Here are five things you should know before doing business in China.
1. A mosaic of markets
China is the world’s most populous nation, with its sprawling 1.3 billion people making up a highly diverse market.
There is no single consumer profile, and analysts suggest companies remain flexible and innovative, while understanding how their company would fit in each specific market.You need people who’ve been in the market, you talk to trade associations, you talk to trade promotion bodies, you talk to people and bit by bit you get to understand the dynamics.
“If you have something they want, they’ll do business with you no matter whether you can hold chopsticks or not.” – Stephen Perry, 48 Group Club
2. Business culture and etiquette
Operating in a country with a history of thousands of years — and ways of doing business that go back as far — it is valuable to develop insight into China’s business culture and social etiquette to avoid misunderstandings that could scuttle deals and harm working relationships.
One key aspect of Chinese culture is the concept of “face”, a mix of public perception, social role and self-esteem. A foreign CEO can give face by attending meetings, accepting invitations, providing suitable expensive gifts and showing sensitivity to Chinese culture.
“The most important thing is, whoever you’re meeting with or whoever you’re dealing with, to treat them with respect.” – Jack Perkowski, entrepreneur
3. Taking a market-based approach
Western businesses looking to tap the Chinese market should be aware of local preferences, and adapt accordingly.
For example, Starbucks started serving green tea lattes in a bid to get a traditionally tea-drinking nation hooked on coffee; McDonald’s adapted its menu to include items like spicy chicken wings and chicken burgers in an effort to appeal to local tastes.
4. Procedures in China take time, patience and money
It’s very important when a western company tries to go to China they have to realize that success in China takes time, it requires patience and it costs a lot of resources.
China is growing in the field of consumer goods and it will grow fast so people have got to find a way to match the future impact of China with the current characteristics of China.
“The only way you are going to ultimately be successful is by putting together a good team.” – Jack Perkowski, entrepreneur
5. Build a strong local team
When you’re just starting, you’ve got to recognize there’s going to be a limit to what you can do traveling back and forth to China. Surrounding yourself with local talent can help you break deals, understand the culture and the complexities of the market as well as compensate for the language barrier for those who don’t speak Mandarin.
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Tip #1:
Never underestimate the importance of existing connections. You need to be dealing with a Chinese person of influence. If that person feels you are trustworthy enough, and if they can get their network of contacts to trust you, there is a chance you will succeed.
Tip #2:
To protect your intellectual property, use the same due diligence you would in the West.
Tip #3:
Never pressure your Asian colleagues for a decision. To speed up the decision process, slow down. Start from the beginning and work through to a solution in a logical, step-by-step fashion. Then stand your ground.
Tip #4:
The negotiation process will be anything but smooth. Your best strategy is a walk away mentality. You have to go in trying not to make the deal. Explain your position in clear, concise words. State your terms clearly. Respectfully. Then be prepared to walk away if your terms are not met.
Tip #5:
Respect face. Never argue or voice a difference of opinion with anyone even a member of your own team. Never make the other person wrong. Never say “no” directly, as that is considered rude and arrogant.
Tip #6:
Talk in short sentences. Listen more than you speak. Pause between sentences. Find four or five easy ways to say the same thing. Never ask a question that can be answered with a simple yes. Avoid all slang. Skip humour altogether.
Tip #7:
Manage the way you present written information. Document everything in writing and in precise detail. Present your ideas in stages. Write clearly, using plain English text. In order to appeal to Asian visual bias, use sketches, charts and diagrams.
Tip #8:
Prepare for every interaction. Do not count on your ability to wing it. A lack of preparedness can cause loss of face and trust. Do not give or expect to receive partial answers from your Chinese colleagues, as that is considered offensive.
Tip #9:
Make sure your facts are 100% accurate in every detail, or you will lose credibility. Do not present an idea or theory that has not been fully researched, proven, or studied beforehand.
Tip #10:
Everyone on your team needs to know how to avoid costly gaffes. Most of us are not by nature sensitive to the differences in culture, we have to be taught. It makes sense to teach people the cross-cultural factors that have a direct impact on your profits.
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In recent years, however, the Chinese business climate and regulatory structure have improved, and experts and business people say that with a little effort and knowledge, launching a venture in China can be easier than ever.
Find a Chinese partner
The first and most important thing anyone hoping to set up a business in China should do is find a local partner. A local partner will most often be an established Chinese-owned company, or a businessperson with good contacts in the country who can navigate the complicated regulations and legal processes and, most importantly, deal with China’s government directly.
