Start-up consultants might be a good option for every new and existing company, but a competent expert can be ideal for a new start-up for several purposes. Start-ups can benefit particularly well from the ability of a start-up consultant to understand and determine unmet needs and appropriate direction through at least various practices.
Accomplishment of Particular Tasks
It could be very helpful for a start-up to get something big off from its plate with the assistance of a consultant for a particular task. So, that there is an apparent goal to achieve and a way to determine success or failure. Once the particular undertaken work is accomplished, the start-up consultant leaves the company at a better position than before, with less work-load for management to bothered about.
Providing Coveted Time for Hiring
A Start-up consultant can provide your company the additional effort require to get over the hump, playing an important role until you can recruit for a particular position. This helps in filling the gap so you need not to rush through the hectic hiring process. The start-up consultant can be filling in as temporary employee, and if that particular task is done well, you might even utilise that consultant in your hiring process to find the ideal “replacement.”
Presenting an Outside Diagnosis
An average start-up consultant might be spending half of his time (roughly) in discovery, or take his time to understand your company. Then, research will be performed to understand the competition and to identify the market condition before sharing a recommendation to provide directional help. It is the outside opinion and the process and that actually makes a start-up consultant’s advice relevant and important; if you are willing to take a chance to reduce mistakes and to take the advantage of opportunities by thinking out of the box, then you will be required the perception of an unbiased business expert who has no emotional ties to the status quo.
The startup business cannot succeed without the involvement of prime and essential person known as consultant. In order to have flourishing business, a consultant is quite important to have a greater contribution for long term success. The process involved in appointing a full-time consultant is considered to be tedious task for the start-up business. If you engage the consultant’s property then it will make you to focus on product advances versus spending your treasurable time in hiring talented employees for the business.
A professional consultant used to carry out various tasks for the Thailand Startup Business Development like conducting interviews, offer outstanding services and assisting in marketing development. If you are looking for a well-trained and knowledgeable consultant, then it is quite essential to check their expertise by conducting interviews. The consultant has the capability to work for the welfare of the company along with you. Therefore, it is quite essential to choose a person who naturally suits for your business needs. To choose a best consultant, you have to carry out plenty of research work to acquire the best one beyond your expectation and needs. Before looking for a consultant, fix a budget range according to the profit percentage after that choose a consultant who will carry out fruitful services for your startup business without exceeding your desired price range.
What Does Startup Consultant Do?
A startup consultant is quite helpful in all kinds of business problems in an easy way. Since, good consultants usually have an awe-inspiring knowledge and experience regarding the business development. Moreover, they also encompass adequate years of experience, skills, knowledge and process for improving the condition of the business. The startup consultants are regarded as the outside experts who can solve issues on internal business. A consultant can offer enormous advantages to the business expansion and also aids in sales and marketing development. Other than that, consultants also execute their innovative ideas and skills for the improvement of existing business and also offer recommendations on specific tasks as well.
Similar to the internal employees, consultants also have self-determining schedules, sometimes have numerous clients and hence hired on the basic of contract or project. According to the consulting company, the consultants carry out their work either alone in group. When they tend to work in group, they tend to carry their own team that normally includes project manager as well as two analysts.
Why Do Business Owners Hire Startup Consultants?
Most of the small business owners like to hire consultants in a cost-effective manner because they serve as a perfect bridge to connect the gap taking place inside the company by making use of intensive skills and knowledge. These skills are extensively useful for the Thailand Startup Business Development so as to bring up unique, independent and professional perspective for the welfare of the company. Without proper startup consultants, business owners will never get flourishing success.
The below mentioned are some of the general reasons why most of the clients get the assistance of consultants for their business:
Formulating A Road Map
Startup consultant frequently necessitates for strategic planning which is regarded as the essential step in starting a business. But this strategy is missed tremendously by the startups as well. Most of the start-up businesses tend to operate in their own way because the entrepreneur might be new to the business or does have trust in the strategic plan requirement. This in turn leads the business to grow in an irregular manner. Without proper business strategic plan, the startups cannot able to reap the advantages which comes in the way of business development. Moreover, the business seems to be unprepared for its growth when there is no proper planning.
A well-reputed startup consultant can offer assistance to avoid those troublesome situations in the form of road map creation for the business strategic plan. The road map creation helps the business to concentrate more on its efforts, new opportunities, prepare to meet obstacles and aids the business to grow in balanced & logical way. The prime success of the Thailand Startup Business Development lies in the strategizing process since it is vital for startups. These sorts of plans put your business in top position and hence you can go ahead in terms of business expansion. It might make your business to create its further move to enter into the new market to beat completion easily.
Structuring a Business Plan
Another crucial thing which startup consultants can assist the businesses seems to be business structure. In order to renew the business structure beginning from the strategic planning session, professional startup consultants will offer guidance and support. The consultant can also assist the business to experience strategic alignment which in turn streamlines the divisions and department of the business.
Many startup businesses keep on adding department on the basis of their need or else to withstand their growth process. By doing so, several startups have been end-up with enormous departments which join each other or possess inaccurate roles within the business.
After some time, several divisions seem to be extremely unimportant and the firms are left with numerous departments which are not much necessary. Strategic planning and strategic alignment can help the entrepreneurs to re-envision the business structure. You can work out on the departments or divisions which you need.
Advices Required For The Business
Startup consultants not only create suitable strategic plans to have great influence on strategic alignment but also offer advices for business developments. Their advice and expertise are quite useful in several business areas and hence they tend to offer varying consulting services as well.
For instance, the startup consultants will able to analyze and carry out research process on your customer experience and hence inform you what is suitable strategy and how it will work for your business. Other than that, they can also able to suggest where you could easily outsource functions in terms of human resources.
Search for the consultant who comes through recommendation and also conduct some interview process to make sure that the consultant work with you for the development of business. You are expecting for some person who obviously fits to your business needs and requirements then there are crucial things to consider. Fix a budget depending upon the fixed profit percentages and then find the best consultant who will execute the services for startup business needs within your estimation. There are numerous consultants scattered all over the globe, so it is quite important to carry out some important research to acquire the best one for the business.
A startup consultant can assist in running a successful business by means of proper planning and execution. Startup consulting services shows positive effects on the business development. You need to keep in mind that all consultants are not treated equal and all business or business projects are not created equal, so you need to be highly careful in hiring a best consultant.
Startup consultant is regarded as the stepping stone for the business development and growth factor. You need to think why you need to hire a consultant, how long you will wait prior to seeing results and how much you can provide for the consultant. To gain positive outcomes for your business, you need to acquire a best consultant who can provide greater success for your business.
The post How Can A Startup Consultant Help You Run Your Business? appeared first on StartUp.
Source: Asian Correspondent
Across the globe and in Thailand, the nature of work is being transformed by an interconnected and complex set of factors like the unparalleled speed of innovation, technological advancement, climate change, demographic shifts, increasingly disintegrated production systems and rising inequality. These initiatives foster to a greater understanding of the changes and help the nations in developing effective policy responses that proactively shape the future.
The government of Thailand is striving hard to endorse “Thailand 4.0” as its new ploy and economic model for towing the country out of the middle-income trap and offer an impetus to the country to move into high-income range group.
In the initial model, “Thailand 1.0,” importance was given to the agricultural sector.
The following model, “Thailand 2.0,” focus was on the light industries that helped promote the country’s economy from the low-income to middle-income status.
In the late model, “Thailand 3.0,” the government is stressing on heavy industries for continuous economic growth. In this phase, the country has stuck in the middle-income trap and is facing imbalanced development and disparities.
The Thailand 4.0 initiative emphases on a value-based economy, as the nation requires dealing effectively with disparities and inequity between the society and environment. Thailand 4.0 comprises of three elements that mark a noteworthy change in the nation’s production and economy.
The modest answer is Thailand 4.0 initiative is an economic model which is based on innovation, creativity, high-quality services and new technology, employed for boosting the quality of life. This initiative is, however, a stepping stone in the advancement of the country’s development. Thailand 4.0 would focus on rotating country’s labor force into knowledge workers across key economic segments.
The process of achieving this is through exploring the use of technology, science and innovation for boosting the Thailand’s economy, concentrating on agricultural and industrial sectors, public health and medical technology, collectively with the overall trend for a robotics industry
In the steps for embracing a viable, value-based economy, building digital advanced start-up networks, developing digital communities, and creating digital parks for SMEs (Small and Medium-sized Enterprises), has become a priority for Thai government. It is easy to apprehend knowing that there are 2.7 million SMEs which account for 98 percent of all the business units in the country that also account for 37 percent of country’s GDP, 25 percent of exports, and offered more than 11 million jobs in 2015. ICT (Information and communication technology) therefore, is the key driver for national development, predominantly for gaining the transition to the knowledge-based economy needed under Thailand 4.0 implementation.
