This post is dedicated to my sister, who runs the Instagram shop Malaysia Plus Size and sells chic, Muslimah-friendly fashion. We had a conversation about finances and what she should have, as an online business in Malaysia when it comes to paying taxes. Then we were interrupted by mom’s gulai and didn’t manage to continue, so this post is for you sis. If you have a small online business – selling products and/or services from Facebook, Instagram, Mudah, etc and have your own branding (logo) – you should find this helpful, too.
Here’s what you have to have in order, when it comes to taxes.
In this blog, I shared a lot about what I do for a living: self-employed freelance writer. It’s been about a year, and I’m happy to say that it’s been a pretty good year. I work 100% online, and yes, it’s possible for other Malaysians to do the same.
It can be lucrative, too. If you’re a new reader, you can check how much I earn every month in my monthly budget update posts. In November 2016, I hit 5 digits.
In this blogpost, I’d like to share the exact steps I use in my journey. I started from zero knowledge and experience – in fact when I first started, I was still looking for local job opportunities (because that’s what I am used to). I hope you’ll find this sharing useful.
Freelancing in Malaysia is not hard, but I think there is a steep learning curve when it comes to managing finances. Based on the conversations I’ve had, many freelancers in Malaysia have a ‘whatever works’ system. This leads to many undesirable side-effects, like:
Losing money to ridiculous fees
Lack of protection and recourse for clients who don’t pay
Indirect loss of income due to perceived lack of professionalism image
It’s hard to write about the complete range of tools that is needed for every freelancer in Malaysia. Some of you are freelance writers, freelance graphic designers, freelance artists. Some of you may freelance with companies like Uber, part-time as insurance/unit trust agents, do promoter-type work for events, or even MLM-type ‘business opportunities’.
For the purpose of this article, I’m going to focus on the must-have financial tools for online-based freelancing jobs, but the tools can be handy for anyone freelancing in Malaysia.