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Best 23 Small Business Ideas in Malaysia for 2024

Do you want to start a business in Malaysia? Here in this post, we list down the most profitable small business ideas in Malaysia that can be started with small and medium investments.

Malaysia is a Southeast Asian country. The country is a highly open, upper-middle-income economy. The country’s economy into higher value-added activities in both industry and services. In addition, the country is a leading exporter of electrical appliances, electronic parts and components, palm oil, and natural gas.

In addition, the government is moving towards a more business-friendly environment by setting up a special task force to facilitate business called PEMUDAH. The objective of the scheme is to simplify the business environment in the country. So this is the right time to start a business venture in Malaysia.

Find Below a list of preferred small business ideas that you can easily start in Malaysia:

23 Small Business Ideas in Malaysia

1. Start an Online Business

If you are looking for business opportunities from the comfort of your home, the online platform can be a good place to explore. There are plenty of online businesses like starting a blog, affiliate marketing, dropshipping, freelance writing, and many more. Check out our list of recommended online business ideas to learn more.

2. Restaurant Business

Malaysia is a popular place for travelers all across the world. It is also a business-friendly nation and a lot of companies are based in the country. If you find a good location, the restaurant can be a profitable business in Malaysia.

3. Amusement Park

Tourism is an important industry in Malaysia. The country attracts thousands of domestic and foreign visitors every year. So, starting an amusement park is a very promising business in the country. However, the business demands strategic planning and substantial capital investment.

4. Start an Automobile-Related Business in Malaysia

Malaysia’s automotive industry is very promising. In addition, the country is the 22nd largest automotive manufacturer in the world. The immense growth in the automobile industry creates enormous opportunities for small business entrepreneurs.

5. Make or Sell Computers

Malaysia is an excellent country for computer-related businesses. There are several options in this sector. You can start a small-scale assembling business or can sell computer-related products. Furthermore, there are several computer-related opportunities you can start at home.

6. Consulting Services

Rendering professional consulting services is another promising opportunity in the country. In addition, you can start this business from home. However, you must have adequate knowledge and experience in the specific subject.

7. Electrical & Electronics

The electrical & electronics (E&E) industry is the leading sector in Malaysia’s manufacturing sector, contributing significantly to the country’s exports. And some of the major products are mobile devices, storage devices, optoelectronics, and embedded technology.

8. Oil & Gas

Oil and gas are the promising industry in the country. Furthermore, it is an exporter of petroleum products and natural gas. So you can start an oil and gas-related business in Malaysia. One can be a trader of natural gas or kerosene on a small scale by investing just a few thousand RM or Malaysian Ringgit.

9. Real Estate

Malaysia’s real estate market is growing. And Govt. is taking several initiatives. To make home-buying possible for people on low and medium incomes and young people, in July 2011 the Malaysia People’s Housing (PR1MA) Bill 2011 was launched. You can start a real estate business in the country in various ways.

The demand for properties in cities like Kuala Lumpur, George Town, Johra Bauru, and Ipoh is rising.

10. Rubber Plantation

Rubber is one of the important natural products in the country. In addition, agricultural activity plays an important role in the country’s economy. Furthermore, rubber plantation is profitable and gives lucrative profit to the farm owners.

11. Tourism

Tourism is a huge sector of the Malaysian economy. United Nations World Tourism Organisation (UNWTO) listed Malaysia as the 10th most visited country in 2012. Malaysia is rich with diverse natural attractions. And the country becomes an asset to the country’s tourism industry.

12. Transportation

Transportation is another thriving sector in the country. Furthermore, it offers different small and medium-scale business opportunities to entrepreneurs. However, strategic planning and the right promotion are important to get long-term success in the industry.

13. Start a Fashion Business in Malaysia

The people of Malaysia are mostly fashion lovers. As per the latest studies, the fashion apparel market is expected to grow by 7.21% during 2023 -2027. There can be no better time to start a fashion-related business in Malaysia at present.

14. Smartphone Repair Shop

The sales of smartphones are rising faster than ever before. Hence, it is quite obvious that the need for repairing old defective smartphones is bound to increase.

15. Airbnb Business

Travelers from outside are more and more preferring Airbnb for accommodation. If you have a property at a tourist destination, think of renting it on Airbnb.

16. Provide Photography Services

More and more Malaysians are looking for photography services to cover big events like weddings and corporate parties. If you have the necessary skills as a photographer, it won’t be difficult to get customers.

17. Sell Mobile Phone Accessories

This retail business has high potential in Malaysia. The mobile phone accessory industry is growing fast in this part of the world.

18. Open a Coway or Cuckoo Agency in Malaysia

If you are a water filter specialist, starting a Cuckoo agency can be a profitable venture in Malaysia.

19. Food Truck

Malaysians having short on budget but interested to enter the restaurant business, owning a food truck business is a good alternative.

20. Car Rental Business

The business of renting cars is becoming very popular in Kuala Lumpur and other cities in the country. Starting a car rental business here can be a profitable venture.

This is a country full of business opportunities. In addition, the country provides a full business-friendly environment for startup entrepreneurs. Furthermore, it is the best place to start a business for foreigners also.

21. E-Commerce Business

The e-commerce industry in Malaysia is expected to grow at 11.4 percent in the coming years. It can be said, without a doubt, that the e-commerce business is one of the most lucrative business ideas in Malaysia at present and in the future. However, selecting the right e-commerce product is the most critical factor in the success of this type of business.

22. Start a Leasing Business

Industry pundits predict good growth in the leasing and rental industry in Malaysia in the coming years. Recently, many big companies from the telecommunication and transport industry have entered the country. For foreign nationals looking for entry into the leasing industry in Malaysia, places like Labuan can be a good option. Foreigners not only get 100% business ownership but also a wide range of tax incentives here.

23. Construction

More and more apartments, office buildings, and shopping malls are coming up in almost all towns and cities in Malaysia. Cities like Kuala Lumpur, Penang, Ipoh, Johor Bahru, etc have witnessed huge growth in the construction business in recent years. It is predicted that the country will see a growth of around 7% during the years 2023 to 2025. So, if you have experience in the construction sector, starting a construction-related business in Malaysia can fetch you big profit returns.

We hope, this list of profitable small business opportunities in Malaysia will help you in making an informed decision to start your own venture.