When starting a business, our motivation can differ greatly from one person to another. Some want to leverage on their talent in certain services or goods, some are purely in it for the money, and there are others who want to do good for their community through social enterprising. Whatever your motivation may be, MatDespatch understands the risks involved – we have compiled a list of things to note before starting your first small or medium business in Malaysia to minimise the risk.
1. Have a Sense of Your Market
Markets are rapidly shifting thanks to human innovation and more access to technology across the board. New opportunities for both consumers and business owners are being created every day. It’s important for business owners to understand their markets and it goes beyond just knowing what to sell. This is pivotal not only when starting up but also when the business scales, so you’re ready to adapt and take greater risks when need be.
Most mainstream newspapers in Malaysia would have a dedicated business section and there are plenty of publication dedicated in helping businesses establish their footing in the country that would be very helpful in your research.
2. Find the Right Connection
A lot of new business owners fall into the trap of thinking they can be an island when managing their new business. For the earlier parts of managing your business, thanks to technology, new businesses can leave some things to apps and websites (more below). But businesses can grow out of your control fast when you start getting new clients and bigger customers and when that time comes it’s always good to have people you can trust to manage the endeavour together. It’s good to have a list of potential partners and collaborators that you regularly update.
3. Understand Laws That Governs your Business
In Malaysia, all businesses must be registered under the Companies Commission of Malaysia and Malaysia is considered amongst the easiest places to start a business. You have to decide how big is your business and how invested are you in the initial run, because this would determine what type of business you will be registering under the Commission. It’s also pertinent to figure out what kind of permit you need to have when setting up a business, for example all tuition centres must be registered with the local education office and premises must be inspected by the local fire and safety department.
4. Technology is Your Friend
The advancement of technology can leave behind certain business owners who fail to grasp the extending impact on technology amongst consumers. But fret not, technology has done wonders as well for business owners for tracking inventory, point of sales, payroll, ordering supplies, and a lot more. Most of these services can be customised 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 things you might need.
5. Have the Right Mindset
At the end of the day, whoever you have around you and however advanced the technology you have access to, a great entrepreneurial mindset weighs much more when it’s really time to get down to business. In fact, the famous business strategist, Tony Robbins explained that 80% of success is psychological and you should never let fear hinder you from actually executing and refining your ideas.
This article is an initiative by MatDespatch.com to help and guide businesses in Malaysia to ease their journey in the business world. If you have any suggestions or comments, kindly email [email protected]