Business plan in Malaysia
As business plan in Malaysia, we have discussed on some points and discussion will be continuing in future. In short you can say ‘SWOT ANALYSIS’ or in details these can be described as- Strengths, Weaknesses, Opportunities and Threats. Yes, we are talking about the key features of developing any kind of business plan. Whether its in your country or in abroad, to startup or existing, any kind or form of business, a Business Plan will always play an efficient role.
In case of doing business in abroad like Malaysia, having an efficient Business plan is must.As for example, if you want to start a restaurant business in Malaysia, you have develop a clear business plan which can interact to your strengths, weaknesses, opportunities and threats of business.
In restaurant business, strenghts mainly lie on your ‘Quality Service’ that can ensure your restaurant’s experience- a memorable one for the customers. There are other important strenghts such as- favourable pricing structure, restaurant’s location, special offer, promotion etc. All these aspects of restaurant business not only boost up your business purpose but also charged you up. In restaurant business in Malaysia, market conditions are favourable as it offers niche market place where you can develop your business without any risk. You can also develop a tranferable business model like ‘street type food vending’. Therefore you can get the ability to capitalize your brand and concept of business by expending through franchise and other market segments.Your experienced team can be a great asset as they ensure low management risk. In Malaysia, high gross margin on meal product can be maximized by negotiating with wholesalers.
To find out weaknesses, opportunities and threats of business are always very important. We have already talked about the strenghts that you can implement your business in Malaysia.Lets talk about other stuffs.
*Shortage of financial resources,
*Shortage of labor and material resources
*Lack of research and development
In Malaysia, for starting or existing any kind of business, you have to gone through facing uplisted problems.
But there are words of hope as already government of Malaysia has formulated effective development policies, support programmers and technical and financial assistance for the betterment of small business entrepreneurs. A study shows that, at present in Malaysia, small business entrepreneurs participated for more than 80 percent of the total manufacturing establishments in the country.So the opportunities are there for businessman. Such key opportunities are-
*Increased in profitability
* Opening up new market
* Accessibility to new service areas
In business you have to face some threats too. Specially in Malaysia, inflation and currency fluctuations, policy, law and regulations of government are causing main threats in business. There is also the increase of interest rate in business product. Though government working out on all these threats, so that businessman can overcome those barriers.
Apart from those subjects of SWOT Analysis, there are some other features where a businessman should focus in developing business in Malaysia. These are-
- Financial section–The financial section is essentially relevant for your business. The financial subject of your business plan is one of the first thing that investors and lenders looked out. So it needs to have sufficient budgets that can be implemented to business realities.
- Demography of local authority– You have to ensure the local needs and preferences to ensure an effective business plan.
- Overview on competition– You had to have a clear knowledge of competitors on your business field near you.If the competitors and competition getting too tough, you need to think starting the business in a different area or even start a completely different business instead.
- Market Study–The term “customer” holds two meanings. Firstly as a reference to “consumers” who may purchase your product, and secondly as “entities” with an interest in owning your franchise. So very beginning you have to select your target consumer or target market. In progress, you have to aware of the size of this market. To grow brand awareness is another aspect of market study. You have to get on growing brand awareness and relevantly communicate with your customers.
If a foreign company or authority wants to start a business In Malaysia, they have to follow some steps. First and foremost is the registration process. A foreign company may carry on business in Malaysia by either-
- Incorporating a local company with the Companies Commission of Malaysia (SSM); or
- Register a new company by SSM whether 100 percent ownership, JV or Local LLC
After completing registration procedure, there are business procedures which functioned by The Malaysian Investment Development Authority. A whole guideline to startup business is provided here in The Malaysian Government Website which serves foreign entrepreneurs’ useful information on starting a business in Malaysia.
At last, for a business plan in Malaysia don’t forget about franchising as an option. In Malaysia, many new business owners fail to succeed in their business as they didn’t take the time to explore the possibility of a franchise. Franchises are popular because they are based on a business model that works. In Malaysia, top franchisers know their way around the industry and are now passing their experience on to the next generation of business leaders.