If, like many people, Thailand is a place on earth that you love, then you might have thought about the possibility of starting your own business over there. It’s not uncommon for people to visit Thailand, fall in love, and then think about moving there to live permanently, and starting your own business can be one of the best ways to make this happen. However, doing business in Thailand, with a different culture to what you’re used to and changing seasons in terms of tourism can be challenging. Here are some tips to help you achieve the success that you want.
Network with Like-minded Entrepreneurs
Before you get to work setting up your business in Thailand, it’s a good idea to learn more about what it’s like from the people who are already living the life that you’re pursuing. Business networking events in Thailand are a great place to meet both native Thai entrepreneurs and those who have moved from other countries to start their own business here; it’s a great way to get talking to people, find out more about doing business in Thailand overall, and figure out how your chosen industry performs in different parts of the country.
Understand the Industry
How you go about starting your business in Thailand will depend largely on the industry that you have chosen to operate in. If your business is aimed at tourists and will rely heavily on tourism to make money, you will need to keep in mind all the challenges that this could bring. For example, your business may do well during the high tourist season in spring and summer but struggle during the winter, so you will need to make sure that there are plans in place to offset this and prepare for it.
MICE tourism events are one way to network with other people in the tourism industry. Events organizers bring large groups together to enable networking, business transactions, and more. It’s a great idea to attend these events if you want to grow your tourism business.
Get to Know the Culture
If you’re used to doing business in your home country but not in Thailand, making the switch could come as a bit of a culture shock to you if you are not prepared. The way of doing things in business in Thailand is going to sometimes be different when compared to other parts of the world, so it pays to do your research and understand the culture so that you can make as smooth a transition as possible. Teaming up with a Thai business partner can be very helpful.
Research the Cost
Finally, be sure that you are clear on the true cost of starting a business in Thailand. Setting up everything and making sure that it is all in line with the country’s legal requirements can be expensive, so you will need a good lawyer and a Thai speaker who you can trust. You will need to ensure that you have sufficient capital to get you through the start-up process and the early years of your business.
Starting a business in Thailand can be an alluring prospect, but it’s important that you’re ready with all the facts before you get started.