Step 3: Make a Financial Plan
You will require capital for initial setup and working capital. This would best be done by having a 3 year projection. It is advisable to work out all your possible inflows and outflows. It is advisable to account for your personal needs too if the small business will be your sole source of income.
A good budget helps control your spending so that the priorities get funded first and you don’t lose control of the spending. The budget should be reviewed as the business progresses.
Step 4: Pick a Good Name
Choosing a good name will help you grow a brand. A name that rhymes with what you are doing in the most appropriate.
The name should bring up an image of what you are doing as well as communicate professionalism. If you are into importing fine jewelry, a good business name would for example be Finex Fine Jewelry. Get creative and ask your friends to help you pick a good name. Remember that private companies have to put the Sdn Bhd at the end of their official names.
Step 5: Pick a Business Location
When starting a business in Malaysia, you can opt to work from a virtual office if the getting a physical office is too expensive. However, this would depend on what services/products you are selling. It would look fishy if you are a finance consultant meeting your clients in hotels.
When looking for an office to let, look at some crucial points.
- What is the size of space you need?
- What is the more appropriate location for your kind of business; urban, rural or suburbs?
- What kind of business premises do you need; a shop, shared office or executive office?
- What can you afford to spend on rent?
Look at the amenities and facilities available too starting with the basics:
- Public transport network
- Space for expansion
- Availability of manpower (if you need an extra hand)
Step 6: Seek Funding
After identifying, the business premises, you will have all major expense estimates allowing you to make an accurate financial plan. The next step is to seek funding for your business. Some of the more common sources of funding would include:
- Personal savings
- Family and friends
- Small business loan with your personal assets as security
- Government grants
- Venture capital
- Angel investors
Most of you potential funders will demand to see an elaborate business plan so that they are able to assess the viability and feasibility before outing in their funds.
Step 7: Acquire the Legal Paperwork
In addition to the company incorporation process, you will have to acquire the necessary legal paperwork in form of permits and licenses. The best way to go about it is by making a checklist of all the federal, state and local licenses you need and their priority.
Remember that you will also need to apply for a trading license from the relevant authorities. If you are deploying marketing signage, that will have to be licensed too.
Step 8: Get the Right Help
If you will be employing one or two people, make sure to pick the right people. They should share your passion for the business and have a matching mindset so that you will be pulling in the same direction.
Step 9: Set Up a Professional Website
For a small business, the best way to get noticed by a wide audience is by having a good professional website where potential customers can learn about your products/services as well as make business enquiries. Some of the guidelines you should follow when designing a good website include:
- A catchy and easy to remember domain name
- Using a reliable and fast web host
- Designing for good user experience
- Having helpful and informative content
Deploying website security tools
Step 10: Have a Marketing Plan
After starting a business in Malaysia, you will have to deploy a good marketing strategy to become visible and stand out from the competition. Digital marketing presents a powerful and effective way of reaching out to a large audience.
Deploy a good Facebook and Google Marketing strategy ensuring to do proper targeting and balancing between paid and organic marketing methods. You should not forget to deploy a mix of conventional marketing and promotion including opening discounts, free offers, classifieds, flyers and business cards.
Establishing a business in Malaysia can be done following the guideline above. Quick company incorporation will see your business up and running in under a month.