Startups have brought a great change in the life of people, their lifestyles, and their reach to the world, standards of living, etc. they have been a major part contributing to the economies of the countries not individually but as a whole. Technology has brought a drastic change in our lives. It has brought changes in the way we live. A person cannot even think of his life without the internet. These changes have been adopted rapidly leading to growth and better innovations day by day.
With the increase in a number of startups in recent times, it is seen that 90% of startups fail. The question that arises is why only one out of the 10 startups succeeds? What factors lead to failure of the majority of startups?
Here is the answer about why 90% startups fail. And let us also find out solutions for how can this are avoided. The following factors are some of the reasons why 90% of startups fail:
No market need
This is the major reason for the failure of most of the startups. A startup succeeds only when it is able to solve the needs of the consumers. Thus, with a huge emergence of startups, many of them provide services for which there is no demand in the market. The startups fail to realize the need of the target market. When the people of the market do not require those services, they will not spend a penny on it and thus the startups fail. It is, therefore, necessary to first analyse the demand of the target market and then work towards it.
Startups do fail because of lack of availability of funds. A startup might not be receiving the appropriate amount of funds or might be overspending for its expenses. Thus this is another reason why startups fail. Unless a startup has the appropriate amount of funds, it will not be able to carry out its operations effectively. Suppose a startup needs to employ people in their firm, they might not have enough funds to pay the salaries and thus fail to employ more people. Another possibility that arises due to a shortage of funds is that the firm might be paying less to its employees due to which the employee does not give his best in the firm. Thus, it is very important for a startup to have enough amounts of funds to carry out smooth operations and success in the market.
Does not have the right team
To achieve an objective, all the members of a firm have to work as a team towards a common objective. Unless there is a good team work, a startup cannot succeed. The team might lack motivation due to which it is not able to give its best. A common vision and motivation are vital for a startup to succeed. Another important factor towards having the right team is to have expertise members. Here the startups fail to ensure these 3 factors while making the right team achieve its objectives. Thus, a startup can succeed only if it has a team of experts who have received continuous motivation and work towards a specific goal to be achieved. 90% of the startups fail to do so.
A startup can compete with its competitor firms only when it is able to have a good team of experts, appropriate amount of funds and a proper combination of detail. Unless the firm competes with others in all these terms, it cannot succeed. Most of the startups even fail to stand in the competition due to lack of essential factors required.
Now, even if the startup gets established properly, it might not succeed in the market due to high prices of its products. A startup may be providing demanded services in the market. It may have a wide variety of products that helps its target market choose the one that they like the most. It may provide quality services to its customers, but may charge high. It will lead to consumers’ resistance towards the products. A firm’s underperformance in sales and revenue leads to its failure. Most of the startups fail to perform well in its sales and revenue leading to its failure in the market.
Another reason of the failure of a startup might be its failure to provide the right quality of the product. Even if the startup ensures to provide the product at a right price and is providing something that is highly demanded in the market, it may fail to provide quality. Consumers might be disappointed with the goods and services it provides ultimately leading to failure of the firm. It is vital for a startup to have its primary focus on the product. If it fails to do so, it will lead to disappointing end results for the user.
No business model
Only having an idea for the business is not enough. A business needs to have a proper model, it monetization strategy and the entire working strategy planned initially. 90% of the firms fail to do so. They fail to build up a proper business model. Without a business model, the firm won’t be able to use funds at most appropriate places. It won’t be able to create appropriate strategies for its sales and production. A business model is basically a success plan for a business.
Many marketers think that their product is so great that it can market itself. Hence they fail to make efforts to market the products as required. This leads to wrong marketing to the wrong target market leading to reducing the value of the product. Unless the marketing is effectively done for the product produced by the firm, it cannot succeed in the high competitive market. Many startups even fail to promote its awareness in the target market.
