Important Tips to Starting a Business in Malaysia? (for Local)

So you decide to take the plunge, ditch your day job, and become a business owner. Not all business are meant to succeed, but chances of success can be improved significantly if the right foundation is set. Here are some tips when starting a business in Malaysia.

Tip 1: Create a Business Plan

It is important to have a business plan. A business plan is the foundational brick of a business. It will help to clearly set out ideas and how to execute said ideas. This is the best time to thrash out ideas with other business owners or mentors. Do the research, study similar businesses and observe potential competitors.

Here are some important question to ask:
(a) Who will buy this product or services?
(b) How can I make my product or services unique?
(c) Who is my competitor and how can I do better?

Useful content:

• Personal Favourite – Blue Ocean Strategy
• The Complete Business Plan Course (Includes 50 Templates)
• 7 Steps to a Perfectly Written Business Plan
• How to Write a Business Plan

Important Tips: Always be mindful of personal expenditure. A good place to start is to ask the following question \”How to generate business income to at least cover my monthly expenditure?\”

Tip 2: Register a Business in Malaysia

Useful content: 3 Types of Business Entity in Malaysia – Pros & Cons

Registering a business will allow the owner to set up a separate bank account for the business. For the purpose of TAX FILING, it is important to keep track of personal and business income/expenses. A business that does NOT pay tax is destined to fail.

Having a separate bank account is also important for when you want to apply for bank loans, government grant or accepting investor funds.

Tip 3: Start Selling

Start looking for potential customers:
(1) Join networking event
(2) Join networking group – (Contact us for a recommendation)
(3) Tell family and friends about your target customer. Teach them how to refer a prospective customer to you

Before you know it – you are already selling to 10 customers and then you will have that moment where you can say \”I am actually running a business\”.