7 Business Idea You Can Start Today With RM5000 (2023 Edition)
Is there any business idea that is simple and makes you able to generate money from home? Bear in mind that not all have the guts to start their own business. But to become a businessman, you need to think like a businessman. And the best way to generate money from your home comfort is to fully utilize your potential and hard earned skill.
This article is not just a compilation of business ideas, but a realistic idea that has been proven successful by Malaysians. With the right idea (and attitude), you’ll finally find a way to grow it as a business, or at least, generating income from home.
In practical terms, you don’t have to follow all the ideas given. Just go through all of it and pick one or two ideas at one time, and hustle it until you’ll achieve what everyone wants – financial freedom and no more working 9 to 5. For your information, there are three types of business you can venture in.
3 Types of Business You Can Do Today
1. Sell Products
The simplest method to start selling a product is to become a dropshipper. Buy the product directly from the brand at a low price, and sell it at market price. That small margin is your profit.
Secondly, you can make your own product and sell it to the right target audience that really needs it. To sell it from your home, you’ll need an online store or your own e-commerce website to serve as a storefront, a functional catalog, secured payment method and robust delivery. There are a lot of third parties that are more than willing to help you with these.
2. Offer Services
You can offer your skill and expertise as service. The advantage of this is it has a low start cost and is easy to start. But, you’ll need a lot of effort and time to do service compared to selling a product.
3. Promote Digital Products
The third type is to promote digital products as an affiliate or referral program opened by other businesses. To successfully generate income with this, you need to build a digital asset like subscribers, database and social media account so that you can promote the item to the correct audience.
7 Business Idea You Can Do With RM5,000
1. Sell Household Item via Marketplace
Served as a platform to link between sellers and buyers online, there are more than 10 domestic and international marketplaces that Malaysians buy and sell everyday.
Selling through Shopee, Lazada, Mudah, PG Mall, AliExpress (just to name a few) is a common yet popular way to generate money from home. The key is to sell a sellable yet profitable product.
2. Digital Marketing Services for Business
Skill for service; it became more and more prominent as businesses aiming to sell more via content material.
So you can offer being a video editor, working on short videos and specials for Tiktok for example. Or you can be a content creator, representing a business, creating engaging, inspirational or educational content for brand followers or viewers. Or even you can be a digital writer, writing content in blogs, websites or social media.
These services usually served as contracts. Securing a few, you can start generating money from home in no time.
3. Invest in Stock Market
You love risk and studying numbers and trends. So investing in the stock market may be one of many answers to you.
In stock markets, you can generate a 20% profit in under a minute or a 25% loss a minute after. But if you know the right technique and have done your homework on studying the company that you want to bet on, you’ll definitely be able to generate income. Personally, it’s a bit riskier than conventional business. Never use your hard earned money on this!
4. Sign Up as Agents/ Stockist for Hot Selling Item
Being a dropshipper is about buying your supplier or HQ products at a lower price and selling it to their targeted customers at market price.
It’s a good and lesser risk as you don’t have to manage stocks and delivery. What you need to do is just promote the product and get paid. Being a dropshipper, you can generate up to RM10000 a month as long as you don’t stop promoting the product via social media.
5. Sell Healthy Food
Malaysians are now more aware of their health and diet. They want to lose weight, be healthier and more confident. So selling healthy food is now getting traction. Take confinement meals for new mothers or vegetarians for example.
So you can put your culinary skill into good use like preparing and selling healthy menus to customers. Take advantage of your social media present, marketplace or websites to find your customers.
6. Promote House For Rent / Airbnb
There are thousands of searches on room rents, house lets and airbnb via Facebook Group and Google. This business idea requires you to be detailed and fast. Most importantly you need to tailor your offering so that future tenants are unable to resist.
This could work as you work along with owners on targeted areas and promote it via group channels or property sites.
Let’s say, the house rental is RM900, and the owners ask for a 1+1 for deposits. You can deal the extra RM900 as your commission.
7. Consultation & Short Course
If you happen to have a skill and experience that you think is valuable to share, you can start a short course. There is a lot of demand for online consultation and short courses.
As long as you are willing to conduct a class in the evening or on the weekend, you’ll guarantee to conduct one. This is because Malaysians nowadays are hungry to upskill themselves.
Challenges in Doing Business in 2023
1. Work in Silo
Being in silo means you don’t have colleges, friends to advise or to give an opinion on what you are doing. It’s solitary but then it’s a choice not to. Always keep in touch with friends within the industry to keep the networking alive.
2. Less Time For Family & Friends
At the beginning, your time on building and generating income will be demanding. You need to make use of your spare time now for generating more money.
3. Workstation at Home
Working at home is a different environment compared to working in the office. There are a lot of distractions like binge or neighbour doing wall drilling. So you need a strong motivation to work everyday and continue working despite all those distractions. And bare in mind, working from home is longer than working in the office.
4. Hard to Scale Business
To scale a business, you need to focus on the business and not the small hassle routine. The only way is to hire to fill that hassling routine. Unfortunately, not all are willing to pay or hire others in the early stages of business. So prepare to do everything on your own at first!
