for you to plan what type of business are you willing to invest and regain profit. Budgeting your business includes the following;

  • Opening/ starting capital
  • Sales
  • Projects
  • Cash flows
  • Office investment
  • Staffs

Starting a business in Malaysia is a good idea. Especially starting a small business is another good decision. In Malaysia, there are various opportunities and it is not hard to start a business in the country. Malaysia is an open economy where it encourages any people to start any type of business regardless that they follow the laws of the country. Well, now you may want to know about business advisory Malaysia.

Questionnaire

Can foreigners start a small business in Malaysia?

Yes! They can start any Small Business in Malaysia

What is the minimum amount to start a Small Business in Malaysia?

According to the type of business it may actually cost around US$ 20,000

Is there any company law changes in the country for 2020?

No, currently it remains to be the same from 2016.

Related Article:

How to get started with a small export business in Malaysia

Easy steps to start a Malaysian small business

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