The consumer is the kingpin of a business. Without customers, no business can survive for long in the market. Unless the consumers are provided satisfaction with their product or service, a business cannot make money. Consumer satisfaction and loyalty is one of the important factors that a business needs to take care for its success. Many startups concentrate only on its revenue rather than concentrating on consumer satisfaction. Consumer satisfaction is an important term to note as one can earn profits only from its consumers. Suppose a customer buys your product and does not seem to be satisfied, he will have a negative impact on the firm. Also, he will make others aware of this usage and failure of providing of utility by the product. On the other hand, if a business is able to satisfy the consumer with its products and services, he will surely come back again for his next buy. Also, he will tell others in the society about the lovely product the firm provides. This further helps the business to get more consumers along with retaining old customers. More the number of customers a business has, more is its sales and higher the revenue. Many startups simply ignore the consumer satisfaction resulting in its failure in the market.
Mis-timing of product
Launching a product too fast or too slow leads to failure of a business. Many startups fail to launch products at the correct timings. This can be explained with an example. Suppose a startup is involved in producing ACs. It produces or launches them in the winters; the product will have no demand. On the other hand, if it would have launched them in the summers, there would have been a great demand. Taking another example of a mobile phone, if the new product of a series is launched very fast, it might not be demanded. Also, if it is launched late in the market, people might have switched over to some other brand. Thus, proper timing for the launch of the product is very important which most of the startups fail to do. This leads to their failure.
Even if the startup thinks of working in a particular sector, with changing visions and innovations, it may end up producing something else. It is important to have focused on the vision of the business. It is also important to work at a specific goal rather than changing the goals with changing ideas. The purpose behind the production of a product should remain the same.
Wong Location factors
A startup needs to identify its target market and set up its production in the same market. The choice of location by many startups is not appropriate. They may produce products where the product is not at all demanded. Locating your firm at the right place and serving the right customers can only lead to a success of the business.
There may be many legal issues arising on set up of a startup. Thus a start needs to overcome these legal challenges. This is another key area where most of the startups fail to comply with the legal rules and conditions. These issues arise in the different field of different markets and hence needs to be resolved by the business firm.
No financing or investor interest
Being on a smaller scale, the startup might not find investors willing to invest in the firm. Being a smaller size firm, they investors might not show their interest. This leads to lack of funds and hence the failure of the startup.
Failure to pivot
If a person makes a mistake, he can rectify it only if he accepts it. Many startups initially do make mistakes. It is obvious that they cannot go right all the time. But what they fail to do is to accept the mistake and further work on it. One the firm does not accept its mistake; it again makes the same mistake leading to failure. These mistakes might be the excessive price charged by the company, disappointing the employees with overburdened work or low salaries. Thus when a startup disappoints its customers and employees, it cannot survive long in the market.
Looking at the above factors, we understand what most of the startups fail to do and hence aren’t able to survive for a long term in the market. Only 10% of them are able to concentrate on the above factors and work effectively leading to success in the market.
HOW TO AVOID THE FAILURE OF STARTUPS
Now, the following points will help you understand how the startups can avoid these limitations and work towards being successful in the market:
Firstly, know the idea behind your startup. Unless you are sure about what kind of business you want to pursue, you cannot make further strategies for its success. Thus it is firstly important to have an idea in your mind about the startup. The idea should be about what startup you want to have and what services will it provide to its consumers. You should be able to analyse the competition factors in the market and think of a derivative idea accordingly. Also have an idea of the demand factors in the market. A thorough research will be able to help you create a better idea.
Once you have an idea in your mind, you need to plan on how to work on the same. You need to plan out various factors like your target market, monetary budgets, and decisions. All the key areas of the business should be well planned.
Have a good leadership
Make sure you are choosing the right person as your partner. The leadership qualities should include the following:
The startup should have a proper financial management team to reduce its possibilities of failure due to monetary reasons. Starting off a business with financial backing is wrong. Identify the correct resources for financing and always keep track of it.
Human resource management
Although it is known that consumer is the kingpin of a business, but so it the employee of the firm. The team should make sure that they employee an appropriate human resource for their organization. They should firstly analyse the team requirements and finalize the human resources accordingly. Having a good human resource management helps you choose an appropriate team. Motivation, salaries, training is some of the important factors that when done in the right way will fetch you the organization’s success.
