Are you thinking that you are too old to start your own business in Indonesia now? Many may feel it is easier to go ahead with your entrepreneurial dream when you are young because you have a lot of time and freedom to fail and recover very quickly. In fact, there is no such thing as too late. No matter where you are in life, there is only now and you can always start anew, especially when it comes to starting a business in Indonesia, or anywhere else for that matter. Look at Kentucky Fried Chicken’s Colonel Sanders and Harry Potter’s author J.K. Rowling, they all gained success when they were not young anymore. So the truth is, success has no age and people who are older are actually more likely to be more successful because of both their work and life experience. If you have been pondering about starting a business but yet to make a move, here are some reasons to show you it is never too late to start you own business at any point of your life. You will also get some ideas on how to start a business in Indonesia.
STARTING A BUSINESS IN INDONESIA: WHY IS IT NEVER TOO LATE?
You Have More Life and Work Experience
First and foremost, the biggest advantage aspiring people to become entrepreneurs later in life is their work and life experience. Compared to young entrepreneurs, you have definitely more knowledge and insights into the market for how to run a successful business. Without much experience, young entrepreneurs need to learn everything from scratch. With your experience, especially when you are a professional, turning into an entrepreneur becomes easier for you because you have the knowledge you need in many areas: managing employees, doing bookkeeping, drafting business plans, analysing the market, etc. The experiences you developed in your lifetime help you to prepare for your business ventures.
Now Is the Time to Start a Business
Believe it or not, it is easier than ever to start a business today regardless of your age, thanks to the internet and social media. Basically, you can start your business right from home if you have the internet access and the time to research what products or services are in high demand now. You no longer need to spend a lot of money to build a website and advertise your business anymore. Website builders, such as Wix and Squarespace, allow you to have a professional-looking website; and social media such as Facebook and Instagram enables you to gain more exposure to your customers for free. Many tools and technology are popping up every day, making starting a new business easier and easier every day.
You are Financially Stable
Starting a new business needs money. Young entrepreneurs often do not have enough cash to invest and maintain their daily business operations. Also, they do not have enough capital to bring their ideas into a solid product or service that their customers can trust. They will then opt for investors that will make them lose major share and control of the business. On the other hand, pursuing entrepreneurship late in life means you have been saving money in your early twenties or thirties. Thus, you have enough capital and have built up a credit history that you can begin with. Not to mention, you get loan easier and reduce your risk significantly.
You Have Strong Network and Connection
There is a popular saying that goes: it’s not what you know, but who you know. Therefore, you’re more likely to have established both your personal and professional network with people from all walks of life when you grow in age. These connections are invaluable when it comes to starting a new business because they are the people you can turn to for collaboration, advice, and even offer your products or services to.
STARTING A BUSINESS IN INDONESIA: HOW TO?
To start a business in Indonesia, you can choose whether to establish a legal entity or to opt for a more cost-effective solution. The first two options are legal entities available in Indonesia, whereas the other two are excellent solutions for the majority of startups and small as well as medium-sized businesses.
A PT is a limited liability company that is owned entirely by Indonesian nationals. It is the simplest type of entity to establish in Indonesia and as a foreign entrepreneur, you can only set up this type of company through special purpose vehicle arrangement. Local PT, however, comes with some limitations for foreigners. You are strictly restricted from hiring foreign workers and sponsoring work permits for them.
This is the most common type of company that is preferred and can be owned by foreigners. However, you need to take into account the foreign ownership percentage as one business sector or industry may be different from the other. To know more about the foreign ownership percentage, you are recommended to read through the latest Negative Investment List (NIL) on your own. Or, for convenience you can contact Cekindo. Concerning establishment, a PT PMA is more time-consuming than a PT because it requires more paperwork and foreigners will usually encounter some bureaucracy along the way. As such, you are advised to engage a reputable and experienced business consultant to handle your PT PMA incorporation. But, a PT PMA offers benefits in that it can hire foreigners and provide foreign employees with IMTA and KITAS sponsorship.
Offering the same facilities and amenities but without the physical office itself that requires high rental and maintenance costs, virtual office becomes an ideal solution for many small and medium business owners as well as startup businesses. Cekindo’s virtual offices are available in Jakarta, Bali and Semarang and offer noteworthy benefits that include premium business addresses, virtual assistance services and on-demand meeting and conference rooms.
Coworking space redefines the way modern business people work in this era. Unlike a traditional office space, coworking space promises an elevated work experience as it brings creative-minded and bright ideas together in one comfortable place. Cekindo offers fully furnished coworking spaces in strategic locations in Jakarta, Bali and Semarang. Our flexible booking packages allow you to decide when and where to work. Moreover, you can also enjoy a dedicated work desk along with high-speed internet connection and free business consultation, among others.
READY TO PENETRATE THE INDONESIAN MARKET?
Are you ready to penetrate the Indonesian market but still unsure about the process of business establishment in Indonesia? Get in touch with us to discuss your options.