Guide to Starting Your Own Business in Malaysia
When starting a business, our motivation can vary greatly
from one person to another. Some want to take advantage of their talent in
certain services or goods, some only do it for money, and there are others who
want to do good for their community through social entrepreneurship. Whatever
your motivation, understands the risks involved: we have compiled a list of things to consider
before starting your first small or medium business in Malaysia to minimize the
risk.
1. Have a sense of your market
Markets are changing rapidly thanks to human innovation and
greater access to technology in all areas. New opportunities are created every
day for consumers and business owners. It is important that business owners
understand their markets and goes beyond knowing what to sell. This is
essential not only when it starts, but also when the business scales, so it is
ready to adapt and take greater risks when necessary.
Most major newspapers in Malaysia would have a section
dedicated to business and there are many publications dedicated to helping
companies establish their position in the country that would be very useful in
their research.
2. Find the right connection
Many new business owners fall into the trap of thinking that
they can be an island when they run their new business. For the first parts of
the management of your business, thanks to technology, new companies can leave
some things to applications and websites (below). But companies can grow
rapidly out of their control when they start to get new customers and larger
customers and when that time comes, it's always good to have people you can
trust to manage the effort together. It is good to have a list of potential
partners and collaborators that you update regularly.
3. Understand the laws that govern your business
In Malaysia, all companies must be registered under the
Malaysian Business Commission and Malaysia is considered one of the easiest
places to start a business. You must decide how big your business is and how
much it is invested in the initial execution, as this would determine what type
of business, you will register under the Commission. It is also pertinent to
determine what type of permit you need to have when establishing a business,
for example, all tuition centers must be registered with the local education
office and the premises must be inspected by the local fire and security
department.
4. Technology is your friend
The advancement of technology may leave behind certain
business owners who do not understand the widespread impact on technology among
consumers. But don't worry, technology has also worked wonders for business
owners in tracking inventory, outlets, payroll, supply orders and much more.
Most of these services can be customized to fit the size of the business.
Take some time to determine what would be best for your
business, as you are making a list of the things you might need.
5. Have the right mindset
At the end of the day, whoever has around them and no matter
how advanced the technology to which they have access is, an excellent business
mentality weighs much more when it's really time to get down to work. In fact,
the famous business strategist, Tony Robbins, explained that 80% of success is
psychological and that you should never let fear stop you from executing and
refining your ideas.
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