Launching a product involves two aspects. A product first should be launched at the right time and secondly at the right locations. Unless the product is launched at the right time and location, there is no use of the producing products having no demand. It is said ‘stitch in time saves nine’. It is essential to analyse the timing of the launch of the product depending upon the demand factors. Also, the startups location should congregate with its concept. Then only the startup can assure its success.
Poor marketing will make it hard for the startup to beat its competitors. The ingredients of marketing should be properly arranged. The advertising strategies, marketing strategies should be adopted for creating awareness and more sales in the target market. A smart market makes the consumers feel smart. It also helps the marketers to understand the expectations of the consumer and helps them fulfil it.
This is where the business of the startup has to ultimately reach for its success. A startup needs to ensure proper sales strategies like the pricing factors, availability of products, etc. sale is a part of the business where you make long-term relationships with the customers. A startup can succeed when it has ensured availability of quality products whenever demanded at affordable rates. The best sales can be generated only with creative thinking to compete with your competitors.
Management of the operations
This factor includes the proper management of the operations of the business to avoid operational failure. An operational failure leads to the overall failure of the startup. Management of operations should be in terms of:
With the emergence of the internet, the startups should also ensure their availability over the internet to ensure its reach to wide customers. Its online presence will also lead to various benefits and opportunities.
Startups have seen to change the entire system of business. With an immense use of technology, they have brought the economy of Thailand to greater heights. They have changed the culture of the working of companies. But these entrepreneurs, in the long run, have seemed to be unsuccessful in carrying out their businesses. There are various factors why most of the startups in Thailand have failed.
One of the major reasons for the failure of Thailand startups is the competition. With a high level of competition in the market, the startups in Thailand fail to do the marketing of their business at the same level. They have failed to provide consumer satisfaction by ignoring the perspective of customers. But the success of a startup does not end here. If these startups focus on the above aspects while starting their business, they can gain huge success leading to the development of their business as well as the economy of Thailand.
Success of Thailand Startups
Various IT companies in Thailand are providing their services at global levels. Large outsourcing services provide professional services to their clients like web development, application development, software support, and other IT enabled services. They have succeeded in providing cooling equipment with best international services and specifications. Startups in Thailand have enabled the economy to trade with foreign countries thus leading to the success of the economy.
Source: Asian Correspondent
The coronavirus pandemic has disrupted our day-to-day lives. It has spread to almost every country in the world. The effect has left businesses counting the costs, leaving business owners especially new business consultants with a sense of shortsightedness. It can be hard to see a post-covid future with movement restrictions and strict protocols still in place.
Though business consultation services are already digitized, one has to look beyond other matters affected by the pandemic like liquidity issues or business continuity. Since it’s still difficult for things to return to normal, we should start evaluating current business processes and think about the future business landscape. What can we learn from this ongoing crisis that we can take in order for us to adjust to the “new normal”? What should businesses do in order to succeed post-COVID?
These questions, along with a few others below, can help you reassess certain aspects of your operation, do strategic business planning, and prepare for long-term business changes.
The questions above may be difficult to answer at the moment as the future looks uncertain. However, pondering upon them can aid you in revamping certain aspects of your organization. Anticipating the future with 100% positivity might not be in everyone’s mind at this point, but it’s essential to refine your company’s processes in order to adapt to different scenarios years from now.
As such, it’s best to take the steps below so you can begin reframing the future of your business.
A Responsible Lockdown Exit Strategy.
With the ongoing drop in GDP, governments across the globe are devising how to end the lockdown that will permit them to revive the economy while decreasing the spread of the virus. As for your business, you should come up with ways on how to get your company up and running while dealing with the repercussions of the lockdown and taking care of the employees even if they’re working from home.
Think about implementing strict protocols like social distancing and decreasing the number of employees allowed in the office. Consider applying the hybrid approach — employees splitting their time between working in the office and working at home. Additionally, be flexible in terms of supply chain — be ready to change to new suppliers if deemed crucial.
Use Technology to Elevate the Workplace.
Technology advancement has definitely helped us in a lot of ways. The current situation may be bad, but with the help of new apps and online tools, companies are performing better than before.
