What Documents are required to Set up a Sole Proprietorship?
Documents are the most important objects for verification and for the incorporation of an Indonesian company such as sole proprietorship. These are the following documents which are necessary to set up UD:
Name: The name must be identified. One must register with that name to make the name the brand of the company.
Employer Identification Number: Sole proprietorship owners have to register for an Employer Identification Number.
Trademark: Trademarks are very important in setting up a sole proprietorship in Indonesia. By choosing an appropriate name and getting a trademark to keep the business secure and safe, other competitors will not be able to use the proposed name after the business has been registered. Trademarking also keeps a business owner safe from competitors if the business name becomes a brand.
Business License: Those who are starting a new business must have a license for that business. The license allows a business owner to become responsible for the business’s product or services which the owner provides as a sole proprietor.
What Steps Should Be Taken After the Sole Proprietorship Has Been Set up?
There are some steps that could be taken after setting up the new sole proprietorship. Every business has some plans before it begins operations. After the business has been started, the plans can be executed. After a sole proprietorship begins operations, the following steps must be taken:
1. Identifying the Target Audience
Before starting a sole proprietorship, the owner must identify which demographic is going to be targeted. The target audience and their needs will inform the marketing of the business’s products.
2. Reaching the Audience
After targeting the audience, the next step is how to reach the targeted audience. A decision about by which the audience is to be reached must be made.
3. Identifying the Problem
After reaching the audience, the sole proprietorship owner or sole proprietor must identify the problem to which the target audience would like a solution.
4. Confirming Product Validity
The product must be valid and authentic so that it will be useful for the target audience during the relevant time period.
5. Holding a Free Trial/Demonstration
The owner must hold a free trial or demonstration to the users of the product to help them know more the features and properties of the product.
6. Creating a brand slogan
The brand slogan must be created and advertised in such a way that users will remember it.
7. Offering Incentives
The owner must give incentives to the product users during the starting time period.
8. Testing and Updating the Product
This step is necessary in order to increase the performance of the product, and thus the company’s profitability, to its maximum level.