Malaysia is a wonderful land for opportunity and success. This blog is aimed at describing how one can succeed in a business in Malaysia. Whether you are a local or a foreigner for the land, this blog points out some of the most important things that a new entrepreneur should pay attention to, before starting out on a business venture
Starting a business anywhere in the world is no mean feat. Everyone who wishes to start their own venture puts in a lot of themselves to begin their dream project. There is a lot of effort, research, labor and imagination that goes in, apart from the obvious weight of risk and responsibility. Not everyone can be an entrepreneur. The risk and research involved in setting something up is a mountain.
Malaysia is a very lucrative place for a prospective entrepreneur. People with the expectation to start a business are often attracted to this lively place with the most promising commercial prosperity. It is a land of strategic importance that can bring a lot of success to your start up.
But can any business succeed in Malaysia? Not really. For every success, there are a few failures too. How can you then be sure that your business will succeed in Malaysia? Here are a few things that you can keep in mind about how to set up a successful business in Malaysia. Let’s discuss.
Understand the location
The key to setting up a successful business is to understand the appetite of the people to consume the services or products that you are offering. There has to be a demand, before you offer supply. Does Malaysia need what you are offering? Or is it just something that you want and therefore think everyone else does? To understand the local needs, you have to indulge in a fair bit of research. Travel the city, understand what the people are like and check how much is the commodity or service that you are offering, user or preferred. If you don’t have any preconceived notion or any pre decided idea that you want to base your business on then try to find out what is popular there and if there is a void that people are desperately waiting for someone to fulfill.
What do you know?
When you really want to start a business you have to first evaluate what are the things that you are proficient in. You might hire people to look after a business in case you are looking at it in a purely commercial way, but if you actively want to run your business and be a part of it then perhaps you must account for your skill set. It is one thing to start of a business just as an investment and a completely different thing to actually LIVE your business.
Today, unless you have a dream that you really wish to pursue, it is easy for you to simply make an investment into a business that mostly runs itself. The world today is a very progressive one. For countries like Malaysia, using smart phones have become a very normal thing these days which wasn’t the case only a few years back. Owing to this, people have started basing their businesses on mobile applications.
The concept of the Gojek clone is the best example for it. Gojek has not yet set foot in Malaysia. So, for entrepreneurs who plan on starting their own app based business, this becomes the perfect opportunity. This means that a onetime investment in an app like Gojek can help build an empire in the Malaysian market. Since such and app offers multiple service providers a platform to offer their services via the app, it earns a commission automatically for the app owner on every booking.
Understanding government regulations
The biggest mistake that people make is to make all plans without consulting with a legal body. Every country has different norms for different kinds of businesses. This means that if you are not a native Malaysian, the rules of the game will be different than if you are. If you are an individual the legal proceedings might be shaped differently than if you are an already established company.
The first step after doing a market research is to understand the legality of what you are doing. For example the Escort business or the Massage therapist on demand business is legal in Malaysia but has a few restrictions that one must bear in mind, unlike in another Asian country like India where any kind of escort service business or on demand massage therapist business is completely illegal. Once you have a fair idea of the government rules and regulations, you will be in a much better position to handle any obstacle or to simply proceed with caution.
Make a calendar
A time line is the best way to track the progress of our business. Make a clear timeline showing the rate at which you want your business to grow. This is also called ASSUMED BUSINESS PROJECTION. This ABP will begin from the time you make the first investment in the application, till the time that the business starts reaping benefits for you. This ABP will help you understand exactly how much time and money every stage of your business has been taking. This will also enable you to make modifications and adjustments in the way you are handling to business to maximize profitability and to ensure that you are getting the right Return on Investment.
Remember the importance of Search Engine Optimization
SEO or Search Engine Optimization has become vital for the growth and sustenance of any business these days. The internet is an ocean of opportunities. The more visible you are over there, the higher are your chances to succeed. People often start off with a project but forget the importance of letting the world know that they are offering the services or products that they are. Making themselves be known over the social media or getting good ranging in general searches will ensure that more and more people become customers to your business endeavors. Marketing is essential. Make people know that you are there and you will serve them to the best of your abilities. The Malay people are sweet and simple populace. They need assurances that you will help them with your product or your service. Ensure that you can convey to the people that by giving you a chance to thrive in their country, they are automatically entitled to the best possible services from you.
Anurag Rathod is an Editor of Appclonescript.com, who is passionate for app-based startup solutions and on demand business ideas. He believes in spreading tech trends. He is an avid reader and loves thinking out of the box to promote new technologies.