November 26, 2015 | Sharon Cheong
Malaysia has much to offer entrepreneurs and experts believe that by the year 2050, the region will become one of the strongest economies in Asia. The big question that many new startups have concerns how to get their foot in the door. Often, large companies do business with well establish companies that they know. People are worried that a new startup may not have the resources to fulfill a big order or provide the best services. How can you convince the big corporations that you have the expertise, employees and resources to handle their business?
Start Small and Build
One way that new businesses can quickly make a big name for themselves is through offering excellent customer service and the lowest prices in town. Later, after you build your clientele, you can always raise prices. But begin by giving customers such a great deal that they can't say no. Be sure to establish your company as dependable in the marketplace. People do talk and you want to make sure they're saying great things about your products and services. As your brand becomes better known to locals, you can increase your service offerings and raise prices.
Cater to the Wealthy
Malaysia offers an outstanding quality of life. The climate and terrain are lovely and this attracts many tourists each year. Try developing a business that caters to tourists and wealthy citizens. The region boasts a very high number of millionaires. If you can tap into some type of service or product for these groups, you can charge more for your services. The business ideas in this sector range from providing an exclusive limousine service to opening a high end restaurant. Whereas local business owners are generally looking for a good deal, millionaires and wealthy tourists are not as concerned about the cost so you can expect better profit margins.
Work from Prime Skyscrapers
Another excellent way to show your customers that you're professional enough to warrant their business is by leasing virtual office space in prime locations around Malaysia. Most people just automatically associate this with success. You can get into a well-known building in the Central Business District without spending a lot of cash. You'll have a very impressive business address for the letterhead, plus all the amenities of a top quality office without over spending. Imagine how successful your company will seem when you have luxury office space, bi-lingual employees, mail forwarding and other great services. This will allow you to concentrate on growing your company.
Import/Export and Other Profitable Businesses
With over $230 billion dollars a year, the import export business is very strong. Though there is extensive competition, you can often get into this industry quickly and make good profits from day one. Malaysia is known for high quality and low prices in electronics, computers, jewelry, smartphones, and flat-screen televisions. If you don't have the capital to go directly into import export, then try providing an important service to this industry, such as a courier service. Once you've gotten established and started making a profit, you can branch out and begin to explore additional ideas.
Exclusive Business Centers
Servcorp Serviced Offices provide business owners with a highly distinctive technique of working from prime locations in the Central Business District of Kuala Lumpur. Servcorp offers fully furnished and staffed virtual office space witha prestigious Malaysian address. For one affordable monthly fee, you can get internet, phones, a dedicated receptionist and all the perks of a top-notch downtown office. Servcorp has a global 24/7 network operations center to ensure that we can provide our customers with the finest technology available. We take pride in giving clients the highest quality services at affordable prices. Please call +603 2169 6128 to find out how you can get professional services in Malaysia for your new business.