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Industry Guide to Set Up a Retail Outlet in Malaysia
Click here to read the Chinese version 点击此处阅读中文版本
How to Set Up a Retail Outlet in Malaysia
You see all the big names like Philips, Dysons, De’ Longhi and dozens more appear in the mall you visit, you wonder how you can also start your own retail business in Malaysia.
In this article, we will show you the necessaries for you to start your retail outlet in Malaysia:
Market Research & Business Plan
Similarly to other businesses, it is important that you know what kinds of retail you want to start.
Questions to ask yourself:
• Why do you want to start a business?
• What is your retail about? What will it sell?
• Who are your target audience?
• Where is your retail outlet located?
• How are you going to strengthen your brand?
There are tons of questions you can ask yourself when deciding on a business you’re getting into. It is fairly important for you to know what you will be selling to your customers and who will be your target audiences. Starting your own business not only for the profit but offering products and services that satisfies your customers.
Brand Name
Giving your brand a name seems like a simple task, however, a brand name is more than a name you thought it would look cute or easy to pronounce. A brand name defines your pride and reputation for the future to come. It should be well-aligned with your company values, establishing an emotional connection with your customers.
Fundings
Surely funds are the first thing you should consider when starting your business. It plays a big role in anything we do in this world.
There are costs involved in all the expenses for your stores. Be sure to generate a list of the things you will need to pay for your store.
Floor Plan & Location
A strategic location is what you should look into for you to open your business. However tempted you may be to look for a cheaper option when it comes to renting a store for your retail, it is better to look for a pricier focal point for your retail store to be in, so that it will bring more sales for you.
Suppliers
It is important to find great suppliers as it is crucial towards product quality and suppliers’ efficiency to deliver the goods to your store.
There are many suppliers in the same industry of business, so how do you choose the “right” suppliers?
Unless you are ordering your supplies online, you can always check out their items in store. Online wise, many businesses offer the option to send in samples for you to see if they are the supplier you seek in your field of business.
Branding
What good is your product if without good branding? Strategically, your brand has to incorporate the values, brand personality and the brand identity in which that creates a strong bond with the customers.
Advertising plays an important role to help gain visibility and attract a customer crowd. Lack of brand visibility could be the downfall of your business no matter how great your product is.
Couple ideas to promote your retail business:
- Traditional way advertising (through TV broadcast, radio station, flyers, posters, etc.)
- Social Media (FB, IG – reels, posts, IG live, Influencer marketing)
- Deals and discounts
- Launch events
Above are some of the effective ways for you to promote your retail store. In the world heavily involved in all things technology, not only are social media advertisements more affordable compared to traditional advertising, it is also a great way to promote your retail business visibility to the public which allows you to target wider audiences for your products and services.
The Business Registration Process in Malaysia
Now once you have everything ready, you’re soon a retail business owner. Below are some of the business registration processes in Malaysia for you to go through before making your retail a reality.
The Licenses and Permits You Need
Everything is about legality in Malaysia, therefore it is important for you to look at what kind of licenses and permits you need to obtain in order to start a retail outlet in Malaysia.
Retail business can involve in broad scope of business types, you might need to have several types of licenses and permits ready.
Two areas of license you will need to look into when you scope for licenses:
General Business License
This can be easily obtained from local councils
Industry-specific license
This license is issued by government ministries.
Want to know more about starting a Sdn Bhd? What’s the best way to start one, and what should you be mindful of? Register and find out in our upcoming webinar!
Are you ready to form your Sdn Bhd with Malaysia’s #1 award-winning Online Company Secretary? Contact us now via WhatsApp @018-767 8055