Tips for Starting a Business in Malaysia

Feet behind the start lineThe price of opening a new small business in Malaysia will depend on the type of venture, which may cost below RM1,000 or even more than RM1 million.

For instance, you could make money by selling items online with just an RM100 capital. On the other hand, a Software as a Service (SaaS) business might require you to spend between RM200,000 and RM3 million.

Get Financial Assistance

If you still lack the necessary funding for your business idea, consult PlaTCOM Ventures Sdn Bhd and consider applying for an SME grant in Malaysia. The government offers financing assistance to eligible applicants as a way of supporting the local economy. However, some business concepts could be a double-edged sword. These include a food and beverage business.

While it can be profitable since people always need to eat, almost anyone can run this type of business. Hence, competition makes it hard to stand out unless you have a unique selling proposition. In this industry, it’s not enough to serve delicious and affordable food.

Look for E-Commerce Prospects

Online retail has become more common in the country, and this presents an opportunity for those who want to capitalise on its increasing popularity. It costs between RM2,000 and RM15,000 to start an e-commerce website and promote your wares in cyberspace.

Unlike a food and beverage business, this requires you to be familiar with online marketing strategies. However, once you find your niche, it can be a lucrative and cost-efficient venture without having to worry about a significant overhead. That’s because you don’t have to worry about paying for recurring expenses associated with maintaining a physical store.

When choosing the right business opportunity, it’s important to know your financial capacity to determine the actual cost of starting your small enterprise. How do you plan to fund your own business?