Spotlight on Japan: Expanding into Japan
What companies come to mind when you think of Japan? Car companies like Toyota, Honda or Nissan? Or maybe tech companies like SONY and Panasonic? It’s incredible that some of the world’s largest public companies come from a rather small island in the Pacific, but its innovative culture is what has made it a main player on the world stage. HSBC, Dyson, GlaxoSmithKline and Topshop have all broken into the Japanese market, not to mention countless small and medium overseas countries that enter the market with the support of local partners.
Japan has become a sort of milestone in international business terms. Companies looking to expand into the Asian market start first with Japan. Japan has a vast economic market, and the future is bright: the 2020 Olympics will be held in Tokyo, a massive opportunity for ad revenue and sponsorships in Japan.
Although Japan reaches their arms wide open to international businesses, that doesn’t mean that expanding your company into Japan is an easy task. You’ll have to be very patient when breaking into the Japanese market. You can try to dive in head-first, but studies show that long-term commitment and planning will yield much bigger profits for your business. You will also need the support of local partners, who will be able to give you advice on Japanese business customs and markets. The Japan External Trade Organisation (JETRO) is a governmentally-regulated organisation designed to promote Japan’s exports; it is also a great place to start for this sort of information, as they offer a wide range of services, including advice and consultations for international business owners looking to break into the Japanese market.