July 03, 2015 | Sharon Cheong
Those who work hard each day to build a dream business in Malaysia know that this must be coupled with the right business plan. As your investment of time and money increase, the factors can come into alignment and produce a successful venture. There's nothing more rewarding than building a successful business from the ground up. At some point however, you may decide to grow and expand your business. If you're ready to do that or have been thinking about how to go about it, then below are some helpful tips.
Adding a Second Location
Adding a second location can be a very easy way to expand your business in Malaysia. If you sell directly to the public, then consider locating your second business in a different neighborhood so that you can target a whole new bunch of customers. Take your time and negotiate the best price on your commercial office space. If you are on a strict budget, then you may be able to share the resources from your first and original location with the new one. If you have trusted employees or family members that can help you set up your new location, this can prevent your original business from suffering while you build.
Buyout the Competition
This can be another low cost method of expanding your business, especially if you can find a competitor who is ready to sell. Business owners sometimes just get fed up with all the work, but they don't know what to do. Make them an attractive offer and you just might solve their problem and yours. Be specific about what things will be included in the sale of the business. For instance, does the owner have inventory or expensive equipment? It often helps to hire a consultant during this time of making this purchase. For the inexperienced entrepreneur there are numerous expensive mistakes that you will want to avoid.
License Your Product
If you have an exciting idea for a new invention or product, it's important for you to decide whether to build your own company or license the product to a pre-existing company. There are pros and cons of both ideas. The startup costs to open a business from the ground up can be expensive and will include manufacturing and marketing costs. If you don't really feel up to the challenge, then consider signing a product licensing deal. You can get at large initial payment and then receive royalties on future sales, all without having the stress and expense of starting a new business.
Add Complementary Products
Adding complementary products is a very well-known method of expanding your business. The cost to do this is normally very low, making this an attractive way to go. Be sure to do adequate research so that you know that there is a good market and customer base for the products you are adding. For instance, if you are manufacturing kitchen accessories, then it would make sense to add other products for the kitchen. Since there are so many, choose wisely and test the market to ensure best success.
Export Your Products
In countries like Malaysia where there are already so many import /export businesses, be sure to test the waters for optimal success. Malaysia exports thousands of products all over the world each year and has been very successful in this area. However, there are some products that will simply do better and require less work. Though there is often a huge markup on seasonal items such as Christmas-related products, this market is only viable for a few months of the year. Choose products that everyone uses frequently, such as common personal items or household items.
Setting up an Office
Your new office doesn't have to be expensive when you choose serviced office space. This is a time honored method in Malaysia of getting the luxury office you need in the heart of the business district. Servcorp Serviced Offices give you everything you need to get up and running very quickly and there are no long-term contracts to sign. The list of amenities and features is long. Call +603 2169 6188 for more information.