The very primary requirement to start a low budget Malaysian business in 2020 is just an unshakable determination and right strategy. Yes, you can’t expect usual big bash promotional start when you have limited budget for starting a company here. However, there are some key tricks that you need to follow in order to initiate your low budget trade initiations from the very beginning of the year 2020.
However, you just can’t expect a miracle to happen when you have a major limit in your budget during startups, but it is advisable to revise yourself every now and then before initiating a business at a small scale. In this case, few ground rules are mandatory, as it encourages you to deal with your financial limit and keeps your motivations alive, but you must aim for eventual progress or else your company will remain at a stagnant phase.
In such a narrow situation, you can begin with evaluating yourself by asking:
- What is my business all about?
- What is the goal of my company?
- Can I run the company till the end?
- How much minimum capital do I need for this company?
- How will I arrange this capital?
Find a preferable business niche
If you have cleared out the with all the checklist mentioned above, you are good to go with the next step and that finds the niche. A right niche that has the potential even during a narrow budget scenario is preferable at this time. The business sector like E-commerce, affiliate marketing, small retail and repairing or ticket booking businesses etc. falls under this category.
Set field surveys at a budget
Regardless of how small your business is, a field analysis is necessary. It is necessary to study the opponent company, at the same time find out definite business opportunities that might be necessary when the budget is limited. Without a field-test, you cannot figure out company registration and other setup expenditures in Malaysia, therefore cannot prepare proper budget during company planning and financial setup.
As a result, this might cause over budgeting and competitors might turn out to have better or different business strategies then your own business.
Start from your home
Business strategy is way more flexible and dynamic in present days. It is not in a retro state where a premises or office place is a must. Off course you need one formal location to deal with you clients physically.
However, when you have a budget shortage, you can begin your small business right from your home. All it needs is a computer, internet connectivity and your time, skills and effort.
The ultimate goal of any company is reaching potential customers. There is no harm in business policy If you can reach your customers through online. So, when you have small budget, you are not necessarily having to invest on a formal premise, rather you can start your work right from your bedroom.
Related article, If anyone wants to start a home based business: Home based business opportunities in Malaysia
Keep an eye on every capital flow
When you have a limited financial backup, keeping an account of the company capital flow is one of your biggest concern. When you are starting a low budget Malaysian business, you must keep a business capital statement, all time up to date.
Therefore, in the coming year 2020, along with other mandatory governmental procedures of company incorporation in Malaysia, you can follow the above-mentioned steps. You can also add or subtract steps according to your need and preferability. As mentioned at the very beginning, all it needs is determination, strategy and right step at the right time.