Things to know about starting a business in Bali
The island paradise of Bali is more than just simply sunny beaches, thriving nightlife, outstanding resort destinations and an engaging culture; the area presents prospective businessmen and women with a unique opportunity to start their own businesses. Taking into account that you can tap into a 5 million consumer base and have access to a tropical escape, what more ingredients would you need? Stated down below are some features that you will have to seriously consider.
Make the most of the digital age
Essentially, the concept of the digital nomad tends to thrive in these parts as Bali’s location makes the destination an ideal base from where the rest of Asia can be embraced. Furthermore, the speedy growth of the IT sector and internet service providers have ensured that a business can easily be commenced and improved, regardless of your staff’s location. The flexibility to choose the best in the business that aligns with your business model and that while having a picturesque backdrop that Bali is can never be spoken of lightly.
Co-working spaces
The idea of a “co-working space” trumps location-based work environments and such is the case even in Bali. While creating a collaborative network of individuals who can share ideas and influence the way in which a business is managed is key, the fact that you do not have to limit yourself to a specific destination is an incentive too good to overlook. Eventually, you end up being a part of a global community of like minded people who have aspirations to establish a wok culture within flexible frameworks for the betterment of all parties concerned.
The need to adhere to rules and regulations
If you think that you can bypass paying taxes and exclude yourself from any legal liability, then you may need to reconsider. Bali follows a strict code of conduct for not just the running of one’s business but also for the owner. Therefore, be serious about obtaining mandatory visas and permits that will not hinder the progress of your startup.
Low operational costs
This is attributed largely in part to the cost of living in Bali being low. Added to this is that on average, you will be spending nothing more than 1,100 USD on food, living expenses and entertainment. The idea of needing a large or sizeable amount of capital can be ditched at the very beginning as well. The quality of life being at an all-time high makes an ideal setting within which one’s startup business might be invested in.
Change in lifestyle
Running a business in a foreign land like Bali can be daunting at first but with time and focus, you will be well on the way towards making those necessary adjustments in your life. The “work-play” balance is given considerable attention in this regard as you will have the ability to make the most of your time as an entrepreneur here. Creating a list of priorities for your business whilst finding the time to go on holiday to Bali resorts such as the well-received Anantara Uluwatu Bali Resort or any other can be managed effectively.