It has become an emerging trend in Malaysia to start a business. Be it a small or big business idea, every businessman would try their best to make sure their business goals are achieved. The economy in Malaysia continuously grows with its GDP is expected to reach 4.9%.
The expectations of Malaysian businesses are positive as the country has shown outstanding business conditions over the last few years and these trends are growing stronger year each year.
The growth is backed up by the leading trends of the growing number of housing units, an increase in the number of semiconductors imports and imports of precious and non-ferrous metals.
This achievement has made Malaysia become a platform for businessmen to begin and expand their operation. It applies to both online and offline business.
Ever thought of the question "Which business should I start here in Malaysia?" If you’re still new in trying to build a profitable business, here are some of the best business opportunities you can consider to try out for your business:
As one of the best tourist destinations in Asia, Malaysia’s tourism sector is a significant contributor to the nation’s economy. The number of tourists coming in and out of the country is increasing every year. This signifies the country is making quite an attractive profit for tourism.
Setting up your own travel agency to assist tourists in exploring beautiful places in Malaysia is a great business opportunity. Many international tourists would need help from the tourism services offered by local agencies.
If you don’t have enough budget to cater to the tourism sector, you can still build a small restaurant or themed cafe to share the taste of local food to the tourists. A viral restaurant or cafe is often hunted by many local and foreign tourists.
As tourism is getting more recognition, the establishment of hotels, restaurants and cafes also increase. This timeless industry is competitive in nature as every business owner in F&B would fight for the stars, ratings and good reviews.
Depending on what kind of cafe or restaurant you’re planning to establish, you have to make sure to start an F&B business out of your interests and passion. If you manage to get the attention of many customers, your business will do well.
Everyone will always try new places to eat and this is why F&B never dies out. What you need is to consider the planning, targetting the right customers who can support your business.
Businesses in Malaysia are diverse and they are divided into different interesting branches that follow the current trend. Malaysia has the potential to excel as a fashion capital. The country is home to many talented fashion designers and who have also successfully gained achievement from their businesses.
If you have a deep interest in fashion and have the design to design your own clothing brand, the fashion industry can be a good choice to start with. New designers continuously born and take their first step being a part of the business.
Make use of your technical programming skills and talents to build software that can bring a lot of benefits to different users. The way how you can make money with this is by offering a cloud software service to people and they will pay you monthly or yearly for the access.
What’s good about SaaS businesses is that you offer customers to pay a range of affordable prices. SaaS is better than standalone software as when an update is requested, customers do not need to pay a large upfront sum.
This business is suitable for you who have experience in designing products. Having only programming skills are not enough, you will need to have external investors to help you find your SaaS growth.
It can be a restaurant or cafe, you can buy a franchise license from a franchise owner and you can make a profit while using someone else’s brand to sell their products.
Become a franchise owner is one of the fastest ways to start up a business as you will not need to spend any time creating the brand from scratch.
Once you’ve registered to be to hold a franchise license, the franchise owner will train you and your employees on how to run and carry the business. The disadvantage of franchising a business is that it can be costly. Before you partake in this business, you need to have a significant amount of capital set ready.
This is perhaps the most popular online platform for people to do their businesses. Not only it doesn’t cost you that much, but with a correct marketing strategies, you will be able to attract unique and loyal customers.
You can buy and sell products on these two social media platforms. You can use it to promote your products and brand within a few clicks.
The advantage of doing business through social media is that you don't have to use a lot of money to establish it. The downside is the market is highly competitive, especially if you have competing brands who are trying to go against you.
Social media has its own system and algorithm. You need to keep up with the pace and constantly update your pages so that more people can recognise your brand.
This is one of the methods for property investments and every procedure can be done online. If you already have an existing properly which you can let out, you can advertise your home on Airbnb.
Airbnb is basically an online marketplace that allows people to book a home. It connects people who want to rent out their homes with people who are looking for an accommodation in a specific location.
But first, you need to renovate and decorate your home so that it will look pleasing when you advertise it on the website. It will be even better if you have an interest in hospitality and giving out outstanding service to your guests.
Just remember you are letting strangers to stay at your place. A lot of precautions need to be taken so that unwanted things can be avoided. Find out how Mobi Virtual Terminal allows bookings to be charged immediately
Besides social media as mentioned above, selling your products and brand on any popular marketplaces is also one of the best business ideas.
Knowing how clear it is now seeing more and more people prefer to buy things online, you can definitely take advantage of this.
Online marketplaces like Lazada, Shopee, Lelong and more mostly help business owners to get their products sold.
It is also a low-cost business idea as you will not need to spend as much. What you need to do is to register your business on the respective marketplace.
This is perfect for start-up businesses who sell physical products. You might need to spend some costs on ads, but this will give a significant amount of returns. The downside is that it's level of competitiveness. Many businesses are registered on various online marketplaces. It takes effort and time for you to stand out and gain more money.
Again, with the increasing number of Malaysians prefer to buy things online instead of at the physical store, starting up your e-commerce site is another best option.
Unlike online marketplaces, having your own e-commerce website can give you the platform to design your own web page and market according to your preferences. You can sell anything you want and make your site looks like the way you want it to be. This kind of flexibility is what attracts most business owners.
What you need to do is to source out the right products and services. Marketing strategies are what will help you to gain more customers. You have to understand your customers very well in order to give them what they expected to be offered.
But first you will need to have prior experience in online or digital marketing. The downside is that you need to spend quite an amount of money to get everything prepared for you, for example, web designing.
It is also considerably safe to say that e-commerce platform is best used by business owners who already have their brand established. For a start-up, it can be difficult to identify the perfect products you want to sell and who is your best target.
If you don't want to bother dealing with professionals or fussy customers, a home-based business might be a good choice. Under this business opportunity can be separated into a few ideas such as child/elderly care, laundry business, bakery and tutor.
There are many people in Malaysia that actually do this kind of business as the main thing they have to do is to contribute their skills and energy. If you have some good skills or talent in doing a business where you can only at home, try to list down the ideas and see if you have the capability to do it.
The good side of home-based business is that you can work at home anytime. You don't need to spend a lot of money on building up a business on e-commerce site. The downside is that you need to complete the tasks given on time. For example, if you bake and take orders, you must comply to what the customer wants.
You have to weigh on both pros and cons for every business opportunity. It's up to what you like to do and your passion will determine if your business is going to succeed.
We can see businesses here in Malaysia sell makeup products, skincare products, shawls, clothes, shoes and more. Well not only physical products, they also sell out their services like photography, writing, graphic designing, drawing, calligraphy and the list goes on. There are a lot of business ideas you can do.
A successful business doesn't happen overnight. The big brands that you know today didn't have an easy start. They all struggled and went through tough times during the process of building up their business. This also applies to your business, anything is achievable if you stay true to your goals.