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by Oriental » Sat, 23 Apr 2005 6:18 pm
Hi Wu,
It is a basic rule in business that where there is money to be made there will be competition, except in the case of monopoly, but that's another story.
Don't let the fact that there is competition scare you off. In fact, knowing that you will face fierce competition should ignite you innovative drive.
Now, you know from dan5oh that the service you want to provide is already being marketed to MNC as part of an expat-package.
You know from Strong Eagle that he as an expat would never, out of his own pocket, pay for the service you want to provide.
Lets say that this represents a general picture. What are your options then?
Well, with my knowledge of expat life and business innovation, being a former expat and current entrepreneur, I suggest you look at the market you want to target in a different way.
Statistics show that more than 40% of all expats will return to their home country before their contract period is up. This is a huge problem for MNC and SME, who send personel abroad. Not only will a failed expatriation be associated with substantial costs (S$ 300,000+), but the international operations could be compromised due to lack of a competent manager, technical expert etc.
Now, research shows that of the 40% failed expatriations the majority is in fact due to the spouses. If the spouse of an expatriate does not settle in in their new home country he or she will make daily life a real trial for the partner. This will eventually result in a premature termination of the expats contract.
Knowing this, you should investigate the possibility of targeting MNC and SME with expats in Singapore and sell them a service that enables their expats spouses to feel at home in their new home country. As the spouse will directly affect the success of the expatriate your service should prove to be a very good investment in "family resources" for MNC and SME. Say, you will charge S$ 9,500 for a "family resources" package that will minimise the risk of the MNC or SME of loosing S$ 300,000 and furthermore make them benefit from high productivity of the expatriate, then if you are a good salesman you should be able to generate a good turnover and profit.
Good luck with whatever business you choose to venture.
Best regards,
John