Malaysia is one of South East Asia’s biggest economies. With a booming entrepreneurial scene contributing to 36.6% of the country’s GDP, Malaysia remains a hot destination for new business startups all over. As such, many new and budding entrepreneurs see Malaysia as the perfect place to begin their journey. However, becoming a successful entrepreneur is a slightly different process. But why choose Malaysia?
Facts about the Malaysian economy
- Malaysia has an economic score of 74. This means that in terms of Economic freedom, it ranks number 22 on a global scale.
- Malaysia has a GDP per capita value tipping $10901. This value ranks it number 63 out of 180 countries.
- Malaysia’s standard of living is very high. It has a human development index of 0.802 currently.
- Malaysia has a low rate of unemployment. The current rate stands at 3.4%.
- Registering a business in Malaysia is simple. It can be done online and requires minimum funding.
Steps to become a successful entrepreneur in Malaysia
To be a successful Malaysian entrepreneur, you should know the Malaysian current business situation and starting guidelines. here are some steps that will help you to begin your business.
Do ample research
Before beginning, look into the current market. What is missing? What is in demand? Your product or service must solve a problem the current market has or it will not take off. You will also need to look at rivals. Who are your competitors?
Understand your market
Learn about your customer base. Use this knowledge to develop your product to stand out, you may also do a small test launch and gather feedback to further improve.
Build your team
Be very thorough if you are hiring employees. You must ensure that their vision aligns with yours in order for the business to succeed. Ensure that they have both the required skills as well as the passion needed for the job.
Many new entrepreneurs fail because they do not advertise effectively. Investing more money into advertising does not automatically give results, advertising should be a conscious action, one made with a good understanding of your target market.
Profitable ideas for new Malaysian entrepreneurs
Now, all that is left for you to do is to launch your business, thus here are some ideas for new businesses that guarantee success in Malaysia:
Fashion and accessories
Following in its east Asian neighbors’ footsteps, Malaysians are now more fashion focused than ever before. In fact, Malaysia is an up and coming hub for fashion. With major fashion events such as KL fashion week taking place in Malaysia, more and more consumers are looking for new sources of fashion. As such, owning a fashion or fashion accessory business is a good idea for a new entrepreneur.
The photography field is now more accessible than ever. If you have a keen eye for aesthetics and a camera, this could be the perfect business. As mentioned above, with the rise of fashion consciousness in Malaysia, the modelling industry is also shooting up. Thus, a photography business with a focus in fashion photography, is a highly successful path to take.
Malaysia has only one official language- Bahasa Malaysia. However, aside from BM, Malaysia also has two other languages that are widely spoken, aside from English. As such, if you are well versed in English and any of these languages, you will find yourself in high demand by companies and corporations who wish to cater internationally.
Pet hotel owner
If you’re a fan of furry friends, this could be the perfect business idea for you. Many Malaysian households have a family pet. Unfortunately, when travelling it is not always possible to have their furry friend come along. As a pet hotel owner, you fulfill the duties of a regular hotel owner, but for much cuter customers.