Operating and running a new small business successfully is a tough job. According to a report, about 80% of new businesses close down in the first year. This should make you even more watchful about the steps you take to establish your startup.
One of the reasons for the high rate of failure may be that many entrepreneurs chose a wrong business idea. If you are planning to start your own business, you may consider the list of great small business ideas that we’ve provided below.
1. Smartphone and personal computer repairing business
More than 50% Malaysians own PCs or smartphones. It means that there is a great opportunity for a small business that can assist in fixing the problems with varioous devices like laptops or smartphones. Most of the people want their faulty devices to get repaired rather than spending thousands to buy a new device or in some cases, being thrown away. Therefore, if you have a skill to repair smartphones and other devices, you’ll have an outstanding opportunity to start your own business.
2. Fashion business
Malaysians love fashion and they are concerned and conscious about their dressing and looks. Despite lots of fashion brands and outlets are already there in the country, there is still enough scope for new investor to bring better fashion sense. Getting into this field can be the top small business opportunity in Malaysia in 2020.
3. Ecommerce business
In the list of business opportunities in Malaysia, e-commerce business always remains one of the best options. It doesn’t matter that whether you own website or not. You can also get the services to sell the products from a reputable website for online shopping. 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. For instance, Lazada and Shopee are popular in Malaysia
4. Airbnb / homestay business
Malaysia tourism is steadily growing and our country is aiming to increase more tourist this year in conjunction with the Visit Malaysia 2020 campaign. Now is a good time for you to attract tourists from all over the world by doing airbnb or homestay. You can use your existing house as airbnb and earn money easily.
5. Agriculture business
If you have vacant land that is suitable for agricultural activities, then agriculture business can be the best home-based business idea. Here is a list of business ideas in agriculture:
• Agriculture farm
• Vermicompost organic fertilizer production
• Fertilizer distribution business
• Poultry farming
• Beekeeping business
• Fish farming
• Vegetables farming
6. Car wash and automobile business
In Malaysia most of the people use own private car that’s why car wash & auto service workshops have a good profit scope. To start, you don’t need huge capital and if you can’t afford to rent a shop, you can provide car wash home-to-home service. A lot of people don’t have time to go to car wash shop and hoping that someone can clean their cars at home.
7. IT support business
Many small businesses don’t have the budget to afford a full-time, in-house technical support team, making outsourced IT support a potentially lucrative business idea. You can provide network setup and maintenance services, data backup and recovery, and software installation and management.
8. F&B business
Restaurant is one of the the best business in Malaysia if you can start smartly with money. Mostly the success of restaurant business depends on choosing location. The business location should be near crowd area, beside a school, market, shopping mall, condo and office area.
9. Product / business reviewer
Startups or individuals usually look for people who can write reviews for their products or services to encourage the audience to make a purchase. If you love to write and looking for online business ideas, then this can be a great option. You can either get started with a profile on freelancing websites or contact companies directly. You can write reviews for them in exchange for a monetary reward by becoming an influencer. Even better, if you have your own website or a blog, you can write a post about their products.
10. Website design business
In today’s digital world, you will hardly find any company that doesn’t have its own website. In order to look fresh and impressive, companies keep revamping their website design. If you have all the required skills, then having a business of website design can be the best option for you. You can get lots of clients and few professionals to meet their requirements. This is one of the small business ideas, which has really worked well for many.
11. Mobile app development
With a majority of people using smartphones, there are countless apps that are developed every day. Currently, there are around 2.53 billion Smartphone users worldwide, and the number is expected to grow by 2.87 billion by the end of 2020. If you are brilliant tech-savvy, then you may think this as one of the best businesses to start in 2020. Get as many clients as possible. Hire other developers, as required to meet the requirements of your clients.
12. Social media consulting business
Social media is a powerful marketing tool, particularly for small businesses. If you are a social media expert and love helping others create their own social media presence, then you may be an excellent fit for a social media consulting business.