Planning to settle in Hong Kong and not sure which kind of business would be a success? Well, incorporating a business in Hong Kong might be a great idea, but you need to ensure that the kind of business you open has the right scope for becoming successful. Even though Hong Kong is known as one of the largest business hubs in the world, there are some industries that do not become successful easily.
Hong Kong has attracted many small and successful businesses from various industries from technology, finance, business, catering, and many more. And while there are startups under these industries that have successfully achieved notoriety with their initial efforts, businesses from some other industries experience difficulties.
From the many business startup opportunities that Hong Kong has to offer, it has become more difficult to decide which business idea is more likely to excel than others, and what will ultimately be accepted in the market. Therefore, you need to know which business can help you to become a success in Hong Kong.
To give you a hint of what your business idea could be to be highly successful, here is a list of the most trending and profitable business ideas in 2018:
1. Website Design And Development
With today’s digitization, online marketing has become one of the hottest trends. It demands creative website designers and developers and has been the most profitable and lucrative business to run. So, if you are an expert in web development or design, you can use this idea to start your own business with less to no investment needed.
2. Application Development
Besides website design and development, app development is also trending. With nearly everyone owning a smartphone these days, there is an emergent need for app developers. You can take up this business idea to start an app development company. Just ensure that you know all about the various app development languages. Moreover, if you are not an expert in app development, you can also outsource the work to a freelancer.
3. Consultants Service
Hong Kong is listed on the top when it comes to setting the branches for a consultancy business. With the rise in the number of small business setups in Asia, consultancy services are much in demand, especially in Hong Kong. A business consultant works towards guiding entrepreneurs with the setup procedures.
Other than counseling entrepreneurs in finding the right business idea, there are numerous other counseling services that are needed in the startup world. Consultants can also provide services like renting the right office space, registration and incorporation of the business, recruitment process and most importantly, the marketing process of the new venture.
So, if you are looking for a small business idea with great potential, you can start a consultancy business in Hong Kong. Just pick up the thing you can best counsel in and begin to work on the business plan.
4. Catering Services
Another useful small business idea, which does not require expensive rent, is running a catering service. As a matter of fact, the overhead in this business doesn’t have to be much. Running it from your home can help you avoid unnecessary expenses.
All you need is to make yourself a brand by serving quality for which people and businesses can happily pay the value price. It is advisable to keep up the consistency in the quality as this business usually grows with great and consistent customer reviews.
5. Bookkeeping and Tax Preparation
Another great business idea is opening a tax preparation and bookkeeping business. If you are pro in numbers, then you can choose tax preparation and bookkeeping as a business opportunity with the least overhead. The major advantage is that it does not require expensive equipment or fancy premises.
6. Travel Agency
Starting a travel agency is one of the easiest industries to enter and doesn’t require a lot of investment. And if you are planning to open this business in Hong Kong, you would surely have a great idea for a successful business as many tourists flock to Hong Kong every day.
Moreover, tourism can be a fabulous business opportunity where you can help people by providing help with transportation facilities, arranging tickets, sightseeing, hotel reservations and much more.
7. Cleaning Services
A cleaning service is that business opportunity which would always be in trend and very profitable. This idea is a propitious business idea which is least adopted but is still very rewarding. You can start it with extremely low overhead by investing in merely a vacuum cleaner, polish and floor cleaners. So, if you are open to this idea, it would be a great one for working in Hong Kong.
8. Product Sourcing Agent
In Hong Kong, starting a business as a product sourcing agent has become one the most significant small business ideas, which gives enormous profits on a larger scale. The most captivating thing about starting a small business in Hong Kong as a product sourcing agent is that people from other countries tend to purchase inexpensive items in bulk from China, as it is famous for selling cheap items at wholesale price.
Due to language and distance barrier, people find it difficult to source the products by traveling to China. So, they choose the internet as the only medium for buying the products. Therefore, sometimes they get scammed by unscrupulous people posing as sellers.
So, if you are setting up your business as a product sourcing agent, you have to win the trust of your target audience. Furthermore, you can begin with a user-friendly website or can partner with existing e-commerce websites and use the lead generation tools. Many entrepreneurs even spend their capital on hiring a search engine optimization specialist and a digital market expert to increase their online presence.
9. Real Estate Brokering
Real estate brokering is a trending small business idea in Hong Kong as the profits associated with real estate remain steady. Setting up a real estate broking firm means you will be acting as an intermediary between sellers and buyers. All it takes is huge connections and a brokerage license.
10. Tutoring Online
It is a great idea to convert your skills and talents into an income source. If you are born genius, and you have mastered any of the subjects like science, math, literature, etc or any vocational talent like playing an instrument like the guitar or others, then you have an excellent business opportunity. You can offer an online tutorial to the target audience, which has much less startup costs than the others.
11. Logo Designing
Logo designing is essential for every entrepreneur who has put their business on board. Are you also looking for a small business startup opportunity? If so, then logo designing is very profitable and convenient as it does not require expensive overhead.
Many other large, medium or even small-sized businesses look for a logo designer who can create a unique and inspiring logo for their business website, which later becomes their identity. In a competitive industry, the more creative and memorable a logo is, the higher the chances are to be on the top of the trade.
12. Technical or IT Support Services
If you are a tech-savvy individual, then serving as an IT service provider is another trending, profitable and high-value small business venture. With the advent of technology, every business entity has become more reliant on IT help and support services, which requires more skills rather than just expensive overhead or equipment.
The only challenging part of setting up an IT support service is its recognition part in the competitive IT industry. For a notable impression, one has to follow relevant marketing trends.
13. Marketing Services
Marketing services are much in demand in every type of industry because it is essential for brand awareness. Marketing agencies are also on the top of the trending businesses in Hong Kong as they can attain higher profits by keeping minimum overhead. It only takes an internet connection, digital marketing tools and the use of advanced remote technology.
14. Call Center Agencies
In Hong Kong, another cheap business one can start is a virtual call center agencies. The reason behind its success in Hong Kong is none other than the strategies followed by the other countries to outsource their customer care representative functions.
Virtual call center agencies require a dedicated phone line, computer, ear and mouthpieces, and effective communication skills. In spite of the communication skills, it also requires an understanding of different languages so that the business can manage to handle the queries from different countries.
15. Amazon or eBay Seller
E-commerce websites nowadays have become the most reliable platform to buy or sell products. Since more and more people are starting to prefer shopping online rather than visiting the store physically, business entities have an excellent opportunity to set up the online shop as their new business venture. Also, sellers on Amazon and eBay are successfully making money every day.