The digital economy has the potential for socio-economic impact and the country could build on the digital strategy for securing new opportunities for the nation.
As a part of this ongoing process, Azure Computers Thailand, a JV company of Aditya Group and a startup through Startup in Thailand initiative, has been helping a leading Thai bank with mobile technology application development for digital convergence on 4.0.
Propositions for a 100-hectare digital park is launched, signaling a colonel step forward in the country’s digital aspirations. The Digital Park Thailand, situated in Sri Racha district of the Chonburi Province, was revealed at The Digital Thailand Big Bang Conference 2017. The site would be targeted particularly at technology and digital industries and it is expected that more than 58,000 people would live and work together.
The new district would be developed over next 10-15 years and is within the EEC special economic zone. Together with promoting the digital industries, there would be a range of education and science facilities and the formation of a new residential community.
This arrangement would also complement and support present industries and people in the expanse, embracing schools, universities, and segments including agriculture and automotive.
The master plan is designed by a global conglomerate which includes Savills, Broadway Malyan, and the TEAM Group, and would see the creation of several specialist clusters concentrated around a central park and lifestyle and retail hub. It would include a hotel and MICE facilities for supporting the business group within this Digital Park.
The plan would be planned around the digital boulevard and green connector joining the diverse clusters and a sizeable living zone would provide an array of quality housing facilities designed within an opulent, landscape backdrop, in close vicinity to community facilities. This would-be cyclist and pedestrian friendly with access to the public transport network of buses linking to a wider transit system which includes High-Speed Rail and key airports.
The first phases would concentrate on the development of a data center cluster and IOT Institute building. The Institute would include a mix of uses, like teaching, research and conferencing. The institute would seek to draw a number of anchor tenants, signifying the strategic cluster industries in the Digital Park.
The development assists the Thailand 4.0 agenda and country’s Digital Government Plan 2017-2021. Initiated in March 2017, the plan aims to create digital capabilities in across sectors such as tourism, agriculture, health, education, disaster prevention, investment, and public administration for driving social and economic progress.
As one of the leading boutique consulting firms for the last 15 years, Startup in Thailand has been assisting foreign companies to do business in Thailand through various business models like Thailand Market Entry, Representation or Business Outsourcing models. Contact them to get a FREE Consultation.
The Thai government has set an aim of furthering investment in R&D to 1% of GDP over the next 3 years.
The Thailand Board of Investment would offer tax incentives for businesses investing in particular categories for helping improve the Thailand’s competitiveness in them. It includes technology, creative and digital industries, bio-industries, advanced manufacturing and high-value businesses.
Similar incentives would also be provided in several other sectors like minerals, agriculture, light industry, ceramics and basic metals, electronics & electrical appliances, machinery & transport equipment, paper & plastics and chemicals. The Board of Investment would offer businesses 8-year income tax exemption aligned with its 7-year investment promotion strategy (2015-2021).
The board would also liaise with several institutions, such as Kasetsart University and the National Science and Technology Development Agency (NSTDS) and The National Centre for Genetic Engineering and Biotechnology (BIOTEC), for promoting and developing core technologies. The board is also in talks with local and foreign investors for investing in technology so the knowledge acquired overseas could be used locally. However, it is required to develop human resources for supporting innovation and new technology and thereby supporting the demands of the market.
The Thai investors had invested 0.6% of GDP in research and development and are expected it to rise to 1% by the year 2020. In the past investment in research and development had been 70% and 30% private, however, the board hopes the tax incentives would promote a better involvement from the private sector. In brief, the Board of Investment is hopeful of attracting 600 billion Baht as a foreign investment by the end of the year as compared to 584 billion Baht last year.
Japanese investors surpassed other investors, followed by Chinese, who were among the biggest new investors in sectors like automobile equipment and solar cell technology.
Thailand BOI would also help in boosting local investment and creating confidence among the local investors. The Thai government believes that growing the investor confidence will also drive the nation towards Thailand 4.0.
Today, Thailand is seen as the investment hub for petrochemicals, electronics and automobile industries and these investments would drive the growth of country’s exports and would help in using the technology expertise received overseas in the local markets. Read more about Investment Opportunities in Thailand and how startup specialists can help you to setup your business in Thailand.
Source: Asian Correspondent
It is the dream of any entrepreneur to start their own company on their own effort and hard work.Every year thousands of people across the world, try their fate in this tough competitive market to start their own business. Launching start-up requires lot of hard work, determination and many end up failing.
When an entrepreneur thinks of starting a new venture from scratch, it takes lot of guts, quick thinking, careful planning and well execution. Now-a-days people involved in business in Thailand needs to be careful about the presentation they doing before the consumer. Therefore before launching a new venture, an entrepreneur needs to be careful about its planning and execution. Any wrong step taken by the entrepreneur can result in loss of the company.
Here we are not only discussing about big companies, it can be big or small companies where the idea needs to be implemented to get the business on the right track and make it going in the long run. A good marketing plan what a start-up requires putting the Thai business on the right track, which will help the entrepreneur to decide how and where and when to spend the resources. A series of steps need to be followed by the entrepreneur in order to get the business off-ground. There is no assurance that you would taste the success. But there is no harm in planning and trying to launch the business by taking few correct steps.
For those entrepreneurs who survive till end after facing the hardship is quite worth rewarding by the obstacles that they have faced in path of success. Few steps need to be taken by the entrepreneur for the betterment of launching new venture in front of the consumer.
1. Ignite your passion
The most important thing in life for any entrepreneur is to have passion and zeal. A start-up does not only require great ideas but it needs real passion to make a mark and solve the business issue. An entrepreneur can never touch the success ladder, if things are being done half heartily.Therefore it is pretty much essential to have great ideas, but the best of the ideas would fail to execute if there is no passion in it. When an entrepreneur starts a new venture, he or she needs to make huge sacrifices and equal amount of hard work and dedication. So without a passion, even a great idea would fail to make a mark on business. So it is advisable for any entrepreneur to have passion for the things that they are planning to start-up or trying to launch.
It is very important for an entrepreneur to have a clear vision about their business that they are suppose to launch in future. Before an entrepreneur plans to pen down the marketing plan, they need to try to have look or focus on his or her business plan. He or she should try to consult the business plan. Self analysis is a very important and entrepreneurs need to question themselves about their decisions and actions. He or she should try to review the goals that they have set for themselves and try to look at the product or services that they are offering to the consumers. They need to analyze how their products and services are going to benefit their potential consumers.How they can distinguish from their competitors and can stand out in a market place. Lot of questions they need to ask themselves and analyze to make before writing a marketing plan.
3. Do market research
Now-a-days consumers are well informed and pretty much conscious about their purchase. It is not mandatory that if your company in Thailand is dealing with buying and selling of product or services, it does not mean necessary that consumer will buy it. Before entering the market, an entrepreneur needs to have a look at the market very carefully. One wrong step can cause blunder. One of the important steps is to do a proper market research of the potential consumer that they willing to attract. It is essential to conduct primary research to know your consumers better. Lot of questions an entrepreneur need to answer himself. Like what are the products or services you are offering to consumer? Will your product would be able to attract the target consumer? Is there is any space for your product in the market? Various tools can be used like interview, surveys, and questionnaires in order to know the taste and choices of the conumer.There are lot of aspects that an entrepreneur needs to consider before jumping to go for a new venture. The success of any new venture depends in the hands of consumer. So after getting all the information and knowing a consumer choice, an entrepreneur can think of taking next step.
4. Write business plan
Once you place an idea, there are few important questions that an entrepreneur needs to ask themselves. When and how they would utilize the resource? What are the goals that he or she is setting for himself or herself? Like this there are lots more questions that an entrepreneur need to assess and decide on the actions that they need to take in the future. A business plan would help an entrepreneur like a guide map where it would be possible to figure it out where the company is heading in near future and would get the scope to choose the options they need to choose to overcome difficulties and try to sustain in long run. It is like a guide map that would help to steer your business along with its grown curve.
