10 steps to starting a business in China
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E-mail Agencies, August 31, 2012
1. Do your homework.
Lucky you. You're not the first United States citizen to break into the Chinese market, so you don't have to learn the tough lessons the hard way (well, not all of them at least).
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Shanghai [file photo] |
"There's no reason to be reinventing the wheel on things people have done before that could be avoided," says John Frisbie, president of the U.S.-China Business Council, based in Washington, D.C.
Talk to people who have opened offices in China. Ask them how they succeeded and especially how they failed. It's not just the Americans you need to talk to, either. Frisbie says you should travel to China and start networking at local trade shows, as relationships are crucial to doing business in the country.
Make sure you're informed about the state of the industry you're in. A lot of this research can take place from your own home. Check out the five-year plan that the Chinese government publishes, which details what types of businesses they're looking for.
Dan Harris, a Seattle-based blogger and founding member of international business law firm Harris & Moure, says, "China wants high-tech. China does not want pollution. They want businesses that will give a lot of people good jobs, and they want to encourage development inland."
Because China's government is so tightly affiliated with its businesses, knowing what the government wants will help you draft your business plan later on.
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