Making mistakes along the way may be inevitable on a business venture, especially when starting out. But in the new media age, where information sharing prevails, lessons learned by others facing similar challenges are often reflected and discussed openly, and entrepreneurs who do diligent research and planning ahead can be apprised, if not forewarned, of some of the commonest mistakes of running a business, after they register company in Malaysia, such as:
Not Focused Enough on Marketing
Even though a new company is likely to be stretched for funds, marketing should remain a priority, and not sidestepped, during budget planning. Simply pumping money into product development and production is not sufficient as the best product available on the market will not do well if its target audience is unaware of it. Some entrepreneurs have even expressed their regret of not investing in an experienced marketer (outsourced or in-house) sooner. Social media marketing, traditional marketing, content marketing, paid advertising, etc, can be tapped to varying degrees based on a company’s financial standing, and utilised to generate the profit it needs to keep running and growing its business. Through proper tracking and reporting, a full marketing gameplan also generates the traffic numbers and data you need to better cater to your target audience’s needs and changes in behaviour, thus ensuring a steady stream of existing and new customers.
Too Confident in a Product
Entrepreneurs embark on a business venture with a winning product at hand (or so they think). While having immense confidence in one’s product offering is a huge motivation, it is also important that entrepreneurs are on a constant lookout for shortcomings and do not lose sight of any improvement that can be done. In short, well conceived and planned improvement, in one way or another, will make a product even more attractive for customers and entice more potential clients. Similarly for the product’s advertisement. It is also advised that new entrepreneurs do not get fixated on product ads that they believe look good and sound good (same idea as not being fixated on how perfect a product already is). In short, product ads must be tested and tracked for results, and what do not work must be reworked until the desired number of leads and conversions is achieved.
Underestimating the Competition
Operating a business in a free market means competition exists, even in a completely new market category, and whether competitors are obvious or easy to identify or not is secondary. Entrepreneurs need to do diligence and find and assess any competition that may enter and compete with them in the same market, and not make the mistake of not knowing why their competition’s offering are better, or the mistake of overlooking substitutes. According to N. Gregory Mankiw, an economist from Harvard University, “Substitutes are often pairs of goods that are used in place of each other, such as hot dogs and hamburgers, sweaters and sweatshirts, and movie tickets and video rentals.” Substitutes can also be defined as “two goods for which an increase in the price of one leads to an increase in the demand for the other.” Substitutes can harm a company, especially in a price war.
Company Registration Malaysia
A Malaysia Corporate Services Provider specialising in JB and KL Company Registration Malaysia can assist you with understanding and successfully completing the incorporation of your new Malaysia company.