5. Assess your finance.
Finance is being considered the back bone of any business. It is not possible to start a new venture without any capital. Before jumping into new venture, an entrepreneur should try to have a look at his pocket. It is very important to determine what you have and what you need? Without a sufficient finance, a business can never sustain in the long run. An entrepreneur must have self sufficient amount of money to start a new business. May be in future they need to invest more money, then they should keep an arrangement for acquiring loan from banks or should try to take the help of financer.
6. Identify your target consumer.
It is not necessary that all consumers would be interested to buy your products or services. Consumers have their individual taste and preferences and would continue to make a purchase on that basis. So it is pretty much important for any start-up to identify their target consumers and the product and services that would be appeal to them. It is essential that a company need to know the consumer choice and their liking. This would make them interested to have a look at their product. But that does not mean company limits their audience. They should spend time and money to reach to everyone. By determine the target audience; it would be helpful for company to know their resources that they need to start-up
7. Choosing location
Choosing location can also play hell and heaven difference. An entrepreneur must choose such location where there are easy available of access and consumers, suppliers and distributors would be able to reach them.
8. Web presence
In the age of social media, web presence is very much essential for a new start up. Social media is one such medium that gives the start-up a platform to reach to millions of consumers in fraction of seconds. The web site can provide all the required information about your company that consumers might be looking for. There are various platforms an entrepreneur can choose or look for like Facebook, blog site. Its all about the information that consumers look for and it is direct medium of interaction with consumers which helps the company to get their feedback and opinions.
The post How does start-up company market or plan to market its product or services? appeared first on StartUp.
Source: Asian Correspondent
People who are planning on starting a business in Thailand are sure to find that they need plenty of cash to get their venture off the ground. During the planning stage it is essential to be realistic about how much money you actually need and do research to discover the hidden costs of starting up business in Thailand.
For many people, the decision about whether or not right now is the right time to start a business in Thailand comes down to funding. There are quite a few different ways that you can go about funding a startup, but not all of these methods are created equally and in fact some can be rather risky. You may have a brilliant business idea that you have perfected over time, but it will not mean much in the end if you do not have the funding in place to not only make your business happen, but allow it to succeed and flourish.
It is important to analyse all of the different angles of your business carefully as well as your future goals and then further analyse each type of funding opportunity carefully so that you make sure that you are starting your business off on the right foot. One wrong move when it comes to finances and you could be back to square one or even worse if you incur a large amount of debt along the way.
It is important to realize that a large percentage of businesses in Thailand fail in their first year and one of the main reasons for this is that they do not have enough funds to help get them through the tough times when they are establishing their customer base and getting their message out. Obtaining financing for your business in Thailand is a great way to make sure that you have the extra funds that you need. Here are some key ways to get the financing that you need.
The Thai government offers financial incentives in the form of tax breaks and tariff reliefs for businesses in the United Kingdom and the USA that are looking to expand and invest in the Thai economy. These special tax incentives are inclusive of most of the main industry sectors but usually only apply to businesses that are looking to invest outside of the city of Bangkok in specific development zones. The government incentives that are available to take advantage of include:
Banking in Thailand is made almost exclusively of large national banks. Since the Asian economic crisis in 1997 the sector has dramatically improved its regulations. As with all commercial loans, a strong business plan and an understanding of the local business conventions and etiquette are important if pursuing this form of finance.
It is also recommend that you seek the advice of an account and an agent with a strong knowledge of the local finance environment. Companies such as Start Up in Thailand can help companies that are new to doing business in Thailand to form a strong business plan that is more likely to be approved by Thai banks.
The British Chamber of Commerce Thailand and The British Embassy in Bangkok are currently working together on a special programme that aims to assist businesses that are already established in the United Kingdom in expanding to Thailand, helping them to successfully gain entry to the marketplace through contacts and advice and contacting them would also be a good starting point.
Obtaining the necessary funding capital for a true startup business can be difficult because anyone who is potentially interested in lending money cannot be absolutely sure that your idea will be successful. Many people who have a clever idea or invention have moved to Crowdfunding platforms. Although the idea is quite new in Thailand, many Asian economic experts believe it will be an important concept to spur economic growth and encourage new entrepreneurs.
Platforms like Indiegogo and Kickstarter are great examples of websites where you create a Crowdfunding campaign that will attract attention. The way that Crowdfunding works is that absolutely anyone can contribute money toward helping a business that they really believe in. Other local Thai crodfunding options to consider are Dreamakerequity and Sinwattana.
An entrepreneur will put up a detailed description of their business idea on a platform such as Kickstarter and this should include details of the goals of the business along with the future financial strategies for turning a profit, the target audience, how much funding the company needs and for what reasons. After this consumers can read about the business and give money if they choose.
Generally, people who are giving money to the business will make online pledges with the promise of pre buying the product, giving a donation or earning some type of reward which could be other related products, a holiday or just about anything else that you feel will attract donations.
However, it is important to keep in mind the fact that although Crowdfunding campaigns may be trendy right now, there are hundreds of different campaigns that go unfunded each year through this method or fall short of their funding target. This is a competitive place to earn funding, so unless your business is absolutely rock solid and can gain the attention of the average consumers through just a description and some images online you may not find that Crowdfunding to work for you in the end.
The secret to gaining funding through Crowdfunding is to create an interesting and engaging back story that will help to paint a picture about your driving force and passion rather than simply asking for cash. People are more likely to feel inspired to help fund the business in Thailand if you appeal to their hearts rather than just their wallets.
This is often a group of professionals who are interested in funding strong startup ideas. It is often the case that venture capitalists they have plenty of money to invest and simply need to be convinced that your business will be profitable enough for them to get their investment back with interest. This is the ideal funding resource for people who are starting a business in Thailand, but it should be noted that it does have a few downsides.
The biggest of these is that venture capitalists generally search for larger investment opportunities rather than funding small businesses because these usually offer a much larger payoff in the end. The startup and the entrepreneur will need to be stable and have a professional team behind it.
In some cases, it will be necessary to surrender partial control of the company to the venture capitalists. People who are interested in receiving this type of funding must make sure that all the details are clear so that they know exactly what the terms are. In addition, it is essential to draw up a legal contract to make sure that everything is above board and expectations are met by all parties involved.
There is a large number of Angel investors in Thailand and this type of funding works in a similar way to venture capitalists. The main exception is that Angel Investors are a much smaller operation and in fact this is sometimes only one person. In exchange for providing funds, Angel Investors often want a large portion of the company, which mean when you start to make a profit they also make money.
It should be noted that owning as much as 49 percent of a company is not unheard of with an angel investor, which can seriously reduce the amount of profits that you will be able to enjoy over time. people who are series about funding a startup may find that entitling the help of an Angel Investor is one of the best ways to raise the extra cash that they need because it allows you to keep control over the company and hopefully make money as your company continues to grow.
In addition, Angel Investors are experienced in doing business in Thailand and because they will have an active interest in making sure the company does well they can provide mentorship and perhaps important connections. However, check out the background of the Angel Investor carefully before jumping into bed with them to make sure that they really are who they say they are and have the funds and skills to help you succeed.
There are several other types of fundraising trends that have positive overtones to choose from in Thailand. 500 Tuk Tuks, which is the local branch of 500 Startups, has formally launched in the country and provides an interesting option for those who are looking for funding.
Moo Natavudh Pungcharoenpong, who is the founder of Ookbee, is a venture partner and Krating Poonpol, who is also a notable tech leader in the country, is another venture partner. People who find that they are having trouble obtaining the funding that they need for their business may discover that contacting these prominent entrepreneurs and setting up a meeting can help to smooth the way.
When most entrepreneurs are thinking about obtaining funding for their business, the bank is likely to be the first place that they turn. Major banks tend to offer a variety of specialised options for situations such as small business ownership in the form of microloans. However, people who are setting up a company in Thailand for the first time are likely to find that the main obstacle in obtaining a small business loan navigating the way through an often very tough lending period.
When an individual goes into the bank, it is essential that they are able to present how every single baht of the loan will be spent. Even if this has been done in a clear and convincing manner, sometimes a first time business owner may simply seem too risky to the bank and they might not be granted the loan. If this is the case, companies may also want to consider a small business loan alternative from a provider such as Express Capital that specialises in these specific types of financing.
It was announced in 2015 by Thailand’s securities and exchange commission that it now allows foreign firms to launch initial public offerings – known as IPOs – in the country and list on the Stock Exchange of Thailand. This is part of the rapidly growing trend for Thailand to establish itself as a centre of fundraising for companies in neighbouring countries such as Cambodia, Laos, Myanmar and Vietnam as well as in the Chinese south-western province of Yunnan.
