How To Expand Your Business Into Asia
There’s no doubt that Asia is poised to be a powerhouse in years to come. India alone boasts the world’s fastest-growing major economy, a title it’s retained over Japan for the second year in a row, and China has the second-largest gross domestic product (GDP) behind the United States.
Seeking to take advantage of this increasingly lucrative landscape? Follow this guide to discover the basics of how to expand your business into Asia while ensuring legal compliance and financial security.
Research the market
Knowing your customers is essential to your success. Prioritising their wants and needs enables you to optimise your product designs and stand out against competitors, while awareness of who you’re selling to is key to maximising marketing potential.
Research the market to identify the changes needed to triumph in this unfamiliar landscape. Analyse the products and strategies of similar companies and find your unique selling point. Consider trialling new designs and services with a focus group to get direct consumer feedback, and sending out surveys to gather even more detailed information.
Build a strategy
Next, work with your department heads to build a strategy for entering the Asian market.
Most important is creating a budget which includes your current costs so you can calculate how much you can reasonably devote to your new venture without risking your company’s financial health. Bear in mind any area-specific laws that may affect your costs such as tax regulations.
Your legal team will be important advisors here so you can ensure you do everything by the book as you move into the Asian market. If you don’t have in-house lawyers, hire a solicitor for the process.
Setting up an office
Start by sourcing talent in the country you’re expanding into. Seek out the best avenues for advertising positions and upload your job specs. Once you have your shortlist, conduct a first round of video interviews before organising final face-to-face meetings with likely candidates.
When you’ve selected your new team members, arrange their official employment by your business. Utilising specialist employer-of-record services for help with hiring ensures compliance with local regulations and assistance with salary setups such as payroll.
Sending out someone experienced to set up your new office in the initial stages will be essential. This will help unite your separate offices, build brand understanding and loyalty in your new employees and get the project off the ground swiftly and smoothly.
Understand the culture
Don’t overlook the importance of understanding the culture of the country you’re expanding into. Being able to communicate effectively and respectfully is vital to securing deals, crafting a positive reputation and appealing to clientele.
Learn a few phrases of the language and the right way to greet people in different situations. Consider your clothing as well, ensuring you’re dressed appropriately for the culture and climate.
