Starting a Business in Bali at a Glance
Bali is the ultimate destination for those looking to make a steady profit while at the same time enjoying the incredible views the paradise has to offer. Many international startups have already started moving into the island and will continually do so with time.
Bali offers the same entrepreneurial opportunities as a big city without an intense lifestyle – working on the island allows you to enjoy the best of both worlds. It is now possible for you to pursue a new business venture, be it in tech, finance, the arts, or the service industry but at the same time, live a zen life.
Bali provides you with the unique opportunity to embrace the digital culture. The island attracts talent across the spectrum, allowing businesses to build a concrete team without worrying about location. It is possible to build a business with the best talent regardless of location. Embracing this culture has been easier thanks to the IT infrastructure introduced over the last few years, including fiber-optic networks.
Another significant factor about Bali is the low operational cost that allows you to build a decent life with limited funds. The average living cost in Bali is USD 1,060 per month, already covering food, living, office space, and social and entertainment expenses.
This makes Bali a better choice to build a business from as you get a better quality of living with considerably less money. Living in America with the same quality of living would cost you double and cost you the glorious tropical island backdrop.
Bali has ample co-working spaces that spark a creative and collaborative environment, allowing individual entrepreneurs and startup businesses to be productive. These spaces also allow businesses to share their story, build a strong network, and be part of a supportive community. A large number of these co-working spaces aim to promote entrepreneurship and networking. In this spirit, they hold many weekly workshops and seminars.
The Bali Fashion Industry Landscape
The island thrives in the fashion industry despite its size. Balinese fashion offers much more than just style and comfort. Balinese artisans are what sets it apart from other fashion styles. The fashion scene in Bali also incorporates much of the island’s rich heritage, such as Balinese stones, woods, metals, leather, and fabrics. They successfully adapt to many newer trends while staying true to their traditions.
Bali fashion is unique and different from the other fashion capitals in the unique environment deep-rooted in Balinese culture, heritage, and craftsmanship. Despite this, they also incorporate international style, quality, and design concepts. This is because Bali attracts creative designers from all corners of the world, as they adopt local creative talent to create dynamic and collaborative pieces.
Unfortunately, the Balinese fashion ecosystem could not compete with the goods sold by China, which were much cheaper in comparison. This resulted in a significant shift as many Balinese entrepreneurs focused more on creating higher quality products that were detailed and complex and less on volume.
The ecosystem also attracted many more players to the fashion industry. Models, stylists, photographers, influencers, bloggers, and digital platforms have all contributed to and exploited the industry, making it a proper fashion capital.
How to Start Your Own Fashion Brand in Bali
A few tips that would take an entrepreneur to success is first deciding on your niche. It is integral to identify what kind of brand your fashion line will be. After establishing the type of goods you are interested in producing, the next step is to make a detailed brand plan that will illustrate what you need to do.
The plan has to include information such as allocation of funds, equipment planning, operation details, etc. During this stage, it may also be helpful to identify the customers that are part of your target market. Doing this would help you avoid misdirected promotions and offers.
Following this, deciding on the logo and name of the brand is also an essential initial step that people often overlook. The brand should contain specific characteristics that you would want to introduce your brand to potential customers. Cekindo is available to help register your company and secure relevant business licenses.
After setting up the initial groundwork, the next step is to develop and organize with relevant stakeholders that would help your brand grow. It would be beneficial to have contacts who could help you with customer service, sales, marketing, and tailoring services. After the steps above, you are ready to start manufacturing and taking it to market.
Be sure to utilize applications and social media to promote your fashion brand. Make sure you take attractive pictures of your goods and attach all the relevant information such as price, available sizes, the procedure for ordering, shipping methods, and others.
Do not forget to evaluate your brand and the performance of your business from time to time. It is helpful to identify your brand’s key strengths and weaknesses to ensure that it continually grows and maintains quality.