However, it can also be advantageous for foreign companies who are planning to do business in Thailand and require public funding to help get them off the ground.
The Thai Credit Guarantee Corp is now making it easier for local Small Market Enterprises, commonly known as SMEs, to attract debt from banks. At the current time it is difficult to secure even a small loan from the bank for business, despite the financial history and size of the business, without collateral. This special program aims to make the process easier and it is certainly worth looking into, although it may take a little time before all of the components are in place.
This is often where business owners start their search for venture capital. In order to convince a bank in Thailand to loan money for a new startup, you will need a very strong business plan as well as sound personal credit and the ability to be a smooth talker under pressure. If possible, collateral can be used to seal the deal and make things easier. Equity in a residential or commercial property could be leveraged to obtain the money that is necessary.
Banks nowadays are not as willing to take financial risks as they have been in the past due to global economic woes. There are lots of traditional money lenders in Thailand and they offer to lend anything from just a few thousand baht to hundreds of thousands. However, there is often a high interest rate that has to be paid back and it is not unknown for private money lenders to raise the fees without warning.
Anyone who is planning to receive a loan from a traditional money lender in Thailand is best off seeking a reference from a professional contact and making sure that the contract is fully legal and air tight by having it checked over by a lawyer before signing.
People who have an excellent credit history may be able to use that to help them to use a line of credit to fund their startup. There are specific credit cards that are designed for entrepreneurs, so it is a good idea to pay a visit to your bank and talk about some of the options that are available.
However, it should be noted that using credit cards to provide extra funding for a startup in Thailand is one of the riskiest options around, but people who are able to make it work may well find that it can likely offer you the best results from the perspective of managing to hold on to complete control and full ownership of your company.
There are lots of expats in Thailand as well as Thai small business owners who may be willing to lend or invest a promising business a few thousand baht. In many cases, these individuals simply want to help out for the chance of feeling part of something, while others may be willing to provide sponsorship in order to promote their existing products or services.
It is worth taking the time to work your existing connections, as people that you know already may be more willing to help and provide better interest rates than strangers. It is also worth considering organising a fund raising event where you can showcase what you have to offer and enlist support.
A company that specialises in startup consulting such as Start Up in Thailand will be able to provide you with more information on the costs of opening a business in Thailand. Because they are specialists in this field, they will be able to give you a clear picture of other elements that you may have overlooked or may be unaware of.
The legal team may also be able to provide tips on how to reduce costs, which is very important for anyone who is planning on doing business in Thailand. In addition, the consulting startup may be able to provide assistance in obtaining financing for your business in Thailand that will help to make the process a lot quicker and easier. Please, contact us for a free business consultation in Thailand.
The post How to Obtain Financing for your Business in Thailand appeared first on StartUp.
Source: Asian Correspondent
Thailand, and its capital city Bangkok, has long been a business hub for Business Angels. Both domestic and international businesses have thrived in the region over the past decade, making it the second largest economy in South East Asia.
Part of the appeal for businesses is Thailand’s low cost of living. Good quality commercial properties are available at reasonable prices and the country’s current business regulations encourage entrepreneurship. A strong work ethic and an increasingly educated population further strengthen the case for doing business in Thailand.
The prospect of starting a project or investing in Thailand is therefore appealing to many people, both local and foreign. Yet, unless you are already well established in the country, securing finance for a startup can be difficult. Most banks are reluctant to lend unless a property or pre-established business can be placed down as collateral.
A history of entrepreneurship does exist within Thailand, but this often based around the tight-knit family structure. Small family businesses are the most common source of employment and investment is usually inward with capital shared between friends and family.
So without a foot in the door, how can an outsider seek to penetrate the potentially golden Thai marketplace? One way is to seek assistance from an ‘Angel Investor’ or ‘Venture Capitalist’.
In the past, such investment has come from other South East Asian nations, namely; Singapore, Hong Kong or Japan and their investments have been focussed around the tech industry. Using techniques and expertise adopted from their own nation’s successes, these investments usually return a profit. Here we look at the best South East Asian Angel Investors operating in Thailand.
The Japanese Investor firm Cyber Agent Ventures, is a Venture Capitalist firm investing in Internet start-ups. They claim to have capital upwards of 100,000,000 Yen (around 34.5 million baht) and have eight offices located around Asia. Their CEO Soichi Tajima describes them as “a venture capital company that specializes in Internet businesses.” Beyond just investing, they claim to “aggressively help maximize the value of outstanding and emerging Internet services.” Despite being based in Japan, Cyber Agent Ventures would certainly be a valuable partner for anyone starting an online business in Thailand.
Another option if you are looking for investment to come from outside of Thailand, would be Singaporean based DMP Investments. Operating across South Asia, these Venture Capitalists have gained a strong reputation in the region.
A brief summary on the DMP website states “We are a venture capital firm focused on emerging markets that have recently joined the global digital transformation process. Specifically, we look at the development of the consumer internet and its supporting infrastructure.” With successful investments such as 2C2P, Grain, Medical Departures and Coda Pay to their name, DMP is the best choice for particularly unique ideas.
Set return and/or equity are negotiated with the company upon contact.
A second choice from Singapore Angel Investors would be Expara. Established in 2000. In their words “Expara provides both investment and services to the enterprise ecosystem.” This Business Angel Investor is favourable as its focus is less narrow than some of its competitors. Their investments are much more diverse. Furthermore, Expara is one of the few venture capitalist firms that also offer training and mentoring to its customers.
A final positive for those based in Thailand is that Expara has an office in Bangkok, whilst their CEO is a Visiting Professor in Entrepreneurship for the Sasin Graduate Institute of Business Administration at Chulalongkorn University in Bangkok. Suggesting a strong knowledge of the local economy.
The widely renowned, American based venture capitalist group Angel Investors have also recently ventured into Bangkok. They hope to “bring investors to new markets, across the US and around the globe” and are an excellent source for connecting would-be investors with new start-ups.
If you are Thai and want to work with a compatriot, or if you would like an investor with more intimate knowledge of the local economy, there are an emerging group of successful Thai Angel Investment groups. Here we look at the best and analyze which would be best suited to particular markets.
Alpha Founders is a Thai Investment company using European funds to “address major local problems”. Based on the Rama 4 road in central Bangkok, their projects focus on mid-stage projects run by local entrepreneurs. Examples of their previous successes include; Rabbit Internet, ITM Technologies and the ecommerce Lazada.
Alpha Founders have also recently moved into Indonesia and early indications are that they plan to take some of their Thai companies over to the archipelago. Any business with global aspirations that is looking for an Angel Investor could certainly benefit from Alpha Founders’ aspirations.
Set return and/or equity are negotiated with the company upon contact.
The VC Group website mission states their aims as “to build products that make work and life more fulfilling and productive.” They aim to do this across four domains (TECH); technology, education, content and health.
Skills the VC Group specialize in include:
A good example of these skills and arguably The VC Group’s most successful venture is Penta; a mother company encompassing a wide range of sub groups such as Penta TV, a Wi-Fi set-top box that consolidates live broadcast TV channels, online streaming content, and multimedia file playback into one single easy-to-use platform. Penta S (a.k.a. Penta Cloud Client) is a general-purpose platform that combines the capabilities of Android with the services of GNU/Linux into one single device.
The VC Group is based in Bangkok, Thailand and has offices along the city’s Skytrain route; between BTS Wongwian Yai and BTS Krun Thon Buri.
Investment return rates can be negotiated by emailing: firstname.lastname@example.org.
For those working in e-commerce the newly formed Ardent Capital / Wavemaker partnership is a great potential investor.
After a successful five years in which Ardent Capital generated over 3500 jobs in Southeast Asia, and built a portfolio of ecommerce companies worth over US$350M, in July 2016, the company merged its Venture fund into Wavemaker Partners.
Early indications are that this will not affect the successes of the company. Past successes such as HappyFresh (leading regional grocery delivery business), Snapcart (targeted shopper intelligence app), Goxip (fashion discovery platform and Floship (international fulfillment and logistics) are all continuing to operate viably.
For more information on Ardent Capitalists or if you are thinking about working with them, their website holds a fantastic catalogue of past presentations to help you gauge the company’s capabilities and their terms for investing.
Founded by University of Montreal graduate, Mario Hardy, MAP2 is one of the smaller Angel Investment groups on our list.
The company’s reputation lies with its founder, who describes himself as “a man of action and execution.” As they tend to invest in smaller projects than their competitors, MAP2 Ventures is good in that as well as providing seed capital, it also provides management advice, mentorship and access to a vast network built over a lifetime experience in corporate development.
