5 Reasons Why expand your business to Asia?
ASIA BUSINESS FACTS
Why expand your business to Asia?
The Asia Pacific (APAC) region is home to more than half of the world's population and some of the fastest-growing emerging economies.
By expanding business to Asia, startups can tap into a massive and growing consumer base eager for innovative products and services.
With a growing middle class and increased spending power in Asia, the demand for high-quality goods and services in the region is expected to skyrocket in the coming years.
1. Foreign Brand Advantage for expanding business to Asia
As an established product or brand from the West, expanding business to Asia can give startups a significant competitive advantage.
The culture in most countries has a huge respect for goods and services that are “made from the West” such as Europe or USA or Australia.
Anything local would be considered an ordinary product and anything made from the West is considered “high quality”.
Therefore, early entry into this market allows Western businesses to establish their brand, build relationships with customers and suppliers, and gain valuable insight into local market trends and preferences.
This knowledge can be leveraged to develop unique products and services that cater specifically to the needs of consumers in the region, ultimately helping startups stand out from the crowd and success in the Asian Market.
2. Access to Talent and Resources for expanding business to Asia
The Asia Pacific region boasts a large pool of skilled labor and a strong work ethic.
By expanding business to Asia, startups can tap into this talented workforce to support their growth and development.
Additionally, many countries in the region offer government incentives and support programs for startups to encourage innovation and entrepreneurship.
This can include access to financial resources, tax breaks, and other forms of support that can help startups grow, thrive, and expand business to Asia.
3. Cost-effective operations in expanding business to Asia
Expanding business to Asia can provide startups with cost-effective options for manufacturing, sourcing, and other operational needs.
Many countries in Asia offer lower labor and production costs compared to Western markets, enabling startups to save on expenses and increase their profit margins.
By taking advantage of these cost savings, startups can invest more in research and development, marketing, and other areas that drive growth for successfully expanding business to Asia.
4. Learning from Local Innovations through expanding business to Asia
The Asia Pacific region is known for its rapid pace of innovation, particularly in the technology sector.
By expanding business to Asia, startups can gain exposure to new ideas, technologies, and business models that may not yet be widespread in their home markets.
This can inspire startups to innovate and develop unique products and services that cater to the needs of a global audience.
5. Become a True Global Player by expanding business to Asia
In today's interconnected world, expanding business to Asia is no longer a luxury but a necessity for startups looking to grow and thrive.
Just by establishing a regional office in Hong Kong or Singapore is a real statement by your business striving to be a Global Player in your industry.
Your company will become more diverse and fulfilled with a global perspective.
Not to mention, you will become a more attractive business when you seek your next funding round or investor.
The Asia Pacific region's diverse and dynamic market offers a wealth of opportunities for startups that are ready to take the plunge and expand their horizons to Asia.
Come talk to us now and see how our playbook is different from many other consulting businesses out there.
Alan Wong is founder of ToAsia.biz and a startup mentor with over 20 years of professional experience managing software, Saas and consulting services MNCs.