For the past few years, I have been in Malaysia. It is a great place to live and to do business. A growing economy with a lot of potential.
I setup and run a business there with a local friend of mine. It was a restaurant that did exceptionally well. We opened the restaurant at a prime tourist location. It wasn’t easy initially because the rent of buildings were really high. We somehow managed to find a reasonable building for our restaurant just at the right location.
It turned out to be a huge success because we recently sold the restaurant for an amount we both have never thought of.
Here are a few things that I have learned from this particular venture.
- Malaysia is a Muslim country so whatever you do, don’t ignore Muslims. We applied for the halal certificate for our restaurant since we knew that without a halal certificate, Muslims will not even come to us. You must hire a halal expertise consultancy firm that will get you through easily. Not every firm can do this.
- When you get a nice offer for your business, don’t forget to negotiate. Yes, if someone is willing to pay you 10 times more than your expectations, negotiation can pay you 12 times or more. When we received the offer, we were so happy but we didn’t stop there but we negotiated hard and as a result, we added a few thousand dollars to the deal.