Even though a lot of us have been learning to use Zoom or Microsoft Teams, the list of new apps will continue to encourage us to improve. Keep in mind to always use technology as a way to elevate the way your employees work. This is a time for your organization to get to know technology a bit better so you can use it to transform people’s productivity, polish the way employees work, come up with much better products and services, and achieve economic growth in the long run.
Check in on Customers.
In the event of adversities, customers more often than not are concerned with the discontinuation of products & services and disruptions. Hence, they need to be updated with the ongoing status of their preferred vendors.
Regardless if you own a start-up in Thailand or have been in the business for years, you need to be transparent with your customers. Continue to give them updates about the status of your business via multiple channels. Give them information to lessen their concerns and prioritize their interests. Repeat customers will always have questions especially when it comes to the business’ supply chain and whether or not those resources may impact them in the foreseeable future.
Be ready with your frequently asked questions and disseminate them via multiple channels like your website and social media. In this way, you are proactively updating your customers and answering their common questions and concerns.
Gather Customer Data Through Surveys.
Do you know what your customers are currently thinking? Get to the bottom of the matter by running surveys to be updated with the current needs of your customers. This is a good way to know what they’re up to and know what they really want. Don’t make assumptions about their needs and gather customer data through surveys.
Polish Your Business Strategies.
A document containing your business strategy is a game changer. Let this be your guide as you go through this year but make the necessary adjustments along the way. Provide a copy of this document to your members and hold a meeting frequently to talk about the changes that will be implemented every once in a while. In your document, highlight your revenue goals, vision, objectives, strategies, and actions. This will push the team to work together and do better in achieving the company’s long-term goals.
Go Over Your SWOT Analysis.
A SWOT analysis guides you in reviewing your organization’s strengths, weaknesses, and opportunities. Since the pandemic has disrupted businesses, it is advisable to do another SWOT reevaluation. People have different needs now and they will continue to have different needs in a month or even in a year. By going over your SWOT analysis, you are adapting to the current landscape and ready to hit revenue goals.
Even if some businesses are still trying to get back on track with lockdowns and restrictions, others are already trying to get back up and gearing up for growth. If your business is stuck, now is the time to start revising strategies and reviewing long-term goals. With the change in employee & customer behavior and technological advances, your business has to be more resilient than ever.
In Thailand, the government’s difficult decision to impose strict lockdowns have proven beneficial. The health and well-being of the citizens continue to remain a top priority. Cases have dropped and even though the country suffered a temporary economic loss, economic activity bounced back after lockdowns were lifted. This is the result of the collective efforts of government officials, healthcare workers, and the Thai people.
Everything is still in a state of confusion as of the moment. There’s no telling when we will go back to our old ways of living. School is still done at home, movement is limited, and jobs are scarce. But the good news is technological development is happening and there’s hope for a better future. And with business start-up specialists in Thailand, you won’t have to worry about starting your own business in the country even in the midst of the pandemic. Choose from a variety of business and consulting services in the country and get valuable insights on how to reframe, move, and prepare your business for a post-covid world.
The post 6 Ways to Reframe Your Business for a Post-Covid World appeared first on StartUp in Thailand.
Source: Asian Correspondent
Thailand signifies one of the most favorable opportunities for entrepreneurs in Southeast Asia. It is the second largest economy in the region and has the most business-friendly policies in the world. Thailand’s startup as well as Thai business scene is still very promising and you can see activities from only angel investors and VCs focusing on seed stage. As the investment and startup scenes in Southeast Asia are heating up, the angel investor is popping up throughout the region and many domestic as well as foreign entrepreneurs starting business in Thailand.
There is a lot of scope and room for angel investment in Thailand to grow as high-wealth individuals are becoming more familiar with and are building relationships with the emerging startup companies and entrepreneurs. Many of the investments which are made by angels are as co-investors trusting on early-stage funds as the lead investors in the round.
Serial businessperson Paul Srivorakul, who established and left Admax and Ensogo, born in Thailand, he has lived in Singapore and Philippines and was raised in the United States. After completing his graduation from UC Berkley, he began his career working in a sales position with Ask.com in the year 2000; it was his first dip into the world of internet business.
