Research and plan your business

For any type of business it is vital to research and plan first!

This is not always fun however doing a fun business, unless it is based on sound business principles, is destined to mediocrity at best and often a financial loss - which is not so much fun.

Considering a business in Bali is no different.

As with any other business there are basic steps to research:

1 is there a commercial market for what you are selling (product or service)?

2 how is the competition? Is the market already saturated or almost impossible to break into?

3 do you have the skills to enter this type of business, or at least the back up funds to employ others who do?

4 do you possess the qualities for running a small business - organisation, perseverance, long suffering (most don't want to know about this one), flexible, sense of humour, great communication skills, management skills, bookkeeping background

5 do you have the resources to undertake the project? Many small businesses do not break even until the 12 month mark and even a decent salary may not be forthcoming until nearer the two year mark - do you have the stamina to hang in there and continue the initial learn not earn stage

6 what licenses are required to run the business?

7 then there are the national and cultural differences - to be covered in another post