In case you haven’t noticed, Asia’s economy is on a roll these days, and that a lot of its countries can already compete against bigger economies from around the world. This is why it’s no surprise that a lot of foreign companies are now doing business in Asia because they’re seeing a lot of opportunities for growth and expansion.
But you also know that a competitive market isn’t the only metric to the success of your expansion. Here are some tips that you can use to make sure that you start on the right foot and walk on the right path when expanding your business in Asia:
Spend time doing intensive market research.
You think that expanding a business is easier because you already have a formula in place. But you’ll soon realise that treading a new market isn’t really as easy as you think. In fact, it’s like starting from scratch all over again, only this time you’re also learning about the country, culture and people that you’re going to do business in.
While the Asian market is friendly to foreign investment, doing business here can also be quite different from what you’re used to. This is why it’s very important to do some serious market research, so you know exactly what you’re dealing with and what strategies will work best for the expansion.
A comprehensive market research should let you get to know the local consumers, understand the need for your product in the market, and get a better perspective of what the local economy looks like. It’s also very helpful to conduct feasibility studies that will allow you to see if your business can thrive in the market that you want to expand in. Think about this like starting a new business where you have to do some research about the best business niches, strategies and products, only that you’re expanding this time.
Create a solid business plan.
You already know the importance of having a solid business plan because you created one when you first started your business. Expanding is no different because you’ll need something concrete to guide you throughout the entire expansion process. Your business plan should write into detail the process of your expansion, the projections that you have for this project and all the strategies that you will use during the expansion phase. You can even go as detailed as projecting possible problems and how you’re going to deal with them.
Know what works for you and adapt it to your expansion.
One of the benefits of expanding a business is that you already have an existing process to work with. But since not everything will fit into your new market, it’s very important to know what works and how you can adapt them. One good example is your marketing campaign. While your existing marketing strategies may work in your location, you can’t guarantee the same results in your expansion. This is why you should adjust your strategies to fit what local consumers are looking for. With market research, you’ll know exactly how to adapt your current campaign so that you can enjoy the same benefits.
You can also apply the same mindset for your products. For instance, you can tweak your packaging so that you can make it more appropriate for the local market. Of course, there’s always the opportunity to leverage social media to introduce your business to the market without blowing up your expansion budget.
Work with the right local partners.
Here’s the thing: it’s almost impossible to expand your business without local help. This is why it’s very important to find suppliers, partners and other professionals who can help you expand your business. These people know the market inside out and can offer you all the help that you’ll need to succeed in your expansion. It’s also very important to build a strong local network that you can benefit from in the long run.
Of course, you have to invest in building a local team who will be your support on the ground during your expansion. Hiring local talent will not only make you more relatable to the local market, but it will also give you an advantage in terms of cost. This is because you don’t need to bring people to another country since you already have people in your new location ready to work for you.
The great thing about expanding in Asia is that you can guarantee a rich local worker pool who will deliver what you need. In fact, Asians are known to be some of the most hardworking professionals in the world, so you know that you’re hiring the right people for the job.
Keep these tips in mind, and for sure, expanding your business in Asia will not be as challenging as you think.