On a trip to Thailand along with his brother, he acknowledged abundant opportunity in the country. He then decided to quit his job at Ask.com and he moved to Thailand. His other two elder brothers also followed him shortly. He went through 3 months of training at Dreamweaver and Flash, and with his brother, John Srivorakul, he founded Impaq Interactive, a web development outsourcing firm.
Within a years’ time, Impaq raised from two individual to a team of twenty people. Impaq also began to endeavor into online advertising and it became an authorized ad reseller for Microsoft in Thailand. Under Impaq, the income from Microsoft’s advertising from MSN and Hotmail in Thailand raised from $100,000 to $2.5 million in a year. His know-how and experience of a reseller with Microsoft made him believe that Impaq might also assist other publishers with ad inventories.
With a bright and decent team running and managing Admax, Paul and his brothers started Ensogo, in 2010 which is a coupon discount site. The brothers together scaled in $200,000 to jumpstart the business in Thailand. When Ensogo started, Paul expected 500 orders a month. But in some way it ended up with more than 1,000 orders on the very first day and soon revenue was doubling month on month. One of the most amazing things which Paul mentioned was that while doing business in Thailand they were in a position to ascertain the amount of money they would be making for every marketing dollar spent.
Apparently, the Srivorakul brothers’ 9 years of understanding and indulgence in media and advertising have equipped them with the essential skill to catalyze Ensogo’s growth. There has been a big confusion in the minds of many people about Ensogo being a group which is involved in buying the business. It’s not. Whereas, Ensogo is more of a coupon discount site which does not require users group to crowd together before triggering the acquisition.
Growth was so decent that investors were bashing the doors of Ensogo. Lastly, Ensogo went with Rebate Networks, Berlin-based daily deal expert which had invested $2 million. Paul was asked to spend the investment within 5 months as a land-grab strategy. Profit was not significant as market share and growth were the main aims, and it did pay off. In the month of June 2011, U.S-based LivingSocial acquired Ensogo.
Amarit Charoenphan is a serial event’s entrepreneur & organizer and also a renowned startup ecosystem builder. Before starting HUBBA, Thailand’s first startup coworking space and PAH Creative Space, Thailand’s first creative & design coworking space, he was working with a management consulting company and ran a social initiative incubator for a non-profit. He is aggressively constructing the Thai startup community as the co-founder of the Thai Tech Startup Association, with the help of workshops and events like Echelon Ignite Thailand. He was also the Thailand Country Host for Geeks on A Plane Southeast Asia tour. For more than two years now, he has organized more than 200 events and has also attended events and workshops more than the same amount.
He has also been working on his own startup, and he also loves in volunteering as a Global Facilitator and Startup Weekend Organizer and other entrepreneur mentoring events, judges in competitions and speakers in classes. He is based out of Bangkok but calls Southeast Asia home. In his extra time, he enjoys scuba diving and loves to visit diverse coworking spaces across the globe.
Hubba is Thailand’s first co-working space for innovators, entrepreneurs, and creative professionals, providing business opportunities in Thailand. Hubba was formed in August 2012 and arose as the key hub of startup activity in the country.
Apart from being a CEO of Ookbee, e-book store startup, Moo Natavudh is a dynamic angel investor. Ever since 2013, Natavudh has financed eight startups, which includes Jbtalents, a job portal and Noonswoon, a matchmaking app.
His criterion is simple; he believes that a company should have a product, a good team and well-researched business plan with some traction. Opening a business in Thailand or anywhere else requires such simple and effective strategy.
He initially started the angel investment expedition while mentoring other startups. He preached that there is an urgent need of increased number of angel investors in Thailand while observing all of these investors may face certain problems such as nonexistence of instruments such as stock option pools and convertible notes.
For the record, Ookbee acquired few startups in which Natavudh invested in. Moreover, Ookbee also invested in several other startups such as Taamkru.
It is believed, Natavudh is going to invest in other three startups. It is also on known that he has been working on something which will raise his angel investment exertions to a higher level.
Tiwa is presently a Head Coach of a web development company, Kaidee.com. Prior to this, he was the Managing Director of an eCommerce website Sanook Online Ltd. He has also served as Director of Platforms at Omnicon Media Group and also as a Managing Director for Admax Network.
