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How to Run a Successful Business in Malaysia

February 3, 2015 | Sharon Cheong

Malaysia is an exciting city with a robust economic history that has endured for at least 50 years. Their gross domestic product has risen steadily and today is one of the strongest in all of Asia.  The leadership of the country has kept Malaysia's financial markets increasing by developing good programs for entrepreneurs. These include easy methods for first-time business owners to create a start-up. Many experts believe that Malaysia could well become the 21st biggest economy around the world by 2050, so that makes it a great place to invest now.

Multiple Attractions

Malaysia enjoys a stable financial foundation, along with an excellent quality of life. There are larger companies now in the area who have regional offices there. Tourists come from all over the world each year to enjoy the many natural wonders such as the Batu Caves, Mt. Kinabalu, Gunung Mulu National Park, and the Seribuat Archipelago. The Petronas Twin Towers are iconic buildings that are often photographed by pros. Visitors often take the family to Sunway Lagoon Theme Park.There is something for everyone, including many amazing hotels, bars, restaurants and shopping centers.

Choosing a Business Type

Because of the rise in new business start-ups, construction companies do well in the region, along with real estate, insurance and natural gas production. Malaysia is a big importer and exporter of petroleum and petroleum products so businesses that are related to those fields will often do quite well. In choosing a business type, it's important to research the area that you're focusing on to make sure there is a need for a new business of that type. Bars, restaurants and hotels can be expensive to build, but usually do well because of the tourism factor.

Focus on Quality

As with any new business start-up, it's important to offer the consumer a better product or service than the competition. People are often willing to pay more for quality clothing, gifts, jewelry, shoes, spa services, food, accessories, transportation, etc. It is sometimes better to start off small with excellent products and/or services than to build a larger business that loses the personal touch and excellence. Give your customers a memorable experience and they'll come back for more and even recommend you to their friends.

Choose a Great Location

Malaysia abounds with both local and foreign investors; the Chinese represent about one-third of the populace.  With the Strait of Malacca so convenient, export and import businesses can find an easy shipping method in and out of the country daily. There are good locations in the city center and on the outskirts in all budgets.  Elite business centerssuch as the Petronas Towerscan be pricey, but there are some good alternatives.

Money-Saving Options

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