How to Grow Your Business in Hong Kong (and Other Asian Markets)

Hong Kong is one of the safest and most vibrant places you can possibly be. Crime and violence are incredibly rare, which makes working there exciting and potentially profitable. However, it shouldn’t come as a huge surprise that so many people want to flock there. There’s a lot to offer business owners and entrepreneurs. One particular niche that is booming is online marketing. This article will tell you about how to grow your business in Hong Kong (and other Asian markets), particularly if you’re an online marketer.

Find The Middle Ground

Like most places, Hong Kong is inhabited by people of multiple cultures and nationalities. Many locals come from China, which has its own unique set of advantages and disadvantages when it comes to business. On the one hand, many businesses operate with little to no interference from government agencies, and on the other, following the laws and regulations can be extremely difficult. It’s a place of great potential, but also one that you need to tread carefully.

Study The Local Market

If you’re expanding your business to Hong Kong, then you already know that it is one of the most vibrant and sophisticated places in the world. Learning the language and getting into the habit of using it will undoubtedly prove beneficial to your business. However, if you don’t know much about the local market, then it can be tricky to know how to proceed. One thing you can do to better understand the market is to study the history books. From the point of view of a business owner, knowing the local history can help you find your place in the market and also help you understand the mentality of the people you’ll be dealing with.

Keep Your Mind Open

Being in Hong Kong during one of its many annual parades is undoubtedly an experience you’ll love. The opportunity to see such an incredible display of choreographed dancing is definitely a sight to see. However, parades can be extremely overwhelming, particularly if you’re not used to such a hectic pace and intensity. If you’re an entrepreneur thinking of expanding into the Asian market, then keeping your mind open to new experiences and meeting new people will undoubtedly prove beneficial to your business.

Know Your Limitations

One of the biggest differences between operating in Hong Kong and other parts of the world is the complexity of the legal system. Simply put, obeying the law can be difficult, which makes things like paying taxes and complying with all the various regulations far more complicated. In most other places, you’ll have less red tape to deal with, which in turn makes doing business there much simpler and less expensive. You may not like dealing with the legalities of business, but it’s something you’ll have to get used to.

Seek Expert Advice

If you’re looking for expert advice, then Hong Kong is the place to be. There’s a lot of small businesses that are willing to give advice for free. Perhaps the most suitable place for you to start is the Small Business Association of Hong Kong (萬大哥萬二公司), otherwise known as the SBA. This group helps new and existing businesses find the support they need. Even if you don’t need any help, going through the SBA’s (adviser) directory can be a useful tool to find the experts you need for the tasks at hand.

Survey The Surrounding Area

To really make the move and be able to capitalize on the opportunities Hong Kong has to offer, you’ll need to look at the area around it. There’s a lot of development occurring in a number of Asia’s major cities, which means lots of people looking to relocate. If you’re thinking of moving there, then be sure to look at the neighborhoods and the areas near the places you’ll be working. It can be helpful to visit the website of the nearest real estate agency to see what’s available and get an idea of the prices. If you need any more information, then be sure to contact the agency directly – they’ll be able to provide you with all the details you need.

Make Sure You’re Not Overlooking Anything

There’s a lot of competition in the Asian market, particularly in Hong Kong, so be sure to look at everything from the point of view of a business owner. You may think that a few simple changes to your service or product will be able to bring you success, but first you need to consider everything that could go wrong. For instance, if you’re a French company selling knives to Hong Kong, then you may want to re-evaluate your product offering. Are you sure that your product is desired? What if the Chinese government decides to ban your product? Think of everything that could happen, and try to prepare for the worse. In most other places, you’ll have fewer worries about this type of thing, particularly if your product is not deemed harmful.

Prepare For The Differences In Culture

Different people, different values, and different ways of doing things. These are the three things you need to get used to if you decide to do business in China. You may assume that you’ll be able to use your existing skills and knowledge to make money in China, but you may be wrong. Even if you’re not used to working with Chinese people, they can still work with you and be your best friend as long as you learn to see things from their perspective. The Chinese are a very pragmatic people and practical, so try to stick to facts and figures when discussing business, and you’ll most likely be understood well enough.

Look Into The Future Of Your Business

One of the biggest differences between Hong Kong and other places when it comes to business is how far the development and the technology moves forward in a hurry. It can be difficult for someone who is not used to such quick developments to keep up, but it’s essential if you want to make the most of the situation. Think of everything that could happen, and try to prepare for the worse. In most other places, you’ll have fewer worries about this type of thing, particularly if your product is not deemed harmful.

Make The Most Out Of The Experience

Going to Hong Kong is unquestionably an incredible experience. You’ll meet new people, see new places, and be able to learn about a culture you might not have been exposed to. However, once you’re there, it’s essential that you make the most out of the situation. Study the market, obey the laws, and you may well find yourself successful in Hong Kong.