Jakob Lykkegaard Pedersen
Jakob is the CEO of Thailands’ largest mobile game developer, Pocket PlayLab, additionally he is an investor and also mentors several startups. Prior to this, he was a co-founder at a social marketing platform, Pagemodo.com, which was acquired in 2011 by Webs Inc.
The Hong Kong mobile gaming house, Playlab is responsible for Juice Cubes which has obtained $5 million in Series B funding from Monk’s Hill Ventures, a Southeast Asian venture capital firm. The funds so secured would be utilized in driving Playlab, which has studios in the Philippines and Thailand with distribution at Singapore, to head Southeast Asia’s marketplace in the mobile gaming arena, establishing its operations throughout the region.
With the acquisition last year of Anino Games, a Manila-based game developer, Playlab is going to continue to focus on growing its presence in the Southeast Asia region. The rapidly rising mobile entertainment company has seen its staff being rising from 20 to more than 100 in a year or so to maintain with the demands of game development. It is expected that the operations of the company in Thailand are going to grow further with local and global publishers, becoming a go-to partner in Southeast Asia.
Poramate is the creator of Kapook, Thailand’s most prevalent portal site and has been an essential part of the startup community in Bangkok. Poramate is a philanthropist and has formed Thaiflood.com had provided valuable and useful info to concerned citizens during Thai Floods in 2011.
Tom is the CEO and an instituting partner of Inspire, Tom is in charge of implementing Inspire’s ASEAN financing strategies which include venture, private as well as public capital markets. Prior to this, he was a partner at Indochina Capital and was working as a fund manager and also a property maker in the Indochina region.
Adrian is a technologist and an early stage investor in the digital media space. He expended his ten years while working with Blumberg Capital in San Francisco, CTO of LookSmart and CTO of Sausage Software.
Jay is the founder and chairman at The VC Group (The Venture Catalyst Group) which is a group of corporations which concentrates on building solutions and products to connect and link people to the Internet. Before founding The Venture Catalyst Group, Jay was working with True Corporation as an executive.
Pawoot (Pom) Pongvitayapanu
Pom is the forefather and Managing Director at TARAD.com which is an eCommerce portal which was acquired in 2009 by Rakuten. Pom is also the President of Thai eCommerce Association which is a consultant and advisor to the Thai Webmaster Association.
Source: Asian Correspondent
World Bank recognizes Thailand as “one of the great development success stories” It is the second-largest economy in Southeast Asia, after Indonesia. Tourism is a major economic factor in the Kingdom of Thailand. Bangkok is the largest city in Thailand. Additionally, it is one of the most popular tourist destinations for foreigners. Thanks to the liberal government policies whether you are a resident or non-resident, you can startup a business in Thailand.
There is a boom in global baby care market and the need of various baby products are increasing very fast. The major growth driver is the products used for longer periods by the infants. In addition, the parents want the best available products for their baby, therefore disregarding the cost of certain products. The cost of various products in Thailand is below average compared to the global pricing pattern so it gives immense opportunity to start up business related to these products.
Beer, it’s the best drink in the world. Beer makes one feel the way one ought to feel. Brewery business is actually a restaurant and microbrewery combination that normally offers craft beer with different customized tastes and flavors to their clients’ on premise. Thailand is a perfect destination for leisure businesses which guarantees high return on investment.
Entertainment is ensured in Thailand. A catering business is a perfect opportunity for people who love to cook. It is a profitable business and benefits a lucrative margin to the owners. It can be a part time opportunity too. It is a demanding startup business opportunity.
These days various product and service at home delivery is trending. Thailand is a developing country. Additionally, the service-based industries hold a major position in the country’s GDP. These services are in high demand and saves time and money of set up cost . Either a foreigner or Thai citizen, one can consider starting a delivery business there of any FMCG product or at home consumer grooming or house set up services
Consumers are savvy. They are very aware of what’s an ad, whether that be a banner on a website or paid search. The modern digital marketer needs to find ways where marketing is a natural conversation; not an intrusion. Starting a digital marketing agency in one of the most lucrative opportunities in the advertising industry. In addition, this is the most trending phenomenon these days. However, starting this business demands an adequate knowledge-based experience. Proper knowledge and expertise cab get one success. Startup digital agencies can make a mark with proper channel of proposition.
