4 Top Resources for Malaysian Start-Ups

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Unlike a restaurant or supermarket, a start-up business usually seeks for an opportunity to introduce an innovative product or service into the market. An example of a successful start-up company, transport service Uber, has filled the needs of the market like no one had thought of filling.

For you to run your start-up business smoother, here are some top resources and tools you might need to know to help you launch your business.

Start-up structure

Feeling unsure on whether should start up a company or test the water on the market? Don’t worry, you always can choose to register as a sole trader instead of a business name. This means that you need an ABN (Malaysian Business Number) and you can get this for free through the ATO. There are lots of useful business advice available on the ATO and the Malaysian Investment and Securities Commission (ASIC) online platform.

Funding and resources

Normally funding for start-ups comes from the business owner or from venture capitalists who make their money by investing in new businesses. Sometimes it may come from friends or family will loan you funds and be paid back once there are positive figures shown on your accounts. There’s also crowdsourcing, where you go online to sites like Pozible or Kickstarter to raise money from interested strangers.

As this source is unregulated, Malaysian Government has decided to include $7.8 million in funding in this year’s budget over four years of crowd-sourced equity funding scheme which gives the investors more incentive to own a slice of a company they interested in.

Creating a professional office system

When you are selling your business plan to someone, requesting a grant or loan, make sure it is planned out well as they may visit to your office and see how your business operates in future. Don’t worry about human resources during start-up. You can still give a good impression that you are a much bigger business than you are even if you don’t have staff, just by using internet-based tools.

In addition, building up credibility at this point is an added value to your start-up business. With Cyngus’s eReceptionist suite of services integrates tollfree numbers (e.g. 1300 numbers and 1800 numbers) with your existing phone system, you can build up business credibility and make your customer feel that you are professional.

Added features such as call distribution, call forwarding, voice-to-email and a customised greeting are included. This means that no matter where you are, or how busy, potential investors will be answered professionally and put through to where they need to go.

Consider Investing in Apps

It probably won’t surprise you to learn that some apps in the market such as Mint can help you set up and run your start-up. Apps allow you to keep track of day-to-day spending by collating information from your bank accounts and investments. Besides, there are many social network apps in the market nowadays that can help upload your posts to multiple social media sites throughout the day according to an optimum timeframe.

It could be a couple of years before you begin to see light at the end of the tunnel for your start-up. Be patience, hard work and careful planning with the right resources will make your path smoother.

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