Questions to ask yourself:

The purpose of the vision and mission statement is to align and guide everyone, including yourself because sometimes we can make mistakes along the journey. (P/S: We always learn from mistakes)

A 3-5 year strategic boost-up plan has to be developed along with key performance indicators (KPI) to be achieved. In addition to using it for coordination purposes, you can use it as a tool to review and evaluate performance to keep your startup business in good shape.

Questions to ask yourself:

Mindmap your business model can be difficult to see how far you have in your startup business. You’ll have a better overview from the start of your business in Malaysia and expand horizontally or vertically, or both.

Financial modelling is a great tool to tell you how much you require and how you can leverage it in phases to ensure your startup business growth.

Chart out your marketing plan starting from nurturing your potential customers to closing them. You can refer to this video -> No 1 Product Tip presented by Vishen Lakhiani from Mindvalley, to understand your market better before deciding the direction of your marketing plan.

Now you can get a deeper understanding of your startup business ideas with a comprehensive plan while enjoying your favourite coffee drinks.

Simplify all the information of your ideas and turn it into a slide!

Questions to ask yourself:

Never walk alone. Co-founders or core team members who share the startup business’s vision and mission will provide more positive momentum and motivation to each other. You should feel proud that when you start a business in Malaysia, it creates startup jobs in Malaysia which actually contributing to our national growth!

Business encompasses the areas of accounting, human resources, operations, marketing, business development, etc.

Choose the right team members to adapt to the right position and achieve sustainable glory!

Questions to ask yourself:

There are several options for establishing a legal entity in Malaysia: a sole proprietorship/partnership, Limited Liability Partnership (LLP) or Private Limited Company (Sdn Bhd). More detail comparison can be obtained HERE.

You can analyze each type of legal entity in Malaysia and to see which type of business registration is best to protect the interests of you and your team. You can start with an affordable approach, which consists of setting up a Malaysia sole proprietorship/partnership and convert to LLP or Sdn Bhd when your startup business reaches a certain size in Malaysia.

Questions to ask yourself:

Cloud software technology can be used by startups and growing businesses to operate efficiently at the lowest fee. In addition to studying the wonderful features of cloud software, you should investigate what is the integration of particular cloud software throughout the world, using Integrated Cloud Software (ICS) will make your startup business easier and communicate internally.

Integrated Cloud Software will act as Enterprise Resource Planning (ERP) software. While it may take time to implement it, it will save a lot of money to increase startup business efficiency.

For example, you can have both project management tools and communication tools to integrate with each other for free in your startup business!

Another example is the use of Xero cloud accounting software and QuickBooks Online for your startup business in Malaysia. Can you imagine that you can access your Xero cloud accounting software and QuickBooks Online anytime, anywhere using any device? You don’t need to invest thousands of ringgit in online accounting software, which will affect your startup business cash availability. See here for more information on how cloud accounting software can help your startup business in Malaysia?

Questions to ask yourself:

Outsourcing is an option for Malaysian startups that utilize cash effectively to boost their business. In the early stages, there are few areas in which outsourcing can be considered for smooth operation.

Accounting is an area that some business owners ignore. In fact, accounting is a cost centre for a startup or growing business, but it plays an important role in reflecting the performance of your business through profit and loss accounts and balance sheets.

Cloud accounting services are a forthcoming trend in Malaysia, helping companies obtain accurate and transparent financial information to make better decisions to grow their business.

Questions to ask yourself:

The Government of Malaysia announced its 2022 budget in October 2021. SMEs are one of the stakeholders in Malaysia and can benefit from digital transformation and there is an RM200 million allocation for digitalization of SMEs as announced in the Budget 2022.

Since 2020, it was announced that the Malaysian Government provides a matching grant of up to RM 5,000 for companies adopting digital technology by investing in electronic markets, ERP and e-payroll software. The grant is limited to the first 100,000 SMEs in Malaysia. In other words, Malaysia promoting Malaysian business startups to transform into Cloud Technology, moving towards being fastest-growing markets in Southeast Asia.

On the other hand, Smart Automation Grant by MDec together with Penjana, has been supported SMEs in Malaysia towards digitalization and automation in the year 2020. New applications might be available again in early 2021, please stay tune with their updates on their website.

Therefore, knowing Malaysia’s annual budget will help you develop your business roadmap and take advantage of the opportunities and tax incentives offered in Malaysia.

More importantly, a common tax rate of 17% applies to SMEs generating profits of MYR 600,000 or less. The definition of SMEs is redefined as 1) paying capital up to MYR 2.5 mil and 2) annual sales of MYR 50 mil.

Questions to ask yourself:

Whether you’re looking for funding or not, your business structure is critical over time.

Potential investors will be interested in a business with a strong business structure that is not limited to an impressive business idea but also looking for a management team, a comprehensive business plan, a solid financial model, a business roadmap, an exit plan and more.

Most importantly, you will be able to extract financial information in real-time through cloud accounting software such as Xero and quick manuals, which is one of the key points of choice for potential investors.

Currently, in Malaysia, in addition to venture capital, you can explore a variety of financing options. For example, Equity Crowd Funding (ECF), invoice financing, loans to Small and Medium Enterprises (SMEs), private equity, etc. each financing scheme has its own advantages and responsibilities. for your business.

Be ready to pitch to investors anytime and anywhere, as opportunities can be right in front of you!

P/S: Remember to open for a new bank account in Malaysia for receiving funds and starting your business operation. It is easy to apply in multiple office locations in Kuala Lumpur are available for you. Prepare all needed documents for the application of bank account opening!

Questions to ask yourself:

Aiming to be the authority within your niche is one of the core competencies that can create WOW factors for your Malaysian customers. Show your strength and experience in this area to gain confidence and trust.

Do not forget to provide outstanding customer service for building long-term relationships with your customers to achieve sustainable business growth in Malaysia!

Overall, small and medium business sustainability is one of the keys to long-term advancement in building the country’s economy because SMEs are occupying for 98.5% in Malaysia. Finally, running a business in Malaysia is like doing business elsewhere. Promote your business as an authority in the chosen industry and successfully capture more users. If you pay attention to these 10 important steps in setting up your awesome ideas, you can enjoy a high level of sustained success in Malaysia.

Good luck and all the best on your new adventure trip in 2020 as an entrepreneur!