MAP2 Ventures should be a prime choice for anyone seeking a more hands-on, personal relationship with their investor.
InTouch are a well-established Thai firm operating in asset management, telecoms, media, IT and digital content. In 2012, they set up InTouch, a corporate venture capital project.
Now, InTouch is one of the largest Venture Capitalist firms in the country. Their annual fund size is upwards of seven million dollars and their minimum investment is $150,000, so they are only for serious, large-scale projects.
In order to receive funding, potential companies must pass a six-step process.
2. Due diligence
3. Term Sheet
4. Final due diligence
The lengthy application process is worthwhile however. With access to over 40 million mobile subscribers in Thailand alone, a global network of companies and investors, plus many successful long-term partnerships they are undoubtedly one of the strongest players in the market.
A 2012 study by William Scheela, Professor of Business Administration at Bemidji State University, Minnesota, USA, analyzed a sample group of 20 Thai Angel Investors. Its conclusion viewed their input as “active long-term investors as shown by significant time spent monitoring their investee companies, taking a board seat in most deals and aggressively removing top managers when warranted.”Such a description clearly indicates the potential seen already in the emerging marketplace.
Even as recently as May 2016, Thailand has had reason for optimism in its enterprising economy, as the Thai Government launched the ‘Startup Thailand 2016’ fair at the National Convention Centre in Bangkok.
Opened by General Prayut Chanocha, the event marks the start of a new government led incentive to create 10,000 start-ups in the country by 2018. This will be done using a new THB 20 billion ($574 million) government venture fund.
Ideas already attributed to this scheme include:
It may be that success stories like that of Agoda have encouraged new waves of Angel Investors to come to Thailand, and, with their help, there are clear signs of progress in Thai enterprising. The number of start-ups in Thailand is expected to increase even further over the next three years and angel investors will remain a prominent factor in their successes.
The post Starting a business with Angel Investors in Thailand appeared first on StartUp.
Source: Asian Correspondent
In recent years more and more international companies have looked into opening a branch in Thailand, while independent traders and other business people have also decided to start a business in Thailand.
Here is an overview of some of the many factors that make Thailand the best country to start a business.
People who are planning to start a business in Asia will quickly discover that Thailand is one of the best countries in the whole of Asia to establish and business and make important connections.
Thailand is one of the original Tiger Economies and the nation experienced an impressive growth spurt in the early 1990s. Thailand is blessed with rich natural resources that include timber such as highly valuable teakwood, a wide range of different types of precious stones and fisheries.
The nation is one of the biggest rice exporters in the world, tourism, textiles, jewellery and electrical appliances are also major products. A magnificent sixty percent of Thailand’s GDP is made up of exports and different products that are made in Thailand are exported all over the world.
Now you will discover why start a business in Thailand is a good idea:
One of the things that makes starting a business a viable option for international companies is the relatively low wages that have to be paid compared to in the Western world.
Naturally, the minimum daily wage varies according to skill and experience, although the starting salary for most labourers if around $8.5 a day.
The maximum number of work hours per day is eight, while employees are permitted to work up to 48 hours per week.
Employees are permitted to work more than this as long as they are fairly compensated for their extra time and overtime compensation is paid at a rate of between one and a half to three times the usual hourly rate. However, average companies operate on a 8 hrs, 5 Days a week schedules.
Employees who work in a company in Thailand are entitled to minimum thirteen national holidays each year as well as a minimum of six days of holiday or annual leave after one year of consecutive work.
Thirty annual paid sick days is standard for employees in Thailand and an employer may ask the employee to provide a doctor’s certificate for sick leave of three days or more. Female employees are entitled to ninety days of maternity leave, which includes 45 days of paid leave.
There are more than 68 million people living in Thailand and the population is comprised of various different ethnic minorities including Indian, Cambodia, Lao and Chinese people.
One of the main advantages for people who want to start a business in Thailand is that these different minorities bring different skills into play and there are plenty of people with skills that are desirable among all different types of companies.
The population of Thailand represents 1.01 percent of the world´s total population which arguably means that one person in every 100 people on the planet is a resident of Thailand.
One of the best things about to start a business in Thailand is that Thailand has an strategic location and serves as a gateway into the heart of Asia, which is home to the largest growing economic market in the modern world.
Thailand also offers convenient trade with China, India and the countries of the newly formed Association of Southeast Asian Nations, which is commonly known as ASEAN. People who set up a company in Thailand will also have easy access to the Greater Mekong sub-region, where newly emerging markets offer great potential for doing business in Thailand.
Thailand was foresighted enough to be one of the founding members of ASEAN and has been active in the formation and development of the ASEAN Free Trade Area, which is commonly known as AFTA. AFTA entered into force on January 1st of 2010 for the six original ASEAN (ASEAN-6) members, which were comprised of Thailand, Singapore, Malaysia, Indonesia, Philippines and Brunei, thereby reducing the import duties that the country had to pay to zero.
Thailand is perfectly placed at the crossroads of Asia and offers easy access to the region’s dynamic markets, including its own booming domestic consumer market of more than 68 million people.
Thailand has long been an advocate of free and fair trade and it is very attractiveness as a production base for leading international companies that is enhanced by a number of free trade agreements.
At the start of 2016 it became clear that Thailand a major beneficiary of the ASEAN Economic Community, known as AEC for short, which has helped Thailand to gain an even stronger foothold on the business chain throughout Asia. Read more about the ASEAN Advantage
Most of the major universities in Thailand teach business English, which makes finding Thai employees who have the skills to do business and communicate clearly in English relatively easy.
Chinese and Japanese are also taught in many schools, while the number of graduates who have at least a working understanding of German and French is rapidly increasing.
This makes doing business with other countries a lot easier and there is increasing demand for students to study business both in college and university.
Having said that, language barrier still prevails to a large extent. Apart from the upper mid-top management people, the rest of any organization speaks Thai language only, making it often difficult for foreign companies to interact freely.
However, consulting companies like Startup in Thailand assist in bridging this gap and provide 360 degree service support to foreigners so that they can be successful in Thailand.
Economically, Thailand is characterized by steady growth, strong exports and a vibrant domestic consumer market. Abundant natural resources and a skilled and cost effective work force all help to attract foreign investors and enable them to prosper and develop industry in Thailand.
In addition to a growing highway system that now connects not only every province in Thailand, but also to the neighbouring nations of Laos, Cambodia, Malaysia, Burma and Vietnam, Thailand also offers:
Thailand’s development plans for the coming decade include a high speed rail network that will connect Bangkok with the north, south, east and west of Thailand, as well as to southern China.
The mass transit system in Bangkok has already been expanded far into the suburbs with more connections to other parts of the city in the pipeline and air and marine transportation will be further strengthened to meet the pace of growing demand.
Thailand’s well defined business investment policies focus on liberalization and encourages free trade throughout the nation and with other countries.
Foreign business investments in Thailand, especially those that contribute to the development of skills, technology and innovation are actively promoted by the government.
Thailand consistently ranks among the most attractive investment locations in the world in international surveys, and the World Bank’s Ease of Doing Business 2016 report places Thailand as the 49th easiest country in the world and the second ranked emerging economy in Southeast Asia in which to do business.
The United Nations Conference on Trade and development, which is commonly known as UNCTAD, ranks Thailand as the 8th most attractive host economy in the world for 2014-2016.
The Thailand Board of Investment (BOI) offers investors a wide range of different tax incentives as well as support services and import duty exemptions or reductions for activities that meet the national development objectives.
Companies that are able to receive investment promotion privileges from the Board of Investment(BOI) are not subject to foreign equity restrictions in the manufacturing sector and there are no local content requirements or export requirements due to the fact that Thailand’s investment regime is in complete compliance with WTO regulations.
The Board of Investment also coordinates the activity of the One Stop Service Centre for Visas and Work Permits, which makes it possible for foreign staff of BOI promoted companies to obtain work permits and long term visas within three hours or less.
In addition, administers the One Start One Stop Investment Centre are able to facilitate a full range of services and streamline investment procedures by bringing representatives from more than twenty different government agencies under one roof.
In addition to the activities of the BOI, other government organisations such as the Department of Export Promotion and international chambers of commerce provide people who are starting a business in Thailand with essential support and a whole host of other important services.
With a steady economic development and strong support industries, industrial production throughout Thailand has grown and diversified rapidly both in long established and newly emerging industries.
The government has identified a total of fifteen activities that are classified as activities of special importance and benefit to the country.
