9 Ideas to Start A Small Business in Malaysia 2024

Are you planning to start a small business in Malaysia? If you want to do so, the first step is to figure out an idea for your business.

It would be a challenge to run a business even if it is on a small scale. When you're just starting, you need to be aware of the market needs, expand your connections, and build strong branding.

However, why you should start a business in Malaysia? According to IMD, Malaysia is in 27th position in the global ranking of the most competitive economies in 2023.

Considering the data, Malaysia has been a great location to look for business opportunities nowadays. Moreover, its strong economy and friendly business environment make it more attractive for entrepreneurs of all scales to do business there.

For all these reasons, knowing business ideas in Malaysia will give you an insight into the business prospects in the country.

This article will discuss a list of ideas for small businesses in Malaysia that you can consider to build your business. To find out more information, explore the explanations below.

9 Small Business Ideas in Malaysia

Small and medium enterprises (SMEs) are the main foundation of the Malaysian economy. 

Based on the Department of Statistics Malaysia (DoSM), micro, small, and medium enterprises (MSMEs) in Malaysia successfully achieved Gross Domestic Product (GDP) growth of 1% in 2021, while in 2020 MSMEs GDP is -7.3%.

This growth shows that opening a small business in Malaysia has great business opportunities. Here are some of the best business ideas in Malaysia:

1. E-commerce Business

More and more people are shopping online these days, which means there is a huge market for selling goods on the internet. 

Based on data from Statista, the number of users in Malaysia's e-commerce market is predicted to experience growth between 2024 and 2028, with a total increase of 7.6 million users (+34.94%). 

This data shows that e-commerce’s demand will increase steadily over the years and become one of the most profitable small businesses in Malaysia. You can use popular online platforms or create your website, so you can reach a lot of customers without having a physical store.

Moreover, with online payments and better delivery services, it's easier to start and grow your business. 

By taking advantage of this opportunity and offering products or services that Malaysians want, you can achieve great success with your e-commerce business.

2. Affiliate Marketing Business

This small business concept involves partnering with companies to promote their products or services and earning a commission for every sale or lead generated through your promotional efforts.

With online shopping platforms and digital marketing constantly growing, affiliate marketing is available as a low-risk opportunity to enter the small business in Malaysia

By maximising your online presence through social media platforms, blogs, or websites, you can effectively reach a wide audience and monetize your influence.

In addition, affiliate marketing allows you to work flexibly, without the need for any inventory or customer service, making it an attractive option for individuals looking to start a small business in Malaysia with minimal investment.

Read also: How to Start Business in Malaysia for Foreigners 2024

3. Computer and Smartphone Repair Business

Technology has become an essential part of everyday life and the demand for repair services is on the rise.

Offering a fast and reliable repair business, you can help people solve their common problems such as software glitches, hardware malfunctions, and screen crashes.

Utilizing technical expertise and providing exceptional customer service, entrepreneurs can start a business in the repair industry and build a profitable small business in Malaysia.

4. Laundry Service

Starting a laundry service business has great potential due to the busy lifestyles of urban dwellers and the increasing demand for convenient services.

You can offer services such as washing, drying, and folding clothes, or even providing pickup and delivery options. With your laundry service, you can help busy people to save their precious time.

In addition, by using eco-friendly machines and detergents, you can attract customers who care about the environment. This eco-friendly approach is in line with the growing sustainability trend, making it an interesting option for those looking to start a business in Malaysia.

5. Babysitting

Some parents in Malaysia, either the mothers or the fathers, are busy working to fulfil their daily needs. 

Their busy schedules make it difficult for them to look after their children, so they have to leave their children to daycare or places that provide babysitting services. 

This shows that the babysitting service can be a small business option in Malaysia, especially if you love kids or have a certification in this field.

This shows that the babysitting service is one of the most popular businesses in Malaysia and has a huge opportunity for people who want to start a small business. 

This service can help parents feel confident that their kids are in good hands while they're away. You'll get to spend time playing with children and keeping them safe and happy.

Therefore, with many families in Malaysia in need of flexible childcare options, starting a childcare business as your small business in Malaysia has a great chance of success.

Read also: How to Start a Manpower Supply Business in Malaysia in 4 Steps

6. Event Planning

Starting an event planning business as a local business in Malaysia is a smart move. Many celebrations and events are happening, there's a big demand for people who can help organize them.

Event planners handle stuff like finding the right place, sorting out food and decorations, and making sure everything goes smoothly on the big day. 

This service can help people to hold special events and make sure it will go well and be memorable for your clients.

Building an event planning business as a small business in Malaysia can be a promising business opportunity.

7. Pet Care Services

Pet care services can be one of the best businesses in Malaysia, especially for animal lovers. Many people own pets and treat them like family, so there is a huge demand for reliable and trustworthy pet care services.

Providing pet sitting, dog walking, grooming, and veterinary care can give pet owners peace of mind knowing that their beloved pets are in good hands.

In addition, you can also offer the best care and personalized services so that you can build loyal customers and develop a pet-friendly market in Malaysia.

8. Food Truck Business

Malaysia is known for its diverse cuisine and vibrant hawker culture, with many people looking for delicious and convenient food while travelling.

Operating a food truck not only allows entrepreneurs to showcase their culinary creativity but also allows them to reach a wide audience in various locations, from bustling city streets to popular events and festivals.

As the popularity of franchise business increases in Malaysia, starting a food truck venture presents an exciting opportunity. You can provide unique and flavorful dishes, combined with friendly customer service and attractive branding, this franchise business in Malaysia is worth exploring for aspiring entrepreneurs.

9. Oil & Gas Trade

Starting a gas and oil trading business as a local business in Malaysia presents promising opportunities for entrepreneurs in 2024. Malaysia, rich in natural resources, has a thriving energy sector with significant demand for gas and oil products.

With the country's strategic location in the heart of Southeast Asia and its well-established infrastructure, there are ample opportunities for import, export, and distribution of gas and oil products in the local market.

Entrepreneurs can capitalise on this demand by setting up trading businesses that serve various sectors, including industrial, commercial, and residential.

Local entrepreneurs in Malaysia can set up a successful gas and oil trading business by using their industry knowledge, forming good partnerships, and following the rules. This helps them deal with the complicated gas and oil market and build a thriving business.

Read also: How to Start a Construction Company in Malaysia in 4 Steps

Those are 9 small business ideas in Malaysia in 2024 that you can consider to build your future business.

Please keep in mind that no matter what business idea you choose, be sure to develop a precise business strategy so your business can grow rapidly. In this case, you need to develop a business structure concept and prepare a marketing strategy. 

One of the most effective marketing strategies used by small businesses in Malaysia is SEO, mainly due to its cost-effectiveness, which only requires minimal budget allocation. By implementing SEO, you can improve your online presence and engage more potential customers.

In addition, by creating SEO-friendly content, you can target potential customers, and increase website traffic and revenue by using keywords that are relevant to your business.  

Try our SEO Services now to find out how we can help you use relevant keywords to improve your business website!