Tips for Starting a Business in Indonesia

Being a successful entrepreneur seems to be the dream of most Indonesians. However, many are still not ready to start their own business. There are various things can be the reasons, starting from the lack of business experience, small capital or confused with the type business concepts or simply afraid.

Let us help to provide a general direction and some great tips that one can consider before starting a business in Indonesia:

1. Start! Simply Start!

According to Gibran Rakabuming Raka, a successful young businessman and also the eldest son of President Joko Widodo, the first step that must be taken by every prospective business people is to Start!

“Do we want to try or not? Do we want to start or not? Do we want to take risks or not?” Gibran said to one of Indonesia’s online media portals.

Never be afraid to start and take risks. If it does not start, the dreamed business will never be realized and it will always be a dream.

2. Forget about the Big Turnover and Commit to Serving Your Customers!

When starting a business for the first time, it’s best not to be too dreamy about the big turnover and rewards. In interviews with successful entrepreneurs, none cite that money was the main motivation of them running a business. What you can do is to Start your business from small first with the focus on the customer. Through commitment and consistency, your business can be grow and scale over time as you solve your customers’ problem in the most delightful manner.

“Whatever it is, something that starts out small, through laser focus and committing everything to it, it can grow into something big,” continued Gibran.

3. Take the Advantages of Modern Technology

Rapid growth of technology can be utilized in starting a business. An example of technology that is currently very useful in business development today is harnessing the power of social media. Through social media, you can market your business or build your own business trademark. Bringing the cost of advertising or marketing to a new low compared to the traditional method. Many business owners are also taking their business digitally versus brick and mortar. One main reason is due to the sheer scale of the digital world which you could sell for 24 hours, 7 days a week without maintaining a high rental and manpower cost.

4. Build Relationships

Adang Wijaya, founder and owner of Green Nitrogen under the company PT. Global Insight Utama said that connections are an important thing in building a business. Manage businesses together, maybe with the closest person or an investor.

“Grace will only be achieved if the business is managed in the concept of friendship and management in congregation. Meet great people and if possible, involve them in your business. They may not directly be a partner but provide mentorship and guidance on the best option solving your problem. However, avoid business partners who have no credibility,” 

5. Create a Simple Concept

In starting business for the first time, Adang Wijaya suggested to start a simple concept first. Reason being, behind the simple concept lies a strong attraction in pioneering. Businesses that are present first tend to be remembered by customers, have the first mover advantage and gain market share quickly. A successful business need not be complicated. They exist because they solve a real world problem. Think how Netflix solve the problem of allowing customers to watch video content on the go instead of being tied down to watching television at a fixed base timing. Or consider.

Well, those were the 5 tips in starting a business that you can be used as a guideline.

DBS Indonesia is committed to supporting business growth in Indonesia, be it form a Financing or Business Loan program, where the program provides financing and loan solutions that helps to expand and scale your business to the next level. More info about DBS financing or business loans can be found on this page. Let us be the bank that partners with your business today.

Should you be interested in our community of business owner understanding tricks and tips about growing your business or simply meeting liked minded people. Do click here