Steps In Starting A Business
Starting a business requires a lot of work and preparation so it is advisable that you know all the steps involved before you start the process. Understanding the steps needed before you can actually launch your product will make you more prepared, both mentally and financially. The following summarizes the main steps to take once you determine to start your business.
Identify a Business Idea
Make something people need. A solid business idea is one that will solve problems, issues or needs in the long run. Even if you are not the pioneer, if you can deliver faster, cheaper and with better quality, then you have a good chance to succeed.
Analyze the Market
Know your business environment. Identify your target market, analyze supply and demand, study your competitors, economic condition and business climate. Only after you take all these into considerations, then you will be able to know how to position your product in the market.
Create a Business Plan
Planning is crucial. Create an extensive business plan that includes product details, market and competitive analysis, organization and management structure, and financial plan.
Decide on Financing and Shareholding Structure
Financial planning is fundamental in starting a business. Unless you decide to fund it yourself, consider all available options including: equity partners, small business loans and grants, investors etc. The sources of funding affect the shareholding structure of your company.
Choose Business Structure
In Indonesia, you can choose one of the following business structure:
1. Firma or Fa (unlimited liabilities company)
2. Commanditaire Vennootschap or CV (limited partnership)
3. PT (Perseroan Terbatas) or limited liability company
A limited liability company is often preferred for its limited liability feature.
Register Company, Get Licenses & Permits
Prepare all the necessary legal documents which include Deed of Establishment, Approval from Minister of Law and Human Rights, Business Domicile Letter, NPWP (Tax Identification Number), BPJS (social security scheme) which you can submit through Online Single Submission (OSS) system to get your business registration number or NIB (Business Identification Number) and Izin Usaha (Business Permit).
Form your Team
Getting the right people is what matters most in business. Great things in business are achieved through good teamwork so invest in your people.
Set Up Business Location
Choose a prestige business address that can enhance your product marketability.
Startup companies usually will not or cannot allocate a big budget for office rent, so virtual office, coworking space or serviced office are options to consider for their flexibility and cost efficiency. Even if you have to maintain a workshop for production purposes elsewhere, you can still choose virtual office, coworking space or serviced office as your business domicile address as it gives you a prestigious business address that helps in building brand and image.
Virtual office, coworking space and serviced office are cost efficient because all the facilities (working desk, meeting room, lounge pantry) and services (IT, reception, secretarial, cleaning, maintenance) are included in the monthly rent at a fraction of conventional office rent.
Virtual office and coworking office and serviced office are not just cost efficient but also flexible because their contracts are shorter than conventional office and you can adjust your office type and size at a short notice without having to change your business domicile. For these reasons, virtual office, coworking space and serviced office are suitable for startup companies.
Amethyst Executive Suites provides Serviced Office, Coworking Space and Virtual Office in Jl. Sudirman (Central Jakarta CBD) and Jl. Simatupang (South Jakarta CBD). Our serviced office tenants include startup and growing local companies as well as representatives of established multinational companies. To find out more about our services and promotional offers, please visit www.amethystsuites.com or call or whatsapp +62 896 3694 1711 (Sahid Sudirman Center) or +62 896 3694 1722 (18 Office Park).
