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Startups can be very fruitful if you know where to look and where to start. This is not entirely about money (although it is crucial) because you must know where you can spend and invest in. The business idea is vital too. Malaysia has one of the largest and most active groups of entrepreneurs that are involved in startups.
In whatever business you do, big or small, you need to do some homework! This is crucial because you must fully grasp what the market is before starting out. Among those that you need to know include:
There must never be a mixture of business and passion. This is because either one would be killed off eventually. When you venture into your startup:
Not all products and services offered in the country are fully allowed and supported. While niche products can be quite profitable, you need to have the endorsements from the relevant agencies and authorities before starting. In fact, you should find out if there are certain backing (funding or otherwise) from the government before starting.
This is very important because it is the first thing you need to do before your business can start.
A lot of entrepreneurs like to think that they have the best product on the market. They become too ignorant that they might have competitors who are already in the market (sometimes longer than they can imagine). Before anything, you must know who your competitors are and if they are there and how they are selling.
This is where you must now work out the budget that you need for your startup. To do this, you need to make a lot of calculations. What is a business without a good financial plan?
Your objective here is profit for sure. So, where is your income coming from? To begin with, your first channel must come from the products you sell or services you offer. But if you rely fully on one channel, it might be a problem during the dry months.
Once your business starts, you might not have the time to waddle around in circles. Before starting up, make sure that you have done enough homework so that:
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