Business plan in Hong Kong
Business plan in Hong Kong
Hong Kong is arguably the best place to do your business in the whole of Asia. With an estimated population of 7 million and a per capita GDP of US$ 43700, Hong Kong is already the business hub of the continent and companies from all around the world are looking to enter the Hong Kong market. It is quite understandable why the country has made such progress in this regard and why it has such an attraction to companies and businessmen from around the globe. The geographic location of Hong Kong is such that it provides the companies an easy access to the Chinese market. Furthermore, the easy procedure to open and conduct a business also lessens the burden on entrepreneurs to quickly establish their businesses. And lastly, the staggering tax rate of only 16 percent of corporate tax and 15 percent on income tax makes it the ultimate destination to generate money.
Now if you are the kind of person who is looking to exploit the Hong Kong market as well, then you are on the right track. However, just like everywhere else in the world, you will need a business plan before you can fully start your operations. A successful and well thought out business plan does not help you to gain investors; it also works out as your guideline in the daily running of your business. With that being said, listed below are some of the things you need to mention in your business plan.
Cover Page- Now before you start scratching your head in confusion let us explain why a cover page is important for your business plan. A cover page may seem like a very simple thing and some may even consider it useless but it shall contain your contact number. This will ensure that all your potential investors and clients will be able to contact you without having to go through the entire plan to find your number. Make it easy for your investors.
Executive Summary- Personally, I think this is the most important part of your business plan. Yes, the whole plan will contain the details of your business proposition and other important things but the executive summary is what determines if your investors will go to the next page or not. Make sure you give a brief explanation here about what kind of business it is that you want to do and what solutions you are bringing to the market. Include pointers such as your major strengths as to what sets you apart from the rest and also mention how your financial conditions. Let them know how much money you are looking to raise from the new investors.
Company Overview- All sorts of details regarding your company goes here. The name, the legal documents and when it was formed and registered under what, all these go here. Include your permanent area of operations. You can also mention what your company has achieved so far or what they are planning to achieve. Include the stage at which your company is in right now.
Industry Analysis- This will be a crucial factor for your potential investors. The industry analysis will indicate what kind of industry you are currently operating in or you plan to operate in. You need to specify what the market trends are right now and how you plan on meeting those trends. Based on the industry analysis, your investors will decide if it is worth investing in or not. Remember, Hong Kong already has a saturated market so you need to make sure the industry is less explored or choose an industry where there is room for growth.
Customer Analysis- Once you have explained your industry analysis, you need to give your customer analysis. This is also a significant part of your business plan in Hong Kong. As mentioned earlier, since Hong Kong is already a business hub of Asia, your customer analysis needs to be extremely specific. Find out what they need, explain how you are going to meet their demands. There should be in depth analysis regarding your customers based on what parameters you are using to target them such as demographic, psychographic and so on.
Competitive Analysis- Hong Kong probably has over hundreds of different kinds of businesses. Chances are that no matter what you think of, it is already in the market. So when making a business plan in Hong Kong you have to put extra effort in your competitive analysis. This is basically the part which will explain to your potential investors how you are going to be different from the rest of the competitors. Mention the several factors which will stand you apart from the rest and how your plan of operations will help you to capture the market and help the investors gain more profit.
Financial Plan- This will be the point that will interest your investors the most. The financial plan should contain how much capital you need to raise and how you plan on using them. Make sure there are details of where all of the funds will go and how much each part of your business will be using. It should also contain how you are planning on generating income and have a forecast of the revenue as well.