With a staggering population of over 4.4 billion spread across over 50 countries, Asia has a distinctly diverse business landscape.
Naturally, they are one of the most favoured consumer markets for international businesses.
The diversified market and business environment are undoubtedly untapped goldmines; however, it has its own set of challenges. Its divergent nature makes it difficult for entrepreneurs to pick a specific country or region to create their footprint and takes extensive market research and meticulous assessment of the existing conditions.
If you are planning to expand your business presence in Asia, here a few key considerations:
1. Know the Market
The Asian market is definitely a forest full of low lying fruits, however, when you foray into this “forest”; it’s crucial to have a thorough understanding of how markets operate in various countries. In addition to this, you must also focus on the overall nature of the industry-specific opportunities to leverage it for achieving the growth objectives. Moreover, it’s important to remember that within Asia, the regions like Southeast, East Asia and South comprise a myriad of economies. For example, Southeast Asia has growing economies like Cambodia, Vietnam and Thailand have immense growth potential. On the other hand, East Asian countries such as Japan and South Korea are already developed economies.
2. Picking up the Right Talent
Being one of the most populated regions in the world, Asia has an incredibly vast talent pool. Tapping into this local talent pool can help you cut down the overheads that include bringing employees from your home country and acclimatizing them with the work culture, language and customs. Find experienced professionals who have a 360 degree understanding of the business ecosystem, along with the regulatory and legal scenarios of their respective nation.
3. Gauge the Competition
A majority of markets across the regions in Asia are characterised by fierce competition. However, if your business offers a niche service or product which fills in a gap, your business can grow with the right market strategy. In addition to this, it is crucial to localise your product when venturing into a particular region, as each market is different from its specific needs based on the nature of its economy and consumer demands.
Get insights and advice from our team at Bayside Business Accountants to take your business to Asia.