There is an adequate demand for driving school as the four-wheeler population is increasing fast in the city areas of Thailand. Hence, it creates a demand for a good driving school. Definitely, the new car owners always look for the right guidance. Starting a driving school is a self-rewarding and profitable business
Globalization of manufacturing allows companies to reduce costs, benefits consumers with lower cost goods and services, causes economic expansion that reduces unemployment, and increases productivity and job creation. Thailand is a member of the World Trade Organization (WTO), the Cairns Group of agricultural exporters and the ASEAN Free Trade Area (AFTA), and has pursued free-trade agreements. In addition, its economy is heavily export-dependent, with exports accounting for more than two-thirds of its gross domestic product (GDP). It offers huge prospects to start up a venture which ensures prof.
Creative minds have huge avenues to walk on with the increasing need for attractive marketing campaigns and promotions enhances the demand for graphic design services. Starting up a graphic design agency leads to various opening of doors. Web designing business demands adequate skill and knowledge. In addition to that, you must have some networking and marketing skills for starting this business.
The working area of a handyman service business is wide A handyman business is simply providing the services of a small job or task for the clients who lack the skill or time to complete the work themselves. Generally, this type of work includes maintenance, repair, and remodeling, plumbing, refurbishing, and electrical jobs. It gives immense opportunity to set up own firm and delegate responsibilities.
Jewelry designing institute business has enormous market potential because nowadays jewelry designing as a career is flourishing like never before. Opening a jewelry designing institute in Thailand is a great business to start. There is always a demand in the global fashion industry for professionally qualified jewelry designers from across the world and huge requirement from the client to market fancy jewelry which makes the fashion statement.
Nobody looks back at the night where they have slept it through. Nightclub creates memories. Owning and running a nightclub can be a very exciting, luxury and lucrative business for an entrepreneur. People want to get socialized with others and they are willing to pay to use a gorgeous venue dedicated to the purpose. Success in the night club business is very much possible if done properly. It is demanding and lucrative.
Passion and focus of a dedicated photographer ensures 100%succeess in picturesque Thailand. Thai business usually hires photographers for specific jobs by different clients.
Harvest the rain, reap the grains. The rainwater harvesting business model is a sustainable way of initiating a profitable venture. Rainwater harvesting is a technically proven system to collect and store the rainwater into natural reservoirs or tanks. There are two processes to store rainwater. One is surface runoff harvesting and another is rooftop rainwater harvesting. In an urban area, rainwater flows away as surface runoff. This runoff could be caught and used for recharging aquifers by adopting appropriate methods. Through proper knowledge and effort this business model has high return on investment.
A big business starts with small. Retail employs more than six million Thai workers. Most are employed by small businesses. The retail industry worldwide is one of the major revenue earners for the economy. Retail business is considered as one of the most low-cost and profitable startup operations.
Investment on real estate is an imperishable set. The property industry broadly cover the areas of rents, domestic housing, capital market, office space, retail and industrial space. The global investable real estate universe will expand substantially, leading to a huge expansion in opportunity, especially in emerging economies. The ital. investment is high but if the business shapes up return will be more than double.
Think big, start small. Scale up. The most important sub-sector of the industry of Thailand is manufacturing. And the manufacturing sector is pre-dominated by SMEs, small scale business helps to earn lucrative revenue. Product manufacturing is one of the most popular business formats globally. With a reasonable capital to start off one can plan the venture.
Investment in travel business is an education in itself. The travel agency business is actually providing services, in making travel arrangements on behalf of your clients. Due to COVID it has off late taken a back seat but eventually it will prosper. Breaking into this business is a great way to start a service-based business from an office location.
Great business start as the owners want to change things for better and not run after fast buck. Nothing could be more fulfilling than starting a business of your own. Starting a business in Thailand is very easy. Patience, perseverance and hard work with government help leads to great success. Grab the right opportunities and analyze them to see the ones that are most likely to be profitable in the long term. Thailand market economy is flexible and boosts growth for businesses which aspires to grow big.
Source: Asian Correspondent