- Have a business plan in place
No matter what type of business you want to do or what business to start, a business plan is one of the crucial steps if you are thinking about starting a business in Malaysia. While having a business idea is like having the basic ingredient in meal prep process, it also helps you to understand the market and get to know what others are doing.
- If you do not have a business plan, create one
Bear in mind that a great business idea can be a great business idea only if it is paired with a well-written business plan. You can start drafting your business plan with a market research – conduct a market research to know who are your potential competitors within the market (by understanding their strength and weakness), what are the current market trends as well as potential risks. Do remember that a good business plan will help you to see where your company is going, what are the challenges ahead, and what do you need to do to sustain the business.
- Evaluate your finance
Get to know how you are going to fund your business. While starting any type of business always has a price, you can start with a marketing budget. This is a crucial step that allowing you to find out what type of business financing solution your business need.
Easy step to startup your business
- Evaluate yourself
- Think of business idea
- Do market research
- Get feedback
- Make it official
- Write your business plan
- Finance your business
- Develop your product or Services
- Start building your team
- Find a location
- Start getting some sales
- Grow your business
References: https://www.3ecpa.com.my/incorporation/guide-to-start-business-in-malaysia/ , https://www.entrepreneur.com/article/297899