This episode of Digital China welcomes guest Kristina Koehler-Coluccia, Head of Business Advisory at Woodburn Accountants & Advisors. Listen to Ashley and Kristina cover topics such as how to structure your business in China? How much taxes will you pay? What shall you know about hiring staff in mainland?
One of the top advices Kristina gave for businesses that would like to enter China is to build a network of people with different expertise, say marketing, e-commerce, distributors, logistics, legal matters, etc. It’s important to develop an ecosystem of people so you can have very focused discussions with them on specific areas of your China entry strategy. It would almost be mission impossible for foreign businesses to enter China just as a complete outsider, especially during these COVID times when travel is not very much possible. The key message here is to know when to outsource your tasks and who to delegate to. Another one of the most valuable advices Kristina frequently gives to her consultation clients is to do research. Businesses need to complete their research about their prospective markets, competitor analysis. It’s not until then can businesses acquire sufficient data to justify for a concrete business plan and budget. One of the most common mistakes made by businesses is that they often feel intimidated about reaching out to different parties and getting the answers they need. A lot of the times though, these answers are just one phone call or email away. Get in touch and speak with relevant parties to do better research.
Check out this podcast to see Kristina shares more on how to set up a business in China. If you would like help with your China market research and strategy or receive training on Modern Chinese Consumers or Chinese Social Media campaigns, get in touch with us!