If you’re running a successful business in Hong Kong, then you must be thinking about how to expand your HK business. If you’re serious about broadening your business, you need a bulletproof plan and a lot of research. You need to be financially stable in your current business, to start spreading to other markets. With the help of the moving company Hong Kong, you don’t need to worry about transferring your offices internationally.
How to expand your HK business
There are several ways to expand your HK business. It all needs to start with thorough research. Based on the type of your business you need to find out what is the best continent to start your expansion. Here is a checklist of what you need to know before making the decision:
- know your business thoroughly, positive and negative sides
- arrange a customer satisfaction survey, so you can get a clearer picture of what’s working and what’s not
- analyze your competitors and if their expanse in different markets was successful
- do market research which will show you if your business and the products/services that you’re selling are in high demand or not
- does your business have a future or if it’ll be replaced by some better technology in the future
Moving your business locally
Maybe you don’t want to rush and start your business on a different continent. Asia is a large continent with the potential for any business endeavor. The top three markets with the fastest growing markets are certainly China, India, and Indonesia. China has an upper hand in the business world and international companies are transferring a part of their business there. The upside to this is low taxes, working with well-organized and hard-working people, and constant innovation. The downside for any business moving to China is that you have to be well-equipped with their laws and you need to be prepared to enter a very competitive market. If you’re planning on moving your business to China, relocation services in Hong Kong suggest that you hire a reliable company to help you.
Moving your business to Europe
If you’re moving out of Hong Kong and going to any number of states in Europe, you need to arrange everything with a moving company in Hong Kong. Moving is stressful enough, let alone moving to a completely different continent. Europe has a lot of emerging markets, part of them being newcomers to the European Union. Usually, Hong Kong companies seem to branch out to the United Kingdom, because a lot of ex-pats live there. Also, it is much easier to do business when you know the language and English is an international business language. Before deciding on moving your business and opening an office in the UK, make sure to reach out to some of the Asia businesses already operating there. It’s better to have solid information about the market before plunging in. When you decide that you want to move your business to the UK, you only need to register as LLC and provide a virtual office address.
Moving your business to Australia
Last on our list of places to expand your HK business to is certainly Australia. In the past several years, a lot of citizens of Hong Kong have migrated to Australia, mainly because of visa provisions. Because of this, office movers in Hong Kong have been experiencing a rise in interest in international moving. To do business in Australia, it is best to get acquainted with their Business Innovation initiative which provides investment visas. This is a win-win situation for both, as you can grow your business in Australia with some legal benefits. Because of your growing business, Australia can continue to be one of the strongest trade markets that connect Asia Pacific with the rest of the world.
Have a meeting with your associates when planning to expand your HK business
Whenever you’re making plans to expand your HK business, it’s prudent to schedule a meeting with your associates. There you can discuss, make a business plan and set up a budget. First, you need to decide where you’ll set your offices. Ask your associates to reach out to companies abroad, to see what requirements are needed to have an office there. Next, you need to see how many employees you need for your new offices and set up a call with your HR representatives. You’ll also need to contact your Legal team who’ll be in charge of all the administrative work regarding work visas. Lastly, you need to find and rent or buy offices in your new subsidiary.
Planning your move-get everything done in time
When you’ve done everything from your checklist, made a business plan, and arranged everything with your associates, HR, and Legal team, the only thing left to do is move. We have already recommended ReloSmart Movers Hong Kong as a go-to company that specializes in international moving. Storage Hong Kong recommends packing all your office into storage units. Before packing, you need to declutter your office and make a list of what you need to keep and what needs to be sold. After that, a team of experienced professionals will make sure to pack everything in your office and secure it in a storage unit.
Get ready to expand your HK business
Opening new offices in foreign countries is like starting a whole new business. Be sure that you’ve all the documentation necessary for a carefree business. Find reliable people to hire who share the same ideas as you. Also, you need someone to give you advice when you’re doing something wrong. Make sure that your offices abroad stay in touch with a central office in Hong Kong. You can plan some team building or travels with your new associates. It is always risky to start your business somewhere new, but if you have a solid foundation, there is nothing you can’t do!
