26 Sep 2023 | Edukatips

5 Things to Prepare in Starting a Business

Starting and developing a business is not an easy thing. There are many things to prepare, from finding a business idea, recognizing the market, setting up capital, developing a promotion strategy, taking care of business permits and legality, and so on.

Let’s find out everything you need to prepare when you want to start a business:

  1. Start with a Business Idea
  2. Before starting or developing a business, you should have a refined idea that is translated into a business plan. This business plan will navigate the business. The more detailed the business plan, the easier it will be to plan and execute. Some details include product advantages over competitors, potential buyers, business model, and consider marketing channels.

  3. Know the Market and Make Them Known
  4. After formulating the idea, it’s time to get to know the market. Do this by conducting in-depth research on the behavior of your target market as well as current market and economic trends. This can be done by conducting a simple survey, or finding information through the internet and social media. In addition, create a plan to familiarize them with the products you sell, including a branding strategy to increase awareness, a memorable name and logo, and attractive packaging.

  5. Complete Legalities and Permits
  6. Having business legality and permits is an obligatory requirement for businesses whether in the form of business entities or individuals. They need to be adjusted to the type of business and the form of business legality. Some documents required include the Deed of Establishment and Articles of Association (AD) if it is a business entity, NPWP, NIB, and Location Permit. In addition, businesses operating in certain sectors will require operational licenses and other special documents. Make sure these documents and permits are completed before the business starts operating.

  7. Set Up Capital
  8. Capital is an important asset to develop a business, especially for the purchase of raw materials and merchandise (working capital) or for the purchase of equipment or business support assets (investment) according to the business plan that has been made. You can obtain capital from various sources, such as family or colleagues, financing institutions, crowdfunding, or banks. It should be noted that each source of financing has its own advantages and disadvantages.

    If you need capital to expand your business, BCA provides Multipurpose Loans (KMU) that can be used for working capital or investment with interest rates starting from 3% eff.p.a.* Furthermore, KMU also provides a variety of fixed interest rates options for up to five years and loan terms of up to 20 years, allowing you to manage your instalments to avoid disrupting your cash flow.

    *eff p.a.: effective interest per annum

  9. Prepare Business Promotion
  10. To make your business expansion successful, don’t forget to promote your business. There are various channels that can be used, for example through social media, social commerce, events, fairs, or joining incubation programs from certain institutions such as the BCA Bangga Lokal. You should consider using promotions to attract buyers, such as bundling, price discounts, or giving free products to product buyers as appreciation. If you have more budget, you can also consider hiring an influencer.

After knowing these five things, prepare and start your business immediately. For capital, let’s grow your business with BCA through KMU BCA. Apply at your nearest branch of press the button below: