Small and medium-sized enterprises (SMEs) are the backbone of the Malaysian economy. They contribute 38% or more than RM500 billion to our gross domestic product (GDP).
Entrepreneurs make every effort count towards bringing a transformation change in their respective markets. Entrepreneurs are risk-taker, innovators, investors, and consistently disrupting the market. Even though being an entrepreneur sounds fun and all – it is no easy task.
Becoming an entrepreneur is a life-changing decision. It requires a deep and life-changing self-analysis. Some people venture into entrepreneurship with a clear vision – they know what they want to do. However, some entrepreneurs, especially new ones, are having tough times figuring out how to start a business and what business they should invest in?
We’ve compiled a list of the most profitable businesses for this year, considering post-pandemic, industry growth, competitiveness, costs as well as profitability potential. With a solid business plan, hard work and determination, any business idea may become successful and profitable.
1. IT support
Our reliance on technology makes IT support a profitable business idea, especially considering the employment of IT professionals is projected to grow by 9% from 2020 to 2030. IT business let you help customers when they have issues with their internet or computer software, as well as install security programmes and network updates.
If you are tech-savvy and you are a relatively patient person, then IT support might be your business calling. Start with a small idea like offering mobile IT support in your neighbourhood. You can offer a service to combat the chat or phone support typically offered by technology manufacturers – which often includes long wait times and leaves customers with unanswered questions.
2. Marketing copywriter
This is a great business idea if you are adept with words. Use your talents to write copy for various companies marketing efforts. According to LinkedIn data, hiring for digital marketing professionals grew 33% year-over-year from 2019 to 2020. The number grew by 49% for content creators such as bloggers, creative writers and editors in the same time frame.
As a marketing copywriter, you will need to coin a catchy slogan and write an in-depth description of a company’s offerings. It’s a benefit if you start as a freelancer as you can build relationships with clients and be able to earn a profit for your services.
3. Social media management
Business with a solid social media presence has the advantage. Customers expect a business to be responsive to customer service issues on social media. These days, business owners realise they need to engage in social media marketing. However, few have the necessary time or expertise to manage all of their social media accounts.
If you have a solid background in social media as in Twitter, Facebook, Instagram and TikTok, you might consider turning your social media expertise into your own solopreneur business venture. You may offer support to business owners who need help managing their brands’ social media platforms.
You can do your work as long as you have your own laptop, smartphone and a stable internet connection. Take note that job growth in the industry is projected to increase 11% from 2020 to 2030 – faster than average for all other occupations.
4. Academics courses
As an online entrepreneur, you can offer courses through educational platforms or independently on your own websites. The e-learning industry has accelerated growth since the onset of the Covid-19 pandemic. The industry is predicted to increase by $21.6 billion in 2024 according to a report by Technavio.
For a start, you may provide courses in traditional academics – offering online instruction in grade-level reading, mathematics, science, history or standardised test preparation. You can also create a review course for parents helping their kids with their studies. All it takes is creativity – if you are creative, the possibilities are endless.
5. Language courses
Bahasa Malaysia and English are not the only official languages we are using in the workplace. Many languages are being spoken nationwide and the demand for Mandarin, Japanese and Korean for instance is growing. The market is projected to increase by $5.7 billion from 2021 to 2026 according to a report from Technavio.
If you can speak one of the most in-demand languages, then online-based language courses could be one of your most profitable business ideas.
6. Business or marketing courses
Since the Covid-19 pandemic, demand for career-focused online courses has grown significantly – especially as more employees look to change jobs or work from home. According to LinkedIn, it saw a 53% increase in global hours spent learning from 2020 to 2021.
Companies have expanded or launched new coverage for tuition reimbursement in recent months, meaning workers have money to spend on these types of classes. Data showed that 14% of employees reported their companies offer some type of coverage or reimbursement for online training courses; and over the past six months, 10% of employees reported their employers have expanded or launched new coverage for these types of training opportunities.
7. Auto Repair
There’s a significant opportunity in the maintenance and repair business as in 2021, we had a few major floods resulting in cars being stranded and needing to be repaired. Besides, due to inflation, people are keeping their cars longer than ever.
Additionally, car owners are more likely to visit a small business for repairs; according to the Auto Care Association, more than 70% of repair business is captured by independent repair facilities compared with dealerships or manufacturer-authorized repair facilities.
If you’re skilled as a mechanic, you might consider an auto repair service as one of the most profitable business ideas. You can offer oil changes, fluid refills, battery swaps, headlight repair and more.
8. Mobile apps and entertainment for children
If your interests are in development and engineering, you might consider gearing your technology toward the youngest users. Research shows that demand for tablets, apps and mobile entertainment for children is on the rise — especially if those products are education-focused.
More than 60% of parents believe that mobile devices and apps have benefits for teaching kids skills in reading, math, science and also languages.
9. Electronics Repair
Most of us own a smartphone, and over 75% of adults own a desktop or laptop computer. And with more employees working from home, there’s an even greater reliance on a variety of electronics.
That means that when something goes wrong, people want help fixing it as soon as possible. This makes electronics repair a potentially lucrative business idea. According to a 2022 report from the Business Research Company, the global electronics repair and maintenance market is expected to grow from about $8 billion in 2021 to $9.6 billion in 2026.
With this service, you could be the solution for every broken smartphone screen, Wi-Fi card and laptop battery. And you might be even more successful if you’re willing to travel to your customer.
10. Graphic design
Adobe’s research has shown that 73% of companies that are investing in design are doing so to stand out from the competition. Besides, employment for graphic designers is expected to grow only 3% from 2020 to 2030, there are opportunities out there, especially for graphic designers who work freelance.
Are you a graphic design graduate or do you know your way around Adobe Photoshop, Illustrator and InDesign? Turn your skills into a business as a freelance graphic designer.
11. Consulting
If you’ve been in the business world for a long time, there is a market for young entrepreneurs to seek your knowledge and expertise within your industry. Why not turn all that know-how into a new career as an independent consultant?
Demand for consulting services is expected to increase, particularly among smaller companies that deal in specialized industries or business functions. Employment of management analysts, which includes consultants across different industries, is projected to grow 14% from 2020 to 2030 — faster than average for all occupations.
As an independent consultant, you can be paid to speak at industry conferences or events, serve on a board of advisors for a fledgling business, or lend your expertise to shape the strategy of an existing business on a contract basis.
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