Do you need profitable businesses to start in Malaysia?
Malaysia is a highly open, upper-middle-income economy.
The economy of Malaysia is the third-largest in Southeast Asia, 35th largest in the world. Its economy is one of the most competitive in the world, ranking 14th in 2015.
Sitting next to a knowledge-driven economy to its south in Singapore, and with a large consumer market in nearby Indonesia, Malaysia is in a unique position in South East Asia. Malaysia, led by Prime Minister, is setting growth targets for the country, aiming to double its economic growth by 2020.
To this end, the government is putting in place various strategies to encourage foreign investors to explore the various business opportunities available in the country.
6 Profitable Business Ideas To Start In Malaysia
If you are an entrepreneur to start a business in Malaysia, then you should consider the following business opportunities/ideas. They are the hottest in Malaysia right now, due to the latest trends
1. Travel Agency and Tourism Firms
Malaysia is a business hub, as such many people travel in and out of the country for business purposes. This amounts to several opportunities for travel agencies and businesses that cater to travelers. So, if you want to start a business in Malaysia, one smart option is to start a travel agency.
Travel agencies provide clients with expertise and direction when booking a trip of any kind. Agencies can be small, independent operations or large. In return for their services, travel agencies receive commissions from clients who typically make payments after the trip has concluded successfully.
Malaysia plays host to several thousands of visitors every year. This brings about a lot of profit to be made by investors in the country’s tourism sector. If you have enough capital, you can build a hotel or resort in Malaysia that caters to tourists that visit the country on vacation. Small businesses can also take advantage of the sector by offering products and services that cater to tourists as well.
These services may come in the form of hotel booking, flight arrangement, travel insurance, tour arrangement, car rental, and partnership marketing.
Malaysians, like every other people, love fashion. They show great concern for what they wear and what they look like. Though there are fashion outlets all over the country, there is enough room for new investors to make money.
If you want to start a fashion business in Malaysia, keep in mind that local fashion sells best. So, you will need to learn about it if you are not a native of Malaysia.
3. Microfinance Services
New businesses, especially small and medium scale businesses are springing up daily in Malaysia. To thrive in the long run, these businesses need funding, which they can readily get from microfinance companies. So, microfinance banking is a hot business opportunity for investors to explore.
If you have an interest or passion in banking and finance, and you have the required startup capital, you can start a microfinance company that caters to individuals, small and medium scale businesses.
4. Oil and Gas
Oil and gas products are lucrative in Malaysia. You don’t have to be a millionaire in dollars to start this business. You can be a retailer for various oil and gas products such as kerosene and natural gas as a startup. If you have substantial capital to invest, you can open a filling station that sells a wide range of products from the oil and gas industry.
More Malaysians are becoming aware of the huge business opportunities available on the internet. Most college students and graduates are making lots of money from various online businesses such as freelance writing, website design, affiliate marketing, information marketing and professional blogging, and so on.
With a solid knowledge or expertise of how things work, you too can make some money off the internet while working from the comfort of your home.
6. Professional Services
With many new small and medium businesses emerging spring up, business professionals and other experts have a steadily growing market to cater to. Most businesses require the services of professionals at the early stages of their operations.
If you have a business background in accounting, business management, or some other specialty that caters to small and medium scale businesses, you have huge opportunities at your disposal.
Malaysia as a country has a lot of business and franchise opportunities and advantages as expressed above. With the government support in terms of policies and structures, your investment is in good faith and returns assured.
Do more research on the various business ideas in Malaysia explain above and don’t hesitate to make this year-end in you being an entrepreneur.