#12 How to Start a Business in China with Nick Ramil, The Elevator Life

How to Do Business in China Nick Ramil is a location-independent entrepreneur based out of Guangzhou, China. Nick and his parter Tim are entrepreneur trainers and co-founders of  The Elevator Life, which helps expats and digital nomads set up successful businesses in China. They have also co-founded Enter China, a mastermind and networking group for China-based expat entrepreneurs. Nick believes that China provides the biggest opportunity for entrepreneurs to succeed and thrive, and in the interview he shares why. Some of his credentials: He has been living, working, and doing business in China for over five years. Created two physical product companies in China. He has coached multiple entrepreneurs to creating successful six-figure businesses in just one month. Nick and Tim took his company, Vincero Watches, from idea to successfully crowdfunding $132,349 on Kickstarter in Just 3-4 months. They also made the transition from successful crowdfund campaign to a sustainable business. From his time in the trenches doing business in China, Nick has learned the hard lessons and developed a system and process that, if followed, can help entrepreneurs be successful in China (which can also work anywhere). Some concepts we discuss in the interview... Big Concept: Validation. You can have a great idea, but you need to validate it as soon as possible, before you begin marketing, creating the product, or adding staff. Many entrepreneurs start building out their business before validating a demand for a product. Why it's SO important to uniquely position your business before you even start. Think about how you can be unique and bake that into the product. The personality traits needed to succeed as an entrepreneur and why being reluctant to share your ideas is a HUGE mistake. How important it is to become a part of a supportive community of entrepreneurs, ESPECIALLY if you want to start a business in China. The "Rip, Pivot, Jam" approach (coined by Dan and Ian of Tropical MBA) to starting a profitable business from scratch. Rip – Identify if others in the niche are already making money from it Pivot – Bring it to a new market, or take a new approach Jam – Crash the boards with 100% energy Also discussed in the interview, we talk about how teaching English is a viable way to break into China. You can work part-time, as Nick did, teaching 15 hours a week and be able to completely support yourself. For a reputable ESL and English teacher placement program in China that we endorse and recommend, check out New Life ESL. Also check out DavesESLcafe.com as a trusted resource with information about teaching. Check out Nick and Tim's helpful video series here. Nick shared a lot of great insights and war stories from his experiences. Enjoy the interview!