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To "be your own boss" means working for yourself rather than an employer, which requires hard work, self-motivation, and a willingness to take risks. This can be achieved by starting a business, becoming a freelancer, or employing yourself in other ways. It is both rewarding and demanding, involving responsibilities like decision-making and constant self-assessment.
Key aspects of being your own boss
Self-motivation and organization: You are responsible for managing your time, setting your own goals, and staying disciplined without a traditional boss to answer to.
Risk and reward: While you have control over your destiny, this path involves significant risk, as well as the responsibility of making tough decisions.
Entrepreneurship: Starting your own business is a common way to be your own boss. This can range from a side hustle to a full-time venture.
Self-employment: Alternatives to a traditional business include freelancing or self-employment in a particular trade or profession.
Constant self-evaluation: Being your own boss often means being your own harshest critic, and you may feel pressure to constantly improve and worry about what's next.
How to get started
Identify your skills: Think about what you're good at and what people might be willing to pay you for.
Consider your options: Explore different paths like starting a business, freelancing, or other forms of self-employment.
Embrace the challenge: Be prepared for hard work and a steep learning curve, and understand the risks involved.
Self-employment has become increasingly popular in Malaysia, with the number of self-employed individuals and gig workers consistently rising, especially in recent years. As of July 2025, there were 3.21 million own-account workers (a proxy for self-employed individuals) in Malaysia, accounting for a significant portion of the total workforce.
Key Statistics and Trends:
Growing Numbers: The number of own-account workers in Malaysia has shown a steady upward trend. The figure reached 3.21 million persons in July 2025, a continuous monthly increase. This is a substantial rise from approximately 2.61 million in Q2 2021, and 2.86 million in 2018.
Significant Workforce Share: Self-employed individuals are the second largest employment category in Malaysia after paid employees. As of May 2025, they comprised around 18.3% of the total workforce (3.18 million out of 17.38 million in the labour force).
Rapid Growth Rate: Since 2014, self-employment has grown faster than any other employment group in Malaysia, indicating a systemic shift in the labour market.
Comparison with other ASEAN countries: At 24.4% of the workforce in 2021 (using a broader definition that includes employers and unpaid family workers), Malaysia had a lower self-employment rate compared to Thailand (51.8%), Indonesia (52.6%), and the Philippines (36.7%), but higher than Singapore (12.5%).
Reasons for the Increase:
The rise in self-employment is driven by several factors:
Flexibility: The desire for flexible working hours and locations is a major draw, particularly among young people.
Gig Economy Platforms: The proliferation of digital platforms (e.g., e-hailing, e-commerce) has facilitated easier entry into gig work and self-employment.
Lack of Traditional Opportunities: For some, self-employment becomes a viable or necessary option due to a lack of secure, traditional jobs with adequate benefits and wages.
Government Initiatives: The Malaysian government has recognised the growing importance of the gig economy and introduced support and social protection schemes (like PERKESO social security coverage and EPF voluntary contributions) for these workers.
Challenges and Implications:
Despite the popularity, the trend raises concerns about job security, financial stability, and social protection, as self-employed individuals often lack benefits like paid leave or health insurance. This has led to discussions on the need for better social safety nets and a potential future shortage of skilled workers in traditional industries if young people continue to opt for gig work.
To be self-employed or your own boss in Malaysia, you must register your business with the Suruhanjaya Syarikat Malaysia (SSM), open a dedicated business bank account, and register for the Self-Employment Social Security Scheme (SESSS) with PERKESO. You can register as a sole proprietor or a private limited company (Sdn Bhd) and should also register with the Inland Revenue Board (LHDN) for tax purposes.
Regards;
Sanisah Hanim binti Jiman
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