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Three tips for entering the Chinese marketplace

Most people understand that starting a business in another country will be different than starting a business here in the United States. What some people don’t realize is just how different China’s market is from the United States’. Because of cultural differences, there may be more hoops to jump through when entering the Chinese marketplace.

Here are three steps business owners may choose to follow:

1. Understand what you are getting into and research locations. It is important to realize that you are not the only entrepreneur looking to start a business in China. Researching how competitors run and operate their company in China may be helpful when creating your company’s business plan. Figure out in which city your company would be most likely to thrive. For example, if you want to start a tech company, a highly populated city is probably the place to start.

2. Consult the necessary advisors. Speaking with the right people may be critical to your business’ success. Several resources provide U.S. citizens with information on China. You could start with the US-China Business Council or an international business attorney. Qualified advisors will be able to help you file the necessary documents to get your business started and can keep you updated on laws or regulation changes that would affect your business.

3. Strategize with the consumers in mind. Understanding that different cultures cultivate different consumer behaviors may be important for business success. Your company may be more likely to sell products if you hire staff that knows your business ethics and consumer behavior. It may be wise to hire employees from the U.S. and China that understand the e-commerce environment. Hiring employees that understand Chinese cultural practices and speak the language may be key in day-to-day business operations.

Even though starting your business in China may seem more difficult than starting a business in Europe or America, there are huge financial advantages. China’s economy has been booming for the past few years while the U.S. and Europe’s economies have seemed to flatline. China’s economy is expected to have continual growth for the next decade.

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