You are good to go at this point, ensure you give the business the important attention it deserves, and you will haply reap the benefits of your hard work.
Choosing a business location
Your business location can be a physical location in terms of a premise or an online marketplace:
A physical business location
The physical business location should be a safe, convenient, and business-friendly site. It should be a place that your potential clients should be easily able to locate.
An online business place (e-commerce)
Before deciding on an online business place, be sure you are familiar with how to maneuver your way through your choice. The options available are a website, social media, or a mobile app. With online location, traffic is a reliable source of potential clients. So be sure your marketing skills are above top-notch. Opting for social media should be only for those with great supportive followers. I stress support because you can have many followers who will not bother to support your endeavor.
You also need to know how to reach different audiences. That means you must be well versed with the needs of each category of audience.
Last but especially important, always ensure that you deliver exactly as advertised. Do not advertise a certain product/service and offer another.
E-commerce comes in two different forms: Business-to-Consumer (B2C) and Business-to-Business (B2B). Just as the name suggests, B2C is a business that deals with consumers, you sell directly to the last persons in the supply chain, the consumers. While B2B is a business that deals with another business, their client is another business who in turn sell these goods/services to their clients or transform them into other products.
Government’s role in supporting the small business in Hong Kong
The Hong Kong government is to ensure that it provides a conducive business environment for the small businesses to thrive in. It does so through low tax rates, support for innovative works, protection for intellectual property rights, protection of individual rights, steady human resources supply, excellent infrastructure, funding schemes, grants and tax incentives, among others.
The government also provides free business information and secretariat support to those intending to start a small business in Hong Kong.
Small business usually succeeds through referrals. You provide a good service or deliver an excellent product, and your customers/clients will refer to new potential clients to your place. Also, small business owners usually face adverse economic effects during economic recessions. It is therefore important when starting your small business to purpose to keep it small but powerful. Do not spread yourself thin. Select a particular product or service and give it your full attention.