January 19, 2015 | Sharon Cheong
In terms of middle income countries, Malaysia is ranked number one in relation to business opportunities and development. The capital city of Kuala Lumpur provides both new and established businesses with a multitude of benefits and possibilities. New or fledgling businesses can reduce operating costs which is a vital factor with regards to overcoming initial difficulties. This is due to the comparatively low rental costs, energy bills and staff salaries. Despite the low operating costs, Malaysia has a good infrastructure and a large base of skilled professionals. Invariably, many of these professionals are found in Kuala Lumpur which entices a high percentage of businesses to the area. If you are considering starting a business in Malaysia, then it is important to develop a strategy. Understanding the process involved is extremely important. Additionally, understanding the stages in which to complete the necessary tasks is equally important. An effective way to manage your business start-up process is by creating a checklist.
Creating a business plan
The first item on any checklist should concern a business plan. A thorough, realistic and viable business plan is essential to the long term success of any business. You should attempt to outline both your short and long term objectives. Try and make financial projections, identify start-up costs and assess operating costs. It is important to consider aspects such as recruitment, marketing, staff training and development together with identifying desired knowledge and experience levels.
Name your business and register the name
Attempt to choose a name that reflects the nature of your business. It is advisable to list as many possible names as you can. It may be the case that your preferred choice is already taken by another company. Most businesses have some form of online presence. This invariably comes in the form of a company website. Work through your potential list of names and check if the associated domain names are available. If a domain name is already taken for your chosen business name, consider selecting a different name that has an available domain. Once you have decided upon a name, you need to register it with the associated authorities.
Business licenses and other legal requirements
A lot of the legal requirements will vary depending upon the industry or sector that your business operates in. It may be advisable to secure the services of a legal professional in order to help you with this. They will be able to advise you with regards to tax requirements, acquiring a business license and insurance requirements. In addition to this, you must consider your staff in terms of their contracts and their legal rights. It may also be wise to develop company procedures for a variety of situations.
Recruiting staff and purchasing equipment
Prior to beginning the recruitment process, use your business plan to evaluate how many staff you require. You should also be able to ascertain key skills that will benefit your business. It is advisable to have a mixture of experience. Older, more experienced professionals bring a degree of solidity in relation to their skills and performance. Recently qualified professionals may be able to inject new ideas or bring a fresh approach to the business. Obtaining suitable equipment for your business is another prime concern. The minimum requirements for any business is equipment such as a phone system, reliable internet connection, computers, printers, office furniture and copying or scanning equipment.
Choosing a location
Select a location that is close to public transport links. Some of your staff, clients or business associates may rely on public transport. Your office or business premises should provide value for money in terms of rental costs. If your working capital is low, consider a location away from the city center.