Are you planning on expanding your business base, how about Japan?
Japan has been the world’s third-largest economy and 20 million Internet users and 50 million mobile phone users; Japan has a lot to offer international businesses. Japan holds or represents 10% of the world’s economy and has an e-commerce sale that reached $120 billion in 2017. Japan has signals opportunities moving forward, and this significant advance highlights the consistent and robust growth of e-commerce.
Japan has a strong population of middle-class consumers that embrace new technologies and have a high disposable income; which is why Japan is suitable for international businesses offering premium goods or services or innovative solutions that are digitally focused. So, if you are planning to expand your business into Japan, we have listed below some tips that will efficiently help you.
Here is a quick guide to follow:
- Summary of your business that will show what your business is all about for potential investors.
- Your company descriptions including what you plan to offer, who you will be selling to, why you are selling them.
- Why should people buy your product or service and how do you plan to get it to them?
- Do you plan to hire people and how many workforces do you need?
- Workout your finance and costs.
- Market Entry Strategy
How do you plan to enter the market, what is your blueprint for the delivery of your goods or services to the customer? Your market entry should also focus on your customers and your competition: and you should also ask yourself what you to offer base on products, services, and prices? Do you have a good strategy to knock off your competitors?
Your competitors will break or make your business so you should always know what they are up to, for example, if their services or products are cheaper than yours, it is essential to find out why. Your curiosity should be on who are my competitors, what products or services do they offer and what is the Japan market potential.
There is what is called SWOT – Strengths, Weaknesses, Opportunities, and Threats, which you should conduct. This will contextualize your business with the market and juxtapose your competitors.
Market research mainly focuses and deals with a business investigating how a consumer market it’s, and making sure your product or service juxtapose it. Market insights will give you the opportunity of knowing more about your consumers like there patterns and habits, allowing you to understand how they will react to your goods. The times, places, seasons, moods, etc. they will likely buy your products.
This means that you need a well written and well-researched business plan essential before you plan on expanding into Japan.
Japanese are challenged when it comes to using English – you can’t believe what it takes when consumers want to buy your product when all they see are contents in English! There are more than just borders to cross.
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