3 Useful Tips for Aspiring Startup Business Owners in Indonesia
The Covid-19 pandemic has dampened the global economic outlook for the upcoming years and has proven to be discouraging to startups and small businesses with insufficient funds to stay afloat during the months of lockdown. With such a gloomy outlook, you might find yourself applying the brakes to your startup plans, but what do seasoned entrepreneurs have to say?
On the contrary, seasoned entrepreneurs might advise you to enter the market in Indonesia right now. With rentals relatively low, you can keep recurring costs at a minimum and lock in a lower rental price for a longer period of time. Additionally, you can also afford to hire staff at a more favourable cost due to the higher demand for jobs during the pandemic and a shortage of available jobs in the workforce in Indonesia.
With conflicting opinions from all sides, whose advice should you listen to? Read on to find out about some tips that can possibly help you live your dream of becoming a business owner in these unpredictable times.
1. Get Over Your Fears
Many people dream of becoming a successful entrepreneur or business owner, but not many achieve their dreams as they are hindered by their fears of failing thus their ambition remains a dream.
It is essential to understand that risks and fears come with the responsibility of being the owner and boss. You will be responsible for your employees’ welfare, the sales, and revenue of your business, reputation, and customer service. The sooner you accept that you will have to take on these responsibilities, the sooner you will reach your goals as dwelling on your fears will only slow you down or worse, keep you from reaching your potential. Instead of allowing fear to rule you in a negative manner, think of solutions to potential issues that might arise, so your fears become a positive driving force instead of pulling you back from success.
2. Be in Control of The Purse Strings
Always calculate how much it will cost for you to create a product for sale. Include everything from research and development, labour costs, facility and machinery costs, rental costs, and material costs. Then quadruple it as you are bound to run into some unexpected expenses when running a business. It is always better to be overprepared than to have to fold even before you start.
Once you have your magic number, make a financial projection. Figure out when you can recoup your capital, and will your existing funds or funds from your investors be able to tide you through the period of research and development or until you make your first few sales? If the answer is no, you can consider taking up a loan but bear in mind that you should not be putting all your money into the startup. You have to consider your living expenses as well.
You can also consider cheaper options to cut costs when it comes to renting your workspace. The solution can be as simple as renting a co-working space instead of an entire office in Indonesia. This can potentially save you hundreds a month.
3. Learn to Juggle
No, we don’t mean that literally.
If you have a full-time job right now, don’t be in a rush to quit before your business gains traction. The initial phase of starting a business can be slow, might not generate any revenue and may even incur some losses. Your business can be in a deficit for the first few months, so having a full-time job during this period of time can help maintain your lifestyle, so you need not worry about your living expenses. Once your business can maintain a steady inflow of cash, you can then focus on it full-time.
Let JustCo Assist You in Living Your Business-owner Dreams
With our co-working spaces in Jakarta, Indonesia, you will be able to work on your business anytime you like, at a private workspace of your choice. On top of the convenience and flexibility we offer at JustCo, there are plenty of perks that come with renting your own workdesk in our shared office spaces.
Expose yourself and your brand to like-minded individuals within the community at any of our three shared offices in Jakarta and you might just find yourself potential clients or partners that can help you reach your goals sooner. Visit our website today to learn more about our flexible memberships.