Success of Small Businesses in Asia: Is Asia Really Booming?
You have no doubt heard that small businesses in Asian countries are doing incredibly well, but who can help but be a little skeptical when told of such a miraculous boost? It’s always best to look into claims of this kind before acting on the information you’ve been given, which may very well be what has brought you to this text.
Well, we’re here to tell you that the rumors are true: small business in Asia is booming, and it doesn’t seem to be slowing down anytime soon.
The next question you may have is a simple one: “why?” To start, Asia is a continent with many countries, most of which have a high population densities. According to Freebase, Asia has a total population of about 4.3 billion people.
That’s more than half of the total world population concentrated onto one continent. Within this huge populous there are countless demographics and niches to fill. If you can think of a product, then there’s probably a part of Asia that you can sell it to.
Of course, this leads to high competition within some countries, but no one business can handle the whole continent. It’s best to do research into who else is providing services similar to that of your business, so that you can know what locations will be worthwhile to set yourself up in. But, whoever your competition is, they will likely have a few blind spots (countries, or districts) that they have not yet monopolized. These areas are the ripest for the taking and they may allow you to gain a quick foothold within the Asian market.
While you’re looking into the competition it’s also good to scope out who might be an ally to you. Finding potential business partners in Asia is relatively easy due to the diverse businesses operating there, but it is nonetheless useful. Building a good business relationship with already established entities could lead to a more simplified expansion, an easier development of distribution channels, and a nice support network of businesses that have an interest in your success.
If you are lucky enough to dream up a business that no one has spread through Asia yet, then you may want to act quickly. New businesses are cropping up all the time and you may not be the only one to have your bright idea. It’s always a shame to miss out on such a good opportunity due to hesitation. That being said, the research you do before moving your business into Asia is crucial, so you should be sure not to rush it. Sloppy research might lead to failure and financial losses.
In short, small businesses are doing great in Asia, and they will likely continue to do great. If you want to get in on all of the success then you need to choose the right country and the right niche to fill. It all comes down to making good choices in the end, so do your homework.
As your Asian Director, I can of course help you with all of this. From partner business, to finding the right niche … just ask and I will do everything I can to make it happen. Find out more here about how I can help you.
As Startup Specialists we have used our knowledge and experience to set up a free portal of frank, accurate information. Do check out www.startupinthailand.com for more details on doing business in Thailand or for a free startup consultation. We operate as a single source for your business operations in Thailand/Asia with our Thailand Market Entry Services and we specialize in Startups | Representations | Regional Business Development | Virtual Offices | Liaison Services. Check out your options here.