Understand the business culture
China is a world away from America or Europe, and more than a world away when it comes to doing business there. In America, contracts, deals and other arrangements are fairly transparent between businesses working together. Not so in China.
In China most business gets done over drinks in social settings, as opposed to in America, where it often goes done in the boardroom or on the golf course. And decisions are more often made informally during conversations rather than on paper, a fact that helps keep the country’s “old boys network” alive.
Realize unique opportunities
It may sound like doing business in China is quite the nightmare, and it can be in some ways. But if you can deal with the headaches, you can get access to a wide range of unique and lucrative opportunities.
The Chinese government is emphasizing innovation as one of the keys to its future economic success, and as such, it’s providing a number of unique incentives that can make doing business there very profitable.
China is no longer the Wild West of business that it once was, but it is still a dynamic place where bold, informed investors and entrepreneurs can trade a little risk and uncertainty for potentially great reward. It’s globalization in action, and it’s not as difficult or scary as it was even a decade ago
Visit NiceNIC.NET website to get more practical advice on getting connected with the huge market of China! – See more at: http://nicenic.net/connect_china/
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1. Do your homework.
Talk to people who have opened offices in China. Ask them how they succeeded and especially how they failed.
Make sure you’re informed about the state of the industry you’re in. A lot of this research can take place from your own home.
China wants high-tech.
China does not want pollution.
Chinese want businesses that will give a lot of people good jobs.
Chinese want to encourage development inland.
2. Pick a location
First, get to know the big cities. Shanghai, Beijing and Guangzhou are the major business, government, and industrial centers.
Once you’ve settled on a region, you have to find an office, since you’ll need proof of a lease to register your business.
You have to get an office rent agreement and you can use that as your office address, the agreement essentially promises you the space on the condition your business gets approved
3. Choose an entity status
A joint venture requires a partnership between a foreign business owner and a Chinese citizen.
Representative offices are an easy, low-cost way to go, but it drastically limits the scope of what you’re allowed to do in China.
The most common type of entity, therefore, is a wholly foreign owned enterprise, known as a WFOE.
4. Develop a business plan
A detailed five-year business plan is crucial, because once the government approves it, you will be able to operate only within its guidelines.
Make sure you include your location, projected revenues, product or service description, expected number of employees and budget requirements in the plan.
5. Find a liaison … or several
No matter how informed you are, you won’t get very far without consulting a representative to register your business.
A qualified liaison should be able to tell you where you need to go to register, whether it’s the local, provincial or national government, and should do the talking once you get there. You need somebody who has negotiated that territory a number of times before and you absolutely have to have people who speak Chinese to go meet with the local officials.
6. Find a bank
This part should be quick and easy, since there are plenty of banks with a huge presence in China.
If you’re dealing with a bank that doesn’t have any relationship with banks in other countries, it makes it tough to keep track of your money. You need to make sure you have a bank in your own country and a bank in China that has some sort of corresponding relationship, so your banking is more transparent.
7. Hire a staff
Hiring in China is a delicate process, especially when it comes to hiring managers. Don’t assume that just because a person’s English is impeccable they’ll be able to run the business properly.
If all things are equal, the language skills can be greatly beneficial, but it’s far more important to have a smart business person in that role who’s going to run the company the way you want it run.
Good talent doesn’t come cheap, according to the experts, so if you want the best, you have to be willing to pay them what they’re worth.
8. Take it slow
Now that you’re all set up, you have to manage expectations.
Don’t jump into quick business deals just to turn a profit. It takes time to build business relationships over there.
What will win you success in the Chinese market is patience. The Chinese have been doing business in a certain manner for thousands of years. Don’t even start to think for a millisecond that you’re going to change it.
Visit NiceNIC.NET website to get more practical advice on getting connected with the huge market of China!
– See more at: http://nicenic.net/news/messview.php?ID=13320
1. Do your homework.
Talk to people who have opened offices in China. Ask them how they succeeded and especially how they failed.
Make sure you’re informed about the state of the industry you’re in. A lot of this research can take place from your own home.
China wants high-tech.
China does not want pollution.
Chinese want businesses that will give a lot of people good jobs.
Chinese want to encourage development inland.
2. Pick a location
First, get to know the big cities. Shanghai, Beijing and Guangzhou are the major business, government, and industrial centers.
