Malaysia is a newly industrialized country with a multi-sector economy that thrives on manufacturing and services. Malaysia is considered a “middle-income” country which, according to the World Bank classification of countries by GNI per capita, has income ranging from USD 1,006 to $12, 275 per annum.
The county is fast-becoming an economic leader in Southeast Asia as it is now ranked the third largest in Asia. The unemployment rate in Malaysia is 3.1%, which basically means that the core economy of the nation is dependent upon employees and self-employed professionals.
The trend towards home-based startups in Malaysia is real. What are some home-based business ideas that are likely to thrive in Malaysia?
Home Care Business
Care for children below 12 years old and for the elderly is a window of opportunity for a home-base business in Malaysia.
Home Child Care: There are numerous daycare centers spattered In Malaysia and almost all keep regular office hours. An off-hour child care center is another possibility as it is not easy to find a sitter to work on weekends or until late at night. There are government regulations pertaining to large-scale daycare centers, but in general, home child care with a minimum number of children at a time does not require a special license.
Elderly Care: Currently, the number of senior citizens living and cared for by their children is on the rise; but Malaysia's social culture generally frown's upon elderly care in nursing homes. There seems to be an upsurge of living accommodation and residential care for the elderly. Qualified private individuals might want to look into this type of home-based business.
There is a proliferation of emerging small scale businesses in Malaysia that the market for business professionals is growing,
Accountant and Bookkeeper: Micro and small scale startups and established businesses need the services of accountants and bookkeepers. For anyone who has a background in bookkeeping and accounting, these fields are feasible home-based business in Malaysia. The initial capital is almost nil and the overhead cost is low. It is more practical to consider this business part time until the owner gets the business off the ground.
Consultants: Every business aiming for success needs a business consultant to identify the problems of a company, study the problems and design & implement solution. A business consultant is a business analyst with a master's degree in his chosen area of expertise. This business should be considered as a part time job until it has a substantial number of clients.
Malaysians recognize the potential success of online businesses. It is a fact that a substantial number of college students and graduates are making huge profits doing a variety of internet-based businesses.
Website Design: More organizations and business now recognize the importance of a company website. As a matter of fact, every tech-savvy individual has a website, thanks to the free blogging platforms. Generic-looking websites is not sufficient that businesses are hiring website designers and app designers for their company's web and mobile device presence.
Professional Blogging: Blogging is a worldwide phenomenon. Blog owners keep an online diary of their day-to-day life, information about particular items and events, instructions on DIY projects, opinion on various subjects and everything else under the sun. The success of a blogger depends on how many readers or followers he has. The more readers, the more page views. The more page views, the more paid ads. The more paid ads, the more monthly income.
Direct Selling and Affiliate Marketing: Direct selling and affiliate programs have the potential for a large and residual return of investment. There is no one formula as to what products will sell best so it is a good idea to source the internet for legitimate products that the general public needs. A lot of cosmetic, cookware products and health supplements are success stories in direct selling and affiliate marketing.
Gadget Repair Business
More than half the population of Malaysia owns a computer, a tablet and a Smartphone. The opportunity for a business for repairing such gadgets is open. Buying a new gadget is more practical when the damage is significant; but for minor gadget irks and quirks, Malaysians are more likely to have their electronic gadgets repaired than thrown out.
Other feasible home-based businesses in Malaysia are: pet care; party planner; photographer; virtual assistant; bakery; craft business and laundry business.
As with brick and mortar businesses, the guide is for a home-based business to identify and supply the need of the population.
If you are planning on leaving the corporate world to realize your dream of becoming a home-based entrepreneur, consider Servcorp to help you in this endeavor.
Published by: Valerie Wong