In business, it is important to have a proper plan. Having a proper plan is a basic rule for starting any business. Starting a new business is always a big step and also a step which is worth it. In business, you need to properly understand what kind of products or services are you planning to produce in a company. Once when you have decided to start a certain type of business, before starting the business it is important that you need to learn more about the business. It is not just having a general idea but the overall gist of it, learning is a never-ending process and once when you have started a business you need to keep updating yourself.
Starting a Small Business in Malaysia
Starting a Small Business in Malaysia is a good choice for residents and non-residents of Malaysia. Malaysia is a country which gives various opportunities, you have various industrial options in Malaysia. Starting a small business in Malaysia can mostly be a success, but at the same time, there are some cases where things in a business can go wrong. There are few things to consider before starting a small business in Malaysia, here are the follows:
1. CAPITAL INVESTMENT ON BUSINESS:
In a business having capital is important, money plays an important role in a business. But people over the years have a misconception when it comes to money in business. You need to clearly understand that it is not necessary to have a large amount of money to start a business. Having a lesser or larger amount will not necessarily bring you a successful business. Starting a business requires a lot of plan and discipline, when business is done in a disciplined way then it is natural to have a successful business.
In the beginning, the stage when you are planning to invest money in your business it is important that you sort out your finances clearly. The financial need has to match the business plan and most importantly it has to match your plan. In Malaysia, people who fail in business are people who mostly do not have a proper plan while investing money in business. having a vague idea and adding investment in the vague business does not lead you to success. Most people doing business in Malaysia fails to do proper research about the business they want to do in the country and also lead to no proper understanding of the business.
2. APPOINTING AN EMPLOYEE:
While starting a business it is important to hire a person who is willing to work sincerely for the company. The person who you are appointing is required to have enough qualification. In Malaysian corporate law, it is required to hire a person who has enough qualifications to work in that position. It is important to note that the corporate law in Malaysia is strict and accordingly you need to act when you are having a business in Malaysia.
The problem here arises mostly for non-residential people in Malaysia. Where they lack the knowledge of knowing about corporate law in Malaysia. In most cases, it is found that people who start a business in Malaysia fail to appoint a company secretary. According to the Malaysian Corporate Act 1965, it is required to have a company secretary in every company. This is an important corporate rule to be obliged by every business person and most of them fail to do. Most of them do not have an idea about this absolute rule due to which they are forced to shut down the company. Functioning a company without a company secretary is considered to be illegal. Apart from not hiring a secretary, there is another problem, it is not hiring the right secretary. In Malaysia not only hiring a secretary is mandatory, but it is also mandatory to hire a secretary according to their qualification. A person who is to be a company secretary has to have one of the three qualifications which are Law, Chartered Accountant, and Company Secretary. A company secretary in Malaysia has to have one of these three education qualifications. Since they do not hire them according to their qualification this leads to putting down a company and thus. The business turns out to be in loss.
3. Managing Time:
Time is the most important factor in business. There has to be patience and also no delay in what they are doing. As for patience, patience is the main characteristic of a person when it comes to business. You need to be patient in knowing what business you want to do, taking time to increase your knowledge is important. Knowledge about your business, place and other factors is important. Whereas delay of business can also affect your plan of business, delaying causes you a waste of time and energy. Delay can demotivate you to start a business, delay causes you too loose track of what you want to implement which leads to the disinterest of business.
Read more 7 Helpful Advice for new Business Founders in Malaysia
Managing time is important in Malaysia there are also most cases where an individual would like to start a business but drops the idea to start a business. This happens due to the delay in starting a business because most of you all expect profit immediately after starting a business. But when starting a business, you need to understand that it takes time to receive profit from business and so you need to be patient when starting a business on time.
The above three points are to be the important points that need to be considered before starting a small-scale or any type of business. Without these 3 it is quite hard to start any type of business and therefore, you need to consider these points in order to have a successful business.
- What kind of small-scale business can be started in Malaysia?
- There are many options such as small food restaurant, mobile accessories store, boutique and many more
- Is it compulsory to have a company secretary?
- According to the Malaysian Corporate Act 1965, it is required that every company in Malaysia must have a company secretary
- How much capital is needed to invest in a small business in Malaysia?
- The approximate cost is about RM 1,000 to 5,000.