Generate New Business Opportunities

As we head into 2022, there’s still no telling how the COVID-19 pandemic along with supply chain and labour issues will continue to disrupt the UK’s economic recovery, or how Brexit might further complicate things. Recruiting and managing staff is a massive step in the life of any small business and so is taking on new premises. Companies that have spent time focusing on upskilling their teams during COVID lockdown are seeing their investments start to pay off as they adapt the new world of working. This is the essential know-how guide about online meeting types all managers need to know to organize productive and comfortable remote gatherings. In the business world, however, opportunities do not get the chance to knock before they are shoved through the door.

They also have a proven track record of holding large scale sporting and entertainment events. Those foreign companies that succeed in Korea differentiate themselves from the local offer. Global Sports – South Korea will host the Winter Olympics in 2018 in the city of Pyeongchang in Gangwon Province. British companies with expertise in managing and delivering major international sporting events are well placed to offer their services to the South Korean organisers. Education– South Korea is one of the largest education markets in the world. English language training, including training delivered via e-learning, offers considerable opportunities.

When workers aren’t remote, the office itself will need to evolve, leading to fantastic opportunities for workplace design consultancies. Even more excitingly, virtual reality and augmented reality training and product development will become hugely important as forward-facing businesses adapt to the metaverse. Monitor your competitors closely – identify areas they don’t operate in and find out who they sell to – these are potential customers for your business as well. Examine their product range or the services they offer, check out their marketing and investigate their pricing.

This view of business opportunities is probably the best considering the fact that opportunities really do need to be taken care of in order for an entrepreneur to achieve success. Getting the opportunity is just the start of being an entrepreneur. In order to gather the fruits of success, an entrepreneur should be able to not only get the opportunity, but expand it. In most cases, you’re never entirely on your own with a franchise. Your parent company is always there to offer expert guidance and ongoing training support. Additionally, many franchises offer a range of HR and compliance functions; it’s the business regulations that keep most business owners awake at night, after all.

There may also be opportunities in niche markets such as shipping and construction where UK law firms already have considerable expertise. The number of lawyers is expected to double in the next five years as the South Korean Government liberalises legal services. Currently South Korea still has the lowest number of lawyers per capita in the OECD, making it a potentially strong market for UK law firms. South Korea’s e-learning market is one of the most promising niche areas in the educational tools and services industry. The South Korean e-learning market was worth approximately US $2.2 billion and had an annual growth rate of 7.4% in 2011 according to the South Korean National IT Industry Promotion Agency .

Pre-school children are educated in day care centres and kindergartens . Creative industries – South Korea’s overall design market is worth £10.6 billion. Seoul was the World Design Capital in 2010 and encouraged new and creative design concepts in and around the city.

Currently, there are about 3-4 UK & US law firms in receipt of an operating licence from the Ministry of Justice to set up an office in South Korea. Approximately more companies are currently applying for the licence. There are about 12,000 lawyers in South Korea of which around 7,000 work in Seoul. Over 600 law firms (including one-man offices) and 800 in-house lawyers operate in the country. All lawyers are required to become members of the South Korea Bar Association. With South Korean government initiatives in IT infrastructure and support for the development of IT industry, e-learning education has become a viable option for many South Koreans.

Historically spending 11 out of every 14 days at school, South Korean primary and secondary school students adopted a five-day school week in March 2012. Young South Korean students are now free on Saturdays and parents, teachers and local education suppliers are keen to provide various educationally enriching entertainment activities for them. The South Korean Education Ministry also encourages schools to offer extra-curricular education programmes for its students. 7% of the country’s entire GDP is spent on education and nearly three quarters (74%) of South Koreans undertake postgraduate level study. This creates excellent opportunities for UK educational institutions.

Moreover, the country is a global pioneer in shipbuilding, steel and the automotive industries. Samsung C&T built the Burj al-Khalifa, the world’s tallest building in Dubai, and state power utility KEPCO is delivering four new nuclear plants in Abu Dhabi, the Arab world’s first civil nuclear power facilities. In general, early-stage entrepreneurs tended to see more opportunities in the pandemic, perhaps because they had more flexibility to pivot, than those who had been operating their businesses for more than 42 months.