In terms of the survival of startup companies, many people would have guessed. Do you know that close to 50% of all startups fail each year? Only a few startups which are the ones who can do well and really have the potential have managed to survive for more than five years. When applying the above numbers to the Hong Kong business environment, managing a startup and making it survive is not only about a Hong Kong incorporation of a new company. It takes more than most entrepreneurs would have thought to sustain your HK based company in the market for a longer period of time. The only viable solution is to create a startup growth strategy/plan right from the beginning.
Having a profitable business is the first step, sometimes only the first short term step. It is far from an achievement and it is not enough to keep your local Hong Kong business running for long. The continuous path for your HK startup to success depends on quite a few evolving strategies that can be tested over and over throughout a long time.
Start with evaluating your company’s value propositions. Know your core business from the beginning and take it from there to set your plans and business apart from your competitors. This involves knowing why customers may be coming to use your product instead of going for the similar products of your competitors.
You won’t simply stop there. After you have structured your business model, you let it run for a period of time. But constantly you will have to review it – Whether it works well, or it can be improved. You can against whether your pre designed goals are being achieved under the current business model. That’s the quickest way of evaluation. You must keep in mind that at this very stage it is not a straightforward path. You need to test your ideas. Create a revised business model and update your goals when things are becoming outdated. Communicate with your employees about the updates so they can act accordingly.
You may be marketing your product to only the Hong Kong local audience.But you should still take full advantage of making use of social media such as Facebook page, Twitter Tweets, Instagram stories, etc. In social media, you can do a lot including positioning, branding, sending out messages about your values and missions. The advantage is that the use of social media is free. The disadvantage is that you will need to spend the time to prepare for the materials for posting (including images, videos, short text content, etc), or you will have to hire a freelancer to handle the daily operations of the social media accounts of your business.