Starting a business from scratch is no easy feat, especially in the middle of a pandemic, with limited capital. Most businesses, in fact, are struggling to stay afloat and have to constantly alter their business models to cater to the SOPs set in place as Malaysia moves in and out of lockdown.
While setting up and running a business in this climate is not easy, it is also not impossible– with the right steps, attitude and mindset, it can shape up to be one of the best moves you make.
Identifying the needs of current consumers
One of the first steps in starting a business is to conduct research to identify a gap in the market. This is to determine if the intended product or service can cater to the needs of current consumers or solve their problems, ensuring that there will be a steady demand.
It is also important to focus on strategically branding the business as this will help the public to better identify and recognise your business as an impactful one.
The first two steps above were what we hyper-focused on when brainstorming for SweetPeachier, Malaysia’s first home IPL device. It was a brand launched during the first round of Malaysia’s Movement Control Order (MCO) in the first half of 2020, when beauty salons were not allowed to operate, causing people to lose access to their regular hair removal services.
We realised that the market lacked a semi-permanent method of hair removal that can be done from the comfort of their homes, both in light of the pandemic and for those who are not too comfortable getting it done more publicly.
After deciding to make it our mission to help these people, we got down to thinking long and hard on a suitable yet memorable name, while driving awareness of our brand through well-researched marketing techniques.
Also Read: Should you start a new business amidst the recession?
Being financially equipped to run a business
The next step in building a successful business is to maintain a comprehensive overview of the financial aspects of the enterprise. Having a good idea of where your company stands financially means that you are more likely to be ready for potential challenges and future pitfalls.
For instance, SweetPeachier was not founded on a large sum of capital, we, in fact, started out with only US$1,170 and chose not to withdraw any money for ourselves for the first three months as we experienced insufficient liquidity and cash flow to cover business expenses.
This was an unforeseen and unfortunate setback but we persevered. To scale the business, we raised funds through contributions from sympathetic family members who believed in our mission.
With their support and strategic financial planning, we were thankfully able to move past these hurdles and are proud to report that we have recently achieved US$240,000 in sales, with a growing customer base across Malaysia, Singapore, Brunei, Taiwan and Hong Kong.
Ensuring great customer service
Another important aspect of running and owning a business venture is to work on providing a great consumer experience through efficient customer service. Happy customers are customers who are more likely to make repeat purchases while recommending your brand to friends and family.
All of this combines to ultimately increase your consumer market reach and revenue. Additionally, providing top-notch customer service will most definitely enhance customer loyalty.
Through it all, it is important to note that starting your own business is going to take a lot of energy, time and capital. The best way to keep yourself motivated through the ups and downs is to not lose focus on what really matters to you.
Staying humble and hungry for knowledge is also key to eventually becoming a successful business owner as the more you know, the more you can understand your target market and make improvements to better serve it.
Do not give up on your dreams because other people doubt you, believe in yourself, work hard and stay motivated – the rewards reaped will speak for themselves.
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Image credit: Hack Capital
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