Congratulations! You just decided that you want to open your business in Malaysia.
However, since Malaysia is all new to you, you have no idea where to start. In times like this,
preparing a business plan is crucial. Below are some ideas from GE Consult on how to get
Business Plan Preparation
The first step in preparing a business plan in Malaysia can be very difficult. But as you get
started slowly, you will find that more ideas will come to you as you keep going. To help you
get more ideas, here are some questions that will serve as a guide from SBA.
- Evaluate and study the current market of the product or service that you want to put up
- Check out your competitors, especially in the area of your choosing. Don’t forget to
check out how and what kind of things they are doing
- Define or identify your potential customers. Where are your customers based? What
kind of things do they want?
- How much is the price of sale you are going to place on your products or services?
- Define the capital that you want for your business. Base your computation on the market value in Malaysia
- You should also define how much you are going to need that will support your lifestyle
- How long in the future are you going to see yourself still in this business venture?
You might want to turn over to the internet for some samples on the business, but just make
some drafts first before organizing them. You get to understand your business plan better
when you write them yourself, especially when it is done by your hand. And don’t forget –
always include in your business plan your budget for your daily needs since you need money
Choosing a business entity
Is it going to be a Sole Proprietorship, Partnership or Private Limited Company? Make sure
that it is going to be in your favor as this is about your business. A sole proprietorship may
sound nice, but it might not bode well for you in the years to come, depending on your
business. Others prefer to have a partnership with a native Malaysian since it will help them
get a better understanding of the Malaysian market. It depends on your needs, so it is best
that you do your research on the benefits and drawbacks of each business entity as this will
affect your venture in the long run.
After preparing the plan, you will get a good idea of how much you are going to spend for
your business. Some include this in the business plan, but it is best to use a separate sheet
for this and plan for a 3 year budget and projection of all the possible business outflows and
inflows. You should also include personal commitments and needs. Make sure that your
goals in that 3 year span are realistic and when you implement them, always stay under