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IN DETAIL: BUSINESS Cashmaster's new factory

Starting Up in Hong Kong Thinking of starting a business in Hong Kong? There’s nothing like advice from someone who’s already successfully done it. – By Gordon McKie

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tarting up a business in an overseas market is both an exciting and daunting prospect. With the right preparation, however, there is every chance of success, but it requires on-going commitment and dedication.

Timing There is no such thing as perfect timing – anyone waiting for just the right moment is likely to miss the opportunity entirely. Hitting a particular sweet spot in an economic cycle happens all too rarely in practice; most businesses simply have to grasp the nettle and forge ahead.

Market research First, know your market. Having previously worked in Hong Kong, I had a grasp both of its business dynamics and live contacts still within the community. Cashmaster was introducing a top-of-the-line product that was innovative for and suited to Hong Kong and the wider Asia region, both having a high use of cash as a payment system. But while I had confidence that a market existed for the product, I was under no illusion that success would happen overnight. Added to being new to market, typically in our business, it

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takes six to nine months for any sizeable contract to be signed. Business networking is dynamic here and contacts are open to helping how and where they can. I had lined up corporate and public relations advisory services to help introduce us into the commercial community, and reactivated prior contacts. Crucially, I also took advantage of the services provided by several organisations such as the British Chamber of Commerce, UKTI and InvestHK who were uniformly helpful in sharing market intelligence and in some cases providing solid business leads for Cashmaster. That net continues to be cast wide.

Managing resources Whilst the tax regime in Hong Kong is simple, straightforward and attractive to businesses, prospective business owners must recognise that the city carries a very high cost base. If you cannot commit the level of investment required to operate independently, it would be best to find a local joint venture partner or to jettison the idea. Hong Kong is not for the faint-hearted.

Britain in Hong Kong Sept-Oct 2018  

THE FUTURE IS BRIGHT, THE FUTURE IS NEW RETAIL, the latest issue of Britain in Hong Kong looks at the latest global consumer trend, “New Ret...

Britain in Hong Kong Sept-Oct 2018  

THE FUTURE IS BRIGHT, THE FUTURE IS NEW RETAIL, the latest issue of Britain in Hong Kong looks at the latest global consumer trend, “New Ret...

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