What adjustments can I make to my business model to avoid negative impact from the Coronavirus or future viruses?
I have registered my company in Shanghai, China. I have a legally registered name, a legal import and export license, and a registered brand in China. I have put so much effort into marketing my company by investing online and in trade shows in Europe. I have been running for two years now and business has been going well. Most of my clients are in Europe and the USA. Since the outbreaks of coronavirus, my OEM producers shut down the production and the transportation is shut down as well. I can not deliver the products to my clients outside of China on time. Rarely do clients email me for new business either so I rely solely on existing clients.
I have been thinking of doing some adjustments to my business model for reducing risk. Please leave some comments and advice below on which option you think is best.
1. Transfer some production to factories in other countries. Maybe they have no molding tool but I can develop molds in China and send them for producing the products. Where could be the countries I can consider to transfer some of my production?
2. Register a company in Europe or the USA but under the same brand. Once virus outbreaks in China again, I can contacting clients under the name of a USA or Europe office to reduce their resistance to Chinese goods after the influence of coronavirus outbreaks.
3. Start hiring employees in Europe or the USA. Maybe shortly after the virus is controlled this time or the next time (maybe China will have a virus again), they will afraid to meet a Chinese for a business concerning the potential risk of getting infected. So maybe I can send the westerners to go deal with them.