These activities are economic forest plantations with the exception of eucalyptus, creative product design and development centres, manufacture of airframes, airframe parts and major aircraft appliances, engines, aircraft parts, propellers and avionics, Electronic design, Software, Production of electricity or steam power from waste or refuse-derived fuel; Energy Service Companies commonly known as ESCO, industrial zones or technology industrial zones, Cloud services, Research and Development, Biotechnology, Engineering design, Scientific laboratories, Calibration services, Vocational training centers.
Projects that are founded around these activities will be granted corporate income tax exemption without being subject to a corporate income tax exemption cap.
The education standards in Thailand are accepted by many international examining bodies and there are a large number of international schools and colleges in Thailand that offer world class education, while the leading universities in the country constantly rank among the best in Asia.
In terms of healthcare, Thailand has developed an excellent reputation globally due to its internationally certified doctors and medical staff, and modern facilities and equipment.
Most major cities and other prominent destinations in Thailand boast international hospitals where patients can receive Western style care for a fraction of Western prices.
In fact, one of the fastest rising tourism sectors in Thailand is medical tourism, with international patients visiting Thailand to take advantage of the nation’s world class and extremely affordable health care system. One of the reputed companies, Travel Motivations can help you to know more about the medical tourism and how they can assist you to provide a comprehensive medical package combining all logistics and medical support.
Thailand is recognized as being a leader in corporate governance and is applying similar principles to the public sector in order to enhance transparency and accountability.
In the Asia Corporate Governance Association’s seventh joint report that was issued with CLSA on corporate governance in Asia, the in depth 200 page report ranks 11 Asian markets on macro CG quality and 944 companies on their internal governance systems. Thailand ranks fourth, which is an impressive achievement for a nation of its size and location.
The Mercer Human Resource Consulting Cost of Living Survey Worldwide Rankings 2015 showed that the city of Bangkok in Thailand received a ranking of number 45.
This indicates that Bangkok’s cost of living was significantly lower than Singapore, which is ranked as being the 4th most expensive city in the world, Hong Kong, which is ranked number 2, Beijing at number 7, Shanghai at number 6, Seoul at number 8 and a large number of other major cities in Asia.
Every year, the World Bank conducts a study of the ease of doing business in various different countries around the world.
The World Bank produces an annual report that looks at domestic and medium sized enterprises and the quantitatively measures regulations that effect them, covering nine indicators for 189 economies.
Ease of Doing Business in 2016 ranked Thailand number 49 in the world, and number 2 among the emerging economies in East Asia.
For many years Thailand has been among the most successful countries in Asia for attracting Foreign Direct Investment, which is commonly known as FDI.
In the ever competitive investment environment that characterizes the 21st century, Thailand has continued to remain attractive to foreign investors.
For more than three decades, successive Thai governments have recognized that the private sector in Thailand has been the main facilitator of growth and the government has actively played a promoting and supporting role.
The Thai government has taken a consistently favorable stance towards foreign investors, recognizing their importance to Thailand’s economic and technological development.
In fact, government approval to invest in Thailand is not even needed unless the special incentives offered by the Board of Investment are being applied for and most sectors of the Thai economy are open to foreign investors.
The combination of factors and the continued efforts of government agencies to reduce so-called red-tape and facilitate investors has led to Thailand being among the highest ranked countries for FDI by independent observers, as well as by foreign investors.
In addition, in its 2014 World Investment Report, the United Nations Conference on Trade and Development, which is known as UNCTAD for short, ranked Thailand the 8th best FDI host economy in the world for 2014-2016
When the internationally respected Bloomberg News asked Multinational Companies (MNCs) to select the most promising emerging nations in which to invest in 2015, Thailand ranked as the 11th most promising emerging market for 2014-2016.
Thailand consistently ranks highly in the world for various elements of business and infrastructure in Thailand is recognized as being the world’s:
In its 2015 Business Traveler Asia Pacific Awards, the readers of Business Traveler ranked Bangkok the Best Leisure Destination in Asia-Pacific and the second highest ranking for Best Business City in Southeast Asia.
Many people who decide to start a company in Thailand do so because they are following their hearts and want to settle in this stunning country.
Here are some of the many things that make living in Thailand so special.
Foreigners who are planning to start a business in Thailand may find that there are several hurdles that need to be overcome before they are ready to start business.
These include the fact that obtaining a work permit in Thailand is far from easy and it is essential to pay for professional legal services to help cut through the red tape.
Many sectors are reserved for work by Thai nationals alone, so foreigners are restricted in the types of business they can run, so legal assistance can be sought on how to incorporate a business in Thailand. A boutique business
Working with a professional, boutique business consulting company such as Startup in Thailand can help to smooth the way and the experts can help to define the things that need to be overcome and provide the knowledge and knowhow to make this much easier.
They are the only company in Thailand to provide a single window solution for all business startup and expansion requirements under one roof : Startup | Market Entry | Legal | Serviced Office | Factory Setup | Representation | Recruitment |Accounting | Operations | Sourcing | Buying | Distribution | Marketing | Regional Business Development | Management
As Business Startup Specialist, Andy is often hired as a consultant by his clients for being their Man Friday in Thailand/Asia to assist Business Owners who need support to Startup, Build and Promote their businesses in the region.
Source: BBC NEWS
Thailand is increasingly becoming an excellent place to do business due to a large number of factors such as the country’s relatively stable economy, Thailand’s location in the heart of Asia and the cheap cost of labour to name but a few.
There are plenty of solid business opportunities in Thailand to take advantage of both by people who are looking to expand their existing company in their home country into Asia and those who are planning to start an entirely new type of business in Thailand. Here is a selection of ten of the best business opportunities in Thailand for 2016.
Note: This Post was written in 2016 but it has been updated in 2017 including new details and we will add other business opportunities in Thailand for 2017 soon.
Thailand is one of the main transportation hubs of Asia and the nation shares excellent transportation links with countries throughout the region via air, road, rail and sea. There are lots of great options for establishing a successful import and export business in Thailand and the route that you choose to take will depend on your personal experience, connections and preferences.
Many successful import and export companies in Thailand source products from their home countries that are difficult to find in Thailand such as brands of foods, drinks and other items and export them to Thailand. There are millions of expats currently living in different parts of Thailand and these products are highly sought after with expats and even local people, who are often being willing to pay much more for these products than they would in their own countries. Successful importers of these products are often able to establish strong connections with leading supermarket chains and other retailers so that these products can be stocked on their shelves to be available to the general public.
Exporting Thai products to other countries is also a great business opportunity. Again, it is important to thoroughly research the markets in the countries that you are interesting in exporting products to in order to discover which Thai products are difficult to find and are likely to be in high demand. Some popular types of Thai products that can be exported include Thai handicrafts, clothing by Thai designers and food and drink products.
Import and export companies in Thailand that are also able to create their own products are able to maximise their profits and ensure that they are offering something truly unique. The main key to success with this type of business in Thailand is doing a lot of research to establish the best products to offer and establishing good transportation connections to minimise import and export costs. As a
As a buying agent in Thailand, Startup in Thailand offer a procurement & operation team with a dedicated Thai person to help to start or continue your company without difficulties.
The large number of foreigners and international traders doing business in Thailand leads to the ever increasing need for translation services. Both individuals and companies consistently need to have important documents such as contracts and other types of legal documents translated from their own language into Thai and vice versa, this situation can provide good business opportunities in Thailand.
Although English is the main language for conducting Business throughout the world, generally speaking, the level of English comprehension in Thailand is much lower than in other parts of the world. Therefore, most Thai companies require either an in house translator or have to regularly outsource translation work to a translation agency. Now that Thailand is part of
Now that Thailand is part of ASEAN, there is also an increasing need for Thai companies to also translate documents into other Asian languages such as Chinese, Japanese and Korean so that they can do business with companies in these countries.
Setting up a translation company is relatively easy and can be a very lucrative business opportunity in Thailand once you have established a talented team of translators, editors and marketers.
Translators and editors can work for a fixed salary as part of the company, although when you are first starting out and trying to expand your client list it is probably best to mainly use freelancers who work for a set rate per source work rather than a set salary per month.
Despite the potential to make series money in the field of translation, there are surprisingly few high profile translation companies currently doing business in Thailand. In addition, even the leading translation companies only tend to offer a limited number of languages. Therefore, newly established translation companies that are able to market themselves well, offer good rates for their services and establish and large and talented team of translators and editors in a wide range of language are almost guaranteed to succeed.
