Looking to venture into an online business in Malaysia?
This is one of the most sensible strategies you should consider as there is always a good chance for you to succeed.
In this article, we will reveal all you need to know about starting an online business in Malaysia without feeling too much stress.
Let’s dive right in!
How To Start an Online Business in Malaysia
The best part about online business is you don’t need a huge amount of budget to get started.
Of course, it depends on the types of products or services that you’re offering.
All you need are a smartphone, a laptop, and most importantly, the internet connection then you’re good to go!
Now, let’s learn how to start a business. Is it easier said than done?
We can assure you if you follow the steps below, there is a high chance you might find success in doing online business.
- Find your business niche
Finding the right product with potential is a vital process.
Think from a business perspective, how much profit can you make by selling it?
You might have a few ideas in mind. Narrow down your options, evaluate each product.
All you need is one idea to get you going. The idea might be from out of the box and it could be a simple but effective idea.
Some of the strategies you should consider are:
- Selling products based on your interest
- Selling existing products and identify gaps
- Make good use of the current trends
- Market Research
Once you have a business idea, it is time to conduct market research.
Look at the product viability and pay attention to the details.
Besides that, you should use tactics such as keyword research and evaluate the current trends.
You have to understand your buyer’s persona. What can you do to solve their problems? or What can you do to make their lives better?
- Business name
Finding a business name might sound easy but you should know the significance of a good business name.
Ideally, people should be able to figure out what you do once they hear your business’ name.
With a bit of effort and imagination, this is achievable. Don’t worry too much, the process of choosing a name can be fun!
Another way you can find a business name is through Name Generators on the internet. You will find a list of unique ideas that you’re free to use.
When choosing a business name, remember to choose a short and memorable name, different from others, and it has to be original.
- Have your business plan
Planning is a very strategic tool for new entrepreneurs like you.
By having your business plan, you will be able to see the direction of your business is heading in a particular time.
However, having only a plan may not be enough, you need plans.
Have plan A, plan B, plan C and so on. In business, you won’t find success immediately in many cases.
It’s always better to be prepared if things go south.
- Choose the best platform for you
Look at it this way, there are many shopping malls on the internet.
In this case, the shopping malls are e-commerce platforms and social media platforms.
In Malaysia, you might have heard of highly popular e-commerce platforms such as Shopee and Lazada.
The registration to become a seller is super easy and the market is massive. So, you should consider e-commerce platforms.
Another option you can consider is the social media platforms such as Facebook and Instagram.
It is easier to find your target market on online platforms because the consumers will get recommendations from the platform based on their interests.
For instance, you’re selling anime action figures. There is a huge chance that anime fanatics will find your products through recommendations.
Then, you are ready to launch your store!
Extra Steps You Should Take To Have A Successful Online Business
- Online traffic
Once you have launched your store, you should learn how to drive traffic to your online store.
Here are some of the tips to bring visitors to your store:
- Social media
- SEO-optimize website
- Paid advertising
- Press release
- Measure online success
You can measure success online with analytics. As a business individual, you have to ensure that you’re getting results.
Here are some of the popular KPIs to track online business success you should use:
- Website traffic
- Conversion rate
- Pay-per-click
- Pageviews
- Get insights from experts
People say ‘mistakes are the best teachers’. However, by learning from the experts, you might not have to make any mistakes at all.
Instead, you can learn from their past mistakes and apply them in your new business adventure.
Conclusion
Starting an online business takes a lot of hard work and dedication.
If you’re planning to succeed, you have to give it your best effort.
Having a good start in managing your business is vital because operating it is a challenging task.
If you have any intention of launching your business online, this platform is the one for you.
With Getorders, your business can do just that. The products that you can sell here are such as food, clothes, cosmetics, and many more.
What makes us different from other e-commerce platforms?
- We offer both delivery and self pickup service too.
- Your customers will have the options of either getting their items delivered or pick-up their items on their own.
- This platform is open for all SME, F&B and retail entrepreneurs.
Click here to register as a Getorders user for your business.
