As the technology is growing, the year is brimming with umpteen opportunities to build a profitable and revolutionary business. In today’s blog, you will come across a number of business ideas that you can take inspiration from, to kick-start your business in Malaysia in 2022.
Do remember, before starting a business for money, you need to fall in love with the process to reap the benefits. Having that said, let us unfold the-
Business opportunities in Malaysia in 2022:
Create and sell handmade products
This is an easier to start and quicker to scale business. If you have a creative bent, you can start with making handmade crafts such as rubber bands, Wall frames, key chains, wishing cards and so on. Today it is easier to find a market for your product and sell than ever. You can list your product on online sites or start an Instagram page with an Instagram shop link.
Food business:
Foodies are in Malaysia, just like all over the world. Malaysians have a taste for smoky meats. If you want to have a place in the local’s heart, you can start your restaurant or offer home delivery services. Due to the pandemic, home delivery is on rising. You can start your home delivery services at your home. You just need to know the taste of people and prepare good quality and hygienic food. As your business grows, you can start offline as well.
Start a café:
Malaysia has a lot of office going individuals. These people love to have coffee or beverages at cafes. A café with good ambience and quality food has permanent visitors. You can select a location having a good number of offices and start your café there.
Tourism business:
According to MIDA (official website) “Tourism is the third-largest contributor to Malaysia’s GDP”. Due to the pandemic, the tourism sector saw a significant decline in profit similar to other countries. In 2019 tourism arrivals were 26.10 million and receipt 86.1 billion RM in Malaysia. In 2020, tourism arrivals went down to 4.33 million and receipt 12.7 billion RM. However, with life getting back on track, travel enthusiasts are again up for the trip.
The Malaysian Government pays special attention to the tourism sector. “The Government launched National Tourism Policy (NTP) 2020-2030 on 23 December 2020 to ensure the continuity of the country’s tourism industry and make Malaysia a preferred tourist destination globally”. Here you can read why Government aid is important for setting up a business at any location.
Oil and Gas business:
Malaysia exports oil and gas to the world. According to international investor, Malaysia is the second largest producer of oil and Gas in south-east Asia. Malaysia is the world’s second largest exporter of Liquefied Natural Gas (LNG). You can be a retailer of oil and gas with a thousand RM investment. This is a traditional business in Malaysia, hence best for individuals wanting to take a low risk. The revenue is huge in this business.
Professional services:
If you are a professional carpenter, photographer, bookkeeper, artist, you can start your own business easily in Malaysia. The booming economy has increased the demand for service providers. These professionals build a team of equally skilled people and offer services to other businesses.
Malaysia is a hub for business, hence the demand for skilled personnel keep increasing to support their venture. Every organization need the support of these professionals to keep their business going. At the household level, with more and more office going people, each home time and again require home décor specialists, carpenters, plumbers, etc.
If you are a lawyer, a doctor, an accountant, or any professional with deep knowledge in their field and you love to solve people’s problems you can start your consulting service. This will be a feather in the cap on your ongoing service as well as will make you empowered.
Real estate raw materials:
Real estate raw materials such as brick, pipes, marble, cement, wood, paint, flooring paper, steel, sand are always in demand. With the increasing economy of Malaysia, people are more inclined towards building their office or home. Malaysian prioritize infrastructure, hence this could be a good business for you. Though this business needs an investment in the initial stage, when it takes off it gives a good return.
Air conditioning services:
Malaysia is located near the tropical, hence mostly has a humid climate. Owing to the humid climate, every workplace and home has an Air conditioner. People having these electrical appliances, often need service. You can scale to offering on-demand repairing services. Aircon service has high success and scalability probability in Malaysia. If you can be on good terms with your client, you will have permanent clients
Online hotel booking business:
You can develop your own hotel booking app or hire a freelancer to do so. Malaysia is a great tourist spot. The beaches in Malaysia attract tourists from all over the world. If you love the travel sector, you can start off by contacting local hotels.
You need to list the hotels on your website or app and make travel easier for tourists. This is an easy to start business, with a small investment. You can scale your business and improve the facilities as the venture grows.
Agricultural Business in Malaysia:
Agriculture is one of the important sectors in Malaysia. Malaysia has the highest fruit and vegetable processing in the world. It is nearly 89 percent. The government is enticing agropreneurs with loans and incentives. Starting an agricultural business requires effort in the initial stage but gradually when you touch the global market, the scalability and profit are enormous. If you wish to see revolutionary changes, this business idea could be for you.
Major agricultural or horticultural products that are exported from Malaysia are Pineapple, Papaya, star fruit, cocoa, palm oil. You need to contact the respective government organization and get permission to export your produce. Rubber plantation is heavily done in Malaysia. Hence, if you want to start quickly you can start with the rubber plantation business. Plantation crops give heavy returns.
Wrapping up
Make sure to select the businesses based on your interest. If you have more ideas, let me know. If you need one-on-one guidance for setting up your business, Puvanesvarar Consulting is just a call away.