Once you’ve settled on a region, you have to find an office, since you’ll need proof of a lease to register your business.
You have to get an office rent agreement and you can use that as your office address, the agreement essentially promises you the space on the condition your business gets approved
3. Choose an entity status
A joint venture requires a partnership between a foreign business owner and a Chinese citizen.
Representative offices are an easy, low-cost way to go, but it drastically limits the scope of what you’re allowed to do in China.
The most common type of entity, therefore, is a wholly foreign owned enterprise, known as a WFOE.
4. Develop a business plan
A detailed five-year business plan is crucial, because once the government approves it, you will be able to operate only within its guidelines.
Make sure you include your location, projected revenues, product or service description, expected number of employees and budget requirements in the plan.
5. Find a liaison … or several
No matter how informed you are, you won’t get very far without consulting a representative to register your business.
A qualified liaison should be able to tell you where you need to go to register, whether it’s the local, provincial or national government, and should do the talking once you get there. You need somebody who has negotiated that territory a number of times before and you absolutely have to have people who speak Chinese to go meet with the local officials.
6. Find a bank
This part should be quick and easy, since there are plenty of banks with a huge presence in China.
If you’re dealing with a bank that doesn’t have any relationship with banks in other countries, it makes it tough to keep track of your money. You need to make sure you have a bank in your own country and a bank in China that has some sort of corresponding relationship, so your banking is more transparent.
7. Hire a staff
Hiring in China is a delicate process, especially when it comes to hiring managers. Don’t assume that just because a person’s English is impeccable they’ll be able to run the business properly.
If all things are equal, the language skills can be greatly beneficial, but it’s far more important to have a smart business person in that role who’s going to run the company the way you want it run.
Good talent doesn’t come cheap, according to the experts, so if you want the best, you have to be willing to pay them what they’re worth.
8. Take it slow
Now that you’re all set up, you have to manage expectations.
Don’t jump into quick business deals just to turn a profit. It takes time to build business relationships over there.
What will win you success in the Chinese market is patience. The Chinese have been doing business in a certain manner for thousands of years. Don’t even start to think for a millisecond that you’re going to change it.
Visit NiceNIC.NET website to get more practical advice on getting connected with the huge market of China!
– See more at: http://nicenic.net/news/messview.php?ID=13320
.Berlin is in second place with 43,678 registrations , while .Photography has 30,382 registrations.
Here are today’s stats on the first 30 latin New gTLDs that are into proper general availability :
1. .guru 47,155
2. .berlin 43,678
3. .photography 30,382
4. .today 17,941
5. .tips 17,833
6. .email 16,708
7. .company 12,433
8. .technology 12,398
9. .directory 11,372
10. .center 9,850
11. .clothing 9,765
12. .land 9,721
13. .bike 9,583
14. .gallery 9,294
15. .solutions 8,767
16. .photos 8,419
17. .estate 8,379
18. .equipment 6,868
19. .singles 6,306
20. .sexy 6,142
21. .ruhr 5,791
22. .academy 5,591
23. .systems 5,510
24. .ventures 5,282
25. .training 4,931
26. .support 4,784
27. .graphics 4,747
28. .uno 4,553
29. .holdings 4,180
30. .lighting 4,124
ICANN Accredited Registrar
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37.com was March 2014 highest selling domain name. The domain name changed hands for $1,960,800.
Here are the biggest domain name sales of March 2014:
1. 37.com $1,960,800
2. Accommodation.com $286,000
3. QY.com $100,000
3. DDOS.com $100,000
5. Blacklist.com $85,000
6. Like.it $75,900
7. Jamrock.com $68,750
8. Arwin.com $60,000
9. 1905.com $57,000
10. iAcademy.com $55,000
11. Trace.com $50,000
11. CancerDiet.com $50,000
13. iMeeting.com $47,750
14. NM.org $35,000
15. Juwan.com $32,500
16. Umbrella.co.uk $29,050
17. Homify.fr $27,800
18. FreeSpins.de $27,600
19. Catterton.com $25,000
19. Ntent.com $25,000
19. AmericanGreen.com $25,000
ICANN CNNIC HKIRC Accredited Registrar
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The Coordination Center for TLD RU/РФ, responsible of the administration of .RU and .РФ extensions, is now approaching 5 million domain name registrations.
