What You Need To Know About Starting A Business In Bali
Starting a business in Bali combines two of every entrepreneur's greatest desires: living in paradise while making a steady profit. The number of international startups springing up in Bali over the last few years has turned this island paradise into something more lucrative than just another Southeast Asian holiday destination.It has become a business opportunity with over 5 million consumers; that caters to a thriving startup ecosystem and is a place where startups can reduce their costs, maximize their profits and live in a breathtaking part of the world. If you are thinking about packing your bags and setting up shop here like I did, there are some things you need to know about what it takes to start and build a technology business in Bali.
Bali Is All About Collaborative Co-Working Spaces
Bali Has Low Operational CostsThe great thing about starting a business in Bali is that you do not need a significant amount of capital. The cost of living is quite cheap, helping keep operational costs low. This is why many new companies choose to build their business from here, as they are able to bootstrap while kick starting their new business. According to Nomadlist.com the average cost living in Bali is about $1,060 per month considering this covers food, living, office, social and entertainment costs. To attain that same quality of living in America would be close to $2,500 minus the fact that you live on a tropical island where the sun is always shining. It is evident that you get a better quality of living and value for money when choosing to come to Bali to build your business. It is understandable why so many startups are choosing to base themselves here on this island that was once only for honeymooners and vacationers. It's not just for online technology workers and startups, but also local establishments that cater to tourism find economic opportunities here while also creating jobs for people on the island. Co-owner of Motel Mexicola Adrian Reed moved his business from Australia to Bali for better profits. He says,
"In Australia, you're doing brilliantly if you make 10% profit. Here, we are making 40%."