Starting a business requires knowledge in planning, legalities, production, and regulation, among other things. It’s quite complicated to form a Hong Kong start-up company, especially if it’s your first time to do so. Here are some fundamental steps you can follow to get started.
Come up with a Business Plan
This is the most basic step involved in entrepreneurship. The thing is, you don’t have to be too technical about it. A well-prepared plan will help you achieve growth one step at a time. Think of your business plan as a breathing project instead of a one-time document.
Think of yourself as a student who needs to gain new knowledge and skills. There are numerous free online and in-person resources that can help you get started. If you have entrepreneur friends, try asking them if they know any resource that helped them remarkably.
Choose Your Business Location
This is arguably the most critical step because an inappropriate location can translate to poor sales from the get-go, and ultimately, failure. Consider factors such as proximity to suppliers, the competition, transportation access, demographics, and zoning regulations.
Decide on a Business Structure
The organisational structure of companies will always vary. Do you want to do it alone or form a partnership? Are you thinking of incorporation or forming an LLC? Your business structure can reduce personal liability for losses and debts, and give you tax benefits. You might want to read extensive information about business structures to help you decide.
Apply for Permits and Licences
Get your documents ready. Different businesses require different paperwork, so research about your particular industry. You should also be ready for taxes such as employment taxes, sales taxes, and state income taxes. Lastly, apply for permits and licences to operate based on your business type and location.
Once you’re all set, recruitment of employees will come naturally. Remember to secure every single detail before giving your company a go. It’s a big investment, so take care of it even before it begins.