Thinking of starting up a business overseas or launching a branch of your existing business overseas? If you are, here’s what our experts have to say on the subject.
Know for sure if your service or product is needed in that country
Wee see no point to Hong Kong company incorporation fees, launch a business or sell a product in a market that has no scope for it. Without a doubt, doing so will only result in a failed business, and many disappointments as well as losses. So be very sure the market you intend to enter has a need for you and your services. Doing a thorough research on said market will help you here. As it is an overseas market, make sure to sniff out your competition as well; both successful and failing. You can learn plenty and save yourself from many potholes through such a research.
Start creating your network of people there
You already know that the business world runs on numbers and connections. Knowing the right people can help you in every turn of launching your overseas venture; from company registration to finding the right employees, to even helping you out of a tight spot if the need comes. Unfortunately, unlike in your own country, you might not know a great many people in your new “play ground”. If possible, start making friends and connections from day one. Consider living in the country of your choice for at least a brief period of time; if nothing to at least get to know your potential clients and make yourself a good reputation. Visit http://acshk.com/company-incorporation-services/
Learn the language, customs and traditions
Apart from making friends, and building your reputation, living in your intended market’s country also helps to learn the local language as well as the local customs and traditions. This may not be a huge issue if you are planning on venturing the western markets; but it is so if you plan on entering the middle eastern or Asian markets. Trust us, the fewer mistakes you make socially, the better. And knowing the language can go a long way in getting to know your employees as well as resolving problems without having to use a translator.
Differentiate and identify what can be handled by proxy; and what needs to be handled face-to-face
Most people have no intention of living and working overseas; even if they do plan on venturing into overseas markets. This is perfectly normal, and is the general procedure of those who have local businesses to look after. That being said, they usually use a middle man, and handle their business ventures through proxy. But what is important to remember is that not all meetings can be handled this way. Yes, modern technology can help a great deal; but if you’re trying to drum up business or hunting for potential clients, then you need to be physically present at those meetings.