Starting your career as an entrepreneur can be very tough and challenging sometimes. There can be a number of problems that you would have to face.
However, having a good idea in your mind and a proper business plan somehow minimizes the risks to some extent.
If you are having trouble in making a decision about what idea to pursue, you can check out the following small business ideas in Malaysia for the coming year that can prove to be the best as far as the uniqueness, starting capital, risk minimization and some other factors are concerned.
Top Small Business Ideas in Malaysia With Low Investment in 2024
1. Fashion Business
Like all the other glamorous countries, the people of Malaysia also love fashion. They have a great sense of fashion. The Malaysians are concerned and conscious about their dressing and looks.
In spite of the fact that lots of fashion brands and outlets are already there in the country, there is still enough scope for new investors to bring better fashion sense.
If you are planning to purse this idea for running your business in Malaysia, do not forget the significance of their local fashion.
For that you need to have a deep knowledge and know-how of the country’s local fashion. Getting into this field can be the top small business opportunity in Malaysia in 2024.
2. Smartphone and Personal Computer Repairing Startup
It can be an outstanding example of small business in Malaysia. More than 50% of the adults in Malaysia own PCs or smartphones.
It means that there is a great opportunity for such kind of businesses that can assist in fixing the problems with various devices like laptops, smartphones, etc.
Most of the people want their faulty devices to get repaired rather than being thrown away. Therefore if you have a skill to repair the latest mobiles and other devices that you have an outstanding opportunity to start your own business in Malaysia.
3. Oil and Gas Business
In the list of resources that are the most beneficial for Malaysia from the point of view of emerging industries, oil and gas are on the top.
Moreover, the economy of Malaysia also depends largely on the export of natural gas, petroleum products, etc. Starting a business in this particular industry would surely be a great idea.
4. Ecommerce Store
In the list of small business in Malaysia, the business of an e-commerce store always remains one of the best options.
It does no matter that whether the person starting this business owns his own website or not. He/she can also get the services to sell the products from a reputable website for online shopping. Lazada and Best Buy are popular in Malaysia.
In the coming year, there will be lots of such opportunities to start an online business in Malaysia. Initially if you do not have a lot of budget that can let you launch an eCommerce store of your own, there are a number of reliable online stores that can help you sell your products.
5. Professional Services
In Malaysia, lots of new businesses are emerging on small scales with every passing day. Therefore, the professionals of business are supposed to have a continuously growing market in 2024 that they need to cater. Most of the small scale business owners need the help of accountants and other professionals to manage their matters.
Therefore, if you are good at accounting or any other similar field, you can start earning some handsome amount of money even in the starting days of your business. It is one of the best small business ideas in Malaysia to pursue in 2024.
6. Rubber Plantation Business
In Malaysia, rubber is another important product found naturally. Additionally, the agricultural activities play an essential role in the economy of the country.
It is a very profitable and lucrative business to choose in Malaysia especially if you are a farm owner. It can be a great home-based business opportunity in Malaysia.
7. Online Hotel Booking Business
Malaysia is a beautiful country and this is one of the reasons that tourism is steadily growing in the country. The two alluring islands in Malaysia named the island of Borneo and Malay Peninsula attract the tourists from all over the world.
The beaches, rain forest and other splendid sights lure a great number of foreigners to visit Malaysia. This gives a background for the significance of the business of online hotel booking in the country.
You just need to have some partnerships and links with most of the nearby hotels that are situated in the country. The payment will be on the basis of their terms and conditions and your agreement. It can be an excellent online business opportunity in Malaysia for 2024.
Similarly, you can also your own physical hotel business. Following cities in Malaysia are hot spots for tourism:
- Kuala Lumpur
- George Town
- Kota Kinabalu
- Johor Bahru
- Cameron Highlands
8. Business of Micro finance services
Many new businesses are being introduced in Malaysia these days. These businesses definitely need some proper funding in order to thrive and continue in the long run. The business owners can get this funding from various microfinance banks.
Therefore, the microfinance banking is a booming business opportunity for various investors in Malaysia. Having knowledge and some experience in the field of accounting and finance, you can start this type of business easily.
9. Real Estate Business
The real estate market of Malaysia is growing continuously. The government is also taking numerous initiatives.
