Are you a budding entrepreneur? Full of potential but not sure where to start? Then why not consider Malaysia for your business? A fast-growing economy with an up and coming market, investors of all kinds have their eye on Malaysia. Malaysia is also very receptive to new businesses in their market. The market itself is quite diverse with the customer base being of several different races and ethnicities. Moreover, the country itself is quite large in terms of physical area. This means that there is still much under-utilized space for new businesses.
But now that you’ve decided on where your business interests lie, it is time to consider what your business is. If you already have a viable business idea outlined, it is best to start thinking of a plan. This plan, essentially your business plan is vital. Your business plan should have the following details drawn out:
Product details
Define the product you are selling. List places you can source it and how you will be distributing it. You will also have to record results of product testing here. In addition to these, you must record the pricing you intend to keep for your products.
Market research
Next, you must have details of your market research. This will include who your customer base is, in terms of demography etc. You’ll also have to find out what competitors your business will have. Will your business be able to survive even with competition? Aside from competition, you will also need to see if your business product is replaceable. The easiest way to prevent the scenarios depicted prior, would be to have a completely unique product. One that directly fills in a gap in the market. However, this isn’t always possible. Therefore, knowledge of your market is essential
Advertising strategies
Once you’ve done your market research, you can begin drafting advertising strategies. These will vary depending on your demographic. You will also need to budget how much you are going to spend on advertising here.
Budget
Every business needs a budget and you will have to outline one for yours as well. Costs such as rent, advertising and production should all be outlined here. Additionally, you may make potential profit goals for your business to meet. This will also help predict plans that rely on future profit.
Now that you’ve finished your business plan, you will have to start getting things ready!
But now that you’ve decided on where your business interests lie, it is time to consider what your business is. If you already have a viable business idea outlined, it is best to start thinking of a plan. This plan, essentially your business plan is vital. Your business plan should have the following details drawn out:
Product details
Define the product you are selling. List places you can source it and how you will be distributing it. You will also have to record results of product testing here. In addition to these, you must record the pricing you intend to keep for your products.
Market research
Next, you must have details of your market research. This will include who your customer base is, in terms of demography etc. You’ll also have to find out what competitors your business will have. Will your business be able to survive even with competition? Aside from competition, you will also need to see if your business product is replaceable. The easiest way to prevent the scenarios depicted prior, would be to have a completely unique product. One that directly fills in a gap in the market. However, this isn’t always possible. Therefore, knowledge of your market is essential
Advertising strategies
Once you’ve done your market research, you can begin drafting advertising strategies. These will vary depending on your demographic. You will also need to budget how much you are going to spend on advertising here.
Budget
Every business needs a budget and you will have to outline one for yours as well. Costs such as rent, advertising and production should all be outlined here. Additionally, you may make potential profit goals for your business to meet. This will also help predict plans that rely on future profit.
Now that you’ve finished your business plan, you will have to start getting things ready!
