5 Things Small Business Owners and Startup Founders Should Know
/Setting up a business – big or small – is always full of challenges. From hiring to product development and sales, sometimes it is easy to forget about the big picture when you are stuck in your day to day routine. Here are some things small business owners and startup founders should know:
1. Be in a business you care about
Do not enter a new business venture purely because of how profitable the business is. Not saying that profits are not important, but in order to make your entrepreneurship journey sustainable, it is important to do something that you inherently passionate about. As an entrepreneur, your business is pretty much going to be your life! Imagine how miserable you would be if you are not working towards a goal or cause you are passionate about!
2. Ensure your operations are lean!
You should always remember that the number of staff you have on your payroll is not an indicator of how well your company is doing. To keep operations lean, hire good employees only for essential functions and establish accountabilities and responsibilities for each staff. Whenever possible and financially feasible to do so, outsource non-essential functions and have your internal team supervise these functions. Do not forget to invest in software and technologies to help you manage your day to day operations and help your team be as productive as possible. In Indonesia, there are currently many options pay-per-use software that are tailored especially for small business operations --
3. Set Up Your Business Entity Early
Some small businesses often delay setting up their business entities (PT) thinking that it is not required right now or thinking that their business is way too small for it. As it turns out, setting up a limited liability company or Perseroan Terbatas (PT) in Indonesia is actually not that expensive; it is possible to set up your Perseroan Terbatas (PT) in Indonesia for less than Rp 10,000,000. Benefits of having a PT include limited liabilities and recourse, easier access to capital, and access to larger projects and contracts. Running your business with a legal entity (PT) projects an image of credibility to investors, lenders, clients, and suppliers.
4. Set Up a Proper “Basecamp”
Having a comfortable and productive office is very important to maintain your team morale. Coworking spaces and serviced offices Jakarta are increasingly becoming the office type of choice for many small businesses and startups. Although the rent cost per m2 is higher, but coworking spaces and serviced offices provide many benefits for small businesses – such as fully furnished offices, reduced headcount, community and more. When you rent an office in a coworking space or serviced office, you do not need to invest precious time and energy in setting up your office (procuring furniture, setting up wifi etc) and no longer have to hire support staff such as office manager, receptionist and office boy (reduced headcount!). If you still prefer to work in your home office, do get a virtual office with a prestigious office address in the CBD to increase your company’s credibility. The good news is, virtual office plans are very affordable; Virtual Office plans in Jakarta CBD can start from as low as RP 400,000/month!
5. Find Your Community
Do find the time to attend meetups, seminars, and professional networking events to find your entrepreneur community. Many coworking spaces all over Jakarta host many of these events, thus making it a great place to meet like-minded individuals. You can also seek solace in knowing that there is a community of entrepreneurs facing the same challenges as you!
Coworking Spaces are a great place to meet like minded entrepreneurs! (Source: Avenue8 Offices)
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As featured on: The Jakarta Post, Daily Social, Detik, Tech in Asia, and more.