If you want to grow your business into a global brand, start by taking it to a good offshore jurisdiction. An offshore company in China gives you access to a large market of over 1.4 billion people and easy access to the Asia-Pacific (APAC) region. In addition to the large market, China also provides a long list of incentives, such as lower taxes for companies operating in free trade areas. The country’s infrastructure is also top-notch and also boasts of a highly educated workforce. Simply put: China has all that you would want to see in a premium investment destination.
To take your company global, it is vital to have the right strategy for both entry and growth in new markets. In this post, we take a closer look at China consulting, and market entry strategy and ERP software in China for faster growth.
The first step after company registration in China is crafting the right strategy for entry. Indeed, it will be a good idea to start thinking of market entry before company incorporation in China. The best practice when expanding to China is working with a consulting firm to help with due diligence. The consulting firm might also help with crafting strategies for entry, compliance and growth in the Chinese market. Here are some good market entry strategies:
- Partnering: This could be a simple co-marketing approach or a complex strategic alliance with manufacturers
- Go for a joint venture (JV): JVs in China take the form of limited liability companies, but the Chinese partners are required by law to hold majority shareholding. This entry strategy is used to help rapidly grow your enterprise and even access lucrative market segments that are otherwise hard to reach to as a foreigner
- Piggybacking: If your company is offering a unique product or service, this entry strategy can be an excellent choice. For example, if the product you sell to a large and successful enterprise is doing very well, you can approach such businesses and request them to include your other products in their profile. This method is very cost-effective.
In addition to these strategies, you also need to do aggressive marketing on different platforms, such as social media, newspapers, and television. Regular promotions and trade fairs would also come in handy to get more clients to know that you are in China and have awesome products.
We must indicate that crafting a business entry strategy into China is never easy. This is why you should work with a China consulting firm for help. The experts have been in the Chinese market helping other businesses and you can count on them to pinpoint strategies that work and those that do not. Here are other reasons why you should work with a firm of experts:
● The experts can assist you to understand the Chinese market well for faster growth and success
● You can use the firm of experts to carry due diligence on the Chinese market
● The firm can help you identify the best ERP software in China
● You can use data provided by the agency from previous activities to make the right decisions
Your idea of expanding business to China is an excellent one and could easily catapult it into a multinational. In addition, you need good China consulting and market entry strategy and ERP Software in China to increase the chances of success. Remember to always review your strategies and ERP software with the assistance of experts to ensure that everything is working as expected. The assessment can also highlight the areas that require changes for faster growth.