It is not always easy to be an entrepreneur when you have a competitive market already running at its maximum pace. It is even a few steps harder when you set the target of building a Million-dollar Business in Malaysia in just one year. Yes, the target is to achieve the million-dollar revenue from the company in just one year.
Sounds impossible? Well, initially it sounds like an impossible task, however, it is possible. Every year, thousands of new entrepreneurs all around the world are putting their acceleration and determination on the run to achieve this fabulous milestone of turning the company a million-dollar revenue business in just one year.
We have recently made casual discussions with some of the successful Malaysian entrepreneurs who have eventually achieved this milestone. Later on, we took our time to evaluate followed by compiled their thoughts and ideas to came up with the 7 steps of building a million-dollar business in Malaysia in just one year. Below are those steps to achieve that million-dollar magic goal for your new business:
Find the Niche you understand best
The Best way to achieve your desired success is to go for the niche you understand the best. If that niche of business in unique, then you are on a very favorable ride to success. I suppose your niche is common in the market, don’t get disappointed, and analyze your upcoming competitors closely. If you are an expert and enjoy working in that particular field, you will eventually find out the scope of your part of the business. Work on it with the utmost punctuality and dedication. Grow the value of your company through the skills and experiences you got in this particular business field.
Outsource tasks and digitize the office
If you are a solo entrepreneur, it is pretty impossible to attend every task and run for every single detail on your own. On top of that when you have an ambition of reaching a million-dollar goal, you cannot effort attending every single task of your company. Rather, you might have some other important meetings to attend that might be even more beneficial for the company.
One way to shed away the extra burden from your shoulder is to outsource these excess works and whenever possible, automate the office task. Before the reach the bottleneck, and burn out quickly, it will be a wise idea to outsource access tasks, this might initially seem to be costly, but in long run, consider it as an investment for a better revenue income in the company. Digitizing the office might also seem expensive at initiation, but you will soon find out that it saves your time, effort and makes things impressively faster and more efficient than manual works. Such efficiency will boost your business and eventually will help you to reach your 1-million-dollar goal.
Finance your business properly
You need to be prepared with all the financial aid needed to run the company. It has been seen in Malaysia, and even in another world, that due to financial needed at the right time, much potential company collapses. Successful business owners reluctantly admitted that a strong financial backup has no equal alternatives. When needed, the capital flow must be available. Therefore, while bootstrapping a business, it is suggested to clear out any debts or loans before
Some of the entrepreneurs admitted that they have faced terrible consequences and even had to take the loan with hard interest from the bank when faced shortage of money. They couldn’t manage the capital flow and failed to separate personal money with the business capital.
It was fortunate that nowadays the cost of incorporating a business is much lower, therefore gave them extra support during such a financial crisis. However, they have strongly recommended keeping an amount for any sort of unfortunate crisis your business might face any time at any circumstances.
Think revenue from the very beginning
Many companies might think financial outcome or profit revenue in the long run and prefer to establish their business in Malaysia slowly and incrementally. When this is the case, you need to think quite different than this. As you have a time target of a year, your strategy of revenue income needs to be much more aggressive and stronger.
For such a strategy, you have two options before you. You either have to have inexpensive items for mass buyers to purchase and therefore counting up your revenue, or you need to have expensive products for limited focused customers to reach the million-dollar target. In either way, you have to find the target product niche and their potential customers. Once your products are ready, you have to hop into the marketing platform to counting up the revenue, keeping in mind the peripheral expenses and some losses you have to count throughout your business journey.
Hire top of the line employees
You cannot reach your target with underrated or unskilled employees in a competitive market in Malaysia. As Malaysia is gaining pace in the business market, you cannot effort hiring low caliber employees or business partners in your business. If you are running a sole proprietorship, things are way too tough for you. A million-dollar business in the initial year of the business always demands a bunch of top-class employees, who are strong and efficient in their own field.
Of course, hiring such members of the company will be expensive, but the company outcome will be competitively productive and more versatile. The bottom line is that investing in skillful employees will eventually return you with better outcomes compared with a bunch of unskilled employees who can damage the goodwill of the company and therefore fail to reach the target.
Passive income can be a smart support
A good way to relax and earn revenue can be affiliated marketing. Nowadays, this is getting more popular nowadays as it gives flexibility in social life and professional life. Keeping in mind that all such types of passive business require is a blog or website, where you can place links to products from various well-established e-commerce websites. However, such passive business can be a good way to earn additional capital for your main business.
Stick with the plan till the end
Stick with your business, no matter what the initial condition might be. At an initial glance the company you have started might look a bit pale, but don’t get low with encouragement. It is a famous phrase that says that there is light at the other end of the tunnel. So, stick with the plan, improvise, and work harder, maybe overnight.
You will see the success eventually. A good way to stick with your business plan is keeping a to-do list. An annual to-do list on your company can surely encourage you to go one step further in your checklist when running closer to your goal.
Company registration in Malaysia, grab client attention, carry out marketing or digital campaigns, etc. should be included in your business to-do list. No matter what the situation calls for your baseline goal should be pumping up the business revenue to touch the one-million-dollar revenue target for your business in Malaysia.