22.03.2022 13:30

How to Develop and Run a Business with Minimum Capital

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Although it’s not an easy task to set up and run a business in such a climate, it is possible with the right attitude, steps and mindset.

It is difficult to start a business, especially when you are in the middle of a pandemic and have limited capital. Many businesses are finding it difficult to stay afloat, and they have to adapt their business models to meet the requirements of the SOPs as Malaysia moves into lockdown.

Although it’s not an easy task to set up and run a business in such a climate, it is possible. With the right attitude, steps, and mindset, you can make it one of your best decisions.

Identifying the needs of current consumers

Research is an essential step in starting a business. It helps to find a market gap. This will help you determine if your product or service is able to meet the needs of existing customers or solve their problems. It will also ensure that there will always be demand.

Strategic branding is important as it will allow the public to identify your business as an influential one.

When brainstorming SweetPeachier, Malaysia’s first home IPL device, we stayed focused on the first two steps. It was launched in the first round Malaysia’s Movement Control Order (MCO), which took place in the first half 2020. At that time, beauty salons were banned from operating, leading to people losing access to their regular hair removal services.

We realized that there was no semi-permanent hair removal method that could be used at home. This was both due to the pandemic as well as for those who don’t feel comfortable having it done in public.

We made it our mission to help these people and began to think about a memorable name that would be easy to remember. This was in addition to promoting awareness of our brand using well-researched marketing strategies.

Being financially equipped to run a business

Next is to keep a complete overview of all financial aspects of your business.

The financial aspects of your enterprise. A good understanding of your company’s financial position will help you be prepared for any future challenges or pitfalls.

SweetPeachier, for example, was not founded with a large amount of capital. We started with US$1,170, and we chose not to withdraw any money from ourselves during the first three months because we had insufficient liquidity and cash flow for business expenses.

We persevered despite this setback. We raised funds from family members who believed in our cause to scale up the business.

We were able to overcome these obstacles thanks to their support and strategic financial planning.

Ensuring great customer service

A great customer experience is an important part of owning and running a business. This can be achieved through excellent customer service. Happy customers are customers who are more likely to make repeat purchases while recommending your brand to friends and family.

This all adds up to increase your market reach and revenue. Customer loyalty will be enhanced by providing excellent customer service.

It is important to remember that starting your own business will require a lot of effort, time, and capital. Focusing on the things that really matter to you is the best way to stay motivated in all of life’s ups and downs.

To be a successful business owner, you must remain humble and thirsty for knowledge. The more you understand your market, the better you can serve it.

Don’t let anyone stop you from pursuing your dreams. Believe in yourself, work hard, and never give up. The rewards will speak for themselves.

Thank you!
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