I was recently approached by an investor who is considering setting up a tourist resort in Malaysia. The gentleman was seeking advice from me, on the steps to follow, in order to be successful in the venture. I was greatly flattered by the realization that I have come to be recognized as an authority on these matters. For ages, I have been campaigning for the establishment of world class hospitality and tourism facilities in Malaysia and it seems that people are (finally) starting to take note of my effort. I was therefore only too glad to sit down with the potential investor and give him my two cents worth on what I think he needs to do, in order to be successful.
I was first keen on figuring out whether the gentleman had adequate financing for the venture. He told me that money is not a problem, and I took his word – especially after learning that he already has operational resorts in Singapore and in Macau. I told him that as long as he has the money, only two other things are likely to present challenges – acquisition of land, and acquisition of the relevant licenses.
I told him that he first needs to scout for suitable land. Then I told him that he needs to apply for the necessary permits. Armed with these things, he can proceed to put up the structures for the resort. Then he would have to recruit the people to run the resort – and I told him that this is another area where he may encounter a bit of a challenge. Ultimately, after recruiting the people to run the resort, he would have to set up business systems. I told him that he would have to put in quite a bit of effort in this area as well – as some elements of the business system would have to be built from scratch. I pointed out that the fact that Malaysia is unlike, say, the US – where one can utilize various ready-made systems. Taking the example of the payroll system, I told the investor that if he were in the US, he would probably have the chance to use the Securitasepaytalx paperless pay system to process employees’ payroll. That would just be a question of regularly going to the Securitasepay sign in page, logging in, and entering the necessary data, on the basis of which the system would automatically prepare employees’ paystubs. But in a nation like Malaysia, he’d probably have to employ a payroll accountant for the role.
I told the investor that, in the final analysis, he stood a chance to make quite a bit of money through a Malaysian tourist resort. But I also told him that the business risks in Malaysia are higher, and that he would have to work much harder than would have been necessary in a more advanced economy. And I pointed out to him the fact that if he had adequate money for the project, the money would definitely smoothen things out a great deal.