Many entrepreneurs today have their eye on Malaysia, especially when it comes to starting a business. Well, the idea of starting a business is exciting but at the same time very scary, but the good thing is that it is possible. Whether you want to start an audit company in Malaysia, a cloth business, an IT service company, or any other business, you need to be adequately prepared for the bumps along the entrepreneurship journey. However, in this article, we will give you a few tips that will help you start on the right foot.
What is the market like in Malaysia? What are the consumer purchasing habits? What gap do you intend to fil in the market? These are some of the questions you need to ask yourself before taking the plunge. It is imperative to do in-depth research into the market patterns so as to have a strategy of how to set up your business. Doing so will also help you identify a niche that you can focus on and meet their needs accordingly.
One of the main challenges of starting a business is getting funding. There are many ways to fund your business, some of which include personal savings, angel investors, loans, and crowdfunding, among many others. The type of funding you choose will depend on several factors, as well as how convincing your business plan is. A business plan is more of your sales pitch when trying to get funding. As such, you should ensure that you draft your business plan accordingly and understand every aspect of it. Before any investor gives you the funds that you need, they need to see that you understand all the financials of your company.
The people you employ determine if your business will fail or thrive. Be sure to hire professionals who you share a common vision with. Well, the interviewing process can be quite hectic, but knowing what you are looking for in your employees will make it way easier. For a start, you can work with a few people and recruit others as your company grows. However, you need not forget that within the 30 days of incorporation, you will need to employ a company secretary Malaysia.
For your business to be considered legitimate, you will need to get all the documentation in order. Some of the incorporation documents that you need to prepare include, a memorandum and article of association, declaration of compliance, statutory declaration by a director, an approval company name letter from SSM, ID cards of all directors and the company secretary.