Eating and socialising while dining have long been important parts of the Thai culture and most important business opportunities and decisions in Thailand are conducted while dining, while this is also a very popular way for family members and friends to get together. However, many modern Thai people find that that they no longer have time for cooking large meals to entertain guests and many people tend to eat most of their meals outside of the home. This is especially true in large cities such as Bangkok and Chiang Mai where many people work long hours and live in modern apartments that have limited cooking options.
Therefore, catering companies are becoming increasingly popular in Thailand, both among middle and upper class Thai people and expats. Catering companies are hired to provide catering for a wide range of different types of events such as wedding receptions, birthday parties, anniversary dinners and retirement parties and many corporations that hire catering companies have large budgets at their disposal.
Private catering has also become extremely popular in recent years and many people call catering companies to provide dinner for themselves and their family at the end of the day.
Thailand boasts a large pool of talented chefs and party planners as well as people who are experienced in all aspects of the hospitality industry. This makes it easy for catering companies that are setting up to gather a team of staff that has what it takes to create delicious and imaginative menus that are sure to tempt hungry customers.
Thanks to the large number of companies that important Western food and other products, finding the ingredients that is needed to put together dishes from all around the world is also very easy and due a large number of expats in Thailand, catering companies that offer international menus are sure to do well.
Thailand businesses are becoming increasingly aware of the need to market themselves online in order to contend in the very competitive business world. More and more Thai companies are turning to professional web design companies that can provide the full package of web design, leads generation and marketing services in order to attract new customers and keep the attention of their existing customers.
There are lots of different elements involved in web design depending on the specific needs of the client and they can also include designing the company’s logo, web management and helping to increase traffic to the website with SEO (Search Engine Optimization).
People who have a solid background in web design will find that this is a very good opportunity to start a lucrative business in Thailand and the costs of setting up this type of company in Thailand are relatively low.
Buying and selling land is a big business in Thailand and the cost of real estate throughout the country is constantly rising and can provide great business opportunities. Foreigners who wish to purchase a business, a property or a piece of land often find that the process is rather long and complicated. For this reason, they often turn to a real estate agent, who will take care of the purchase for them for a fee.
People who are interested in establishing a real estate business in Thailand will find that there are plenty of great opportunities in all parts of the country and lots of money to be made. The secret to success is hiring a competent Thai team who can liaise with Thai owners and help to make sure that every aspect of the sale goes smoothly.
Both Thai and foreigner owners who wish to sell their real estate also often make use of a real estate agent to help find the buyer for them and in exchange for this service they will pay a commission. This commission is usually ten percent of the asking price and in the case of large resorts and hotels that sell for millions of Baht, the commissions can be extremely high.
The main task of the real estate agent is advertising properties to put them in the best possible light, meeting with potential buyers and showing them the properties. People who have a strong background in sales and marketing combined with plenty of energy and the drive to make money are likely to find that they thrive in this type of business in Thailand.
There is a booming demand for first rate medical care in Thailand among Thai people, expats and people who travel to Thailand for business and pleasure. Thailand has established itself as one of the best countries in Asia for professional healthcare and there are no shortage of trained physicians, pharmacists, surgeons and nurses to be found. However, with its booming population and rising demands regarding the standards of healthcare in Thailand, there is plenty of business opportunities in the Thai market for more healthcare services.
Medical tourism is also a big business opportunity in Thailand and many people travel from countries such as the USA or Australia where the cost of procedures is high to take advantage of the relatively low costs in Thailand. Some of the types of medical procedures that are particularly popular among medical tourists include dental surgery, cosmetic surgery and breast augmentation.
Companies that are able to appeal to international clients and provide fully tailor made packages that include excellent aftercare services are sure to find that this is a very lucrative business in Thailand for foreigners and Thai nationals.
Thailand has long been one of the world’s most popular holiday destinations and millions of people travel to Thailand from all over the world each and every year. Although the image of Thailand was once as a budget destination that was popular with backpackers and other types of shoestring travellers, the country’s booming economy and rapidly increasing infrastructure. Thats mean that these days Thailand is becoming more and more popular among more affluent travellers who demand nothing but the best when they are away from home while they are doing business in Thailand.
This means that Thailand is a great place to open a luxury resort. There are still many enchanting islands in Thailand where prime pieces of beachfront real estate are available to purchase and companies that have connections with major hotel chains in their own country will have the opportunity to establish either a branch of the hotel in Thailand or set up an entirely new branch.
Because hospitality is a major industry in Thailand, finding fully trained and qualified staff in Thailand is relatively easy, while international companies also have the option to transfer various existing staff members from their own country to oversee the running and marketing of the resort.
With good branding, marketing and quality services, it is possible for a company that decides to open a resort in Thailand to enjoy substantial profits and the abundant sunshine and gorgeous scenery in Thailand mean that tourists visit the country all year round.
Many tourists who travel to Thailand arrange package tours in their own country and in recent years that has been a surge of international companies opening branches in Thailand so that they can serve their customers on both sides of the world. While there are many Thai companies that offer travel and tour services in Thailand, one of the main advantages for international companies is that they are able to offer services that cater to the unique needs of their international clients, including guided tours in their language of choice.
In the last few years there has been a dramatic rise in the number of Russian and Chinese travellers coming to Thailand and tourists from these countries tend to have much more money to spend than Thai tourists and prefer travel packages where all of the details are taken care of for them.
International companies that are able to establish strong business connections with the travel industry in Thailand will be able to offer their clients the best rates around combined with a first rate service that is sure to meet their high demands.
Despite the large numbers of people who travel to Thailand each year both for business and pleasure, there are relatively few vehicle rental companies to choose from and this presents a real gap in the market that is just waiting to be filled by a company that is searching for a business opportunity in Thailand. Purchasing both new and second hand vehicles in Thailand is relatively easy as major car dealerships can be found throughout the country.
Automobile rental companies in Thailand will find that there are plenty of prominent places for them to set up hire booths such as at the country’s major airports, at train stations and even at some of the country’s leading hotels.
There is a lot of scope to develop this type of business in Thailand and even establish connections with international companies in their own country. Travellers who are given the option to book their vehicle online in advance and collect it when they arrive in Thailand will feel secure that all of their travel details have been taken care of in advance and they will be saved the hassle of sorting out transportation when they land in Thailand.
Another good opportunity for companies who are interested in establishing automobile rental in Thailand is to offer vehicle rental with a driver. This is ideal for travellers who want to explore the country at their own pace without having to make use of public transportation but do not have an international driver’s licence or want to save themselves to hassle of having to drive while on holiday.
Supplying a professional driver along with the vehicle diminishes the risks involved for automobile rental companies as they can be sure that they vehicles will be in safe hands. this type of service can also be useful for short trips such as sightseeing around cities or taking local people to parties and other types of events where they need to arrive in style.
Silver and semi-precious stones are readily available in Thailand and the costs for these materials tend to be much cheaper than in many other countries around the world. There are lots of flourishing silver mines in the north of Thailand, while gemstones are typically mined in the west of the country, especially close to the Burmese border.
The relatively low cost of raw materials combined with the high demand for unique and attractive jewellery both among Thai people and Westerners makes establishing a jewellery company in Thailand an excellent opportunity to start a Business in Thailand. The nation boasts a large number of talented artisans who are able to create intricate pieces of jewellery both on a wholesale basis and according to the specifications of individual clients.
In the last few years a small number of international companies have established their own companies that source designs from their own country and market them in Thailand. One of the main advantages of doing this is that the cost of labour and setting up a workshop in Thailand tend to be much cheaper than in Western countries, while clients in Thailand are also given the choice of designs that they may not be able to find anywhere else in Thailand.
Successful jewellery companies that manage to establish themselves in Thailand also have the option of moving into the import and export business so that they can send their unique pieces of jewellery such as rings, bracelets, earrings and watches to major suppliers that are located in their home country as well as other countries around the world.
Of course, when establishing a new company in Thailand there are a lot of different things to take into consideration, not least of all any legal issues that may arise as well as hidden problems that might be difficult to identify straight away. For this reason, it is essential to enlist the services of a business consultancy company such as Start Up in Thailand.
We provide you with professional advice on a wide range of aspects such as the types of visas and work permits that you need for yourself and your staff, business opportunities and important resources, while we also provide legal advice and business development to help you new business grow and thrive.
