New Startup Business Challenges: Resistance, Scalability, and Putting In the Effort

According to legal terms, when you start conducting business formally in Hong Kong, the prerequisite is you are required to register your business. Very often you are not sure what to do, so at this point it is wise to dedicate this step to a professional Hong Kong company registration service.

All businesses are required to have a registered address. But when you first started your business, you are unlikely to rent a fully functional office at the prestige location in town. But that is no problem. You can rent a virtual office service that would provide you a valid business address.

One of the biggest challenges you will deal with when launching and running a business is your own resistance. Why not? Your competitors are often fully prepared and can be up against any challenges that are thrown in their paths. If you aren’t as prepared as them, how would you even get into a good start? We haven’t even talked about how you would catch up with any of your competitors, which is what you exactly need to do.

This is your belief: Your business success (with financial stability) will definitely come one day, and it will come from you expertly managing and running your business on your own.It is not about the small items such as writing copy (for advertising or social media posts), or rebranding your website. It is your product itself, especially the first product. Think about this. If you haven’t created the first product that can fit well with your target customers (i.e. They are people who buy your products and you make profit from them), then there is no expansion into creating the second or third products, and there is no scaling up (to sell your products to other markets).

Your business survival will highly rely on how quickly and how comfortably you can adopt your role of running your own business day-in-day-out, and whether you have put the first things first i.e. Certainly your product and business should come first before anything else that may have distracted your attention.

The best practice initially is to focus on one product i.e. Build your first product. But plan ahead. What this actually means is that on your one product, you will need it to be expandable or scalable. Think of upselling, cross-selling, etc. Take a typical mobile phone as a product example. The phone can simply a phone, but it can also be much more. When consumers buy the phone, marketers or many websites may cross-sell them with accessories of the phone such as ear-phones, phone sleeves, speakers, microphones, etc. Make good use of upselling and cross-selling by planning ahead when you are designing and building your first product.