Many entrepreneurs cannot imagine living abroad and running a business at the same time. However, there’s no reason why you shouldn’t be able to succeed as an expat entrepreneur.
If you’ve opted to start your own business in Hong Kong, you’re on the right track. After all, we’re talking about a place with excellent infrastructure facilities and a business-friendly tax system. But how exactly do you succeed as an expat entrepreneur in Hong Kong? Read on to find out.
Find a good mentor
Just because you’re looking to achieve your entrepreneurial goals, it doesn’t mean you look for outside help from others. Running a business in a place you’re not familiar with can be tricky.
Luckily, there are so many entrepreneurs from all over the world who did it and some of them might be able to assist you. They can help you set up your business and make sure you have all the paperwork necessary for continuing with your operations. Moreover, they can advise you on every move you want to make and help you understand the market in Hong Kong a bit better.
Use public transport
Hong Kong is so big and crowded, and the best way to move around the city is to use public transport. This especially the case during the early days you spend in there as you want to focus on running your business as much as possible.
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You’ll be happy to hear that public transport in Hong Kong is modern and clean, but most importantly, extremely punctual. If you decide to use public transport, you’ll need an Octopus card which is quite easy to use. It works pretty much the same as Oyster in London and Opal in Australia, and you can even use it to pay for a coffee or sandwich.
Build a team you can trust
No matter what industry your business is in, your employees are your most valuable asset. This is exactly why you have to be extremely careful when building the team for your new Hong Kong-based company. Interview every candidate yourself and build a set of questions that’ll allow you to compare all the answers.
Of course, if you still don’t know the language, having a translator to help you is always a good idea. There are plenty of qualified candidates in Hong Kong and if you put enough effort into it, building a team you can trust shouldn’t be tough.
Adjust to small spaces
The infrastructure facilities in Hong Kong are excellent but they also come with a hefty price tag. Whether you want to buy or rent, the numbers you’ll hear will usually be eye-wateringly high. This is why it’s a good idea to find a small office space that can fit all your equipment and team members.
In case you need more space, looking for an office space in an older building is a good idea. Those built in the ’80s and ’90s are usually a good pick. However, if you’re looking for modern features such as swimming pools and gyms, prepare for operating from a cramped office space.
Also Read: 3 mistakes I made as a student entrepreneur in Hong Kong, and what you can learn from them
The bottom line
Right now, Hong Kong is one of the best places to start your own business. If you’ve managed to come up with a good business idea and you have enough capital, there’s no reason why you shouldn’t give running your own Hong Kong-based business a go. If you decide to do it, having the five tips covered in this post in mind will help you succeed.
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