There is an abundance of business opportunities in Malaysia. E-commerce isn’t the only opportunity available – there are conventional business models like F&B and franchising. Regardless of what kind of business models you want to participate, here’s a list of business opportunities and it costs to get started:
1. Software as a Service (SaaS) Business
Software as a Service (SaaS) business offers such a great benefit for you. One thing is, you can often offer it at affordable price to your potential customers. Many people will go for Saas than standalone because they get updated software and they don’t need to pay a huge upfront sum to use it.
Cost: RM200,000 – RM3,000,000
The pros: When done properly you have the opportunity to rake in recurring revenues for a long time.
The cons: It can be challenging to identify problems and make it a sustainable one. Besides, you will likely need a lot of resources to grow your business. Furthermore, this option can be competitive as your customers are not bound to you in the long term and can change vendors within a short period of time.
2. F&B Business
F&B business doesn’t require a large amount of capital to start off. Even if you don’t have the capital to open a restaurant, you can always start small by taking orders from social media and delivering them from your home.
Cost: RM50,000 – RM500,000
The pros: Making food can be affordable so you need a small capital. Plus, once you have a loyal customer base, it is easy to grow your business.
The cons: Since anybody can start an F&B business, F&B businesses are competitive. In order to stay ahead in the competitive industry, you need to come up with a unique selling proposition that will differentiate you from your competition.
3. Franchising
Franchising is a plug and play business where everything is already given to you – you only need to follow the template. Besides, the franchise owner will even train you and your employees on how to run the business. This is one of the business opportunities that you should consider.
Cost: RM10,000 – 150,000
The pros: With the franchise’s proven brand and model, you don’t have to waste time and money building up the brand from scratch.
The cons: The biggest drawback is that you need a large capiital to get started as owning a franchise license isn’t cheap. Though franchise brands have proven models, that doesn’t guarantee your business will be successful.
4. E-commerce business
With more and more Malaysians buying online, it is a good time to start an e-commerce business.Infact it is one of the great business opportunities for you. With your own website, you can design and market according to what you like which is a plus point rather than sell on online marketplaces. Besides, you don’t need to pay the marketplace commissions.
Cost: RM2,000 – RM15,000
The pros: With the right products and marketing, you can make a lot of money. There is also a lot of flexibility with your own e-commerce website. You can make it look the way you want and sell anything you want.
The cons: You will need to spend money on a good website design or get someone to build it for you. Other than that, it can be difficult at first to identify the right products to sell and who best to market to.
5. Sell on online marketplaces
Indeed, setting up your own website has a plus point. But, selling on online marketplaces can be one of the lowest cost methods of starting a business. You don’t need to invest money in creating your own website.
Cost: RM100 – RM10,000
The pros: You don’t need to spend a few thousand on an e-commerce website to get started. Though, you may need it later for setting up ads and etc. If you don’t have money for inventory, you can use the dropshipping method.
The cons: Many people selling on online marketplaces. Hence, the competition is getting stiffer. Yet, there are also sellers from China and Hong Kong that offer the same products with way cheaper price. So you need to stay focus and don’t give up.
6. Google AdSense
Google AdSense can generate money just by putting ads on you website. But first, you need a lot of traffic to your website. Normally, a traffic of more than 100,000 unique visitors a month will give you a sustainable income.
Cost: RM400 – RM1,500
The pros: Google AdSense can give you passive income.
The cons: It can take a lot of time and effort to get enough traffic to your site to start making money using AdSense.
7. Freelancing
Offering freelance services is one of the cheapest ways to make money since you don’t have to invest in anything. You get paid by providing a service like writing, editing, programming, translating and so on.
Cost: RM0 – RM1,500
The pros: The best part of being a freelancer is the flexibility it offers. You are paid according to the work done and based on your check-in and check-out time.
The cons: Freelancing is unstable – it can’t guarantee you a constant jobs or projects every month. You need to work hard to stay relevant.
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