New business ideas in Hong Kong
Hong Kong maybe a very small country but it sure has a lot of great business opportunities opening up there. With a population of around 7 million, Hong Kong is the home of a great workforce who are both educated and highly skilled too. With a very supportive government and a very lucrative taxation policy, Hong Kong has become the ultimate business attraction for companies from all over the world. With so much going on over there, it is no surprise that there are new business ideas being propositioned every day and most of them are running very smoothly too. We have decided to compile a list of new business ideas in Hong Kong down below that you may find fascinating.
Manufacturing Electronics- People from all over the world is looking into Hong Kong to source their products from. These include electronic products. If you think you have the skills for it then get into the electronics manufacturing industry. There is a fairly decent amount of money to be made there. Start by manufacturing televisions, home theaters, mobile phones and so on. If you think manufacturing electronics is too difficult for you then you can always look up OEM services or better known as Original Equipment Manufacturers. These companies manufacture products for you and you can later rebrand them and sell them as your own. If done right, you can make a lot of money in a very short time.
Accessories- This kind of business is perfect for people with little capital but with great interest in the manufacturing business. The phone and computer accessories are fast gaining popularity as the demand for these products are increasing by leaps and bounds. Every day there are thousands of orders being processed for unique laptop and phone accessories and if it would be the perfect time to enter this market and capture the market share. Accessories can include earphones, phone covers, tablet cases, mouse pads and customized keyboards and so on. The trick in this business is to provide newer and unique designs so that people are drawn towards you.
Product Sourcing Agency- As mentioned before, people from all over the world are looking to buy products from Hong Kong. They mostly buy things in bulk quantity. However, for a foreign person to purchase such products in such a high number, it becomes difficult for them. The local language and finding a trustworthy seller is problematic too. This is where your business as a product sourcing agency comes into play. The whole purpose of your business is to become the middleman for such clients. You can help negotiate the prices and talk with the merchants for the foreign buyers and in return, they pay you a small commission fee. There are a lot of freelancing websites on the internet where mostly small sized businesses are looking for product sourcing agents. Once you develop a name for yourself as a trustworthy company, business will keep flocking in.
Furniture Making – The thing about Hong Kong is that there is a new apartment or a new house built almost every week. With new expats moving in to conduct their businesses in this country, they need places to stay and their homes require furniture as well. This gives you a very lucrative opportunity to get in the furniture making business. You could offer to build them furniture based on their requirements, sell your own pre-designed products or even take up the job of remodeling old furniture. Either way, this is a very good business to get into. Compared to other businesses such as manufacturing and product sourcing, it isn’t as saturated as the others. So you have a very good chance of capturing the market and even lead it if you can run it successfully.
Business Consultant- As it stands Hong Kong is the business hub of the whole of Asia. Lots of new businesses are opening up and many foreign investors are taking up an interest in doing business in Hong Kong. In order to start a business in Hong Kong, one would have to register their business with the government, get a business license or a permit, hire a workforce, look for an office to rent and do so much more. The work of a business consultant would be to help out these new companies with such tasks. Your company could offer services such as filling out government application forms for registering and obtaining permits, look for the perfect office with reasonable rents and even promote your company. All these would help the new company to operate smoothly and save them a lot of time and effort. This is a great business to get into as the number of new businesses opening in Hong Kong is high and all of them would need some sort of help or consultancy. It’s a service based business and the more effort you give, the more clients you will start picking up.