The hardest part about being an online entrepreneur in Malaysia is finding funding and making the money last. Making the wrong decisions could cause your new start-up to fail long before it ever gets off the ground and becomes popular. You need to know how to stretch your funding. Here are some tips for streamlining your online start-up and operating with minimal overhead.
Streamlining your start-up means sticking to the basics at first. It might be nice to launch a site in Malaysia with tons of features and widgets. The reality is that it is not practical if you want to minimise expenses. You do not need to have a custom app for your start-up when a responsive website will do the same thing. Do not try to offer services or products that could cause you to lose money. Cut everything away but the core operations and required technology to start your online business.
You do not necessarily need to hire a massive workforce full of specialised people who can do only one thing each. This is a major overhead expense that could harm your online start-up. Look for employees or partners in Malaysia who can multitask. You want people with dual or triple skillsets. You can save money by having a small, versatile and cross-trained team backing up your new online venture.
Many big online companies boast about massive and innovative workplaces. Do not lease a traditional office when launching a new online business. You do not need it in the beginning anyway. You can minimise your overhead by renting a virtual address. You can use that Malaysian address for correspondences, legal paperwork and on your website. It is a far smarter and better investment than pouring money needlessly into a massive, unfurnished office.
Something that can drain away all of your funding is trying to do broad-based marketing to the general public in Malaysia. Go in the opposite direction. Do your research and keep your initial marketing tightly targeted. You want to target narrow market segments since this will improve your return on investment. Marketing to a broader range of people can wait until your start-up has emerged as a stable online entity.
Outsource Instead of Hiring Employees or Investing Capital
You do not want to make massive capital expenditures on things like forklifts and information technology infrastructures. You also do not want to pay for expensive staff members like network administrators. Outsource whenever you can instead of hiring employees or investing capital. You can outsource to a virtual office in Malaysia to get a receptionist. Using third-party logistics suppliers, cloud-based infrastructures and managed information technology services can all save you money when starting a new online business.
Your online start-up is not going to look like the business you want in the beginning. This never happens for online entrepreneurs. You have to focus on creating the core of your business and not all the bells and whistles. These tips will make it easier for your start-up to survive and grow without running out of funds early in the process.