Moving a business to Hong Kong is the most enjoyable thing that an investor can ever imagine. The business environment, ready market and a gateway to China! What a great place?
The strong systems in Hong Kong will lever your growth and catapult your startup into a multinational. To achieve more and grow rapidly, you need to make the right entry and adopt the right strategies. Here are some of the best tips that will help you start and grow rapidly.
Ensure to stay on the right side of the law
While the companies’ registry does a lot during company registration, you need to go an extra mile in ensuring that all operations are on the right side of the law.
Well, the company secretary is not enough! You need to internalize all the legal requirements of the business operations so that it operates within the precincts of the Hong Kong law. Consider working with a legal firm that specializes in business operations for advice on the market and product development.
For businesses that target entering and taking advantage of the Chinese market and entire Asia, consider the business as a special purpose vehicle. This will make it possible to take advantage of the various bilateral agreements for various advantages. Do not hold back, take the imagination of your business further; the sky is the only limit.
Develop the right network with important stakeholders
In Hong Kong, operations will yield more if you make them about networks. As a new investment, you need to hold hands with other useful stakeholders for faster growth and success. For example, a hospitality company should look for networks with hotels, airlines, tour firms, and government agencies. This will tell them that you are already there so that they can come visiting the company website and finding of the products and services on offer.
The networks should stretch from the respective brand niche to other non-direct areas to draw as much publicity as possible. This will demonstrate your strength and success. For example, if you have opened a new e-commerce store, you will need to carry the message about the products via both formal and informal networks. You could share the business address and even profile with other traders and request them to include it on their websites. If you are not directly competing for clients, most of them will be willing to share the networks.
Learn more about the local culture
Though Hong Kong has changed so much in the recent past, its culture remains an important factor for businesses to succeed. This is very important because most of the Hong Kong residents are local. Make sure to learn some Cantonese and Mandarin to communicate effectively when a local connection is needed. The notion of culture should be extended to personal lifestyle.
Get used to the Hong Kong foods, style, and way of doing things. This will draw a lot of friends who can become part of your client base and grow the brand in this magical city. Note that Hong Kong is not just the downtown; explore other areas such as Cheung Chau and Llama Island to get a better connection and enrich your business idea.
Develop the best marketing strategy
Success in this great city can only be realized when you develop the right marketing strategy. Before you enter the market, it is important to carry comprehensive research with a view of establishing the main competitors, consumer behavior, and the best strategy.
Then, consider adopting the best marketing strategy. Top investors in Hong Kong insist that you should particularly utilize the following marketing strategies;
- Social media strategies: Social media is the best frontier when dealing with a high profile client base that is Hong Kong. Most of the residents in Hong Kong are on one or more social media platforms. The focus should be working on a very good profile, forming groups around your brand, and joining every discussion that mentions your brand.
- Video marketing strategies: In the last several years, video marketing has become an important marketing strategy. Hong Kong like other cities has a vibrant customer base that wants to be persuaded to convert. You should, therefore, include a video on the homepage, landing page, and social media profile.
- Remarketing tactics: After marketing your products, a close analysis should be carried out to establish how far clients went to convert. For those who never completed the process, you have to follow them and give a reason for conversion. For example, an e-commerce store should always follow clients who went all the way to pick the shopping cart but abandoned it before converting. These are the clients you must follow in Hong Kong to drive conversions.
Follow the competitors, understand their operations and exploit competitive advantage
Just like you have been attracted to Hong Kong, other businesses are also on the run to capture the same space. Well, this is not enough! There are others that went ahead of you and have reached various levels of success. You should anticipate cut throat competition. To handle this, an entrepreneur with a visa must carefully study all competitors to know what they do, how they do it, and craft a winning strategy.
Successful entrepreneurs utilized digital marketing tools that assess competitors and their levels of success. For example, you can follow the competitors to know when their brands are mentioned, evaluate their popularity, and craft a better strategy. You might want to contract someone who is conversant with digital marketing to help drive competitor analysis.
Be patient and first work towards strengthening the brand
Get it right; things cannot happen overnight! While you might have a lot of expectations to grow the business in Hong Kong, it is important to appreciate that progress will take time. Many top investors with an investment visa indicate that they took weeks or even months before selling a single item.
Jane Anderson, the CEO of a leading fashion company, indicated that she got the first client after about two weeks of opening shop in Hong Kong. ‘After a vigorous campaign, most clients sampled the clothes but did not buy,’ expressed Anderson. However, the first client marked the beginning of a sustainable client base.
Because of professional focus, quality of the products, and special offers, Anderson was surprised to get three new clients the following day who said they were referred by the first client. Since then, the customer base has grown consistently, and revenue base is sustainable. But it was not until the nine months the Anderson managed to break even.
Protect the business property right
Your products should be properly protected in law to avoid inventions getting stolen. Whether it is mobile applications, e-books, or even content, you need to ensure that they are all carefully protected from theft.
Though this might incur some cost and use of various property right professionals, any competitor intending to use the same technology or innovation will have to contact you for permission. This is the right opportunity to cut deals and reap from your hard work.
Have a robust business website
Whether you are in legal services, running an e-commerce store, or telecoms among other startups, it is a must to have a robust website.
The website is the main reference point for all clients and visitors to check your services and products. This should reflect the image of the company. Think of a website with history, mission, products, services, and call to action carefully designed and tested. The website should also have the following characteristics;
- Load very fast when visitors click it: The site speed is very important in promoting better user experience and driving conversions.
- The website should be mobile optimized: Today, many people all over the world use their smartphones to do searches. By ensuring that the website is mobile optimized, you are sure of reaching more than 50% of all the searches in Hong Kong.
Operate a blog
Having a website is not all, you need to move an extra mile to open and operate a blog. In the past, blogs were simply additional features in websites. However, they have become the main sources of information that clients use to make decisions.
The blog should have top notch content based on research to help address issues that affect people. For example, a fitness firm might have a blog that addresses weight management issues and staying healthy. Make sure to generate quality content and share the blog with other parties regularly. Then, you can use the blog as the point for opening conversations, talking to clients, and persuading them to visit the main website.
Enjoy Hong-Kong business life
Moving to Hong Kong for business is a great opportunity to expand and grow the business. Within a short time, you can anticipate expanding to China and other countries.
The outlined tips will not just help you to understand the Hong Kong working environment, but will also ensure the business operates on the right side of the law. To achieve the best for the business, it is advisable to get an appropriate hand for help with daily operations. Make sure to contact us for assistance to make the startup smooth and successful.