Factors that You Should Consider Before You Move Your Business to Hong Kong
It is true that moving a business to Hong Kong can be an intimidating task. This does not mean that it is impossible because several people have done it before and several businesses are running in Hong Kong. By the end of this topic, you will be in a position to discover more tips on how you can quickly move your business to Hong Kong.
You should start by studying up on Hong Kong business etiquette. For that matter, it will be necessary that before you move to Hong Kong you brush up on the business in the city. One thing that you should be aware of is that gift giving is an essential practice in the city, and it is an excellent way of cultivating good relations with the customers. Besides, you should be aware that dinner parties is also a common practice and this is one thing that you will have to do in case you want to develop business ties.
Besides, you will also have to plan your finances accordingly. One thing that you should be aware that Hong Kong is ranked as one of the most expensive cities in the world. You find that it is in the top ten expensive cities regarding the cost of living. Meaning that you will have to budget appropriately or you will run the risk of quickly running out of money for your business. Therefore, before you make a move, you should study up on the differences in pricing in Hong Kong and ensure that you allocate funds for things such as rent, public transportation, and food. Besides, you should also be aware that houses in Hong Kong is expensive and you should decide whether to rent one or live in quarters.
Apart from that, you should be prepared for language differences. It is essential to note that most people in Hong Kong speak Cantonese as their first language even though English is used a language of business. In this case, it will be essential to learn Cantonese for the purposes of creating connections and building your network. One thing that you should know is that more companies would like their employees to have a working knowledge of Cantonese.
Also, you should network. One thing that you should know is that Hong Kong is full of many start-ups and entrepreneurs of which you should take advantage of them to a network. Therefore, you should attend weekly meet-ups, events and business talks to get to know people, recruit employees and establish yourself an upcoming business owner.
Last but not least, you should explore co-working spaces in advance so that you can find enough office spaces and desks at a low price.