Source: BBC NEWS
Once upon a time, back in those days when there was no usage of internet or in other words when the internet was not invented, managing the business was pretty much easier. It was far easier because all you need to do is to provide your consumers good quality of services. Keep them happy with your quality of work and encourage referrals by word of mouth. In most of the rare cases, those time businessmen used to face problems and if they had, it was solved within fraction of seconds with face to face conversation with the consumers. It never took that long or harder way to keep the consumers happy and smiling.
But now scenario got fully changed after the invention of internet. In this fast paced world, following old as well as traditional methods would not be enough. In this modern age of social networking where various websites and other instant methods of communication have taken place in the life of people, business Thailand must be ultra-careful of maintaining their reputation whether it is online or offline.
A businessman need to very cautious to maintain its good reputation in the eyes of people. Reputation is an intangible asset which cannot be touched but can be felt among the people. It takes long-long years to build a company’s reputation but takes just a few seconds to break it. The reputation of a business is essential for the growth and the survival of the company.
A negative reputation can affect the sales rate of the company and lead to loss of the company. A good online reputation is utmost importance for a business. Due to all technological advancements, people have become extremely net savvy and whenever they need any information about any professional outfit, they always sift through the online reviews. Infact good or bad online reputation can make or break any organization. Some of the importance of online reputation has been discussed below.
Now a day’s most of consumers make purchase after doing research of brands, products or services before they think of making a final decision for purchase. In order to increase the sales, a company in Thailand, must ensure to have an account in social media. A company must also ensure to update information about the related product or services they are offering to consumers and post it to social media, so that the existing consumers get a glance and stay updated by following the post. A company must try to post regularly to grab the attention of the new consumers. Personal interaction of the consumers may lead to boost sales of the products. A personal interaction with the consumer on social media help the company to understand the need and their want for the product and the changes they need to made with the help of the feedback.
The internet also plays a key role in propagating the word of mouth publicity. If consumers find good reviews of about certain product or services, we human Beings have the tendency to check it out and spread positive word of mouth publicity if we like it. By spreading good reviews on social media, it would help to attract the attention of the new consumers. In other words, it would be indirect marketing for the company which adds to the credibility of the company.
Internet is a biggest source of information and reliability or the trustworthiness factor of any outfit is also easy to check.Alongwith the positive feedbacks, it is also very common to see negative feedback on business social media pages. If the problems are not being addressed properly by the company, then a negative comment or a review could be the reason of downfall of the business or result in the failure of the business. A negative feedback on social media spreads like wildfire. So establishing an online presence of your company would help to gain a valuable insight into what your clients or competitors are saying about you and your comany.If something goes wrong, your company can take an action for solution before it spreads on social media
As the internet is used worldwide, a good online reputation also helps a company to expand its boundaries and reach out to people from different nooks and corners which in turn helps in expanding the customer base of the company.
“Trust and credibilty”are most two important and crucial factors that can either make or break your business online reputation. If you can deliver as per the consumer expectations, there might be good chances they will spread the word about their experiences and that would help to build the credibility of your Thai business. Try to make an effort to earn the trust of the consumers that would help you create strong brand image and at same time would attract more and more potential consumers for years to come
Potential clients always do their research on the basis of online information before of thinking doing business with any respective company. It is not possible to get an idea about the company they planning do business with. Online presence helps your client to judge your business on the basis of the information available to them. Whatever product or services you offer to consumers, the reviews or the feedbacks given by the consumers appears online and it may remain visible for longer time. A better reputation offers company to come in main lime light to attract more customers which may result in increased revenue. So showing best side of your company always help to gain more consumers more popularity and earning more goodwill. Always try to remember that it only takes few seconds to destroy brand’s online reputation that took years to build it.
As Startup Specialists we have used our knowledge and experience to set up a free portal of frank, accurate information. Do check out www.startupinthailand.com for more details on doing business in Thailand /Asia or for a free startup consultation.
Aditya Interactive is the only company in Thailand to provide a single window solution for all business startup and expansion requirements under one roof : Startup consulting | Market Entry | Legal | Serviced Office | Factory Setup | Representation | Recruitment |Accounting | Operations | Sourcing | Buying | Distribution | Marketing | Regional Business Development | Management.
The post How important is online reputation in modern business appeared first on StartUp.
Source: BBC NEWS
In today’s world, it is been observed that there is a cut throat competition in each and every field and aspect of life. Whether it is job or a business in Thailand, people go through lot of stress phase in life due to the pressure of deadlines, target, and demands etc. So in order to ease the life and to get rid of stressful life, it is sometimes good to mix pleasure with business.
It is been noticed that there is a standing rule of not mixing both the fields at same time. Business is business and pleasure is pleasure and both should be kept separate. It is been an old norm that mixing both can lead to failure of the business or may result in loss. There goes the saying that ”All work and no play make jack a dull boy”.
Today, times have changed and even the perception and thought process of people have gone through a lot of changes. In the past, fun or pleasure was looked at frivolous from the employer’s level. But with increasing pressure and stress level, may be pleasure is not seen unacceptable. But to build up good rapport and relationship with their respective employees, it is required to mix pleasure with business.
Basically there is nothing wrong to mix pleasure with business Instead, it reduces the stress level which gets piled up due to the constant pressure and it may result that an individual would be able to focus on his or her work and it would be easy for the organization to reach the goal. Some of the important points have been discussed below.
With the increasing stress level, it sometimes becomes difficult to cope up with the relationships existing in an office environment. One of the simplest ways to start fostering better relationships is to organize small-small events for the employees just like happy hour which provides employees a platform and a scope to socialize freely with each other. Employees feel more comfortable to socialize and which in turn result in developing good communication. There is one another way to foster communication is to arrange activities that enable the employees to share their interest, their thoughts or their opinions can boost up the interaction level and at same time can ease their stress level.
Sometimes it becomes hectic and stressful for those people who are always part of business travel is the feeling of making a rush from one meeting to another meeting. This makes the tour pretty boring as well as tiring. People hardly get any time for themselves because they always have to make a move for meetings scheduled in different places. Just to reduce the pressure, if he or she can convince their company to add an extra day to their travel tour list. Keeping a day for herself or himself would give a person to do things on which he or she would be interested on reaching to that destination. It would be an added bonus to this to the hectic schedule which can reduce the stress level of the respective employee by adding bit pleasure to their travel trip.
Sometimes a company in business Thailand tour can be so hectic and stressful and nothing can beat the stress of life by adding workout to your stressful routine. Workout always reduces the stress level; try to keep the body and mind healthy as well as fit. So try to check out the fitness facilities if it is provided in the company or while making a travel trip also you can check the facilities that are being added to your accommodation. Sometimes touch of workout can make lot of difference in day today hectic working life
One more easiest and cost free way to add little bit of excitement and pleasure in workplace is to create an internal competition among the employees. This internal competition would not only focus employee’s interest but would also promote collaboration among them. Sometimes organizing a competition within the organization not only develop a good and healthy relationship but also provide the employer innovative ideas for their business product. So fun and work together can create a great impact on the business
In today’s busiest life, stress is taking a toll on our health. So in order to not get affected by stress, we should remember one thing to do that makes an individual happy from inside. For example talking to your family member everyday while you are away for business trip or taking your family along with you in your business trip or doing some shopping for yourself all the small increments that you indulge to do for yourself would pay off in better way.
But one thing should be kept in mind while mixing pleasure with Thai business that everything should be done on a limit basis. It should not be overdone. Keeping that in mind it is possible add pleasure with business in order to get both things at same time, that is result cum reduction of stress
Vacation is meant to be a time of respite during which you can rest and recharge – but for some, taking a break from work can be more stressful and arduous that going in to the office. Planning a vacation, even a short one, allows an individual to unplug from the many different ways we are connected to our jobs. This always-connected mentality fuels three of the top five stressors, because we never give ourselves the opportunity to set things down and let our minds think of something else.
Stepping away for a vacation, even if only for a weekend, takes us out of the surroundings that perpetuate our need to engage in activities that cause stress. Add to this the fact that a vacation spent with family or friends fosters stronger relationships, and you have a stress-relief technique that effectively addresses most of the causes.
As Startup Specialists we have used our knowledge and experience to set up a free portal of frank, accurate information. Do check out www.startupinthailand.com for more details on doing business in Thailand /Asia or for a free startup consultation.
Aditya Interactive is the only company in Thailand to provide a single window solution for all business startup and expansion requirements under one roof : Startup consulting | Market Entry | Legal | Serviced Office | Factory Setup | Representation | Recruitment |Accounting | Operations | Sourcing | Buying | Distribution | Marketing | Regional Business Development | Management.
Source: BBC NEWS