.RU currently holds the 6th position in list of biggest ccTLD抯 after .DE , .TK , .UK , .CNand .NL, with 15.3 million domain names for .DE, 15.1 million domain names for .TK , 10.3 million domains for .UK, 6.4 million domain names for .CN and 5.2 million domain names for .NL. .RU is also a leader in terms of growth rates among the biggest ccTLDs.
The fourth million .RU domain name was registered on 17 September 2012, while the third million .RU domain name was registered registered on the night of 24/25 September 2010.
Three years ago, .RU got a little brother, IDN TLD .РФ. Since then, the Internet market in Russia started growing twice as fast: by approximately 1,000-1,500 new domain names daily in each domain zone.
Up to date there are 4,929,310 .RU domain names registered.
Register .RU Domain Name with NiceNIC.NET.
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Are you ready to take your website from regional to global? Worldwide recognition is just two letters away. People everywhere are familiar with .CO web addresses. So by upgrading your web address to the internationally recognized .CO domain, you’ll be seen as a global player. Plus, your web address will be shorter. And that’s always a good thing.
From startups and small businesses to big brands and multi-national corporations, the .CO domain is the web address of choice for innovation and creativity. .CO gives your big ideas a way to stand apart on the world’s next premier web address.
.CO is recognized as meaning company or corporation across countries, cultures and languages. Millions of people, businesses, products and brands are claiming their domains, expanding their reach and building the next-generation Internet with the .CO domain extension.
THE KEY BENEFITS of .CO
>> It’s Memorable
For many, the two letters – C-O – are recognized as meaning company or corporation across the globe.
>> It’s Short
With an increasing number of people web browsing on mobile devices, the need for short and memorable web addresses has never been so important.
>> It’s SEO Friendly
.CO works the same as domains such as .com, .net or .org. Websites built with the .CO extension are given equal treatment for SEO.
>> It’s Global
.CO is different in that it is more general in meaning and not niche specific for certain markets or regions
>> And more
Find out what .CO can do for you:
.CO is helping innovators break new ground one site at a time. It offers individuals, organizations and businesses a truly global, recognizable and credible option for branding their online presence.
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Discover how you can bring your big ideas to life with .CO Domain Name!
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Edmon Chung, DotAsia CEO, presented at a Hosting Summit on the importance of IDNs and its implications for small businesses.
Chung says that the purpose of an IDN is to get more people online. With localized domain names, it is easier for businesses to relate to customers. Businesses in India use local language and this becomes an added advantage for SMBs, he says.
Why a Domain Name is Critical
“On the internet, perception is a reality.” he says.
Domain names once were used as merely a navigation tool but they are now recognized as a brand itself. Chung says 30 percent of Google’s ranking algorithm is based solely on domain names.
He iterated the common mistakes done by SMEs, which are as follows:
Deciding on a company name before a domain name: Chung says that this selection should go hand in hand; that is, a company name should be decided by keeping the domain name in perspective.
People tend to register very long domain names which makes it very tough to memorize or recollect thereby losing its novelty.
People are generally not willing to spend too much on domain names.
He said that small sites should resort to names that are general which makes it more meaningful and that is where IDNs come into play. He urged the audience to have more than one domain associated to their business so that the traffic meant for their domains can be reclaimed by the subordinate domains that are used for the business along with the central domain.
What Are We Missing?
Chung explained how users have been searching in their local language and how these searches could reach the right destination owing to IDNs. He says searches on Facebook and Twitter have surpassed Google in some areas, thereby emphasizing on the potential use of IDNs.
DotAsia (NiceNIC.NET is a DotAsia Accredited Registrar)
Having a .com site could mean less to the general mass, according to Chung. That is, they might relate .com to computer, communication, company, etc. Whereas, when it comes to .asia it’s not the case, because the correspondence to the domain name is strong. DotAsia is one the very few gTLDs that has opted for IDNs to be integrated into its TLDs. For eastern asian markets, Chung says if a small business wants to move a step closer towards making their products or services available to a larger audience, a .asia website would be helpful.
Chung says Google and Amazon are vying for namespace and cloud space with 101 and 76 new gTLD applications, respectively. He mentioned how there has been a rise in the usage of registration of .asia gTLDs as the highest number of registrations for .asia was from Japan as opposed to the US last year.
Chung concluded his presentation by discussing why DotAsia is not only about generating revenue but is also about creating more value by initiatives like olpc.asia (One Laptop Per Child).
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