Supported by a close-knit community of friends and neighbours, Discovery Bay is a hot bed of entrepreneurism. But even when a local SME is successful enough to expand its services beyond DB and Lantau, there is only limited potential in the Hong Kong market due to its size. But you can still dive into a pool of unlimited opportunities if you consider a cross border international market. It requires more hard work, but it also brings a better return and makes your business more stable. Here are five tips on how you can expand your local Hong Kong SME into a global business.
STUDY SUPPLY AND DEMAND
Blindly jumping is not a business strategy; it is a gamble. Conduct thorough research to study the international market and audience. You should know if there is any demand for the product or service you are offering and if there is any need for a greater supply. An already saturated market would be a lot more difficult to penetrate without a unique selling point. Only through study and data will you be able to identify market gaps and pain points and come up with something unique.
UNDERSTAND THE STRUGGLES
A new market also means new challenges. You have to understand all foreign affairs for proper preparation. There will be many uncertain things to face when expanding. You should be able to foresee all possible issues even if you don’t have a solution for them. For example:
● Will you be able to handle international queries?
● Can you meet their requirements?
● Will your strategy work?
● How will you communicate with your audience and in what language?
● Is currency fluctuation going to be a problem?
GET YOUR BUSINESS ONLINE
You will have to create an online e-commerce store as your international business branch. All your products will be listed there so customers can make their orders online. Selling globally with Shopify makes this job a lot easier and faster compared to other channels. Furthermore, create your business accounts on social media sites and stores like Amazon and Alibaba.
FIND A FOREIGN DISTRIBUTOR
If you are offering a service, you should know if it can be provided remotely. If not, you will need skilled service providers working for you in the target country. When it comes to selling a product, IT tools can be easily sent online. However, delivering a physical product won’t be that simple. You will need foreign distributors to deliver your product to the buyer that you probably manufactured or purchased in your own country. Amazon and some other platforms offer the service of international pick and drop in almost every corner of the world.
LEARN DIGITAL MARKETING
Arrange an SME export marketing fund to ensure consistent sales. To target the international market, you will need to learn digital marketing, which uses online channels like search engines, social media sites, and email marketing to attract potential customers. Though it’s a vast field that will take some time to fully learn, you should take some courses anyway. This way, you will know how to hire the right people for this job who are more experienced than you.