You may have been itching to startup your own business, but haven’t known where to start? Maybe you held off, hoping something will turn up that ticks all the boxes, but it hasn’t happened yet and now you’re wondering whether it ever will?

Starting a business in Hong Kong is easy: You don’t even have to register a business name. In a sense, you are already running a business, because you are a legal entity that buys and sells. This type of business is called a Sole Trader and you are running it in your own name. Typically, you sell your services as an employee and buy things, such as a roof over your head.

In Hong Kong, my rule of thumb is 80% of businesses fail in the first year and of the survivors, 80% fail in the next four years. Pretty grim! I know it sounds weird to go into business to fail, but for a first business, this may be a winning strategy?

Look at it this way; work out a budget and set aside an amount of money you can afford to lose, whilst learning what works and what doesn’t. And here’s the big advantage: You already have skills you are selling in the marketplace. Even without a good idea to start a business, you can go into business by selling the skills you already have; as a freelancer!

What’s the worst that can happen?

As to why this is a winning strategy? Many people sink their life-savings into business, only to lose it all. However, if the amount lost was affordable, then you can come back with an even better business second time around. Why better? Because, once you’ve run a business, business ideas start flowing and can’t be stopped…