There was a bill launched in Malaysia in July 2011, named PR1MA Bill; it was meant for making it easier for the people to buy houses who have low or medium incomes. You also have an option to start such kind of real estate business in Malaysia through different ways.
10. Affiliate Marketing
The business of Affiliate marketing is always greatly renowned throughout the globe. However, in Malaysia the number of affiliate marketers is lesser as compared to those in other countries.
The process of affiliate marketing basically lets you earn your commission by selling the products or services of a third party. There are several websites for affiliate marketing that you can join to start the business.
Some other small business ideas in Malaysia for 2024 are as follows:
If you are good at cooking but lack the fortune required for opening any restaurant or a café, the food truck business might be the right choice for you. This is a business with low investment and chances of high profits.
All you need to do is to buy a truck and decorate both the exterior and interior to turn it into a food truck. Now decide on a tempting menu. Make sure the items require cheap raw material. It will help you in maintaining good profits.
Hire enthusiastic people for building a strong team and here you are, all ready to kick start your career.
3D printing is a newly found wonder of technology. But unfortunately, it is still making its way into the world of glamour. People are still to accept the possibility that there could exist 3D printers.
Luckily the situation is quite different in Malaysia. Entrepreneurship is spreading rapidly in the country, hence, people have a good know-how of 3D printing.
The best part about the 3D printing business is the assurity of continuous success in the future. You will undoubtedly continue to earn more and more in the future as the technique is expected to gain more and more popularity.
Customized products are the most fascinating and soulful gifts. Moreover, it gives the customers an opportunity to design their own products. Hence, this business is flourishing more and more with each passing year.
You can start your own custom T-shirt printing business at a low cost and with a high chance of a prospering future. Another benefit is that you can also start an online shop. Spend a few bucks on building a website or a social media handler and earn huge profits sitting at your home. You just need to be careful to maintain the quality of your products.
14. Mobile Phone Accessories Business
Being a beautiful country, Malaysia is a popular tourist spot. With quite a large number of tourists visiting the place, entrepreneurs get a number of chances to establish their businesses. Mobile is an ultimate necessity and becomes even more necessary when you are on a tour. Therefore, tourists are in dire need of mobile phone accessories.
Starting a mobile phone accessories business is a highly profitable business idea in a country full of tourists. To enhance your chances of having a successful business, pay attention to advertisements and glamour too.
Photography is one of the amazing startup ideas that can lead to a high yield business within a small time span. In Malaysia, photographers enjoy a number of special benefits. For example, they experience leniency in taxes, insurance, and gaining a business license.
If you have good photography skills, get the advantage of these benefits and start your business right now. Focus on building an attractive portfolio website and construct your business plan. No matter how short your budget is, make no compromise in the quality of equipment.
If you have a small investment, you can also start with an online set up. It not only limits your expenses but also increases your reach.
Man is trying to fill the void in his life through pets. Nowadays, some people are more affectionate to their pets than people. This carves out a new opportunity for the entrepreneurs. Setting up a pet-related business will attract all the pet lovers, which by the way are in a good number.
You can go for anything from pet food to pet toys. In fact, you can also sell all pet essentials under one roof. This will actually be more beneficial for the customers and more profitable for you.
Here are more business ideas in Malaysia you can consider in 2024:
17. E-commerce and Online Marketplaces
18. Food Delivery / Cloud Kitchen
19. Health & Wellness Business Ideas
20. Fintech & Digital Payments Solutions
21. Travel & Tourism Services
22. E-Learning Platforms
24. HealthTech or Telemedicine
25. Renewal Energy Solutions
26. Pet Care Services
27. Mobile App Development
28. Food & Beverage
29. Elderly Care and Senior Services
30. Home Renovation Business Ideas
31. Cybersecurity Services
32. AI Chatbots for Customer Support
33. Providing Blockchain Services
34. Mobile App Development
35. Managed IT Services
36. Starting a Niche Based YouTube Channel in Malaysia
37. Import Export Business
No matter what business idea you decide to carry on with, keep in mind the importance of proper advertisement. The more you advertise, the more you can gain.
Also, do not rely on traditional advertising methods. Advertise through emails, social media platforms, your own website and other technical options.