Want to become a business owner? Starting a business is a big step, exciting but also fun. It is important to understand that to become a business owner, especially an SME (Small and Medium Enterprises) business, the journey is not always beautiful and profitable. In fact, there are various tests and challenges that need to be overcome to ensure that your business is successful until the end!

Let's check out the TOP 5 SME businesses in Malaysia that are most/probably suitable for you!

Tourism

If you have a passion for welcoming tourists, interesting places and giving them unforgettable moments, the tourism industry is perfect for you.

Tourism is the third most important component of Malaysia's GDP, as stated on the official government website. It's no wonder Malaysia is a popular holiday destination for scuba diving and snorkeling.

Pros:

• Your contacts will grow along with the packages offered.
• You know a place that is interesting, beautiful and affordable!
• The happiness of your customers can determine how much money you can make.

Cons

• You need to be punctual, know your tasks, and be proactive!
• During the off-season, business will slow down.

E-Commerce & Dropshipping

Online sales are expected to grow to 21% of the total retail market. One thing is certain: the Internet will always be there.

E-commerce is one of the best and smartest ideas for a small business in Malaysia. You can obtain a business license from the Companies Commission of Malaysia (SSM).

Pros

• A website that sells goods at lower prices than stores.
• To get accurate information about customer characteristics and trends, a good e-commerce website will have its own analytics.
• You can ship anywhere in the world.

Cons

• By using similar e-commerce stores, your customers can easily find cheaper versions of the items you sell.
• Investing money in making your website secure is necessary and expensive.

Automotive shops and car washes

The automotive sector in Malaysia has seen a lot of success. In addition, the country is the 22nd largest car manufacturer in the world. Since the majority of people in Malaysia use their own personal vehicles, car washes and car service workshops have good opportunities for profit. As of 2019, the number of registered vehicles in Malaysia has reached 31.2 million units.

Pros :

• Various types of services can be offered, the business is easy to expand according to customer capacity
• Vehicle users are increasing, the demand for such services will be welcomed

Cons :

• Customers will love to compare services and prices between your business and others.
• The price of goods is difficult to predict.

Small cafes or restaurants and food suppliers

With the current economic trend, we highly recommend a small restaurant with a few tables or an online business that sells food. We have to understand that tourists go to Malaysia, and want to try local food. If you have the capital and know how to start a business wisely, a restaurant is one of the best in Malaysia. For a restaurant business, you need a valid business license as well as a suitable area for a food-related business.

Pros :

• The menu is interesting, the location and concept of the cafe/restaurant is eye-catching, it will definitely go viral easily
• Easiest sales through existing platforms, simplifying the promotion process.

Cons :

• Fierce competition online with a wide variety of food and menus
• Cafe/restaurant businesses have the potential to be difficult to get traction/easy to fail
• Negative virality can disrupt business operations

Airbnb and homestay business

Airbnb is becoming an increasingly popular option for travelers looking for short-term or long-term accommodation in Malaysia, which is a popular tourist destination. You can run a simple and profitable business by renting out properties on Airbnb if you own or have access to rental properties located near popular tourist destinations.

Pros :

• Location, properties and services offered, very high booking guarantee
• Festive seasons, school holidays or tourism campaigns, income is guaranteed for this business.

Cons :

• Competition with Airbnb and inns that now have many options, especially in prime locations.
• There are more and more booking portals, and prices are getting fiercely competitive.

Want a SOLUTION to launch your business again?

Many businesses will start to become difficult and confusing when the business management system has to go through unintegrated and 'cluttered' processes through various platforms and software. One software for a task, this will create confusion and it will have to go through many different processes.

Now, many are starting to switch to Business Management Software which has all tasks under one platform. It is suitable for all types of businesses, saving time and costs! Especially for all types of SME businesses. Now, the country is heading towards a Civil Malaysia which is geared towards business digitalization.

Retailers: Business management systems can provide comprehensive solutions to integrate customer experiences across multiple channels, including in-store, on-premises and online. Retailers can improve the efficiency of their staff both online and in-store, which in turn benefits their customers and provides them with a smoother level of service.

Finance: Business management software can help with a variety of company tasks and procedures, especially financial decision-making. As is the case in the field of e-commerce, this software has the potential to increase financial productivity. This software is also useful for improving compliance and tracking, especially invoices, bills and the like, which are important information in the financial sector.

Human Resources: The latest business management systems come with KPI and workflow options that can help project management in human resource management as well. This solution has the potential to bring personnel management functions like payroll and recruitment in line with each other. You will also be in a better position to retain employees, hire new employees and other important features.

Manufacturing: Implementing a business management system in the manufacturing industry is perhaps the most common technique. When it comes to manufacturing, companies of any size can benefit from maintaining a permanent database to track their company’s procedures and requirements. This software allows for better resource management and access to real-time data. This package allows businesses to increase productivity in their core operations and plan future output more accurately.

Supply chain: Even companies that specialize in supply chain management are using business management software for more precise solutions, as well as modules to improve the overall management of their companies. Modern solutions typically include network automation and artificial intelligence (AI) technologies, both of which have the potential to improve corporate insight and performance. In most cases, this leads to better inventory management as the end result.

Find out about Mysolusy.my, a complete solution for all businesses

The right software can increase revenue and help SME businesses grow. Mysolusy.my software is useful for businesses that produce products and ship goods to customers.

With the right software, you can monitor everything from invoices and outstanding accounts to stock levels and cash flow cycles. The benefits of Mysolusy.my solutions range from inventory, increased productivity to easy access to critical data. While implementing business management software can be expensive, Mysolusy.my offers an affordable solution! In the long run, this business management software will lead to significant cost savings if the right solution is used.

Due to the transparency and clarity of Mysolusy.my, businesses can utilize their resources better with less waste. Many businesses today operate without business management technology which often leads to increased errors due to lack of task integration.

Mysolusy.my is software that facilitates communication and collaboration within enterprises, as well as providing access to products and analytics. Mysolusy enables businesses to increase efficiency and output by integrating standard office systems.

Ready to be one of the businesses that recognizes Malaysia's digitalization?

Visit: www.mysolusy.my for more information

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